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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 361 Turkey ISE National 100 198 Kuwait SE WT.INDEX 102 Qatar(QE Index) 96 Abu Dhabi (ADI) 75 Morocco (CAI) 52 Dubai (DFMGI) 47 Egypt (Hermes) 57 Jordan (Amman) 23 Bahrain (BAX) 17 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 3,844 MSCI BRIC Index 1,614 Shanghai A Share Index 2,373 SENSEX Index (India) 534 S&P GCC Composite 238 Developed Markets MSCI WORLD Index 30,809 US (S&P 500) 12,700 UK (FTSE) 2,413 Japan (Nikkei 225) 2,196 France (CAC) 1,012 Germany (DAX) 802

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

6,860 62,781 404 8,267 2,472 9,958 1,505 497 4,431 1,122 5,577 1,150

0.36 1.30 0.07 0.16 0.01 -0.73 1.02 0.70 0.29 0.00 0.35 0.15

2.23 0.38 0.44 1.78 1.01 -0.95 3.64 3.75 0.94 -0.43 -1.98 0.98

6.88 22.46 -0.38 -5.83 2.91 -9.70 11.18 30.20 -4.68 -1.91 -2.07 -2.25

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

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

938 880 2,329 17,521 94

-1.01 -1.09 1.01 -0.10 0.05

1.01 1.41 -0.08 0.52 1.27

3.75 0.02 1.06 13.37 2.25

-21 -26 -22 -25 -8

12 3.1 9 3.5 12 2.6 14 1.5 12* 3.8*

789 1,355 5,663 9,021 3,169 6,410

-1.56 -0.94 -0.53 -0.65 -1.88 -1.92

-0.21 -0.55 1.64 0.16 -0.87 -0.10

4.15 7.72 1.62 6.69 0.28 8.68

-10 0 -6 -17 -17 -15

14 14 11 15 10 11

4.2 2.5 3.4 4.5 6.1 4.0 4.5 3.6 5.0 5.4 4.7 1.1

July 8, 2012

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

Current

2011

123.33 124.50 346.59 125.51 210.00 341.57

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 90.16 290.50 156.50 387.62 235.38

Source: Bloomberg, Reuters Eikon

Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.27 0.45 Saudi 0.60 0.45 UAE 0.30 0.45 Qatar 0.32 0.45 Oman 0.28 0.45 Bahrain 0.30 0.45 Last FOMC Meeting Date: Jun 19-20

Yield curve watch Libor (In %)

Diff FY11 Diff -0.18 0.04 0.15 -0.08 -0.15 0.03 -0.13 0.05 -0.17 0.03 -0.15 -0.17 Next FOMC Mt Date: Jul 31-Aug 1

US Treasuries

(In %)

2.8 2.6 4.2 2.2 4.4 4.1

- 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 241 115 141

Chg (%) MTD % 0.41 0.92 0.28 0.80 0.00 0.29

YTD % 4.14 5.83 6.03

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

Chg (%) MTD % YTD %

1,582.50 27.07 98.19 481.45 17.1 1.23 79.64 0.2795 0.3454

0.01 0.07 -2.49 -0.49 -2.29 0.85 0.29 0.52 0.61

-0.91 -1.49 0.40 1.23 0.12 3.02 0.16 0.00 2.46

1.18 -2.56 -8.56 -0.12 -26.92 5.44 -3.42 -0.43 4.37

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 72 89.5 Al-Rajhi Bank 30 74.3 Saudi Telecom 20 38.4 Saudi Electricity Co. 14 13.0 Samba Fin. Group 11 45.9 United Arab Emirates (AED) ETISALAT 20 9.3 NBAD 9 8.2 First Gulf Bank 7 8.4 Emirates NBD 4 2.7 Emaar Properties 5 3.1 Kuwait (KWD) 11 0.7 ZAIN 16 1.1 NBK 8 0.7 KFH Gulf Bank 4 0.4 3 0.8 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 132.2 26 133.8 QNB Ezdan Real Est. Co. 14 19.6 9 105.7 Q-TEL Comr’cialBk of Qatar 5 69.3

Pct Chg

% M T D

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

-0.6 -1.3 -0.5 -0.4 -0.4

-3.5 0.7 -2.8 0.8 1.8

-7 7 14 -6 -2

-8 -16 -21 -1 -24

9 14 9 23 10

0.3 0.0 -0.2 0.4 1.7

0.9 -0.7 5.1 -0.4 10.0

2 3 9 -8 20

-15 12 -11 7 -28

-2.8 1.9 0.0 0.0 0.0

-5.4 3.9 -1.4 -1.1 -3.8

-22 4 -12 -11 -5

0.2 0.9 0.4 -0.2 0.0

5.8 1.9 -1.5 2.1 1.3

-1 -3 -12 12 -18

PAT (Mn)

Corporate earnings watch Earnings

Company Name

Type

National Gypsum Co Almarai Co Dar Alarkan RED Co Yanbu Cement Co

1Q12

% Gr YoY

5.6 4.4 5.2 5.4 3.6

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

-5 18 60 NM 2

13 9 7 9 10

6.5 3.6 11.9 7.4 3.2

1,809 1,041 935 641 606

0 12 7 -55 44

-41 -14 -16 -11 -14

10 15 27 39 -

9.3 3.8 2.1 0.0 0.0

71 81 20 7 0.3

1 0 -11 -25 -75

-4 14 -27 -5 -9

9 11 152 11 9

5.7 3.0 0.8 2.5 8.7

1,907 2,004 144 711 471

-9 17 291 -12 6

6M 6M 6M 6M

Country

Saudi Arabia Saudi Arabia Saudi Arabia Saudi Arabia

Currency

LFY

PFY

% Ch

SAR (Mn)

16.00

21.05 586.4

24.0 6.0

572.11

9.0

251.75

43.0

SAR(Mn) 621.60 SAR(Mn) SAR(Mn)

623.60 360.0

News & Views  

Saudi National Water to launch projects worth SAR 2.1 billion in Riyadh. They will drill new wells, set up treatment plants for drinking water with a total capacity of 150,000 cubic metres a day. Surplus commercial space in Jeddah and Riyadh as a result of several new projects, forces rents to fall. Research houses expect the construction and RE market to be attractive in the long term due to demand from foreign investors and strong economic performance. Zain KSA shareholders approve capital restructuring plan. The paidup capital will be reduced from SAR 14 billion to 4.8 bn. A rights issue will subsequently increase the paid-up capital to SAR 10.8 bn. Saudi Fin Min denies report carried out in a local newspaper about properties expected to be appropriated to make way for the expansion of the Prophet’s Mosque. The Ministry will announce in detail steps taken to implement the expansion project. Development of tourist attractions in Riyadh is on the cards. President of SCTA Prince Sultan bin Salman and the Mayor of Riyadh Abdullah Al-Muqbil discussed future plans for tourism. Abu Dhabi banks and fin institutions in UAE will carry out a due diligence in compliance with the Central Bank circular to ascertain if Syrian President or other officials hold assets or have had transactions in UAE instis.

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

DMB08072012  

DMB08072012

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