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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 382 Turkey ISE National 100 218 Kuwait SE WT.INDEX 99 Qatar(QE Index) 99 Abu Dhabi (ADI) 79 Morocco (CAI) 54 Dubai (DFMGI) 49 Egypt (Hermes) 65 Jordan (Amman) 23 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,119 MSCI BRIC Index 1,721 Shanghai A Share Index 2,293 SENSEX Index (India) 555 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 33,699 US (S&P 500) 13,695 UK (FTSE) 2,656 Japan (Nikkei 225) 2,240 France (CAC) 1,217 Germany (DAX) 985

*

Last Close

Chg (%)

MTD %

YTD %

2011 P/E Div. % TTM Yield

7,156 68,180 394 8,600 2,629 9,829 1,596 585 4,547 1,075 5,621 1,122

-0.14 0.00 -0.06 0.43 0.79 0.00 1.42 2.40 -0.10 0.29 0.56 0.00

0.30 11.50 -3 1.21 32.99 -22 -1.43 -2.75 -16 1.37 -2.04 1 2.65 9.46 -12 -1.16 -10.87 -13 3.13 17.95 -17 8.76 53.35 -42 2.73 -2.17 -13 -1.09 -6.05 -20 2.57 -1.31 -16 -0.41 -4.68 -20

13 11 15 9 9 15 11 12 13 8 11 9

4.6 2.5 3.5 4.6 5.8 4.1 4.5 3.1 5.1 5.1 4.6 1.2

1,003 937 2,224 18,464 97

0.00 0.00 0.00 0.00 0.04

6.81 7.79 3.72 6.23 0.40

10.91 6.46 -3.47 19.47 5.08

-21 -26 -22 -25 -8

12 3.0 10 3.5 11 2.6 16 1.4 12* 3.2*

861 1,466 5,916 8,995 3,582 7,412

0.00 0.00 0.00 -1.79 0.00 0.00

5.65 4.21 3.57 1.76 4.94 6.33

13.75 16.55 6.16 6.38 13.35 25.66

-10 0 -6 -17 -17 -15

15 16 12 15 12 14

- P/E & Div. Yield for GCC as per Zawya

HSBC/Nasd. Dub GCC $ T.Ret

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

99.93 103.82 287.71 104.62 155.00 251.41

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 342.35 99.88 342.35 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 0.29 0.40 Saudi 0.61 0.40 UAE 0.25 0.40 Qatar 0.34 0.40 Oman 0.31 0.40 Bahrain 0.32 0.40 Last FOMC Meeting Date: Jul 31-Aug 1

Yield curve watch Libor (In %)

Diff FY11 Diff -0.11 0.04 0.21 -0.08 -0.15 0.03 -0.06 0.05 -0.09 0.03 -0.08 -0.17 Next FOMC Mt Date: Sep12-13

US Treasuries

(In %)

2.8 2.5 4.1 2.2 3.9 3.5

KIBOR yield curve (%)

Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond ETF

17 Sep, 2012

5 – year CDS (USD) watch (bps)

Last 237 120 144

Chg (%) MTD % -0.81 -1.95 0.00 1.02 0.00 0.79

YTD % 2.45 10.67 8.29

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

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 %

1,769.46 34.59 116.66 495.33

-0.09 -0.12 0.00 0.00

4.66 9.12 1.82 0.94

13.13 24.51 8.64 2.76

1564.11 27.78 107.38 482.01

10 -10 14 -7

14.51 1.31 78.31 0.2801 0.3677

0.00 -0.02 0.09 0.07 0.05

-16.94 -4.20 0.09 0.61 -3.62

-37.99 -1.33 -1.77 -0.66 -1.96

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 76 94.5 Al-Rajhi Bank 30 73.8 Saudi Telecom 22 40.4 Saudi Electricity Co. 15 13.1 Samba Fin. Group 11 47.0 United Arab Emirates (AED) ETISALAT 21 9.8 NBAD 9 9.0 First Gulf Bank 8 10.0 Emirates NBD 5 3.1 Emaar Properties 6 3.6 Kuwait (KWD) 10 0.7 ZAIN 15 1.0 NBK 7 0.7 KFH Gulf Bank 4 0.4 3 0.6 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 22 143.3 26 134.6 QNB Ezdan Real Est. Co. 15 20.4 9 105.8 Q-TEL Comr’cialBk of Qatar 5 75.5

Pct Chg

% M T D

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

-0.5 -0.3 0.0 -0.4 -0.2

2.2 -0.3 -0.5 -0.8 -2.1

-2 6 20 -6 1

-8 -16 -21 -1 -24

11 14 9 22 10

1.4 1.1 0.8 0.0 3.2

3.2 5.3 4.7 0.7 8.2

8 13 29 4 39

-15 12 -11 7 -28

-1.5 0.0 1.5 -1.3 0.0

-2.9 -4.0 0.0 -2.5 -11.3

-26 -7 -17 -20 -20

0.8 -0.1 -0.7 0.4 2.3

3.5 0.4 -0.2 -1.9 3.9

8 -3 -8 12 -10

Corporate earnings watch Earnings

Company Name

Type

Al Enmaa Real Estat Boubyan Ptrochmicals

Country

PFY

% Ch

9M

Kuwait

KWD(Mn)

0.74

1.06

-30.0

3M

Kuwait

KWD(Mn)

0.10

0.84

-88.0

Currency

LFY

News & Views

PAT (Mn) 2Q12

% Gr YoY

5.3 4.4 5.0 5.3 3.5

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

-35 14 7 2 5

13 9 8 10 9

6.1 3.3 10.0 6.6 2.8

1,866 1,046 1,017 648 614

17 2 14 -13 146

-41 -14 -16 -11 -14

9 15 26 40 -

9.7 4.2 2.2 0.0 0.0

71 40 22 5 0.1

1 -40 -3 -36 -5

-4 14 -27 -5 -9

10 11 85 11 10

5.2 3.0 0.7 2.5 7.9

2,129 2,112 198 641 546

3 17 91 -11 7

Qatar First Investment Bank has acquired two properties in central London, The Leinster Inn Hotel at Leinster Square and Westbourne House, Westbourne Grove.

Emaar Properties plans to build a new hotel in Dubai’s high-end Downtown area, its first major hotel project since the emirate’s property crisis erupted in 2009.

EFG Hermes reaffirmed their approval of a planned tie-up with Qatar’s QInvest after demands by the regulator for more information on the deal were met.

Deutsche Bank is cutting several senior jobs in its investment banking business in Dubai, including directors, as it cuts costs to adapt to a tougher investment banking environment globally.

Annual inflation in the UAE rose to 0.95% in August, from 0.46% in July, driven mainly by higher food and beverage prices: the National Bureau of Statistics.

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


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