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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 364 Turkey ISE National 100 212 Kuwait SE WT.INDEX 105 Qatar(QE Index) 98 Abu Dhabi (ADI) 78 Morocco (CAI) 52 Dubai (DFMGI) 48 Egypt (Hermes) 66 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,076 MSCI BRIC Index 1,692 Shanghai A Share Index 2,264 SENSEX Index (India) 584 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 32,855 US (S&P 500) 13,461 UK (FTSE) 2,568 Japan (Nikkei 225) 2,152 France (CAC) 1,122 Germany (DAX) 943

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Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,808 66,397 419 8,494 2,603 9,472 1,570 596 4,548 1,083 5,527 1,116

-1.03 -0.56 0.95 -0.13 0.21 -1.10 0.42 -0.79 0.23 0.34 -0.42 0.08

-4.58 -1.44 4.82 0.12 1.61 -4.75 1.40 10.81 2.74 -0.27 0.86 -0.96

6.08 29.51 3.41 -3.25 8.35 -14.11 15.97 56.24 -2.16 -5.27 -2.95 -5.20

-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 5.8 4.2 4.6 3.1 4.8 5.0 4.7 1.2

994 924 2,185 18,763 95

0.47 0.28 1.45 0.99 -0.68

5.86 6.30 1.88 7.95 -1.55

9.93 4.98 -5.18 21.40 3.07

-21 -26 -22 -25 -8

13 2.8 10 3.3 11 2.6 16 1.3 12* 3.3*

840 1,441 5,742 8,870 3,355 7,216

-0.48 -0.45 -0.65 -0.89 -2.46 -1.01

3.01 2.42 0.54 0.34 -1.71 3.52

10.91 14.56 3.05 4.91 6.17 22.34

-10 0 -6 -17 -17 -15

15 15 12 15 11 13

30 Sep, 2012

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

Current

2011

97.06 105.02 300.31 104.07 174.00 251.90

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 0.36 0.35 Saudi 0.61 0.35 UAE 0.36 0.35 Qatar 0.34 0.35 Oman 0.31 0.35 Bahrain 1.00 0.35 Last FOMC Meeting Date: Sep12-13

Yield curve watch Libor (In %)

Diff FY11 Diff 0.01 0.04 0.26 -0.08 0.01 0.03 -0.01 0.05 -0.04 0.03 0.65 -0.17 Next FOMC Mt Date: Oct 23-24

US Treasuries

(In %)

2.8 2.5 4.3 2.3 4.2 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 241 120 144

Chg (%) MTD % 0.04 -0.24 0.36 1.36 0.00 0.55

YTD % 4.24 11.05 8.03

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 %

1,771.90 34.46 112.39 497.31

0.07 0.00 0.34 0.45

4.80 8.71 -1.90 1.35

13.28 24.05 4.67 3.17

1564.11 27.78 107.38 482.01

10 -10 14 -7

15.73 1.29 77.90 0.2811 0.3613

6.00 0.03 -0.41 -0.34 -0.36

-9.96 -2.15 0.62 0.27 -1.91

-32.78 0.79 -1.26 -1.00 -0.22

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Earnings

Company Name

Type

Al Qurain Holding Co Al Qurain Holding Co

Country

PFY

% Ch

6M

Kuwait

KWD(Mn)

-0.017

-1.95

N.M.

3M

Kuwait

KWD(Mn)

-0.013

-1.60

N.M.

Currency

LFY

News & Views

Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 71 89.3 Al-Rajhi Bank 28 71.0 Saudi Telecom 21 39.2 Saudi Electricity Co. 14 13.0 Samba Fin. Group 11 44.5 United Arab Emirates (AED) ETISALAT 21 9.6 NBAD 10 9.1 First Gulf Bank 8 9.9 Emirates NBD 5 3.0 Emaar Properties 6 3.5 Kuwait (KWD) 12 0.8 ZAIN 15 1.0 NBK 8 0.8 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 140.1 26 135.5 QNB Ezdan Real Est. Co. 15 20.0 9 106.0 Q-TEL Comr’cialBk of Qatar 5 74.5

Pct Chg

% M T D

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

-0.6 -0.4 -1.0 -0.4 -0.7

-3.5 -4.1 -3.4 -1.5 -7.3

-7 2 16 -6 -5

-8 -16 -21 -1 -24

10 13 9 22 9

0.0 1.0 0.4 -0.7 0.0

1.1 6.7 4.1 -1.7 5.1

6 14 28 1 35

-15 12 -11 7 -28

1.4 0.0 2.7 1.1 -1.4

8.7 1.0 11.6 10.0 -2.8

-17 -2 -8 -9 -13

-0.2 0.3 0.4 0.0 0.7

1.2 1.0 -2.1 -1.7 2.5

5 -2 -10 12 -11

PAT (Mn) 2Q12

% Gr YoY

5.6 4.6 5.1 5.4 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 29 45 -

8.7 4.0 1.9 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

5.4 3.0 0.8 2.5 8.1

2,129 2,112 198 641 546

3 17 91 -11 7

Saudi Arabia’s M3 money supply growth accelerated to 9.7% yearon-year at the end of August after a 9.5% rise in the previous month: Central bank data.

Qatar’s second-quarter real GDP grew by 5.0% over the same period in 2011 and by 2.5% over the first quarter of 2012: Country’s Statistics authority.

Saudi Arabia's Al Tanmiah Industrial and Commercial Investment Co. and ArcelorMittal will start operating their 3Bn Saudi riyals (USD 800Mn) pipe manufacturing joint venture next year.

Mobile Telecommunications Co. Saudi Arabia has received a twomonth extension on a 9.75Bn Saudi riyal (USD 2.6Bn) refinancing agreement with seven local banks.

Dubai’s trade exchange with Italy grew by 22% to Dh 18Bn in 2011 compared to 2010, with the value of the emirate’s imports from Italy and its exports and re-exports to the European country reaching Dh 16Bn and Dh 2Bn, respectively.

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


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