Issuu on Google+

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 354 Turkey ISE National 100 197 Kuwait SE WT.INDEX 103 Qatar(QE Index) 95 Abu Dhabi (ADI) 75 Morocco (CAI) 54 Dubai (DFMGI) 46 Egypt (Hermes) 57 Jordan (Amman) 23 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,823 MSCI BRIC Index 1,603 Shanghai A Share Index 2,373 SENSEX Index (India) 527 S&P GCC Composite 235 Developed Markets MSCI WORLD Index 31,020 US (S&P 500) 12,746 UK (FTSE) 2,434 Japan (Nikkei 225) 2,191 France (CAC) 1,061 Germany (DAX) 833

*

Last Close

Chg (%)

6,742 61,951 406 8,197 2,458 10,095 1,465 498 4,437 1,121 5,622 1,135

MTD %

YTD %

2011 P/E Div. % TTM Yield

0.55 -0.95 0.24 -0.12 -0.07 0.41 0.14 3.91 0.76 0.07 -0.70 -0.33

0.48 -0.95 0.95 0.91 0.44 0.41 0.87 3.91 1.08 -0.50 -1.19 -0.33

5.05 20.84 0.12 -6.63 2.33 -8.46 8.21 30.39 -4.54 -1.97 -1.29 -3.53

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

12 10 15 9 7 11 9 10 12 8 12 9

4.2 2.6 3.4 4.6 6.2 4.0 4.7 3.6 5.0 5.4 6.5 1.2

933 0.45 874 0.72 2,331 0.03 17,399 -0.18 93 0.24

0.45 0.72 0.03 -0.18 0.40

3.18 -0.66 1.17 12.58 1.37

-21 -26 -22 -25 -8

12 9 12 14 12*

3.1 3.5 2.6 1.4 3.8*

794 1,366 5,641 9,003 3,240 6,496

0.44 0.25 1.25 -0.04 1.36 1.24

4.83 8.58 1.23 6.48 2.54 10.13

-10 0 -6 -17 -17 -15

14 15 11 15 10 11

2.8 2.6 4.2 2.2 4.3 4.0

0.44 0.25 1.25 -0.04 1.36 1.24

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

HSBC/Nasd. Dub GCC $ T.Ret

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

124.68 122.86 356.30 125.36 213.00 346.26

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 328.63 146.93 90.16 290.50 151.50 387.62 235.38

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.75 0.44 Saudi 0.60 0.44 UAE 0.60 0.44 Qatar 0.40 0.44 Oman 0.30 0.44 Bahrain 0.87 0.44 Last FOMC Meeting Date: Jun 19-20

Yield curve watch Libor (In %)

Diff FY11 Diff 0.31 0.04 0.16 -0.08 0.16 0.03 -0.04 0.05 -0.14 0.03 0.43 -0.17 Next FOMC Mt Date: Jul 31-Aug 1

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond ETF

July 3, 2012

5 – year CDS (USD) watch (bps)

Last 240 114 141

Chg (%) MTD % 0.61 0.61 -0.05 -0.05 0.00 0.00

YTD % 3.82 4.95 5.73

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

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 %

1,596.68 27.48 97.34 477.85 16.8 1.26 79.69 0.2795 0.3525

-0.02 0.00 -0.47 0.48 -1.64 0.21 0.10 0.00 0.11

-0.03 0.00 -0.47 0.48 -1.64 0.48 0.10 0.00 0.40

2.08 -1.08 -9.35 -0.86 -28.21 2.84 -3.48 -0.43 2.27

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 73 91.0 Al-Rajhi Bank 29 73.5 Saudi Telecom 21 39.4 Saudi Electricity Co. 14 13.0 Samba Fin. Group 11 44.6 United Arab Emirates (AED) ETISALAT 20 9.2 NBAD 9 8.3 First Gulf Bank 7 8.2 Emirates NBD 4 2.7 Emaar Properties 5 2.9 Kuwait (KWD) 11 0.7 ZAIN 16 1.0 NBK 8 0.7 KFH Gulf Bank 4 0.4 4 0.8 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 19 128.5 26 132.9 QNB Ezdan Real Est. Co. 14 19.9 9 105.3 Q-TEL Comr’cialBk of Qatar 5 69.1

Pct Chg

% M T D

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

-0.5 0.0 0.0 0.4 -0.4

-1.9 -0.3 -0.3 0.4 -1.1

-5 6 17 -7 -4

-8 -16 -21 -1 -24

9 14 9 23 9

5.5 4.4 5.1 5.4 3.7

7,271 2,011 2,521 -583 1,145

-5 18 60 NM 2

-0.5 -0.2 1.0 -0.4 1.4

0.1 -0.6 2.8 -0.7 3.2

1 4 6 -8 12

-15 12 -11 7 -28

12 6.5 9 3.6 7 12.2 9 7.4 9 3.5

1,809 1,041 935 641 606

0 12 7 -55 44

-1.4 0.0 0.0 0.0 0.0

-1.4 2.0 -1.4 0.0 0.0

-19 2 -12 -10 -1

-41 -14 -16 -11 -14

10 15 27 40 -

8.9 3.8 2.1 0.0 0.0

71 81 20 7 0.3

1 0 -11 -25 -75

1.0 -0.1 -0.1 -0.2 -1.1

2.8 1.2 -0.1 1.7 1.0

-3 -4 -10 12 -18

-4 14 -27 -5 -9

9 11 154 11 9

5.8 3.0 0.8 2.5 8.7

1,907 2,004 144 711 471

-9 17 291 -12 6

Corporate earnings watch Type

Country

Currency

LFY

PFY

% Ch

News & Views 

Of the 8 suspended companies, 5 were delisted by the KSE. Delisted companies include the International Investor, Al Masar Leasing, Aayan leasing and Inv, Aref and Grand Real Estate Projects.

Saudi cabinet approves mortgage guidelines that ease legal uncertainties. Mortgage finance institutions to come under the purview of the central bank.

Dubai realty recovers with rents and prices of properties registering spikes in Q2, followed by a stable Q1. Apartment rents rose 6% on average, while that of villas rose 9%.

E&Y projects Takaful market gross contributions to reach $12 billion by 2012; the market is presently concentrated in a few markets, segments and business lines.

Ramadan price cut to take effect from next week in the UAE. Up to 27 food items will be cheaper by almost 30%.

Abu Dhabi Investment House completes 65% of the Entertainment City project in Qatar. The project in all probability will exceed the original budget of USD 3 bn.

The Queen Elizabeth Cruise ship in Dubai was converted to a floating hotel. It is expected to attract 500,000 tourists per year.

PAT (Mn) 1Q12

Earnings

Company Name

% Gr YoY

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


DMB03072012