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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 403 7,718 Turkey ISE National 100 195 60,940 Kuwait SE WT.INDEX 103 410 Qatar(QE Index) 98 8,778 Abu Dhabi (ADI) 76 2,558 Morocco (CAI) 58 10,512 Dubai (DFMGI) 52 1,669 Egypt (Hermes) 56 471 Jordan (Amman) 24 4,705 Bahrain (BAX) 17 1,143 Oman(Muscat SM) 14 5,842 Lebanon (BSE) 13 1,203 Emerging Markets MSCI EM Index 4,152 1,025 MSCI BRIC Index 1,808 999 Shanghai A Share Index 2,454 2,416 SENSEX Index (India) 575 17,486 S&P GCC Composite 260 104 Developed Markets MSCI WORLD Index 32,432 831 US (S&P 500) 13,087 1,398 UK (FTSE) 2,548 5,724 Japan (Nikkei 225) 2,291 9,688 France (CAC) 1,127 3,320 Germany (DAX) 931 6,775

*

Chg (%)

MTD %

YTD %

-1.84 0.00 -0.03 -0.53 -0.03 0.00 -1.06 -1.49 -0.15 0.16 0.25 0.00

-1.50 -2.38 -2.51 -0.14 0.20 -3.99 1.20 -4.79 0.28 -0.82 2.66 -1.77

20.26 18.87 1.00 -0.01 6.49 -4.68 23.29 23.47 1.21 -0.06 2.57 2.20

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

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

3.6 2.5 2.9 4.3 5.9 3.8 4.0 4.2 3.6 5.3 6.0 0.5

Interest rate watch

0.00 -0.50 0.00 -0.37 0.00 1.93 0.00 0.47 -1.26 -1.70

13.38 13.49 4.85 13.14 12.74

-21 -26 -22 -25 -8

12 10 12 15 13*

2.7 2.8 2.2 1.4 3.5*

Yield curve watch

0.00 0.00 0.00 0.00 0.00 0.00

9.77 11.17 2.72 14.58 5.06 14.87

-10 0 -6 -17 -17 -15

15 18 11 17 10 12

2.6 2.2 4.3 2.0 4.3 3.7

-1.61 -0.74 -0.78 -3.92 -3.04 -2.47

2010 P/E Div. % TTM Yield

9 April, 2012

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

Current

2010

118.57 116.10 349.01 119.06 198.50 353.64

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 1.20 0.46 Saudi 0.60 0.46 UAE 0.30 0.46 Qatar 0.40 0.46 Oman 0.36 0.46 Bahrain 0.70 0.46 Last FOMC Meeting Date: Mar 13

Libor

(In %)

Diff FY10 Diff 0.74 0.04 0.14 -0.08 -0.16 0.03 -0.06 0.05 -0.10 0.03 0.24 -0.17 Next FOMC Meet Dt: 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 Idx HSBC/Nasd. Dub GCC $ T.Ret

Last 231 112 137

Chg (%) MTD % 0.95 1.35 0.00 -0.47 0.00 -0.04

YTD % -0.28 2.91 2.64

2010 231.43 108.36 133.00

2010% 15 2 8

KIBOR yield curve (%)

Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % 2010 2010% Precious Metals Gold $/oz 1,630.22 -0.01 -2.26 4.23 1564.11 10 Silver $/oz 31.72 0.00 -1.52 14.18 27.78 -10 Corporate earnings watch IPE Brent $/bbl 123.43 0.00 0.51 14.95 107.38 14 CRB Commodity Index 495.21 0.00 -0.40 2.74 482.01 -7 Earnings % Volatility & Currency Company Name Type Country LFY PFY Chg Currency CBOE VIX index 16.7 0.00 7.74 -28.63 23.4 32 The Qassim 3M Saudi SAR(Mn) 158.4 146.7 8 USD (1 EUR =) 1.31 -0.04 1.86 -1.10 1.2955 -3 Cement Co. Yen (1 USD =) 81.52 0.12 1.56 -5.64 76.92 -5 National Lsng 3M Saudi SAR(Mn) 51.4 42.5 21 KWD (1 USD =) 0.2782 -0.09 -0.24 0.03 0.27825 -1 Hldg Co. KWD (1 EUR =) 0.3644 -0.14 1.62 -1.07 0.3605 -4 Investors 12M Kuwait KWD (Mn) -24 -20 N.M Blue chip watch #4Q11 Holding Group % % P PAT (Mn) M. Cap Pct M Y 2010 / Div News & Views (USD Last % Gr Chg T T % E yield 3Q11 Companies  Saudi Aramco Total Refining & Petrochemical Co. said it plans to Bn) YoY D D (ttm) increase its capital to SAR 3.56bn ($950mn), from SAR2.44bn. The hike will be paid in-cash by the shareholders in proportion to their stakes. Saudi Arabia (SAR)  A 450 KM railway line that will link Mecca and Medina to Jeddah will start SABIC 85 106 -1.9 -1.9 10 -8 11 4.7 5,266 -8 operations in two years, Saudi News Agency reported. The construction is Al-Rajhi Bank 32 78.8 -0.9 -4.8 13 -16 16 4.1 1,899 14 on track and the main station will cost more than SAR 3.2bn ($854mn). Saudi Telecom 21 40.0 -0.7 -2.0 18 -21 10 5.0 2,337 2  Saudi Arabian Mining Co. said its shareholders have approved a plan to Saudi Electricity Co. 16 14.8 -1.3 -7.8 6 -1 28 4.7 -522 NM sell sukuk or other tradable debt instruments. The firm will decide later Samba Fin. Group 13 54.5 -2.2 -4.0 17 -24 11 3.0 943 5 on the size and the time frame for any potential sale. United Arab Emirates (AED)  Saudi-based Bahra Cables has signed a SAR 250mn ($66.6mn) contact ETISALAT 19 8.8 -0.5 -1.1 -3 -15 12 6.8 704 -65 with Saudi Bin Laden Group to supply electrical cables for Shamiya mega NBAD 9 8.7 0.0 0.5 10 12 9 3.4 724 -1 project that is part of a broader government project to develop the areas around Makkah First Gulf Bank 8 9.6 -0.7 -1.3 24 -11 8 10.4 1,022 18  Abu Dhabi National Energy Co. (Taqa), said it has sold all of its 7% Emirates NBD 4 2.9 0.0 -6.2 -3 7 6 7.0 2,531 523 holding in Tesla Motors for a $113mn gain. Teslai is a Nasdaq listed Emaar Properties 5 3.3 0.0 7.3 26 -28 11 3.1 717 162 manufacturer of electric sports cars and sedans. Kuwait (KWD)  Emirates airline could look at refinancing its $550mn bond maturing in 11 0.7 0.0 -13.6 -22 -41 10 9.3 75 -14 ZAIN June as borrowing costs fall, according to a company executive. 17 1.1 1.9 0.0 6 -14 15 3.7 77 -0 NBK  Majid Al Futtaim plans to double its portfolio of malls across the region by 8 0.7 -3.9 -5.1 -11 -16 26 2.0 10 10 KFH the end of the decade with a $2bn funding programme in place. The Gulf Bank 4 0.4 1.2 -6.5 -11 -11 36 0.0 31 252 developer intends to open as many as 10 malls in five years. 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM  The UAE and Sultanate of Oman have agreed to set up two specialised Comm. Bk. Kuwait committees on investment and transport to encourage joint investments Qatar (QAR) and provide facilities for businesspersons in both countries. 21 141.7 -0.5 0.9 7 -4 10 5.3 1,686 19 Industries Qatar  The company developing Qatar's Lusail City said it awarded two contracts 26 135.0 -0.4 -0.1 -2 14 11 3.0 2,092 35 QNB to Samsung Group for construction of highways, underground motorways 14 19.9 -0.7 -0.3 -11 -27 152 0.8 144 NM Ezdan Real Est. Co. & electricity distribution plants on Qetaifan Islands and also to build six 8 128.5 -1.2 -4.8 19 -5 11 2.3 603 33 Q-TEL bridges. 5 75.8 -0.9 -1.3 -10 -9 10 7.9 379 23 Comr’cial Bk of Qatar 1 Note: 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>. 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09042012