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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 369 Turkey ISE National 100 217 Kuwait SE WT.INDEX 105 Qatar(QE Index) 98 Abu Dhabi (ADI) 80 Morocco (CAI) 52 Dubai (DFMGI) 49 Egypt (Hermes) 64 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,077 MSCI BRIC Index 1,699 Shanghai A Share Index 2,271 SENSEX Index (India) 594 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 32,990 US (S&P 500) 13,480 UK (FTSE) 2,591 Japan (Nikkei 225) 2,120 France (CAC) 1,145 Germany (DAX) 960

*

Last Close

Chg (%)

6,887 66,822 420 8,504 2,653 9,513 1,623 571 4,551 1,077 5,617 1,118

MTD %

-0.13 -1.00 0.06 -0.37 0.23 0.40 1.20 0.61 -0.10 -0.22 0.27 0.06

YTD %

2011 P/E Div. % TTM Yield

0.69 7.32 -3 0.64 30.34 -22 0.40 3.46 -16 -0.07 -3.13 1 1.84 10.46 -12 0.44 -13.73 -13 2.82 19.94 -17 -3.21 49.70 -42 -0.02 -2.10 -13 -0.96 -5.84 -20 1.50 -1.37 -16 0.22 -4.99 -20

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

4.7 2.5 3.3 4.5 5.7 4.2 4.5 3.2 4.8 5.1 4.6 1.2

994 -0.34 928 -0.24 2,153 0.00 18,870 0.24 96 0.0

0.02 0.39 0.00 0.57 0.68

9.94 5.39 -6.54 22.10 4.04

-21 -26 -22 -25 -8

13 10 11 16 12*

2.8 3.3 2.6 1.3 3.2*

843 1,451 5,826 8,747 3,406 7,322

0.42 0.72 1.46 -1.39 1.53 1.47

11.37 15.38 4.55 3.45 7.79 24.14

-10 0 -6 -17 -17 -15

15 15 12 15 12 13

2.8 2.5 4.2 2.3 4.1 3.5

-0.12 0.36 0.28 -0.45 -0.24 0.22

4 Oct, 2012

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

Current

2011

87.69 103.20 292.94 101.37 173.50 252.03

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 0.60 0.28 Saudi 0.61 0.28 UAE 0.36 0.28 Qatar 0.90 0.28 Oman 0.50 0.28 Bahrain 1.00 0.28 Last FOMC Meeting Date: Sep12-13

Yield curve watch Libor (In %)

Diff FY11 Diff 0.32 0.04 0.33 -0.08 0.08 0.03 0.62 0.05 0.22 0.03 0.72 -0.17 Next FOMC Mt Date: Oct 23-24

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 242 120 144

Chg (%) MTD % -0.02 0.14 0.00 0.07 0.00 0.17

YTD % 4.38 11.13 8.22

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 %

1,777.39 34.56 108.17 495.40

0.18 -0.09 -3.05 -0.18

0.38 0.29 -3.75 -0.38

13.64 24.41 0.74 2.78

1564.11 27.78 107.38 482.01

10 -10 14 -7

15.43 1.29 78.55 0.2809 0.3627

-1.78 -0.22 -0.41 -0.09 -0.22

-1.91 -0.80 -0.88 0.02 -0.72

-34.06 0.22 -2.08 -0.93 -0.61

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

National Leasing

Pct Chg

% M T D

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

0.3 -0.3 -0.2 0.0 -0.2

0.5 0.0 1.3 0.0 0.9

-5 3 19 -6 -4

-8 -16 -21 -1 -24

11 13 9 22 9

5.5 4.5 5.0 5.3 3.7

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

-35 14 7 2 5

-0.1 1.0 0.0 0.3 2.5

1.5 4.7 0.1 -0.3 5.2

8 20 29 1 42

-15 12 -11 7 -28

13 6.1 10 3.1 8 10.0 10 6.7 10 2.7

1,866 1,046 1,017 648 614

17 2 14 -13 146

0.0 0.0 0.0 -1.1 0.0

0.0 1.0 0.0 0.0 0.0

-18 -2 -8 -9 -10

-41 -14 -16 -11 -14

10 16 29 45 -

8.8 4.0 1.9 0.0 0.0

71 40 22 5 0.1

1 -40 -3 -36 -5

-0.1 -0.2 -0.3 0.0 0.0

0.7 -0.2 -0.5 -0.5 -0.8

7 -2 -12 11 -12

-4 14 -27 -5 -9

10 11 82 11 9

5.3 3.0 0.8 2.5 8.1

2,129 2,112 198 641 546

3 17 91 -11 7

% Gr YoY

Qatar

Currency

QAR(Mn)

LFY

PFY

160.00

156.86

% Ch

2.0

Morgan Stanley has been in discussions with Qatar Investment Authority for the sale of a minority stake in its commodity unit. Of late the talks have moved towards sale of a majority stake. The move is expected to free it from financial rules.

UAE banks’ provisions for bad loans rise 31% in the last 12 months while loans grew by just 3.7% over the same period. Increase in general provisions was 15.2%; total bank assets increased 2.2%.

Dubai’s Link Global Group plans construction of Taj Arabia, which will resemble Taj Mahal. Taj Arabia is expected to host a 300-room five star hotel with Moghul architecture. The structure is likely to cost USD 1bn and will be complete by 2014

Deyaar’s Property Leasing unit will offer property management and leasing services to Tamweel owned properties.

Surge in demand for premium property in Dubai indicates growing confidence in the emirate’s economic recovery: Chairman, Nakheel. The company has sold villas worth AED 950mn in just two days.

Swiss engineering group ABB has been awarded USD 115mn order from Saudi Electricity Company to improve the reliability of the transmission grid. This is the biggest order the company has received till date for its flexible alternating current transmission system(FACTS).

PAT (Mn) 2Q12

9M

Country

News & Views

Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 73 91.5 Al-Rajhi Bank 29 71.3 Saudi Telecom 21 40.2 Saudi Electricity Co. 15 13.1 Samba Fin. Group 11 44.7 United Arab Emirates (AED) ETISALAT 21 9.8 NBAD 10 9.5 First Gulf Bank 8 10.0 Emirates NBD 4 3.0 Emaar Properties 6 3.7 Kuwait (KWD) 11 0.7 ZAIN 15 1.0 NBK 8 0.8 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 21 141.7 26 135.5 QNB Ezdan Real Est. Co. 14 19.6 9 105.0 Q-TEL Comr’cialBk of Qatar 5 73.9

Earnings Type

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


DMB04102012