Page 1

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Chg Indicators (USD Bn) Close (%) MENA Markets Saudi (TASI) 336 6,382 -0.03 Turkey ISE National 100 159 51,949 0.00 Kuwait SE WT.INDEX 106 403 0.37 Qatar(QE Index) 97 8,816 0.40 Abu Dhabi (ADI) 69 2,350 -0.03 Morocco (CAI) 61 11,122 0.00 Dubai (DFMGI) 46 1,328 -0.82 Egypt (Hermes) 48 386 1.81 Jordan (Amman) 23 4,556 0.00 Bahrain (BAX) 17 1,133 -0.04 Oman(Muscat SM) 14 5,649 0.24 Lebanon (BSE) 13 1,187 0.00 Emerging Markets MSCI EM Index 3,699 914 0.00 MSCI BRIC Index 1,618 894 0.00 Shanghai A Share Index 2,311 2,310 0.00 SENSEX Index (India) 500 15,739 0.00 S&P GCC Composite 231 91 0.12 Developed Markets MSCI WORLD Index 29,697 758 0.00 US (S&P 500) 11,869 1,265 0.00 UK (FTSE) 2,397 5,513 0.00 Japan (Nikkei 225) 2,097 8,395 0.00 France (CAC) 1,048 3,102 0.00 Germany (DAX) 798 5,879 0.00

*

MTD %

YTD %

2010 P/E Div. % TTM Yield

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

4.55 -4.71 -1.56 2.60 -3.87 1.55 -3.69 -6.87 1.39 -2.57 4.22 1.35

-3.60 8 -21.30 25 -16.69 26 1.55 25 -13.59 -1 -12.12 21 -18.55 -10 -41.78 16 -14.34 -4 -20.88 -2 -16.37 6 -19.53 -6

12 9 14 11 7 12 9 8 13 8 11 10

3.5 2.9 4.8 4.3 5.4 3.7 4.7 5.3 3.5 5.1 4.9 0.5

Interest rate watch

-0.19 -1.02 -5.51 -2.39 2.32

-20.55 17 -25.10 9 -21.44 -14 -23.26 17 -8.68 13

11 9 12 14 12*

2.9 2.9 2.3 1.4 3.5*

Yield curve watch

13 14 10 14 9 10

2.8 2.6 4.1 2.3 5.0 4.0

-0.27 -9.75 1.47 0.61 0.13 -6.56 -0.47 -17.93 -1.67 -18.47 -3.45 -14.97

12 13 9 -3 -3 16

26 December, 2011

5 – year CDS (USD) watch (bps) Current

2010

120.71 123.79 449.83 122.81 246.00 376.55

75.40 93.80 420.57 88.45 191.00 183.90

52-week High Low 132.00 75.20 130.70 75.40 509.90 319.53 129.40 83.00 290.50 137.50 387.62 183.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.85 0.53 Saudi 0.44 0.53 UAE 0.56 0.53 Qatar 0.40 0.53 Oman 0.56 0.53 Bahrain 0.80 0.53 Last FOMC Meeting Date: Dec 13

Libor (In %)

Diff FY10 Diff 0.32 0.58 -0.09 -0.03 0.03 -0.04 -0.13 0.03 0.03 0.37 0.27 0.01 Next FOMC Meet Date: Jan 24-25

US Treasuries

(In %)

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

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

Last 229 565 133

Chg (%) MTD % 0.00 0.60 0.00 1.56 0.00 0.86

YTD % 14.15 8.15 7.61

2010 200.44 522.75 123.28

2010% 9 12 14

2010

2010%

1420.78 30.92 94.3 520.33

30 83 22 24

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 1,605.74 29.05 107.96 478.67 20.73 1.30 78.05 0.2779 0.3624

Chg (%) MTD % YTD % 0.00 0.00 0.00 0.00

-7.99 -11.46 -2.32 -2.30

0.00 -0.02 0.00 0.10 -0.03

-25.43 3.06 -0.70 -0.41 2.62

13.02 -6.05 14.49 -8.01 16.79 2.74 3.93 1.24 3.97

17.75 1.34 81.12 0.2813 0.3768

-18 -7 -13 -2 -8

Blue chip watch Companies

M. Cap Pct (USD Last Chg Bn)

% M T D

% Y T D

2010 %

P / Div E yield (ttm)

PAT (Mn) 3Q11

Corporate earnings watch Earnings Company Name

Type

Country

Currency

LFY

PFY

% Chg

News & Views  Dubai Government approved the 2012 government budget which projects spending at AED 32.26bn ($8.8bn), down from AED 33.68bn planned for 2011. The budget sees a deficit of AED 1.83bn ($498mn), smaller than the AED 3.78bn deficit planned for 2011.

% Gr  Saudi Arabia's General Authority of Civil Aviation said it will allow YoY

foreign and local investors to operate domestic and international

Saudi Arabia (SAR) flights to meet growing demand. GACA is working on the technical SABIC 77 96.5 0.0 4.3 -8 27 10 4.1 8,185 54 procedures of the bid, which is expected to be announced in late Al-Rajhi Bank 28 69.0 0.0 1.8 -17 16 14 4.0 1,936 18 January. Saudi Telecom 18 34.1 0.3 2.7 -20 -3 9 6.6 1,562 -53 Saudi Electricity Co. 15 13.8 0.7 3.8 -2 25 24 5.1 2,175 -6  Libya is currently producing over 1mn bpd of crude oil and expects to boost output to pre-war levels of about 1.6mn bpd by mid-2012, Samba Fin. Group 11 46.5 -0.9 2.4 -24 21 10 3.3 1,135 3 the head of National Oil Co. said. U.A.E (AED) ETISALAT 20 9.1 0.8 -7.4 -16 8 10 6.6 1,723 -1  The UAE produced about 2.6mn bpd of oil in December, UAE Energy NBAD 8 10.5 0.5 -0.9 7 4 8 2.9 1,031 12 Minister Mohammed bin Dhaen Al-Hamli said. First Gulf Bank 6 15.0 0.7 -2.9 -14 14 6 4.0 920 8  Saudi British Bank's directors have recommended SAR 562.5mn Emirates NBD 4 2.9 -3.3 -11.0 5 -6 6 6.9 175 -59 ($150mn) in 2011 cash-dividend payment to shareholders and a Emaar Properties 4 2.5 -0.4 -8.1 -30 -8 12 4.0 406 -34 33% increase in capital by issuing bonus shares. Kuwait (KWD)  NBK Capital completed a successful exit of its investment in Aras 14 0.9 1.1 -3.3 -42 49 12 22.7 70 -13 ZAIN Cargo resulting in a significant return for the fund. The investment 16 1.1 1.8 -1.8 -14 51 15 3.6 79 -0 NBK was made through the firm's NBK Capital Mezzanine Fund I. 9 0.9 1.1 -1.1 -17 14 30 2.2 25 -5 KFH Gulf Bank 5 0.5 -2.0 -5.7 -12 90 34 0.0 9 9  S&P lowered the counterparty credit and insurer financial strength 3 0.8 -1.3 0.0 -18 -1 34 2.0 7 -65 Comm. Bk. Kuwait ratings on UAE based takaful insurer, Dubai Islamic Insurance and Qatar (QAR) Reinsurance (Aman) to ‘BBB-’ from ‘BBB’. The outlook is stable. Industries Qatar 20 133.3 0.5 1.4 -3 21 9 4.1 2,074 46 26 151.3 1.2 3.3 14 61 12 3.1 1,901 31 QNB 16 22.3 0.0 1.0 -27 46 392 0.0 202 17 Ezdan Real Est. Co. 7 143.9 -2.1 2.1 -3 23 10 3.5 567 -13 Q-TEL 6 84.5 0.0 5.8 -8 49 11 8.3 552 9 Comr’cial Bk of Qatar 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 26122011  
Daily Morning Brief 26122011  

Daily Morning Brief 26122011

Advertisement