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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 414 Turkey ISE National 100 201 Kuwait SE WT.INDEX 105 Qatar(QE Index) 98 Abu Dhabi (ADI) 76 Morocco (CAI) 61 Dubai (DFMGI) 52 Egypt (Hermes) 58 Jordan (Amman) 24 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 13 Emerging Markets MSCI EM Index 4,173 MSCI BRIC Index 1,814 Shanghai A Share Index 2,410 SENSEX Index (India) 569 S&P GCC Composite 266 Developed Markets MSCI WORLD Index 32,971 US (S&P 500) 13,187 UK (FTSE) 2,588 Japan (Nikkei 225) 2,369 France (CAC) 1,184 Germany (DAX) 975

*

2011 P/E Div. % TTM Yield

2 April, 2012

5 – year CDS (USD) watch (bps)

Last Close

Chg (%)

MTD %

YTD %

7,907 62,423 417 8,843 2,568 10,948 1,662 488 4,700 1,152 5,722 1,224

0.92 0.00 -0.70 0.60 0.59 0.00 0.78 -1.44 0.17 0.00 0.56 0.00

0.92 0.00 -0.70 0.60 0.59 0.00 0.78 -1.44 0.17 0.00 0.56 0.00

23.21 21.76 2.87 0.73 6.90 -0.72 22.78 27.81 1.11 0.77 0.47 4.04

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

15 10 15 9 8 12 11 10 13 8 14 11

3.4 2.4 2.9 4.3 5.9 3.6 4.0 3.9 3.6 5.3 6.1 0.5

Interest rate watch

1,030 1,002 2,370 17,404 106

0.00 0.00 0.00 0.00 0.31

0.00 0.00 0.00 0.00 0.31

13.94 13.90 2.86 12.61 15.05

-21 -26 -22 -25 -8

13 10 12 15 13*

2.7 2.7 2.3 1.4 3.4*

Yield curve watch

845 1,408 5,768 10,084 3,424 6,947

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

11.56 12.00 3.52 19.26 8.35 17.78

-10 0 -6 -17 -17 -15

15 18 11 18 10 12

2.7 2.2 4.2 1.9 4.1 3.6

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

116.94 115.45 341.26 116.94 189.50 356.02

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 75.40 509.90 319.53 146.93 90.16 290.50 137.50 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.31 0.50 Saudi 0.55 0.50 UAE 0.60 0.50 Qatar 0.34 0.50 Oman 0.31 0.50 Bahrain 0.33 0.50 Last FOMC Meeting Date: Mar 13

Libor (In %)

Diff FY10 Diff -0.19 0.04 0.05 -0.08 0.10 0.03 -0.16 0.05 -0.19 0.03 -0.17 -0.17 Next FOMC Meet Date: Apr 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 ETF HSBC/Nasd. Dub GCC $ T.Ret

Last 228 112 137

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

YTD % -1.61 3.39 2.69

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 =)

Blue chip watch

Close

Chg (%) MTD % YTD %

1,667.90 32.21 122.88 497.18

0.00 0.00 0.00 0.00

0.00 0.00 0.07 0.00

6.64 15.95 14.43 3.15

1564.11 27.78 107.38 482.01

10 -10 14 -7

15.5 1.34 82.99 0.2773 0.3704

0.00 -0.10 -0.24 0.06 -0.03

0.00 -0.10 -0.24 0.06 -0.03

-33.76 -3.01 -7.31 0.33 -2.67

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Earnings Type

Country

PFY

% Ch

ALMADINA

12M

Kwt

KWD(Mn)

-2.55

-8.24

N.M.

Kwt & M E Fin Co

12M

Kwt

KWD(Mn)

-11.84

-8.9

N.M.

Currency

LFY

News & Views

M. % % P PAT (Mn) Cap Pct M Y 2011 / Div  State-run Export Import Bank of Korea said it is in talks with Saudi Last % Gr (USD Chg T T % E yield 4Q11 Companies Aramco on guaranteeing sukuk bonds to be issued by the Saudi YoY Bn) D D (ttm) firm, but no decisions have yet been made on the matter. Saudi Arabia (SAR)  Saudi Arabia has signed over SAR 544mn ($145mn) worth of water SABIC 88 109.8 1.6 1.6 14 -8 11 4.6 5,266 -8 and sewage projects, including the setting up of a giant water Al-Rajhi Bank 33 82.0 -0.9 -0.9 18 -16 17 4.0 1,899 14 purification plant and water network in Jazan Province. Saudi Telecom 22 41.3 1.2 1.2 22 -21 11 4.8 2,337 2  Dubai is planning to enforce a new law in mid-2012 intended to protect property investors to prevent a fresh crisis. The new law will Saudi Electricity Co. 18 15.9 -0.6 -0.6 14 -1 30 4.4 -522 NM ban developers from selling property to investors before at least Samba Fin. Group 14 56.5 -0.4 -0.4 21 -24 12 2.9 943 5 20% of the project is completed. United Arab Emirates (AED)  Drydocks may apply to the Dubai World Tribunal seeking legal ETISALAT 19 8.9 0.2 0.2 -2 -15 12 6.7 704 -65 backing for its debt restructuring plan, which has been approved by NBAD 9 8.7 0.1 0.1 -21 12 9 3.4 724 -1 a majority of lenders but is still being opposed by a few creditors, First Gulf Bank 8 9.8 0.3 0.3 -37 -11 8 10.2 1,022 18 including a number of hedge funds. Emirates NBD 5 3.1 1.3 1.3 5 7 7 6.5 2,531 523  S&P has affirmed the long-term credit ratings of National Bank of Emaar Properties 5 3.1 1.3 1.3 19 -28 11 3.3 717 162 Kuwait at 'A+'. All the bank's ratings carry a stable outlook.  Kuwait's stock exchange said it had suspended trading in the shares Kuwait (KWD) of 19 companies on Sunday after they failed to report earnings on 12 0.8 -2.5 -2.5 -12 -41 11 8.2 75 -14 ZAIN time. 17 1.1 -1.9 -1.9 -5 -14 15 3.8 77 -0 NBK  Gulf International Services has agreed to buy Qatar Petroleum's 8 0.8 -1.3 -1.3 -14 -16 28 1.9 10 10 KFH subsidiary Amwaj Catering Services for a provisional price of QAR Gulf Bank 4 0.5 -1.1 -1.1 -11 -11 38 0.0 31 252 353mn ($97mn). 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM Comm. Bk. Kuwait  Oman's Capital Market Authority has granted an approval to Dr. Qatar (QAR) Omar AbdulMunim Al Zawawi to acquire one million shares of Industries Qatar 21 141.9 1.0 1.0 7 -4 10 5.3 1,686 19 Muscat Finance. The transaction will be done within one week. 26 137.0 1.4 1.4 -1 14 11 2.9 2,092 35 QNB  Europe’s paint manufacturer, Deutsche Amphibolin-Werke said it has signed a project development agreement with Dubai Industrial 14 20.0 0.5 0.5 -10 -27 153 0.8 144 NM Ezdan Real Est. Co. City to set up a new factory for its key brand Caparol Paints. 8 134.9 -0.1 -0.1 -4 -5 12 2.2 603 33 Q-TEL 5 77.3 0.7 0.7 -8 -9 10 7.8 379 23 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


DMB 02042012