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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Chg MTD YTD 2011 P/E Div. Indicators (USD Bn) Close (%) % % % TTM Yield MENA Markets Saudi (TASI) 369 7,033 -0.33 -6.95 9.59 -3 12 4.0 Turkey ISE National 100 170 55,450 1.10 -7.60 8.16 -22 9 2.9 Kuwait SE WT.INDEX 104 406 0.18 -2.63 0.21 -16 16 2.5 Qatar(QE Index) 99 8,475 -0.40 -2.63 -3.47 1 9 4.4 Abu Dhabi (ADI) 76 2,455 -0.06 -1.94 2.21 -12 7 6.2 Morocco (CAI) 54 10,165 0.19 -1.25 -7.82 -13 11 4.0 Dubai (DFMGI) 48 1,475 -0.14 -9.56 8.98 -17 10 4.5 Egypt (Hermes) 55 471 -0.59 -4.26 23.30 -42 10 3.9 Jordan (Amman) 23 4,438 -0.55 -4.43 -4.52 -13 12 4.9 Bahrain (BAX) 17 1,140 -0.28 -1.12 -0.33 -20 8 5.3 Oman(Muscat SM) 14 5,754 0.99 -1.96 1.03 -16 12 6.3 Lebanon (BSE) 13 1,164 -0.38 -1.94 -1.08 -20 10 1.1 Emerging Markets MSCI EM Index 3,701 914 1.35 -9.91 1.07 -21 12 2.9 MSCI BRIC Index 1,563 863 0.72 -12.13 -1.98 -26 10 3.0 Shanghai A Share Index 2,544 2,503 1.19 -0.26 8.64 -22 12 2.2 SENSEX Index (India) 501 16,439 0.13 -5.08 6.36 -25 14 1.5 S&P GCC Composite 242 96 -0.19 -5.73 4.74 -8 12 3.6 Developed Markets MSCI WORLD Index 30,052 771 1.04 -7.50 1.81 -10 15 2.7 US (S&P 500) 12,333 1,332 1.11 -4.68 5.95 0 14 2.7 UK (FTSE) 2,342 5,391 0.65 -6.04 -3.25 -6 11 4.5 Japan (Nikkei 225) 2,088 8,657 0.74 -9.07 2.39 -17 15 2.3 France (CAC) 989 3,085 1.37 -3.99 -2.38 -17 10 4.5 Germany (DAX) 810 6,397 1.16 -5.39 8.45 -15 11 4.2

30 May, 2012

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

Current

2011

120.00 136.15 392.00 138.00 228.50 357.14

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 319.53 146.93 90.16 290.50 148.00 387.62 220.22

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.75 0.47 Saudi 0.58 0.47 UAE 0.27 0.47 Qatar 0.40 0.47 Oman 0.36 0.47 Bahrain 1.10 0.47 Last FOMC Meeting Date: Apr 24-25

Yield curve watch Libor (In %)

Diff FY11 Diff 0.28 0.04 0.11 -0.08 -0.20 0.03 -0.07 0.05 -0.11 0.03 0.63 -0.17 Next FOMC Meet Date: Jun 19-20

US Treasuries

(In %)

*

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

KIBOR yield curve (%)

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

Last 237 110 138

Chg (%) MTD % 0.11 1.57 0.09 -2.87 0.00 0.18

YTD % 2.45 1.71 3.53

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

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 %

1,554.54 27.82 106.68 473.07

-1.16 -2.04 -0.40 -0.19

-6.57 -10.11 -10.71 -3.73

-0.61 0.14 -0.65 -1.85

1564.11 27.78 107.38 482.01

10 -10 14 -7

21.03 1.25 79.52 0.2803 0.3499

-3.35 0.43 -0.08 -0.09 0.34

22.62 6.04 0.33 -1.07 4.92

-10.13 3.76 -3.27 -0.71 3.03

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

 Kuwait's legislative and executive authorities intend to discuss a draft law to establish a regulatory body to supervise the country's insurance industry, official News Agency reports.  Saudi Arabia is expected to grow by 6% this year on the back of strong

M. % % P PAT (Mn) crude prices and prudent economic management, the IMF said. In its Cap Pct M Y 2011 / Div Last % Gr annual review, the IMF estimated Saudi's 2011 growth at 7.1%. (USD Chg T T % E yield 1Q12 Companies YoY Bn) D D (ttm)  Saudi Arabia's Almarai Co. said its board approved a 5-year investment Saudi Arabia (SAR) program worth SAR 15.7bn ($4.2bn) to cover the expansion needs in all SABIC 75 94.3 -0.3 -8.0 -2 -8 10 5.3 7,271 -5 areas of farming, manufacturing, distribution and logistics. Al-Rajhi Bank 29 73.0 -0.3 -6.4 5 -16 14 4.5 2,011 18  Qatar has earmarked QAR 179bn ($49.2bn) of spending in FY 2012/13, a Saudi Telecom 21 40.4 -0.2 -4.9 20 -21 9 5.0 2,521 60 rise of 28% over the previous year. Qatar will spend 63% more on Saudi Electricity Co. 15 13.2 -0.4 -3.6 -5 -1 23 5.3 -583 NM health, ploughing QAR 14bn into the sector, while education spending Samba Fin. Group 11 47.0 -1.1 -9.2 1 -24 10 3.5 1,145 2 will rise 14% reaching QAR 22bn. Based on an average oil price of United Arab Emirates (AED) $65/bbl, revenue is seen increasing 27%. ETISALAT 19 8.8 0.2 1.7 -3 -15 12 6.8 1,809 0  Qatar will complete construction of the new QAR 27bn ($7.4bn) port by NBAD 9 8.7 -0.3 -0.6 9 12 9 3.5 1,041 12 Q1 2016, the project’s executive director said. About QAR 8bn of First Gulf Bank 7 8.8 0.0 -2.6 13 -11 7 11.4 935 7 contracts have already been awarded and the project should be Emirates NBD 4 2.7 -1.1 -4.2 -8 7 9 7.4 641 -55 completed below budget, he added. Emaar Properties 5 2.9 -1.0 -11.9 12 -28 9 3.5 606 44  Qatar Solar Technologies, a venture between Qatar Foundation and Kuwait (KWD) SolarWorld AG, said it obtained financing for a $1bn polysilicon plant 11 0.7 0.0 -4.1 -21 -41 10 9.2 71 1 ZAIN from Islamic lender Masraf Al Rayan. 16 1.0 0.0 -1.9 2 -14 15 3.8 81 0 NBK  Etisalat said it subscribed to shares worth AED 69mn ($18.8mn) in Qatar 8 0.8 1.4 2.7 -10 -16 28 2.0 20 -11 KFH Telecom's recently completed rights issue. Etisalat, which has owned a Gulf Bank 4 0.4 0.0 -8.0 -17 -11 37 0.0 7 -25 1% stake in QTel since 1998, subscribed at QAR 75/share. 3 0.8 0.0 -3.8 -5 -14 0.0 0.3 -75 Comm. Bk. Kuwait  Mubadala Development Co. has issued a tender to study the feasibility of Qatar (QAR) developing an alumina refinery at its existing Emirates Aluminium smelter Industries Qatar 21 138.8 -0.3 -4.9 4 -4 10 5.4 1,907 -9 site in Taweelah. 26 133.7 -0.5 0.2 -3 14 11 3.0 2,004 17 QNB 14 19.8 0.8 3.1 -11 -27 154 0.8 144 291  Kuwait's state oil firm will pay around $500mn for a stake in a North Sea Ezdan Real Est. Co. 10 115.4 -0.4 -5.4 22 -5 12 2.3 711 -12 Q-TEL oil field owned by oil & gas explorer EnQuest. 5 72.0 0.6 0.0 -14 -9 9 8.3 471 6 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


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