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Kuwait Financial Centre “Markaz” Daily Morning Brief 30 Aug, 2012 Equity watch

5 – year CDS (USD) watch (bps)

M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 378 Turkey ISE National 100 208 Kuwait SE WT.INDEX 101 Qatar(QE Index) 98 Abu Dhabi (ADI) 77 Morocco (CAI) 53 Dubai (DFMGI) 48 Egypt (Hermes) 59 Jordan (Amman) 24 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,874 MSCI BRIC Index 1,608 Shanghai A Share Index 2,206 SENSEX Index (India) 526 S&P GCC Composite 244 Developed Markets MSCI WORLD Index 31,942 US (S&P 500) 13,163 UK (FTSE) 2,504 Japan (Nikkei 225) 2,182 France (CAC) 1,111 Germany (DAX) 896 *

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

7,139 66,153 401 8,445 2,575 9,894 1,556 535 4,427 1,078 5,490 1,123

0.02 0.02 0.63 -0.45 0.03 0.03 0.66 -0.34 0.00 0.40 0.00 0.03

3.79 11.24 -3 2.95 29.04 -22 1.34 -1.21 -16 1.77 -3.80 1 2.74 7.18 -12 0.45 -10.28 -13 0.84 14.95 -17 8.99 40.16 -42 1.76 -4.77 -13 -2.01 -5.77 -20 2.46 -3.60 -16 -2.02 -4.59 -20

13 11 16 9 9 15 10 11 12 8 11 9

3.9 2.4 3.4 4.5 5.9 4.0 4.3 3.4 4.8 5.1 4.6 1.2

944 876 2,150 17,491 96

-0.37 -0.93 -0.96 -0.80 0.10

0.30 0.08 -2.43 1.48 2.70

4.42 -0.43 -6.67 13.17 4.70

-21 -26 -22 -25 -8

12 9 11 15 12

3.0 3.5 2.7 1.4 3.2

818 1,410 5,744 9,070 3,414 7,011

-0.09 0.08 -0.56 0.40 -0.51 0.11

2.42 2.26 1.92 4.31 3.71 3.52

8.03 12.16 3.07 7.27 8.04 18.86

-10 0 -6 -17 -17 -15

14 15 12 15 12 13

2.8 2.5 4.3 2.2 4.1 3.7

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

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

104.55 111.90 321.67 113.76 191.00 328.19

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 100.00 342.35 98.12 509.90 111.20 342.35 97.65 342.35 111.20 387.62 111.20

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.38 0.30 Saudi 0.62 0.30 UAE 0.25 0.30 Qatar 0.60 0.30 Oman 0.31 0.30 Bahrain 0.40 0.30 Last FOMC Meeting Date: Jul 31-Aug 1

Diff FY11 Diff 0.08 0.04 0.32 -0.08 -0.05 0.03 0.30 0.05 0.01 0.03 0.10 -0.17 Next FOMC Mt Date: Sep12-13

Yield curve watch Libor (In %)

US Treasuries

(In %)

KIBOR yield curve (%)

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

Last 240 119 143

Chg (%) MTD % -0.14 -0.84 0.01 0.53 0.00 0.47

YTD % 3.69 9.46 7.43

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

Commodity/Currency/Volatility Watch Close 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 =)

Chg (%) MTD % YTD %

1,655.94 30.68 112.54 492.77

-0.64 -0.52 -0.04 0.38

2.64 9.92 7.26 2.48

5.87 10.44 4.81 2.23

1564.11 27.78 107.38 482.01

10 -10 14 -7

17.06 1.26 78.63 0.2819 0.3537

3.46 0.03 -0.08 -0.06 0.00

-9.88 -2.06 -0.78 -0.87 -2.12

-27.09 3.21 -2.17 -1.29 1.92

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 74 92.0 Al-Rajhi Bank 30 74.0 Saudi Telecom 22 40.7 Saudi Electricity Co. 15 13.2 Samba Fin. Group 12 48.1 United Arab Emirates (AED) ETISALAT 20 9.5 NBAD 9 8.7 First Gulf Bank 8 9.6 Emirates NBD 5 3.0 Emaar Properties 6 3.3 Kuwait (KWD) 11 0.7 ZAIN 15 1.0 NBK 7 0.7 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 137.5 26 133.5 QNB Ezdan Real Est. Co. 15 20.6 9 106.4 Q-TEL Comr’cialBk of Qatar 5 72.5

Pct Chg

% M T D

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

-0.5 0.0 1.5 0.4 -0.8

1.7 1.7 2.0 2.3 3.4

-4 6 20 -5 3

-8 -16 -21 -1 -24

11 14 9 23 10

0.2 -0.7 -0.1 1.3 1.2

1.6 3.0 8.4 11.8 -1.8

5 9 24 3 30

-15 12 -11 7 -28

0.0 1.0 0.0 -1.3 0.0

1.4 0.0 -1.4 -1.3 -8.9

-22 -3 -18 -20 -9

-0.9 -0.2 2.5 -1.1 -1.2

4.2 0.4 3.1 1.4 4.0

3 -3 -7 13 -14

PAT (Mn) 2Q12

% Gr YoY

5.4 4.4 5.0 5.3 3.4

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

-35 14 7 2 5

12 9 7 10 9

6.3 3.5 10.4 6.6 3.0

1,866 1,046 1,017 648 614

17 2 14 -13 146

-41 -14 -16 -11 -14

9 15 25 41 -

9.3 4.0 2.2 0.0 0.0

71 40 22 5 0.1

1 -40 -3 -36 -5

-4 14 -27 -5 -9

10 11 86 11 9

5.5 3.0 0.7 2.5 8.3

2,129 2,112 198 641 546

3 17 91 -11 7

Corporate earnings watch Earnings

Company Name

Type

Internatonal Finance Co Kwt Finance & Invest Co Kwt Bus Town RE

Country

PFY

% Ch

6M

Kuwait

KWD(Mn)

0.43

-4.61

N.M.

6M

Kuwait

KWD(Mn)

11.50

-3.13

N.M.

12M

Kuwait

KWD(Mn)

-15.21

0.35

N.M.

Currency

LFY

News & Views •

Qtel has announced that it has retired its USD 3.0Bn syndicated term loan facility. Existing funds were used to repay the facility.

The board of directors of Wataniya Telecom has decided that the offer made by Qtel for the acquisition of all Wataniya Telecom shares, not currently owned by Qtel, at 2.6 Kuwaiti dinars (USD 8.94) per share is appropriate to shareholders.

Kuwait's IFA Hotels and Resorts has named Talal Al Bahar as chairman and managing director.

Fitch Ratings has affirmed Abu Dhabi-based International Petroleum Investment Company’s long-term local and foreign currency Issuer Default Ratings (IDR) at ‘AA’ &; and short-term IDR at ‘F1’.

Qatar Islamic Bank is planning a sukuk issuance programme of up to USD 1.5Bn.The bank will seek shareholder approval of the plan in a meeting on Sept. 16.

Dubai-based real-estate developer Nakheel has repaid lenders 211 million U.A.E. dirhams (USD 57Mn), as part of its debt restructuring.

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


DMB30082012