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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 393 7,522 Turkey ISE National 100 188 59,389 Kuwait SE WT.INDEX 106 415 Qatar(QE Index) 97 8,630 Abu Dhabi (ADI) 77 2,623 Morocco (CAI) 62 11,267 Dubai (DFMGI) 52 1,682 Egypt (Hermes) 60 503 Jordan (Amman) 24 4,691 Bahrain (BAX) 17 1,152 Oman(Muscat SM) 15 5,957 Lebanon (BSE) 13 1,211 Emerging Markets MSCI EM Index 4,277 1,056 MSCI BRIC Index 1,913 1,057 Shanghai A Share Index 2,603 2,572 SENSEX Index (India) 599 17,814 S&P GCC Composite 258 103 Developed Markets MSCI WORLD Index 33,018 846 US (S&P 500) 12,816 1,396 UK (FTSE) 2,617 5,956 Japan (Nikkei 225) 2,354 9,899 France (CAC) 1,200 3,550 Germany (DAX) 962 6,996

*

Chg (%)

MTD %

YTD %

-0.24 0.64 0.05 -0.05 0.31 -0.29 0.88 -3.16 -0.00 0.22 0.94 -0.20

4.76 -2.19 1.44 -1.34 0.46 -1.16 -2.80 -5.52 3.79 0.32 2.05 1.29

17.20 15.84 2.39 -1.70 9.19 2.17 24.28 31.75 0.91 0.75 4.60 2.95

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

14 9 14 10 8 12 11 10 14 9 13 10

3.6 2.6 4.6 4.4 5.1 3.5 3.8 3.8 3.5 5.2 5.7 0.5

Interest rate watch

1.44 -1.11 1.91 -1.33 0.86 1.12 1.28 0.34 -0.08 2.26

16.76 20.12 11.64 15.26 11.64

-21 -26 -22 -25 -8

13 10 13 16 12

2.7 2.7 2.1 1.4 3.7

Yield curve watch

1.48 1.81 1.07 0.09 1.72 1.37

11.72 11.00 6.88 17.07 12.35 18.61

-10 0 -6 -17 -17 -15

15 2.7 15 2.5 11 4.1 18 1.9 11 4.3 12* 3.5*

0.53 2.22 1.44 1.81 2.83 2.04

2011 P/E Div. % TTM Yield

14 March, 2012

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

Current

2011

132.02 126.57 372.37 128.54 190.00 371.67

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 0.80 0.32 Saudi 0.53 0.32 UAE 0.46 0.32 Qatar 0.40 0.32 Oman 0.36 0.32 Bahrain 0.75 0.32 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff 0.48 0.04 0.21 -0.08 0.14 0.03 0.08 0.05 0.04 0.03 0.43 -0.17 Next FOMC Meet Date: Mar 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 229 114 136

Chg (%) MTD % -0.56 -0.89 0.26 1.04 0.00 0.53

YTD % -0.95 4.93 2.13

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

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 %

1,674.75 33.38 126.22 504.41

-1.43 -0.60 0.70 0.22

-1.18 -3.50 2.90 0.34

7.07 20.16 17.55 4.65

1564.11 27.78 107.38 482.01

10 -10 14 -7

14.8 1.31 82.89 0.2788 0.3645 * 3Q11

-5.37 0.56 -0.71 -0.11 0.44

-17.59 1.90 -2.01 -0.40 1.32

-36.75 -0.92 -7.20 -0.18 -1.10

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Al Meera Cons Goods

Earnings Type

Country

12M

Qatar

Currency

QAR(Mn)

LFY

PFY

77.30

65.50

% Ch

18

News & Views

 Kuwait's Strategia Investment Co's board has proposed doubling the company's capital to KWD 30mn ($107.7mn) by issuing 150mn new M. % % P PAT (Mn) shares at 102 Kuwaiti fils each. Cap Pct M Y 2011 / Div Last % Gr  Qatar National Cement Co. plans an expansion to boost its daily (USD Chg T T % E yield 4Q11 Companies YoY production to 20,000 tons from the current 15,000 tons as demand is Bn) D D (ttm) expected surge sharply. Saudi Arabia (SAR)  Qatar since last summer has reportedly accumulated a 2% stake in SABIC 84 104.8 0.0 3.2 9 -8 11 4.8 5,266 -8 French oil group Total SA. The stake is said to be worth more than EUR Al-Rajhi Bank 31 77.5 -0.6 -1.9 12 -16 16 4.2 1,899 14 2bn ($2.62bn). Saudi Telecom 21 40.1 -0.7 5.0 19 -21 10 5.0 2,337 2  Etisalat plans to sell its entire 13.29% stake in Indonesia's No 3 phone Saudi Electricity Co. 17 15.5 -1.3 9.5 12 -1 29 4.5 -522 NM firm PT XL Axiata, to raise between $600 and $700mn this year. Samba Fin. Group 12 50.5 -1.5 -3.3 8 -24 11 3.3 943 5  Drake & Scull International said its civil contracting subsidiary, Drake & Scull Construction, has won a AED 845mn ($230mn) contract in Algeria. United Arab Emirates (AED)  Sharjah Islamic Bank said the bank's general assembly has approved the ETISALAT 20 9.3 0.0 -2.0 2 -15 13 6.5 704 -65 distribution of a cash dividend of 6%, or AED 145.5mn ($40mn), for fiscal NBAD 9 12.0 2.6 4.8 9 12 9 2.5 724 -1 year 2011. First Gulf Bank 8 10.3 0.5 -49.1 -34 -11 8 9.8 1,022 18  Bahrain's Investcorp said its U.S. property arm has acquired 14 Emirates NBD 5 3.2 -0.3 -5.6 9 7 7 6.3 2,531 523 commercial properties covering over a total of 840,637 sqft in the San Emaar Properties 5 3.1 2.0 -3.5 19 -28 14 3.3 716 162 Francisco area for around $65mn. Kuwait (KWD)  Oman's Ahli Bank said it has received the preliminary approvals from the 13 0.8 -1.2 -1.2 -7 -41 12 23.8 75 -14 ZAIN capital market authority and the commerce & industry ministry to acquire 17 1.1 0.0 -8.6 -5 -14 15 3.8 77 -0 the local Middle East Brokerage Co. NBK  Oman's ruler has ordered an allocation of OMR 40mn ($104mn) for the 8 0.9 1.2 6.1 -3 -16 29 1.7 10 10 KFH implementation of local road construction projects. Gulf Bank 4 0.5 0.0 0.0 -5 -11 39 0.0 31 252  South Korean Deputy Minister plans to meet with Kuwaiti Oil Minister to 3 0.7 0.0 -1.4 -11 -14 NM 0.0 -7 NM Comm. Bk. Kuwait ask for Kuwait's support in securing a stable energy supply in case of Qatar (QAR) emergency, South Korea's Ministry of Knowledge Economy said. Industries Qatar 22 143.4 -0.3 1.7 8 -4 10 5.2 1,686 19 26 135.1 0.1 0.7 -2 14 11 3.0 2,092 35 QNB 14 18.6 -1.5 -2.1 -16 -27 327 0.0 202* 17 Ezdan Real Est. Co. 8 165.6 -0.5 1.4 18 -5 11 1.8 603 33 Q-TEL 5 73.0 -0.9 -5.2 -13 -9 9 8.2 379 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

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