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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 367 Turkey ISE National 100 213 Kuwait SE WT.INDEX 104 Qatar(QE Index) 98 Abu Dhabi (ADI) 78 Morocco (CAI) 52 Dubai (DFMGI) 48 Egypt (Hermes) 67 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,031 MSCI BRIC Index 1,681 Shanghai A Share Index 2,173 SENSEX Index (India) 576 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 32,747 US (S&P 500) 13,469 UK (FTSE) 2,578 Japan (Nikkei 225) 2,162 France (CAC) 1,143 Germany (DAX) 951

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,879 66,676 416 8,505 2,598 9,581 1,563 601 4,538 1,080 5,550 1,113

-1.42 -1.67 -0.09 -0.52 -0.33 1.02 -1.80 0.38 0.15 -0.53 -0.23 -0.18

-3.58 -1.03 3.83 0.25 1.40 -3.65 0.98 11.70 2.51 -0.61 1.29 -1.17

7.18 30.06 2.44 -3.12 8.13 -13.12 15.48 57.49 -2.38 -5.59 -2.54 -5.41

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

12 11 16 9 9 15 11 12 13 8 11 9

4.8 2.6 3.3 4.6 5.9 4.2 4.6 3.0 5.1 5.1 4.7 1.2

982 915 2,099 18,632 95

-1.13 -1.10 -1.24 -0.33 -1.00

4.54 5.22 -2.13 7.20 -1.10

8.56 3.92 -8.91 20.56 3.55

-21 -26 -22 -25 -8

12 3.0 10 3.5 10 2.8 16 1.4 12* 3.2*

837 1,433 5,768 8,907 3,415 7,277

-1.30 -0.57 -1.56 -2.03 -2.82 -2.00

2.66 1.90 0.99 0.76 0.05 4.39

10.52 13.97 3.51 5.34 8.07 23.37

-10 0 -6 -17 -17 -15

15 15 12 15 12 13

27 Sep, 2012

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

Current

2011

95.55 102.02 287.84 100.00 182.00 249.45

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 85.21 342.35 98.12 509.90 111.20 342.35 96.86 342.35 111.20 387.62 111.20

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.60 0.36 Saudi 0.61 0.36 UAE 0.36 0.36 Qatar 0.40 0.36 Oman 0.30 0.36 Bahrain 1.00 0.36 Last FOMC Meeting Date: Sep12-13

Yield curve watch Libor (In %)

Diff FY11 Diff 0.24 0.04 0.25 -0.08 0.00 0.03 0.04 0.05 -0.06 0.03 0.64 -0.17 Next FOMC Mt Date: Oct 23-24

US Treasuries

(In %)

2.8 2.5 4.2 2.2 4.1 3.6

- 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 242 120 144

Chg (%) MTD % 0.45 -0.10 -0.07 1.00 0.00 0.53

YTD % 4.39 10.65 8.00

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 %

1,751.59 33.93 110.04 496.20

-0.48 0.68 -0.37 -0.09

3.60 7.03 -3.95 1.12

11.99 22.14 2.48 2.94

1564.11 27.78 107.38 482.01

10 -10 14 -7

16.81 1.29 77.65 0.2808 0.3616

8.94 -0.09 0.09 -0.07 -0.06

-3.78 -2.36 0.94 0.36 -1.99

-28.16 0.57 -0.94 -0.90 -0.30

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Earnings Type

Country

Currency

LFY

PFY

% Ch

News & Views

Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 72 89.8 Al-Rajhi Bank 29 71.3 Saudi Telecom 21 39.6 Saudi Electricity Co. 15 13.1 Samba Fin. Group 11 44.8 United Arab Emirates (AED) ETISALAT 21 9.6 NBAD 9 9.0 First Gulf Bank 8 9.9 Emirates NBD 5 3.0 Emaar Properties 6 3.5 Kuwait (KWD) 11 0.7 ZAIN 15 1.0 NBK 8 0.8 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 140.4 26 135.1 QNB Ezdan Real Est. Co. 14 19.9 9 106.0 Q-TEL Comr’cialBk of Qatar 5 74.0

Pct Chg

% M T D

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

-1.1 -1.4 -1.0 -0.4 -0.4

-3.0 -3.7 -2.5 -1.1 -6.7

-7 3 17 -6 -4

-8 -16 -21 -1 -24

10 13 9 22 9

-0.3 -0.1 -1.1 -0.7 -2.8

1.1 5.6 3.7 -1.0 5.1

6 13 28 2 35

-15 12 -11 7 -28

0.0 0.0 -1.3 1.2 0.0

7.2 1.0 8.7 8.7 -1.4

-18 -2 -10 -10 -11

-0.4 -0.7 -1.0 -0.1 -1.1

1.4 0.7 -2.5 -1.7 1.8

6 -2 -10 12 -12

PAT (Mn) 2Q12

% Gr YoY

5.5 4.5 5.0 5.3 3.7

5,303 2,093 2,408 1,360 1,158

-35 14 7 2 5

12 9 8 10 9

6.3 3.3 10.1 6.7 2.9

1,866 1,046 1,017 648 614

17 2 14 -13 146

-41 -14 -16 -11 -14

10 16 28 45 -

8.8 4.0 2.0 0.0 0.0

71 40 22 5 0.1

1 -40 -3 -36 -5

-4 14 -27 -5 -9

10 11 83 11 9

5.3 3.0 0.8 2.5 8.1

2,129 2,112 198 641 546

3 17 91 -11 7

Saudi Arabia's Sahara Petrochemicals Co. has signed a credit facility agreement with Riyad Bank worth 500Mn Saudi riyals (USD 133Mn).

Japanese utility Kansai Electric Power Co has signed a contract with the world’s top LNG producer Qatargas to buy 500,000 tonnes per year (tpa) of liquefied natural gas for 15 years from January 2013.

Qatar Islamic Bank plans to issue a dollar-denominated Islamic bond, under its recently approved USD 1.5Bn sukuk programme.

Qatar Holding denied that it was in talks to buy a minority stake in Brazilian billionaire Eike Batista’s gold company AUX.

Etisalat telecommunication company has warned that nearly one million mobile phone users could lose service unless they re-register their SIM cards before the end of the first deadline on October 16.

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

DMB27092012  

DMB27092012

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