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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 354 Turkey ISE National 100 191 Kuwait SE WT.INDEX 101 Qatar(QE Index) 95 Abu Dhabi (ADI) 76 Morocco (CAI) 53 Dubai (DFMGI) 47 Egypt (Hermes) 50 Jordan (Amman) 22 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,726 MSCI BRIC Index 1,555 Shanghai A Share Index 2,405 SENSEX Index (India) 507 S&P GCC Composite 234 Developed Markets MSCI WORLD Index 30,159 US (S&P 500) 12,504 UK (FTSE) 2,395 Japan (Nikkei 225) 2,127 France (CAC) 1,008 Germany (DAX) 804

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Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,745 60,451 397 8,230 2,481 10,035 1,461 434 4,389 1,124 5,656 1,147

-0.43 0.00 0.07 -0.29 -1.11 0.00 -0.66 2.80 0.22 -0.36 -0.17 0.00

-3.30 9.71 -0.13 -2.22 1.63 -2.45 -0.73 -7.75 -0.15 -1.36 -1.72 -0.32

5.11 17.92 -2.11 -6.26 3.27 -9.00 7.93 13.83 -5.57 -1.71 -0.69 -2.52

-3 -22 -16 1 -12 -13 -17 -42 -13 -20 -16 -20

12 10 15 9 7 11 9 9 12 8 12 10

4.2 2.6 3.4 4.6 6.1 4.0 4.7 4.1 5.0 5.4 6.5 1.2

910 848 2,368 16,973 93

0.00 0.00 -0.00 0.00 -0.45

1.19 0.11 -4.72 4.65 -2.73

0.58 -3.69 2.75 9.82 1.15

-21 -26 -22 -25 -8

12 9 12 13 12

3.2 3.5 2.5 1.5 3.8

771 1,335 5,514 8,798 3,091 6,263

0.00 0.00 0.00 0.00 0.00 0.00

2.05 1.88 3.90 2.99 2.45 -0.02

1.87 6.16 -1.05 4.06 -2.18 6.19

-10 0 -6 -17 -17 -15

14 14 11 15 10 11

2.9 2.7 4.3 2.3 4.6 4.2

June 25, 2012

5 – year CDS (USD) watch (bps) Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

123.00 128.08 361.11 129.00 222.00 346.12

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 328.63 146.93 90.16 290.50 151.50 387.62 235.38

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.65 0.46 Saudi 0.60 0.46 UAE 0.60 0.46 Qatar 0.40 0.46 Oman 0.36 0.46 Bahrain 1.10 0.46 Last FOMC Meeting Date: Apr 24-25

Yield curve watch Libor (In %)

Diff FY11 Diff 0.19 0.04 0.14 -0.08 0.14 0.03 -0.06 0.05 -0.10 0.03 0.64 -0.17 Next FOMC Mt Date: Jul 31-Aug 1

US Treasuries

(In %)

- P/E & Div. Yield for GCC as per Zawya

Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond ETF HSBC/Nasd. Dub GCC $ T.Ret

Last 239 113 140

Chg (%) MTD % 0.00 -0.41 0.00 2.90 0.00 1.15

YTD % 3.18 4.43 5.10

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

KIBOR yield curve (%)

Commodity/Currency/Volatility Watch Precious Metals Gold $/oz Silver $/oz IPE Brent $/bbl CRB Commodity Index Volatility & Currency CBOE VIX index USD (1 EUR =) Yen (1 USD =) KWD (1 USD =) KWD (1 EUR =)

Close

Chg (%) MTD % YTD %

1,571.44 26.84 90.98 474.61

-0.01 -0.22 0.00 0.00

0.82 -2.93 -10.69 0.48

0.47 -3.38 -15.27 -1.54

1564.11 27.78 107.38 482.01

10 -10 14 -7

18.11 1.25 80.12 0.2801 0.3508

0.00 0.37 0.35 -0.05 0.31

-24.73 -1.33 -2.21 0.21 -1.11

-22.61 3.46 -3.99 -0.67 2.77

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 73 91.0 Al-Rajhi Bank 29 73.3 Saudi Telecom 21 39.3 Saudi Electricity Co. 14 12.9 Samba Fin. Group 11 44.6 United Arab Emirates (AED) ETISALAT 21 9.7 NBAD 9 8.3 First Gulf Bank 6 7.8 Emirates NBD 4 2.7 Emaar Properties 5 2.9 Kuwait (KWD) 11 0.7 ZAIN 16 1.0 NBK 7 0.7 KFH Gulf Bank 4 0.4 4 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 129.2 25 131.4 QNB Ezdan Real Est. Co. 14 19.8 10 108.5 Q-TEL Comr‟cialBk of Qatar 5 69.0

Pct Chg

% M T D

% P Y 2011 / Div T % E yield D (ttm)

-0.5 -0.3 0.3 -0.4 -0.2

-2.7 0.7 -2.2 -2.3 -4.5

-5 5 16 -7 -4

-8 -16 -21 -1 -24

9 14 9 22 9

-1.4 -1.1 -0.8 -1.5 -1.4

10.6 -3.6 -10.5 -1.1 -1.4

6 4 1 -9 12

-15 12 -11 7 -28

-1.4 0.0 0.0 -1.2 0.0

0.0 -1.9 -6.7 -3.6 -2.6

-22 0 -16 -18 -6

-2.0 0.3 -1.2 0.6 -0.1

-5.6 -1.1 0.3 -4.4 -2.5

-3 -5 -11 15 -18

PAT (Mn) 1Q12

% Gr YoY

5.5 4.4 5.1 5.4 3.7

7,271 2,011 2,521 -583 1,145

-5 18 60 NM 2

13 9 6 8 9

6.2 3.6 12.8 7.5 3.5

1,809 1,041 935 641 606

0 12 7 -55 44

-41 -14 -16 -11 -14

10 15 26 38 -

9.2 3.9 2.1 0.0 0.0

71 81 20 7 0.3

1 0 -11 -25 -75

-4 14 -27 -5 -9

9 11 153 11 9

5.8 3.0 0.8 2.4 8.7

1,907 2,004 144 711 471

-9 17 291 -12 6

Corporate earnings watch Earnings

Company Name

Type

Country

Currency

LFY

PFY

% Ch

News & Views 

Shares of insurance firm Alinma Tokio Marine Company, a Saudi subsidiary of Japan's Tokio Marine and Nichido Fire Insurance, closed its first day of trading at SR77.50. It opened at around SR100. MSCI Inc. has said it could rank Saudi Arabia as an emerging market alongside countries such as Brazil and China, if the Kingdom moves ahead with longstanding plans to open up its stock market to foreign investors. The UAE is well-positioned to host a very special World Expo 2020 in Dubai which would be the first ever in the Arab world, says Reem Ibrahim Al Hashimi, Minister of State and Managing Director of the Higher Committee for Hosting the World Expo 2020. Consumer confidence in Abu Dhabi rose six points year-on-year in the quarter ending March 31, says the Department of Economy Abu Dhabi. According to the Consumer Confidence Index report for first quarter of 2012, the level of consumer optimism reached at 126 points from 120 points during the same period a year ago. Daman Investments has announced the successful completion of a capital increase through a private placement with an investment of Dh99.99 million. The Company also has future plans for an Initial Public Offering. The Saudi British Bank (SABB) was named the “Best Bank in Saudi Arabia” by Arabian Business Magazine. The recognition comes after a careful consideration of the financial services industry according to a set of strict criteria. Renaissance subsidiary, Topaz Marine Engineering (Topaz), confirms it has been commissioned by the Government of Sharjah's Royal Court (Al Diwan Al Amiri) to build and deliver one Catamaran passenger ferry boat.

Note: 1 Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon – Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>. This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact „Markaz‟ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: research@markaz.com


Daily Morning Brief 25062012