GCC Morning Brief - 10 May

Transcription

1. U Capital Morning Brief GCC Market Indices 10 May 2017 Current Close Previous Close Change D /D MTD Index Index Point % % % Muscat Securities Market Saudi Stock Exchange Kuwait Stock Exchange Qatar Exchange Bahrain Stock Exchange 1,003.04 1,115.78 986.52 63.55 5,423.26 6,918.82 6,598.97 9,865.78 1,315.74 1,006.91 1,115.78 988.45 63.22 5,440.93 6,864.54 6,627.57 9,851.77 1,322.08 -3.87 0.00 -1.93 0.33 (17.67) 54.28 (28.60) 14.01 (6.34) -0.38% 0.00% -0.20% 0.52% -0.32% 0.79% -0.43% 0.14% -1.17% -2.76% -1.96% -0.83% -1.64% -1.35% -3.57% -1.97% -4.74% -5.30% -3.15% -2.56% -6.22% -4.04% 14.80% -5.47% -0.48% -1.49% 7.81% Dubai Financial Market 3,408.44 3,391.67 16.77 0.49% -0.19% -3.47% Abu Dhabi Sec. Exchange 4,584.65 4,578.22 6.43 0.14% 1.37% 0.84% U Capital Oman 20 Index U Capital GCC 50 Index U Capital MENA 200 Index Bloomberg GCC200 Index YTD Source: Bloomberg World Markets* Country Value Change Europe FTSE 100 DAX CAC 40 D/D Price Change D/D USD USD % Brent Crude (per bbl ) Updated 49.03 0.30 0.62 WTI Crude (per bbl ) Updated 46.21 0.34 0.74 Oma n Crude Oi l 47.95 (0.59) (1.22) % United Kingdom Germany France 7,342.2 12,749.1 5,398.0 41.35 54.57 15.06 0.57 0.43 0.28 USA USA USA 20,975.8 2,396.9 6,120.6 (36.50) (2.46) 17.93 (0.17) (0.10) 0.29 NIKKEI 225 Japan 19,888.1 43.99 HANG SENG Hongkong 25,088.3 199.24 United States DJIA S&P 500 NASDAQ Commodity Prices* (Last Clo sing) Gol d100 OZ (per oz) 1,222.60 1.20 0.10 Si l ver (per oz) 16.19 (0.00) (0.01) 0.22 Pl a tinum (per oz) 906.78 1.17 0.13 0.80 Copper, MT 5,512.00 26.00 0.47 Al umi ni um, MT 1,870.00 (9.00) (0.48) Asia Pacific Selected Middle East Tunis Se Index Tunis 5,721.7 (2.98) (0.05) Lea d, MT 2,173.00 3.50 0.16 EGX 30 Index Egypt 12,933.7 105.75 0.82 Zi nc, MT 2,612.00 23.00 0.89 Ni ckel , MT 9,215.00 70.00 0.77 Source: Bloomberg, U-Capital- at 8:30AM M uscat time So urce: B lo o mberg, U-Capital- at 8:30A M M uscat time Cross Rate for Major Currencies* Currency Code USD/1 Unit Units/1 USD Euro EUR 1.089 0.918 Bri ti s h Pound GBP 1.295 0.772 Ja pa nes e Yen JPY 0.009 113.820 Chi nes e Renmi nbi CNH 0.145 6.913 Indi a n Rupee INR 0.015 64.626 Rus s i a n Rubl e RUB 0.017 57.947 Ca na di a n Dol l a r CAD 0.730 1.371 Aus tra l i a n Dol l a r AUD 0.736 1.358 Source : Bloomberg Note: all prices/ indices are updated till 8:30 AM M uscat time.* markets are closed on Saturday and Sunday 1 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
2. OMAN ECONOMIC & CORPORATE NEWS No liquidity crunch, says Fitch Banks in the Sultanate have overcome a liquidity crunch. They have repriced their corporate loan books to compensate for higher funding costs which have lowered performance ratios, according to global agency Fitch Ratings. Source: Oman Tribune Diversification plans on track The Sultanate is on the right track towards diversifying sources of income and developing non-oil sectors, HH Sayyid Asa’ad Bin Tariq Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan, has said. Source: Oman Tribune Oman Chamber of Commerce lays out Duqm ambitious plans The Oman Chamber of Commerce and Industry (OCCI) in Wilayat Duqm in Al Wusta Governorate is marching ahead with all its growth plans and has by now ranked among the brightest names in the world of investment and a global economic, oil and gas industry, petrochemical plant, dry dock, logistics, tourism and educational station, according to Dr Salim bin Saleem al Junaibi, Chairman, Oman Chamber of Commerce and Industry — Al Wusta. Source: Oman Observer Al Madina Real Estate signs deal for developing projects in public-private-partnership model Al Madina Real Estate has signed a Memorandum of Understanding (MoU) with the ICM Maltauro Group, an Italian conglomerate with interests in developing large commercial complexes, airports, railways, and roads, and F&M Ingegneria. Source: Times of Oman Oman raising $3.6 billion from Chinese banks Oman is seeking a $3.6 billion five-year bullet term loan from Chinese banks, banking sources said. Oman’s finance ministry is selfarranging the senior unsecured deal, which pays an interest margin of 190bp over Libor. Source: Times of Oman 68pc nationals, 46pc expats have access to banking The Sultanate has made big headway in making access to banking services easy with 68 per cent nationals having bank accounts. However, the picture is not so rosy among expat population with just 46 per cent of them availing of services. Source: Oman Tribune Omani cement firms form new joint venture Two of Oman’s cement producers—Raysut Cement Company and Oman Cement Company—have formed a new cement firm. The new joint venture company, Alwasta Cement Company, proposes to set up a new cement project in the near future, subject to a detailed feasibility study, Raysut Cement said in its first quarter report posted on the Muscat Securities Market (MSM) on Tuesday. Source: Times of Oman MIDDLE EAST ECONOMIC & CORPORATE NEWS Kuwait's $4.2bn airport expansion hits construction milestone The Emir of Kuwait, Sheikh Sabah al Ahmad al Sabah, and the President of Turkey, Recep Tayyip Erdoğan, on Tuesday officially inaugurated the start of heavy construction of Kuwait International Airport's new passenger terminal. Source: Arabian Business RAK Ceramics seeks India acquisition this year to expand capacity RAK Ceramics said on Monday it will target markets in India, Iran and Europe as it reported lower profits for the first quarter. The company expects to acquire a ceramics manufacturer in India this year to expand capacity in the country driven by its economic growth. It is also looking at opportunities to expand its manufacturing activities in the Arabian Gulf region. Source: The National Another GCC member state signs up to VAT Qatar has become the second Gulf Cooperation Council (GCC) member state to formally endorse the GCC Value Added Tax (VAT) Framework, effectively bringing the six-member bloc a step closer to implementing the new tax tariff next year. Source: Oman Observer Record Saudi issuance supports strong growth in sukuk market: Fitch Sukuk issuance in core Islamic finance markets will grow at least as rapidly in 2017 as it did last year, Fitch Ratings said in a report on Tuesday, noting that its expectations were enforced by Saudi Arabia's record $9 billion issue. Source: Argaam 2 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
3. Saudi Aramco , Petronas consider expansions in Malaysia Saudi Aramco and Malaysian state-owned Petronas are considering building more petrochemical plants to fully use raw materials from their joint venture, Reuters reported Monday, citing Md Arif Mahmood, executive vice president and CEO of downstream operations at Petronas. Source: Argaam Mideast construction sector moves fast on dispute resolution The Middle East construction sector seems to be doing better in settling disputes than at any time in the recent past. If so, it will be a welcome respite from contractors and project owners getting bogged down by distractions. Source: Zawya Dubai economy gains momentum in April The Emirates NBD Dubai Economy Tracker Index (DETI), an indicator of operating conditions in the non-oil private sector economy, rose to 57.7 in April from 56.6 in March, signalling the fastest rate of growth since February 2015. Source: Zawya Positive outlook for Dubai private sector Dubai’s private sector could be passing through its best operating conditions in 26 months, based on the Emirates NBD Dubai Economy Tracker Index. 
The seasonally adjusted index rose from 56.6 to 57.7 at the end of April, led by a continuing upturn in construction (index at 57.9), followed by wholesale and retail (57.8) and travel and tourism (57.0). Source: Zawya Doha Bank ETF launch in final phase – CEO Doha Bank is in the final phase of launching its exchange-traded fund (ETF) with the Qatar Stock Exchange (QSE), titled QE Index ETF (QETF), the bank announced at a forum on Tuesday. Source: Mubasher Turkey seeks better Gulf trade Turkish President Recep Tayyip Erdogan said Tuesday his country›s trade with the energy-rich Gulf had yet to reach its full potential, as he visited a region where Ankara aims to strengthen ties. Source: Gulf Base Air Arabia Revives Fleet-Expansion Plans as Fare Pressures Ease Air Arabia PJSC has renewed plans to expand its fleet, with the biggest discount carrier in the Persian Gulf and North Africa encouraged as pressure on fares eases, boosting prospects in Morocco and other bases. Source: Bloomberg INTERNATIONAL ECONOMIC & CORPORATE NEWS U.S. Commerce's Ross says 3 percent GDP growth not achievable this year The U.S. economy will fall short of the Trump administration's goal of 3 percent growth this year and will only achieve that when its regulatory, tax, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday. Source: Reuters Apple tops $800 billion market cap for first time Apple Inc (AAPL.O) became the first U.S. company to top the $800 billion mark in market capitalization on Tuesday, slightly more than two years after it crossed the $700 billion threshold. Source: Reuters Asia Stocks Rise; Won Tumbles on North Korea Worry: Markets Wrap Equities in Hong Kong led gains among Asian markets, while the won slid on concern over North Korea’s nuclear program. U.S. stockindex futures slipped as Donald Trump fired FBI Director James Comey. Source: Bloomberg 3 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
4. COMMODITIES NEWS Higher U .S. crude output to cap oil prices through 2018: EIA Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday, ahead of a meeting of major oil producers later this month to discuss extending supply cuts. Source: Reuters Saudi Aramco to cut June oil supply to Asia by about 7mln barrels- source Saudi Aramco will curb oil supplies to Asia by about 7 million barrels in June, a source with direct knowledge of the matter said, as the national oil giant plays its part in a global output cut to support prices. Source: Zawya Ubhar Capital SAOC (U Capital) Website: www.u-capital.net PO Box 1137 PC 111, Sultanate of Oman Tel: +968 2494 9000 Fax: +968 2494 9099 Email: research@u-capital.net Disclaimer: This report has been prepared by research department in Ubhar Capital SAOC (U Capital), and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the bank accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute U Capital’s Research department judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any purpose. 4 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net