MENA Market Report - 28 March
MENA Market Report - 28 March
Organisation Tags (10)
Dana Gas PJSC
Alinma Bank
Emirates Islamic Bank
Arab National Bank
Riyad Bank
Kuwait Finance House
United Arab Bank
Takaful Emarat
Qatar International Islamic Bank
Abu Dhabi Commercial Bank (ADCB)
Transcription
- MENA Morning Report Wednesday , March 28, 2018 Overview Regional Markets: MENA region witnessed subdued trading session, despite the positive sentiments seen in the global markets. Oil prices witnessed downward pressure as the prices fell below US$ 70 mark in the previous session. The regional investors will closely monitor the outcome of FTSE Russell’s quarterly review for the global stock exchanges as it will provide a decision on Saudi Arabia. For the day, four indexes closed in red, while three in green and one remained unchanged during the session. Saudi Arabia continued to be in the limelight as investors are optimistic about the possible inclusion into the secondary FTSE emerging market index. The index was up by 1.1% for the day, extending the gains to 1.3% for the week and 7.1% for the month. Egypt was another index that witnessed gains of 1.0% for the day as the index has been one of the most preferred markets on the back of an expected recovery in the economic activity. UAE markets ended on a negative note as both Dubai and Abu Dhabi were down by 0.4% and 0.8% respectively for the day. Dubai continues to remain under pressure as the index has lost 1.8% during the week, while Abu Dhabi maintained the positive trend. Kuwait closed marginally lower as the index was down by 0.1% for the day, continued the downward trend during the week. Bahrain closed marginally higher by 0.1%, while Oman was flat for the day. Qatar closed in red as it was down by 0.2% for the day, extending the weekly losses to 1.5%. International Markets: US markets ended on a negative note as DJIA, S&P and NASDAQ were all down by 1.4%, 1.7% and 2.9% respectively for the day. European markets closed on a positive note as FTSE, CAC and DAX closed higher by 1.6%, 1.0% and 1.6% respectively for the day. At the time of writing this report, Asian markets have opened on a negative note as Nikkei, Hang Seng and Shanghai are down by 1.9%, 1.4% and 1.1% respectively. Headlines (WW) US Fed's Mester sees rates rising, but tariffs add uncertainty . (SA) Saudis to repay contractors on state projects for increased expat fees (WW) US core capital goods orders jump 1.8% (SA) Saudi-US deals worth USD 400bn set to create 750,000 jobs (WW) Arts industries add USD 764bn per year to the US economy (SA) Saudi Arabia ranks 7th globally in government spending efficiency (WW) China's household finances look stretched versus most emerging markets (SA) Saudi Arabia's sovereign wealth fund eyes overseas expansion (WW) BoE considered bank capital buffer hike in March but waiting to watch risks (AE) AI will help increase UAE GDP by 35% (WW) Euro zone sentiment falls by more than expected in March (AE) Rising interest rates to support UAE bank profitability (WW) Brazil’s inflation dip prompts cautious optimism (AE) Abu Dhabi hotel guest numbers rise 15.2% in February (WW) India says China promises to address trade deficit concerns (AE) Fresh supply impacts Dubai, Abu Dhabi residential rents (CMD) Oil holds above USD 70 as geopolitics eclipses supply outlook (EG) Egypt economy stablilises but prices remain to be tamed (CMD) Gold gains on weaker dollar, Russian tensions (EG) Egypt's central bank expected to cut rates further this Thursday (FX) Dollar, Yen weak as risk appetite returns (KW) Kuwaitis, expats decry bid to impose tax on remittances (FX) Euro hits fresh 5-week high as risk appetite creeps back in (OM) Oman C.bank eases lending ratio curb, some banks may lend more (FI) Euro zone yields drop as inflation lag keeps hawks at bay (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,092.85 -0.4% -1.8% -4.7% -8.2% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,611.75 -0.8% 0.7% 0.3% 4.8% ˄ ˄ ˄ Saudi (SASEIDX) 7,942.54 1.1% 1.3% 7.1% 9.9% ˄ ˄ ˄ Kuwait (KWSE) 6,619.33 -0.1% -0.6% -2.3% 3.3% ˅ ˄ ˄ Egypt (EGX30) 17,270.43 1.0% 1.2% 11.6% 15.0% ˄ ˄ ˄ Qatar (DSM) 8,693.98 -0.2% -1.5% 0.5% 2.0% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,327.33 0.1% -0.5% -3.1% -0.3% ˅ ˄ ˄ Oman (MSM30) 4,759.29 0.0% -0.9% -4.9% -6.7% ˅ ˅ ˅ MENA Market Statistics Volume (mln) 3M Avg. Volume (mln) 6M Avg. Volume (mln) Value (USD mln) 3M Avg. Value (USD mln) 6M Avg. Value (USD mln) Dubai (DFMGI) 259 220 241 92 90 103 82,092 Abu Dhabi (ADSMI) 69 71 79 38 39 41 133,976 Saudi (SASEIDX) 181 173 174 1,173 988 944 496,226 Kuwait (KWSE) 39 83 85 28 48 53 75,578 Egypt (EGX30) 708 304 337 151 102 92 29,800 Qatar (DSM) 7 11 10 52 87 77 101,764 Bahrain (BHSEIDX) 4 7 6 2 3 3 22,060 Oman (MSM30) 18 15 17 10 11 12 13,248 Index * ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover Data & News Source: Thomson Reuters Market Cap (USD mln) 1
- MENA Morning Report Wednesday , March 28, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12.2 Current 11.6 10.8 10.7 7.6 7.6 4 1.0 1.3 2.5 1.8 - - 255.1 300 0.8 0.9 Bahrain Oman - 282.3 145.8 108.3 1.2 86.3 83.3 59.4 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi 6.0% 5.5% 5.0% 6.0% 5.0% 4.3% 4.1% 4% 2.8% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 6% Previous 600 14.3 12 8 PB Qatar Bahrain Oman Average 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 15.0% 9.9% 4.8% 3.3% 2.0% -0.3% -6.7% -8.2% Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar Bahrain Oman 2
- MENA Morning Report Wednesday , March 28, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DUBAI REFRESHMENTS PJSC 12.80 -9.86% 0 3,091 16,751 DXB ENTERTAINMENTS PJSC 0.47 -7.84% 0 25,556 297 1,257 MARKA PJSC 0.49 -3.54% 1,016 507 2,297 2,975 GULF GENERAL INVESTMENT CO PSC 0.33 -2.94% 1,427 478 4,050 8,627 TAKAFUL EMARAT INSURANCE PJSC 1.90 -2.56% 2 4 DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 2.50 6.38% 1,000 2,425 UNITED ARAB BANK PJSC 1.22 -9.63% 223 286 ABU DHABI COMMERCIAL BANK PJSC 6.75 3.85% 2,339 15,499 ABU DHABI NATIONAL ENERGY CO 0.75 -6.25% 401 311 AGTHIA GROUP PJSC 4.38 2.82% 97 418 ESHRAQ PROPERTIES COMPANY PJSC 0.71 -5.33% 10,441 7,622 ARKAN BUILDING MATERIALS CO PJSC 0.66 1.54% 1,000 655 SUDATEL TELECOM GROUP LTD 0.53 -3.64% 471 254 DANA GAS PJSC 0.90 1.12% 16,412 14,689 BANK OF SHARJAH PJSC 1.09 -3.54% 887 985 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI INDUSTRIAL EXPORT CO SJSC 276.00 5.59% 275 74,001 AL KATHIRI HOLDING CO 22.00 -4.43% 18 401 ELECTRICAL INDUSTRIES CO JSC 23.42 3.45% 621 14,301 RAYDAN COMPANY CJSC 14.00 -3.45% 29 411 SAUDI COMPANY FOR HARDWARE 133.00 3.26% 112 14,672 SAUDI PUBLIC TRANSPORT COMPANY 16.44 -3.41% 1,421 23,766 JABAL OMAR DEVELOPMENT CO SJSC 49.65 3.12% 785 38,400 DERAYAH REIT FUND 8.72 -3.11% 3,391 30,047 SAUDI BASIC INDUSTRIES CORP 117.60 2.98% 3,682 426,783 ANAAM INTERNATIONAL HOLDING 12.30 -2.84% 297 3,704 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) SALBOOKH TRADING CO KSCP 46.90 17.25% 13 1 HAYAT COMMUNICATIONS CO KSCP 77.60 -20.00% 40 4 AL MUDON INTERNATIONAL REAL EST 27.50 10.00% 15 0 GULF FRANCHISING HOLDING CO KSCP 41.00 -19.92% 4 0 29.10 -19.17% 170 6 Close DoD % Volume Value NATIONAL CEMENT CO PSC 3.10 14.81% 0 3 EMIRATES NBD BANK PJSC 10.80 4.85% 0 ARAMEX PJSC 4.25 0.95% AMANAT HOLDINGS PJSC 1.30 0.78% EMAAR MALLS PJSC 2.13 0.00% Close * INVEST BANK PSC Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt Top Losers TAAMEER REAL ESTATE INVESTMENT 27.70 8.63% 102 3 AL MASSALEH REAL ESTATE CO KSCP AL DEERA HOLDING CO KPSC 22.00 7.84% 96 2 CREDIT RATING AND COLLECTION CO 24.00 -14.29% 34 1 FIRST DUBAI FOR REAL ESTATE DEV 44.00 7.32% 2 0 TAMKEEN HOLDING CO 16.10 -12.97% 135 2 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR NATIONAL STEEL SAE 46.39 8.59% 0 247 TRANS OCEANS TOURS SAE 0.07 -12.50% 46 3 QALAA HOLDINGS SAE 2.45 8.41% 89,161 209,975 SHOROUK FOR MODERN PRINTING 31.00 -8.82% 1 42 ARABIA INVESTMENTS DEVELOPMENT 0.78 8.33% 19,887 14,915 PRIME HOLDING FOR FINANCIAL INVS 4.14 -8.00% 8 33 EDITA FOOD INDUSTRIES SAE 21.66 7.81% 5 104 EGYPTIAN MEDIA PRODUCTION CITY 7.86 -6.21% 684 5,551 BELTONE FINANCIAL HOLDING SAE 13.79 7.40% 2,004 26,686 ASSIUT ISLAMIC NATIONAL TRADE 6.00 -5.66% 17 105 Close DoD % Volume Value Top Losers Close DoD % Volume Value AL MEERA CONSUMER GOODS CO 148.00 2.06% 7 1,000 QATAR ISLAMIC INSURANCE CO QPSC 50.21 -9.53% 15 819 MESAIEED PETROCHEMICAL HOLDING 14.80 1.86% 871 12,769 QATAR INTERNATIONAL ISLAMIC BNK 52.10 -8.05% 70 3,825 VODAFONE QATAR QSC 8.49 1.68% 563 4,737 QATAR GENERAL INSURANCE & REINS 44.43 -5.47% 7 323 WIDAM FOOD CO QSC 60.70 1.17% 1 77 DOHA INSURANCE CO QSC 13.50 -3.43% 2 25 MAZAYA QATAR REAL ESTATE DEV 7.99 1.14% 299 2,374 GULF WAREHOUSING CO QPSC 39.64 -3.32% 1 39 Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
- MENA Morning Report Wednesday , March 28, 2018 Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * DoD % YTD % Volume ('000) Value (USD ‘000) 52w High * 52w Low * P/E P/B Div. Yield (T12M) 1 Saudi Basic Industries Corporation SJSC SA 94,085 117.60 3.0% 15.5% 3,682 115,484 117.60 94.25 19 2.2 3.6% 2 Saudi Telecom Company SJSC SA 45,282 84.90 0.2% 23.8% 370 8,384 85.00 65.10 17 2.7 4.7% 3 Emirates Telecommunications Group Co AE 41,677 17.60 -1.1% 0.6% 874 4,190 18.85 15.75 18 3.5 4.5% 4 First Abu Dhabi Bank PJSC AE 34,865 11.75 -1.7% 14.6% 2,027 6,484 12.00 10.05 13 1.3 6.0% 5 National Commercial Bank SJSC SA 34,509 64.70 1.9% 17.4% 1,996 34,444 65.00 37.00 13 2.0 2.6% 6 Qatar National Bank QPSC QA 33,748 133.00 0.0% 5.5% 177 6,458 151.00 115.01 9 1.6 4.5% 7 Al Rajhi Banking & Investment Corp Ltd SA 33,282 76.80 1.3% 18.9% 5,985 122,569 78.20 61.00 14 2.2 5.2% 8 Saudi Electricity Company SJSC SA 23,334 21.00 2.5% -0.3% 2,906 16,273 26.05 19.76 9 1.1 3.3% 9 DP World Ltd AE 18,883 22.75 -3.6% -9.0% 104 644 27.06 20.30 16 1.7 1.8% 10 Industries Qatar QSC QA 18,158 109.25 0.6% 12.6% 198 5,930 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 17,139 55.00 1.9% 5.6% 1,036 15,200 57.10 39.50 90 2.5 0.0% 12 Emirates NBD Bank PJSC AE 16,344 10.80 4.9% 31.7% 1,588 4,669 10.80 7.95 8 1.0 3.7% 13 National Bank of Kuwait SAKP KW 14,917 718.00 -4.6% 3.6% 2,182 5,240 761.90 609.52 14 1.4 3.8% 14 Almarai Co SJSC SA 14,907 55.90 1.8% 3.9% 605 9,017 78.64 50.00 27 3.8 1.3% 15 Samba Financial Group SJSC SA 14,534 27.25 0.4% 15.9% 2,366 17,193 27.55 20.50 11 1.2 5.5% 16 Emirates Islamic Bank PJSC AE 14,047 9.50 0.0% -3.1% 1 1 10.20 4.90 73 7.1 0.0% 17 Saudi British Bank SJSC SA 12,881 32.20 2.2% 19.3% 351 3,012 32.20 20.85 12 1.4 4.4% 18 Jabal Omar Development Co SJSC SA 12,306 49.65 3.1% -16.0% 785 10,398 75.60 48.05 343 4.5 0.0% 19 Kuwait Finance House KSCP KW 11,336 588.00 -0.3% 2.1% 4,724 9,291 650.00 467.00 18 1.8 2.9% 20 Riyad Bank SJSC SA 11,201 14.00 -1.3% 11.3% 1,750 6,536 14.20 10.10 11 1.1 5.2% 21 Emaar Properties PJSC AE 11,132 5.71 -1.6% -12.7% 5,384 8,371 8.43 5.70 7 0.8 0.0% 22 Yanbu National Petrochemicals Co SJSC SA 10,756 71.70 -1.1% 21.5% 537 10,277 72.50 52.00 17 2.4 4.5% 23 Abu Dhabi Commercial Bank PJSC AE 9,554 6.75 3.8% -0.7% 2,339 4,300 7.50 6.50 9 1.1 6.2% 24 Banque Saudi Fransi SJSC SA 9,483 29.50 0.3% 3.5% 421 3,308 33.40 23.55 10 1.1 4.7% 25 Abu Dhabi National Oil Co for Dist AE 9,122 2.68 0.8% 0.0% 2,507 1,829 2.90 2.50 19 11.8 0.0% 26 Kingdom Holding Co SA 8,954 9.06 -0.5% 1.8% 264 639 11.30 7.90 53 1.1 5.5% 27 Alinma Bank SJSC SA 8,272 20.68 0.8% 7.9% 16,448 90,709 20.86 14.00 15 1.5 3.9% 28 Saudi Arabia Fertilizers Co SJSC SA 8,067 72.60 1.8% 11.3% 513 9,937 73.10 57.00 34 4.4 2.4% 29 Ezdan Holding Group QSC QA 7,943 10.90 -0.9% -9.8% 193 577 16.30 6.19 17 1.0 0.0% 30 Arab National Bank SA 7,814 29.30 2.1% 18.3% 378 2,953 29.90 19.05 10 1.2 4.1% Company Name Total M-Cap; W. Avg Yield 608,531 3.6% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary Authority. The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCL is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. 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