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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Chg Indicators (USD Bn) Close (%) MENA Markets Saudi (TASI) 360 6,904 0.50 Turkey ISE National 100 200 61,449 0.55 Kuwait SE WT.INDEX 108 410 -0.11 Qatar(QE Index) 96 8,650 0.32 Abu Dhabi (ADI) 73 2,504 0.61 Morocco (CAI) 63 11,416 0.16 Dubai (DFMGI) 50 1,569 -0.14 Egypt (Hermes) 61 513 0.68 Jordan (Amman) 23 4,512 0.11 Bahrain (BAX) 17 1,150 0.19 Oman(Muscat SM) 14 5,676 0.11 Lebanon (BSE) 13 1,188 0.36 Emerging Markets MSCI EM Index 4,268 1,055 0.41 MSCI BRIC Index 1,919 1,061 0.00 Shanghai A Share Index 2,497 2,476 0.27 SENSEX Index (India) 620 18,289 0.75 S&P GCC Composite 242 96 0.42 Developed Markets MSCI WORLD Index 32,857 839 0.60 US (S&P 500) 12,751 1,361 0.00 UK (FTSE) 2,639 5,945 0.68 Japan (Nikkei 225) 2,358 9,485 1.08 France (CAC) 1,189 3,473 0.96 Germany (DAX) 967 6,948 1.46

*

2011 P/E Div. % TTM Yield

21 February, 2012

5 – year CDS (USD) watch (bps)

MTD %

YTD %

4.20 7.48 1.31 0.96 2.05 1.82 9.28 9.93 2.23 0.86 2.06 1.80

7.58 19.86 1.19 -1.47 4.24 3.52 15.93 34.37 -2.93 0.52 -0.34 0.92

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

13 10 14 10 8 12 10 10 13 8 12 10

3.6 2.4 4.7 4.3 5.0 3.4 4.4 4.3 3.5 4.8 4.7 0.5

Interest rate watch

4.95 5.78 3.09 6.37 3.14

16.68 20.61 7.46 18.34 4.82

-21 -26 -22 -25 -8

12 10 12 16 12*

2.8 2.8 2.2 1.3 3.4*

Yield curve watch

4.59 3.72 4.64 7.75 5.27 7.58

10.86 8.24 6.69 12.18 9.90 17.80

-10 0 -6 -17 -17 -15

14 15 11 17 10 11

2.7 2.5 3.9 2.0 4.4 3.5

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

135.63 138.17 394.06 136.64 196.00 381.08

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 75.40 148.50 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 0.32 0.51 Saudi 0.44 0.51 UAE 0.55 0.51 Qatar 0.36 0.51 Oman 0.34 0.51 Bahrain 0.31 0.51 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff -0.19 0.04 -0.07 -0.08 0.04 0.03 -0.15 0.05 -0.17 0.03 -0.20 -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 Idx HSBC/Nasd. Dub GCC $ T.Ret

Last 231 585 134

Chg (%) MTD % 0.00 -1.23 0.00 1.39 0.00 0.49

YTD % -0.33 3.17 1.00

2011 231.43 567.00 133.00

2011% 15 8 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 =)

Blue chip watch M. Cap (USD Companies Bn) Saudi Arabia (SAR) SABIC 77 Al-Rajhi Bank 30 Saudi Telecom 19 Saudi Electricity Co. 16 Samba Fin. Group 12

Close

Chg (%) MTD % YTD %

1,733.52 33.56 120.05 495.92 17.78 1.32 79.64 0.2776 0.3676 * 3Q11

0.60 1.02 0.39 0.00 0.00 -0.48 -0.04 0.15 -0.33

-0.32 1.33 8.17 -0.62 -8.54 -1.23 -4.28 -0.04 -1.28

10.83 20.81 11.80 2.89 -24.02 -2.19 -3.42 0.25 -1.93

Last

Pct Chg

% M T D

% Y T D

2011 %

96.5 73.8 36.4 14.3 48.0

1.6 0.7 -0.8 1.4 -1.0

2.1 2.1 6.1 3.6 6.2

0 6 8 3 3

-8 -16 -21 -1 -24

23.4 1.2955 76.92 0.27825 0.3605

P / Div E yield (ttm) 10 15 9 27 10

4.1 4.4 6.2 4.9 3.2

32 -3 -5 -1 -4

PAT (Mn) 4Q11

5,237 1,899 2,278 -514 944

% Gr YoY -9 14 -0 NM 5

Corporate earnings watch Company Name

Dubai Taxi

Earnings Type

12M

Country

UAE

Currency

LFY

PFY

% Ch

AED(Mn)

146.00

114.70

27

News & Views  

 

Qatar Holding has bought the London headquarters of Credit Suisse in Canary Wharf and will lease it back to the bank in a long term deal until 2034. Etisalat said its board of directors recommended a 2011 dividend of 60% or AED 0.60/share. The company also said that it is considering restructuring and outsourcing as a way to cut its operating expenses amid lower revenue. Dubai based Abraaj Capital announced the acquisition of UK-based specialist fund manager Aureos Capital that will create an entity with $7.5bn in assets. Saudi Electricity Co. said its board has proposed a SAR 0.70/share cash dividend payout for 2011 for Saudi nationals and other non-government shareholders. Gatehouse Bank, London based unit of Kuwait's Securities House, plans to sign real estate investment deals this year that will involve acquisitions in the U.S. and the U.K. worth about GBP 200mn, an executive said. Bahrain Municipalities & Urban Planning Ministry has directed municipal authorities to carry out a BHD 200mn ($531mn) revamp of Manama Central Market that will include infrastructure development and more parking spaces. Ghantoot Group announced that it will invest $500mn in various projects in Oman's hospitality, water and power sectors, which may bring 2,000 new jobs for Omani nationals. Oman’s Public Establishment for Industrial Estates is implementing a range of projects to develop the infrastructure of the Sultanate's industrial estates. The projects are estimated to cost over OMR 55mn ($143mn).

ETISALAT 20 9.3 0.0 -1.7 2 -15 10 6.4 704 -65  NBAD 9 11.0 1.4 1.9 0 12 9 2.7 724 -1 First Gulf Bank 7 18.1 0.8 5.2 17 -11 8 5.5 1,022 18  Emirates NBD 4 3.0 -0.7 -1.3 1 7 7 6.7 2,531 523 Emaar Properties 5 3.0 0.3 8.8 16 -28 14 3.4 716 162 Kuwait (KWD) 13 0.9 0.0 2.4 -4 -41 12 23.3 75 -14 ZAIN  17 1.2 0.0 0.0 5 -14 15 3.4 77 -0 NBK 8 0.8 -1.2 -2.3 -7 -16 28 2.4 10 10 KFH  Gulf Bank 4 0.5 -1.0 -1.0 -5 -11 39 0.0 31 252 3 0.8 4.2 0.0 -5 -14 1,172 0.0 -7 NM Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 134.7 1.3 3.1 1 -4 9 4.1 1,686 19 26 133.9 -0.1 0.6 -3 14 11 3.0 2,092 35 QNB 14 18.7 -1.1 -2.3 -16 -27 329 0.0 202* 17 Ezdan Real Est. Co. 7 153.5 1.7 5.1 9 -5 11 3.3 567* -13 Q-TEL 6 81.0 -0.2 -2.2 -4 -9 10 7.4 379 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>.

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

DMB 21022012  

DMB 21022012

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