Issuu on Google+

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 410 Turkey ISE National 100 203 Kuwait SE WT.INDEX 105 Qatar(QE Index) 99 Abu Dhabi (ADI) 76 Morocco (CAI) 60 Dubai (DFMGI) 52 Egypt (Hermes) 58 Jordan (Amman) 24 Bahrain (BAX) 17 Oman(Muscat SM) 14 Lebanon (BSE) 13 Emerging Markets MSCI EM Index 4,223 MSCI BRIC Index 1,838 Shanghai A Share Index 2,413 SENSEX Index (India) 581 S&P GCC Composite 266 Developed Markets MSCI WORLD Index 33,133 US (S&P 500) 13,282 UK (FTSE) 2,394 Japan (Nikkei 225) 2,373 France (CAC) 1,169 Germany (DAX) 989

*

2011 P/E Div. % TTM Yield

4 April, 2012

5 – year CDS (USD) watch (bps)

Last Close

Chg (%)

MTD %

YTD %

7,931 63,285 416 8,853 2,564 10,739 1,694 485 4,701 1,150 5,793 1,205

0.28 0.50 -0.44 -0.16 0.14 -1.46 2.37 -0.32 -0.14 -0.06 0.26 -1.58

1.22 1.38 -0.99 0.71 0.41 -1.92 2.72 -2.01 0.19 -0.19 1.80 -1.55

23.57 23.44 2.57 0.84 6.71 -2.62 25.14 27.07 1.13 0.57 1.71 2.44

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

14 10 14 9 8 11 11 10 13 8 14 10

3.5 2.3 2.9 4.3 5.9 3.7 3.9 4.0 3.6 5.3 6.0 0.5

Interest rate watch

1,043 1,016 2,359 17,597 106

0.64 0.89 0.00 0.68 0.14

1.21 1.32 -0.47 1.11 0.46

15.33 15.41 2.38 13.86 15.23

-21 -26 -22 -25 -8

12 10 12 15 13*

2.7 2.8 2.3 1.4 3.4*

Yield curve watch

849 1,413 5,838 10,050 3,407 6,982

-0.37 -0.40 -0.62 -0.59 -1.62 -1.05

0.49 0.35 1.21 -0.33 -0.50 0.51

12.11 12.39 4.77 18.86 7.82 18.38

-10 0 -6 -17 -17 -15

15 18 11 18 10 12

2.6 2.2 4.3 1.9 4.2 3.5

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

118.01 115.05 337.90 117.04 189.50 356.11

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 75.40 509.90 319.53 146.93 90.16 290.50 137.50 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.30 0.46 Saudi 0.55 0.46 UAE 0.30 0.46 Qatar 0.85 0.46 Oman 0.31 0.46 Bahrain 0.33 0.46 Last FOMC Meeting Date: Mar 13

Libor (In %)

Diff FY10 Diff -0.16 0.04 0.09 -0.08 -0.16 0.03 0.39 0.05 -0.15 0.03 -0.13 -0.17 Next FOMC Meet Date: Apr 24-25

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 227 112 137

Chg (%) MTD % -0.65 -0.47 0.05 -0.27 0.00 0.04

YTD % -2.07 3.11 2.73

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

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 1,644.83 32.62 124.86 496.74 15.66 1.32 82.82 0.2780 0.3679

Chg (%) MTD % YTD % -1.93 -1.03 -0.45 -0.05 0.13 0.68 -0.93 -0.30 0.38

-1.38 1.27 1.68 -0.09 1.03 0.85 -0.04 -0.20 0.65

5.16 17.42 16.28 3.06 -33.08 -2.09 -7.12 0.08 -2.01

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Kwt Fin and Inv Co.

Earnings Type

Country

9M

Kwt

Currency

KWD(Mn)

LFY

-4.95

PFY

-12.33

% Ch

N.M.

News & Views

 Saudi Arabia plans to open its stock market to foreign investors but will only do so gradually, the kingdom's market regulator said. The M. % % P PAT (Mn) CMA wants to ensure its planned move would not affect the Cap Pct M Y 2011 / Div market's stability. Last % Gr (USD Chg T T % E yield 4Q11 Companies  SABIC said its JV with Sinopec Group, to build a new polycarbonate YoY Bn) D D (ttm) plant with an annual capacity of 260,000 metric tons at its Tianjin Saudi Arabia (SAR) petrochemical complex will cost $1.7bn. SABIC 88 109.8 0.2 1.6 14 -8 11 4.6 5,266 -8  HSBC UAE PMI, which indicates non-oil private sector business Al-Rajhi Bank 32 80.8 -1.5 -2.4 16 -16 16 4.0 1,899 14 activity, edged up slightly to 52.3 in March, from 52.0 in February. Saudi Telecom 22 41.0 -0.5 0.5 21 -21 11 4.9 2,337 2  Mubadala Development Co. has transferred shares in Aldar Properties to Abu Dhabi Commercial Bank in a loan-and-repurchase Saudi Electricity Co. 17 15.0 -5.4 -6.6 8 -1 28 4.7 -522 NM deal partly to avoid owning a controlling stake in the developer and Samba Fin. Group 14 56.3 -0.4 -0.9 21 -24 12 2.9 943 5 the impact that could have on its financial statements. United Arab Emirates (AED)  Aabar Investments has raised its stake in Arabtec Holding to more ETISALAT 19 8.9 0.0 -0.3 -3 -15 12 6.8 704 -65 than 10%, making it the single largest shareholder in the company. NBAD 9 8.7 0.1 0.2 9 12 9 3.4 724 -1  Commercial Bank of Qatar has priced the $500mn, 5yr bond to yield First Gulf Bank 8 9.7 -0.1 -0.2 25 -11 8 10.3 1,022 18 3.597%, after receiving strong demand, a banker aware of the Emirates NBD 4 2.9 -5.2 -4.9 -1 7 6 6.9 2,531 523 transaction said. Emaar Properties 5 3.2 3.6 5.0 24 -28 11 3.1 717 162  A tripartite agreement has been signed between Qatar Islamic Bank, Islamic Development Bank and Dallah Albaraka Group to Kuwait (KWD) establish a large Islamic bank in Doha with a capital of $1 bn. 12 0.8 -2.6 -7.4 -17 -41 11 8.7 75 -14 ZAIN  Qatar First Investment Bank is planning to get listed at the Qatar 17 1.1 0.0 0.0 6 -14 15 3.7 77 -0 NBK Exchange by the last quarter of this year to further its growth and 8 0.8 0.0 0.0 -6 -16 28 1.9 10 10 KFH acquisition plans. Gulf Bank 4 0.5 -1.1 -2.2 -7 -11 38 0.0 31 252  Oman's capital market will see at least five IPO's this year, said a 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM Comm. Bk. Kuwait senior official at Muscat Securities Market. The primary issues will Qatar (QAR) be floated by Bank Nizwa, Al Izz Bank International, Oman Arab Industries Qatar 21 142.0 0.3 1.1 7 -4 10 5.3 1,686 19 Bank and Al Khalili group. 26 136.8 -0.5 1.3 -1 14 12 2.9 2,092 35 QNB  The Bahraini prime minister has said a major housing project in the Northern Town is to start next month. The first batch of 500 units 14 19.9 0.5 0.0 -10 -27 153 0.8 144 NM Ezdan Real Est. Co. will be built as part of the multi-phased scheme, which includes 8 132.0 -0.4 -2.2 22 -5 12 2.3 603 33 Q-TEL 3,000 homes. 5 77.3 0.0 0.7 -8 -9 10 7.8 379 23 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>.

Blue chip watch

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


DMB 04042012