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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) 365 6,975 -0.82 -7.72 8.69 -3 12 4.0 Turkey ISE National 100 169 55,125 -0.58 -8.14 7.53 -22 9 2.9 Kuwait SE WT.INDEX 104 408 0.49 -2.15 0.71 -16 16 2.5 Qatar(QE Index) 98 8,473 -0.02 -2.65 -3.49 1 9 4.4 Abu Dhabi (ADI) 76 2,450 -0.23 -2.16 1.98 -12 7 6.2 Morocco (CAI) 53 10,228 0.62 -0.64 -7.25 -13 11 3.9 Dubai (DFMGI) 48 1,471 -0.30 -9.83 8.66 -17 10 4.5 Egypt (Hermes) 55 470 -0.06 -4.31 23.23 -42 10 3.9 Jordan (Amman) 23 4,416 -0.50 -4.91 -5.01 -13 12 5.0 Bahrain (BAX) 17 1,137 -0.25 -1.36 -0.58 -20 8 5.3 Oman(Muscat SM) 14 5,787 0.57 -1.40 1.61 -16 12 6.2 Lebanon (BSE) 12 1,157 -0.56 -2.49 -1.64 -20 10 1.1 Emerging Markets MSCI EM Index 3,646 900 -1.50 -11.26 -0.45 -21 12 2.9 MSCI BRIC Index 1,537 848 -1.71 -13.63 -3.66 -26 10 3.0 Shanghai A Share Index 2,537 2,498 -0.21 -0.46 8.42 -22 12 2.2 SENSEX Index (India) 494 16,312 -0.77 -5.81 5.55 -25 13 1.5 S&P GCC Composite 241 96 -0.44 -6.14 4.28 -8 12 3.6 Developed Markets MSCI WORLD Index 29,546 758 -1.68 -9.06 0.10 -10 15 2.7 US (S&P 500) 12,470 1,313 -1.43 -6.05 4.43 0 14 2.7 UK (FTSE) 2,287 5,297 -1.74 -7.68 -4.94 -6 10 4.5 Japan (Nikkei 225) 2,076 8,633 -0.28 -9.32 2.10 -17 15 2.3 France (CAC) 967 3,016 -2.24 -6.14 -4.56 -17 10 4.7 Germany (DAX) 794 6,281 -1.81 -7.11 6.48 -15 11 4.2

31 May, 2012

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

Current

2011

120.00 133.68 382.00 134.00 234.00 357.18

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 0.65 0.46 Saudi 0.58 0.46 UAE 0.27 0.46 Qatar 0.40 0.46 Oman 0.30 0.46 Bahrain 0.87 0.46 Last FOMC Meeting Date: Apr 24-25

Yield curve watch Libor (In %)

Diff FY11 Diff 0.19 0.04 0.12 -0.08 -0.19 0.03 -0.06 0.05 -0.16 0.03 0.41 -0.17 Next FOMC Meet Date: Jun 19-20

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 239 110 138

Chg (%) MTD % 0.81 2.39 -0.03 -2.90 0.00 0.18

YTD % 3.27 1.68 3.53

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

1564.11 27.78 107.38 482.01

10 -10 14 -7

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 1,561.90 27.89 103.47 472.01 24.14 1.24 79.09 0.2808 0.3473

Chg (%) MTD % YTD % 0.47 0.25 -3.01 -0.22 14.79 0.98 0.54 -0.21 0.75

-6.13 -9.89 -13.39 -3.95 40.76 7.08 0.87 -1.28 5.70

-0.14 0.40 -3.64 -2.07 3.16 4.77 -2.74 -0.92 3.80

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Global Invest. House

Earnings Type

3M

Country

Kuwait

Currency

LFY

PFY

% Ch

KWD (Mn)

-11

-22

N.M.

News & Views

 A consortium led by Kuwait Energy has been awarded Block 9 in Iraq's energy licensing auction, one of 12 new oil & gas exploration blocks up for grabs. Kuwait Energy has 40% stake in the consortium, the UAE's Dragon Oil, and Turkey's TPAO, have 30% each.

M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr  Kuwait's Specialities Group Holding Co. said its 70% owned unit has (USD Chg T T % E yield 1Q12 Companies emerged as the lowest bidder in a tender by Kuwait Oil Co. The deal, YoY Bn) D D (ttm) valued at KWD 26.78mn ($95.4mn), involves supplying drilling pipes & Saudi Arabia (SAR) accessories to KOC over ten months. SABIC 75 93.5 -0.8 -8.8 -3 -8 10 5.3 7,271 -5  Kuwait's Aref Energy Holding Co. said shareholders have accepted the Al-Rajhi Bank 29 72.8 -0.3 -6.7 5 -16 14 4.5 2,011 18 offer made by Development Enterprises Holding Co. to acquire all shares Saudi Telecom 21 40.2 -0.5 -5.4 19 -21 9 5.0 2,521 60 in the company. DEH is a fully owned unit of Kuwait Finance House. Saudi Electricity Co. 15 13.2 0.0 -3.6 -5 -1 23 5.3 -583 NM  Saudi Arabia's General Authority Of Civil Aviation plans to issue two new Samba Fin. Group 11 46.7 -0.6 -9.8 0 -24 10 3.5 1,145 2 government-backed sukuk's, by the end of 2013 to raise funds for airport United Arab Emirates (AED) expansion projects, a senior official said. ETISALAT 19 8.8 -0.1 1.6 -3 -15 12 6.8 1,809 0 NBAD 9 8.7 0.1 -0.5 9 12 9 3.5 1,041 12  Saudi Aramco and Dow Chemical sent requests to banks for $12.4bn in First Gulf Bank 7 8.7 -0.8 -3.3 12 -11 7 11.5 935 7 financing for Sadara Chemical Co., their $20bn JV, two bankers said. Emirates NBD 4 2.7 0.0 -4.2 -8 7 9 7.4 641 -55  The UAE Central Bank has put an end to the speculation on plans to set Emaar Properties 5 2.9 1.0 -11.0 13 -28 9 3.4 606 44 a ceiling on credit card interest rates, saying there is no such plan on the Kuwait (KWD) grounds these cards carry big risks to banks. 11 0.7 0.0 -4.1 -21 -41 10 9.2 71 1 ZAIN  Emirates Airlines may seek to refinance the $550mn Islamic bond 16 1.1 1.9 0.0 4 -14 15 3.8 81 0 NBK maturing in June but has not ruled out repayment in cash, said a senior 8 0.8 0.0 2.7 -10 -16 28 2.0 20 -11 KFH executive. Gulf Bank 4 0.4 1.2 -6.8 -16 -11 38 0.0 7 -25 3 0.8 0.0 -3.8 -5 -14 0.0 0.3 -75  Oman’s Transport & Communications Ministry started work on a OMR Comm. Bk. Kuwait 55mn ($143mn) project to expand the general cargo terminal and liquid Qatar (QAR) jetty at Salalah Port. Industries Qatar 21 138.9 0.1 -4.9 4 -4 10 5.4 1,907 -9 26 133.7 0.0 0.2 -3 14 11 3.0 2,004 17 QNB 15 20.0 0.8 3.9 -10 -27 155 0.8 144 291 Ezdan Real Est. Co. 10 114.5 -0.8 -6.1 21 -5 12 2.3 711 -12 Q-TEL 5 71.7 -0.4 -0.4 -15 -9 9 8.4 471 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

DMB31052012  

DMB31052012

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