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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 364 Turkey ISE National 100 212 Kuwait SE WT.INDEX 98 Qatar(QE Index) 97 Abu Dhabi (ADI) 76 Morocco (CAI) 52 Dubai (DFMGI) 47 Egypt (Hermes) 57 Jordan (Amman) 22 Bahrain (BAX) 16 Oman(Muscat SM) 14 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,922 MSCI BRIC Index 1,652 Shanghai A Share Index 2,298 SENSEX Index (India) 529 S&P GCC Composite 239 Developed Markets MSCI WORLD Index 31,810 US (S&P 500) 13,029 UK (FTSE) 2,494 Japan (Nikkei 225) 2,175 France (CAC) 1,097 Germany (DAX) 876

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,961 64,938 391 8,365 2,511 9,870 1,557 507 4,406 1,091 5,434 1,144

0.25 -0.97 -0.73 0.24 0.24 0.02 -0.15 0.33 0.55 0.00 -0.01 0.00

1.21 8.47 -3 1.06 26.67 -22 -1.15 -3.64 -16 0.81 -4.71 1 0.19 4.52 -12 0.21 -10.50 -13 0.92 15.03 -17 3.29 32.83 -42 1.28 -5.22 -13 -0.84 -4.65 -20 1.41 -4.59 -16 -0.17 -2.79 -20

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

4.1 2.4 3.5 4.5 6.0 4.0 4.3 3.6 5.0 5.1 4.6 1.2

957 900 2,260 17,602 94

0.05 0.48 0.13 1.08 -0.03

1.61 2.83 2.55 2.12 0.61

5.78 2.31 -1.91 13.89 2.56

-21 -26 -22 -25 -8

12 9 11 14 12

3.0 3.5 2.7 1.4 3.3

814 1,401 5,841 8,803 3,453 6,968

0.61 0.51 0.56 0.88 1.52 0.71

1.98 1.60 3.65 1.24 4.91 2.89

7.57 11.43 4.83 4.12 9.29 18.13

-10 0 -6 -17 -17 -15

14 15 12 15 12 12

2.8 2.5 4.2 2.3 4.1 3.8

8 Aug, 2012

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

Current

2011

104.14 107.44 312.98 107.43 187.50 288.82

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 98.90 342.35 98.12 509.90 111.20 342.35 97.65 342.35 111.20 387.62 111.20

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.40 0.38 Saudi 0.62 0.38 UAE 0.25 0.38 Qatar 0.48 0.38 Oman 0.44 0.38 Bahrain 0.35 0.38 Last FOMC Meeting Date: Jul 31-Aug 1

Yield curve watch Libor (In %)

Diff FY11 Diff 0.02 0.04 0.24 -0.08 -0.13 0.03 0.10 0.05 0.06 0.03 -0.03 -0.17 Next FOMC Mt Date: Sep12-13

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 240 119 143

Chg (%) MTD % -0.51 -0.98 -0.04 0.65 0.00 0.34

YTD % 3.54 9.59 7.29

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 Close Chg (%) MTD % YTD % Precious Metals Gold $/oz 1,610.68 0.02 -0.16 2.98 Silver $/oz 28.07 0.75 0.57 1.04 IPE Brent $/bbl 112.00 2.24 6.75 4.30 CRB Commodity Index 487.98 1.23 1.49 1.24 Volatility & Currency CBOE VIX index 15.99 0.25 -15.53 -31.67 USD (1 EUR =) 1.24 -0.02 -0.78 4.56 Yen (1 USD =) 78.57 -0.38 -0.70 -2.10 KWD (1 USD =) 0.2817 0.01 -0.78 -1.21 KWD (1 EUR =) 0.3489 0.00 -0.77 3.32 Blue chip watch *1Q12. M. % % P Cap Pct M Y 2011 / Last (USD Chg T T % E Companies Bn) D D (ttm) Saudi Arabia (SAR) SABIC 73 91.5 0.0 1.1 -5 -8 11 Al-Rajhi Bank 29 73.5 0.3 1.0 6 -16 14 Saudi Telecom 21 39.7 -0.3 -0.5 17 -21 9 Saudi Electricity Co. 14 13.0 0.0 0.4 -7 -1 22 Samba Fin. Group 11 47.5 0.6 2.2 2 -24 10 United Arab Emirates (AED) ETISALAT 20 9.2 -0.1 -2.6 1 -15 12 NBAD 9 8.6 1.1 2.5 8 12 9 First Gulf Bank 8 9.3 1.6 4.6 20 -11 7 Emirates NBD 4 2.8 1.4 4.4 -3 7 9 Emaar Properties 6 3.4 -1.2 -0.6 32 -28 11 Kuwait (KWD) 10 0.7 -1.5 -4.3 -27 -41 9 ZAIN 15 1.0 -1.0 -1.0 -4 -14 15 NBK 7 0.7 -2.9 -2.9 -20 -16 25 KFH Gulf Bank 4 0.4 0.0 1.3 -18 -11 37 3 0.7 0.0 -7.6 -8 -14 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 135.5 0.2 2.7 2 -4 10 26 133.5 0.4 0.4 -3 14 11 QNB -0.3 -10 -27 83 Ezdan Real Est. Co. 15 20.0 0.5 10 109.0 1.4 3.9 16 -5 12 Q-TEL Comr’cialBk of Qatar 5 71.8 -0.3 3.0 -15 -9 9

23.4 1.2955 76.92 0.27825 0.3605

Div yield

32 -3 -5 -1 -4

PAT (Mn) 2Q12

% Gr YoY

5.5 4.4 5.0 5.4 3.5

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

-35 14 7 2 5

6.6 3.5 10.8 7.0 3.0

1,866 1,046 1,017 648 1

17 2 14 -13 -100

9.8 4.1 2.2 0.0 0.0

71* 40 20* 7* 0.3*

1 -40 -11 -25 -75

5.5 3.0 0.8 2.4 8.4

1,907* 2,112 198 641 546

-9 17 91 -11 7

Corporate earnings watch Earnings

Company Name

Type

United Gulf Bank Al Khazna Ins Co Shuaiba Ind Co Kuwait China Inv

Country

PFY

% Ch

6M

Bahrain

BHD(Mn)

6.16

5.01

23.0

6M

UAE

AED(Mn)

11.76

13.8

-15.0

6M

Kuwait

KWD(Mn)

0.67

0.49

35.0

6M

Kuwait

KWD(Mn)

2.36

1.06

123

Currency

LFY

News & Views 

   

 

Attested tenancy contract and power bill mandatory for Abu Dhabi visa. The move seeks to verify the residence of all expatriates in the UAE for security and procedural issues. Dubai SME and SHUAA Capital sign MoU; will offer a new Valuation Advisory Services to a select number of Dubai SME 100 companies. Saudi Industrial Development Fund approves SAR 2.9bn in loans to expand industrial growth and promote non-oil exports: SPA Expatriate workers in Kuwait will be subject to a series of tests of competence and will be required to produce fitness certificates. KSA is planning to build its first women-only industry zone that will provide over 5,000 jobs for national women in a move to tackle female unemployment. Indians top the list of buyers in Burj Khalifa during 1H2012; Iranians, Britons and Emiratis follow. Fluor Corporation has been awarded a contract by the JV comprising Ma’aden and Alcoa to provide, engineering, procurement and construction management services for an automotive sheet facility.

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

Daily Morning Brief 08082012  

Daily Morning Brief 08082012

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