Issuu on Google+

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 353 6,748 Turkey ISE National 100 171 55,568 Kuwait SE WT.INDEX 102 401 Qatar(QE Index) 97 8,333 Abu Dhabi (ADI) 74 2,427 Morocco (CAI) 54 10,230 Dubai (DFMGI) 47 1,442 Egypt (Hermes) 54 465 Jordan (Amman) 22 4,357 Bahrain (BAX) 17 1,138 Oman(Muscat SM) 14 5,721 Lebanon (BSE) 12 1,144 Emerging Markets MSCI EM Index 3,633 886 MSCI BRIC Index 1,538 836 Shanghai A Share Index 2,519 2,486 SENSEX Index (India) 481 15,965 S&P GCC Composite 235 93 Developed Markets MSCI WORLD Index 28,949 740 US (S&P 500) 11,957 1,278 UK (FTSE) 2,252 5,260 Japan (Nikkei 225) 2,061 8,440 France (CAC) 950 2,950 Germany (DAX) 769 6,050

*

2011 P/E Div. % TTM Yield

Chg (%)

MTD %

YTD %

1.00 0.00 -0.94 -1.00 -0.58 0.00 -2.02 -1.22 -0.88 -0.12 -0.58 0.00

-3.26 0.85 -0.94 -1.00 -0.58 -0.55 -2.02 -1.22 -0.88 -0.12 -0.58 -0.59

5.14 8.39 -1.16 -5.08 1.02 -7.23 6.53 21.89 -6.26 -0.48 0.46 -2.79

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

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

4.2 2.8 3.0 4.5 6.2 3.9 4.6 3.8 5.1 5.3 6.3 1.2

Interest rate watch

0.00 0.00 0.00 0.00 0.12

-1.37 -1.97 -1.31 -5.06 0.05 7.90 -1.56 3.30 -2.46 1.43

-21 -26 -22 -25 -8

12 9 12 13 11*

3.2 3.5 2.2 1.5 3.8*

Yield curve watch

0.00 0.00 0.00 0.00 0.00 0.00

-2.07 -2.46 -0.88 -1.20 -2.21 -3.42

-10 0 -6 -17 -17 -15

15 14 10 15 9 11

2.7 2.8 4.6 2.4 4.8 4.4

-2.24 1.63 -5.60 -0.18 -6.63 2.58

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

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

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

120.00 138.69 397.00 142.00 238.00 359.69

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 90.16 290.50 150.00 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.65 0.46 Saudi 0.59 0.46 UAE 0.27 0.46 Qatar 0.40 0.46 Oman 0.26 0.46 Bahrain 1.00 0.46 Last FOMC Meeting Date: Apr 24-25

Libor (In %)

Diff FY11 Diff 0.19 0.04 0.13 -0.08 -0.19 0.03 -0.06 0.05 -0.20 0.03 0.54 -0.17 Next FOMC Meet Date: Jun 19-20

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch

Last 242 109 138

June 4, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % 0.85 0.85 0.00 -0.51 0.00 0.00

YTD % 4.48 0.98 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 %

1,625.60 28.64 98.43 467.99

0.00 0.00 0.00 0.00

4.29 3.58 -3.38 -0.92

3.93 3.10 -8.33 -2.91

1564.11 27.78 107.38 482.01

10 -10 14 -7

26.66 1.24 78.07 0.2803 0.3481

0.00 0.02 -0.10 0.03 0.11

10.81 -0.59 0.36 0.16 -0.34

13.93 4.23 -1.47 -0.72 3.56

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 

Saudi Arabia plans to open its skies gradually, phasing in new airlines to avoid an abrupt crowding of the sector, senior official said. The Kingdom earlier this year said it received applications for licenses from 14 companies including Gulf and Chinese consortia. Saudi Arabia’s Al Kifah Holding Co. has signed a SAR 600mn ($160mn) syndicated Islamic Murabaha facility agreement with a group of GCC banks. First Solar, a leader in thin-film photovoltaic systems, joined King Abdullah University of Science & Technology's New Energy Oasis (NEO) program. NEO is a platform for introducing new technologies in the area of clean, alternative energy. Dubai's Jebel Ali Free Zone has mandated banks to arrange meetings with investors starting this week and may issue a benchmark-sized, US dollar Islamic bond depending on market conditions. Al Shaab Village, Sharjah’s new shopping attraction, built at a cost of over $40.8mn, is set to open in mid-June. This announcement follows the finalization of Phase One of the development HSBC Holdings said it completed the merger of its Omani operations with Oman International Bank after authorities approved the transaction. HSBC owns 51% of the combined entity. EFG-Hermes rejected a $1.1bn bid from Planet IB, a consortium of investors, in favor of a venture with Qatar’s QInvest. Planet IB's EGP 13.5/share offer lacked details on financing resources as well as information about the investors, EFG-Hermes said. Qatar has been named the most competitive country in the Gulf in the new rankings published by International Institute for Management Development. Qatar is placed 10th out of a total of 59 economies covered.

M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr  (USD Chg T T % E yield 1Q12 Companies YoY Bn) D D (ttm) Saudi Arabia (SAR)  SABIC 73 90.8 0.8 -2.9 -6 -8 9 5.5 7,271 -5 Al-Rajhi Bank 28 71.0 0.7 -2.4 2 -16 14 4.6 2,011 18 Saudi Telecom 21 40.0 1.5 -0.5 18 -21 9 5.0 2,521 60 Saudi Electricity Co. 14 13.0 0.0 -1.9 -7 -1 23 5.4 -583 NM  Samba Fin. Group 11 44.9 0.7 -3.9 -4 -24 9 3.7 1,145 2 United Arab Emirates (AED)  ETISALAT 19 8.8 -0.1 0.2 -4 -15 12 6.8 1,809 0 NBAD 9 8.5 -0.8 -1.0 7 12 9 3.5 1,041 12 First Gulf Bank 7 8.5 -1.0 -2.0 10 -11 7 11.7 935 7  Emirates NBD 4 2.7 0.0 0.0 -8 7 9 7.4 641 -55 Emaar Properties 5 2.8 -4.1 -4.1 9 -28 9 3.6 606 44 Kuwait (KWD)  11 0.7 -1.4 -1.4 -23 -41 9 9.4 71 1 ZAIN 16 1.0 0.0 0.0 2 -14 15 3.8 81 0 NBK 8 0.7 -1.3 -1.3 -11 -16 27 2.0 20 -11 KFH  Gulf Bank 4 0.4 -2.4 -2.4 -17 -11 37 0.0 7 -25 3 0.8 -1.3 -1.3 -5 -14 0.0 0.3 -75 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 133.8 -2.3 -2.3 1 -4 10 5.6 1,907 -9 25 132.6 -0.2 -0.2 -4 14 11 3.0 2,004 17 QNB 14 19.7 -0.1 -0.1 -11 -27 153 0.8 144 291 Ezdan Real Est. Co. 10 112.1 -1.2 -1.2 19 -5 12 2.3 711 -12 Q-TEL 5 69.3 -2.1 -2.1 -18 -9 9 8.7 471 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


DMB04062012