MENA Market Report - 4 June

Transcription

1. MENA Morning Report Sunday , June 04, 2017 Overview Regional Markets: MENA markets closed the last trading session of the week on a positive note. Global markets reached record highs on Friday on the back of strong data on US manufacturing and employment and buoyant European factory growth. The strong overnight session in global markets is likely to boost the sentiments in regional markets, carrying forward the positivity from the previous week. For the regional markets, seven out of the eight markets ended on a positive note, Saudi Arabia was the only index to closed in red as it was marginally down by 0.1% for the day. UAE markets ended on a positive note as Dubai and Abu Dhabi closed up by 0.4% and 1.2% respectively for the day. Dubai extended the weekly gains, while the day's gains failed to change the negative trend seen since the start of the week. Egypt continued its upward trajectory as it was up by 1.0% for the day, which is continuing the gains recorded from the previous month. Qatar closed on a positive note as it was up by 0.4% for the day, recovering the losses incurred on the previous day. Kuwait closed in green as it was up by 0.4% for the day, extending the weekly gains. The weekly performance of the regional markets was mostly positive as five indexes ended in green, while three ended in negative territory. Egypt was the star performer as it was up by 2.8%, followed by 1.9% in Kuwait, while Qatar led the losers with losses of 1.2%, followed by 0.8% in Abu Dhabi. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were up by 0.3%, 0.9% and 0.4% respectively. European markets closed on a positive note as FTSE, DAX and CAC were all up by 0.1%, 1.3% and 0.5% respectively. Asian markets closed on a positive note as Nikkei, Hang Seng and Shanghai are up by 1.6%, 0.4% and 0.1% respectively. Headlines (WW) US job growth slows; unemployment rate drops to 4.3% (MENA) Australia’s Victoria state, Mena trade sees steady growth (WW) US factory activity ticks up; private payrolls surge (ME) Mideast funds lose interest in UAE equities as poor volumes eclipse valuations (WW) US small business borrowing drops to six-month low (SA) Strategic partnerships key to Saudi innovation drive (WW) UK election raises Brexit stakes while ECB eyes recovery (AE) Sharjah looks to health care to bolster investment (WW) Asian factories lose momentum in May, Europe stays buoyant (AE) UAE developers buy materials in bulk to avoid VAT effect (WW) China’s growth obsession fosters collateral fraud (AE) UAE's Jumeirah Group seeks to offset market challenges (WW) Japan first quarter GDP seen revised up on increased capital expenditure (AE) UAE, Russia, China funds agree Eurasia Drilling investment (WW) Japan sets stage for watering down of fiscal discipline (EG) Egypt ratifies long-awaited law aimed at luring investment (CMD) Oil drops on fears of more US drilling after climate deal withdrawal (QA) Qatar urges consumers to avoid excessive spending (CMD) Gold gains after disappointing US jobs data (QA) Qatar Ezdan's proposed delisting negatively influences sentiments (FX) Dollar tanks on US jobs data but stocks scale new peaks (BH) Bahrain wealth fund says has "impressive" Russian deal pipeline (FX) Sterling recovers ground as investors look through polls (BH) Bahrain sovereign fund hopes to invest in Aramco IPO (FI) US bond yields extend fall after May payrolls data (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,351.73 Abu Dhabi (ADSMI) 4,478.81 0.4% 0.7% 0.4% -5.1% ˅ ˅ ˅ 1.2% -0.8% 1.2% -1.5% ˅ ˅ ˄ Saudi (SASEIDX) 6,863.62 -0.1% -0.1% -0.1% -4.8% ˅ ˅ ˄ Kuwait (KWSE) 6,813.19 0.4% 1.9% 0.4% 18.5% ˄ ˅ ˄ Egypt (EGX30) 13,467.29 1.0% 2.8% 1.0% 9.1% ˄ ˄ ˄ Qatar (DSM) 9,939.58 0.4% -1.2% 0.4% -4.8% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,325.20 0.4% 0.8% 0.4% 8.6% ˄ ˅ ˄ Oman (MSM30) 5,435.41 0.2% 0.6% 0.2% -6.0% ˅ ˅ ˅ 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) Market Cap (USD mln) Dubai (DFMGI) 346 274 460 104 99 166 83,435 Abu Dhabi (ADSMI) 130 80 127 40 48 60 136,202 Saudi (SASEIDX) 136 170 214 573 813 1,009 440,525 Kuwait (KWSE) 75 277 348 38 76 101 75,578 Egypt (EGX30) 222 280 339 64 84 91 20,035 Qatar (DSM) 7 11 10 52 87 83 133,322 Bahrain (BHSEIDX) 5 4 5 4 3 3 20,992 Oman (MSM30) 23 16 17 8 9 10 16,771 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Sunday , June 04, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.0 Previous 489.3 11.3 8.9 386.2 8.8 300 8 239.3 188.3 4 1.1 Current 600 13.0 12.1 11.1 12 PB 1.5 2.1 1.7 1.4 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 27% 8% 18.5% 6% 5.2% 18% 5.8% 5.4% 4.2% 4% 3.5% 2.9% 0% -1.5% 2% -9% 0.0% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -5.1% -4.8% -4.8% -6.0% -18% 0% Dubai 8.6% 9.1% 9% 4.2% Oman Average 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
3. MENA Morning Report Sunday , June 04, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value DAMAC PROPERTIES DUBAI CO PSC 2.90 -3.01% 9,465 27,875 23,647 ARAMEX PJSC 4.99 -2.16% 382 1,927 62,563 27,340 AJMAN BANK PJSC 1.18 -0.84% 460 546 10,117 7,649 AMLAK FINANCE PJSC 0.94 -0.74% 443 420 2.51% 2,173 788 GULF NAVIGATION HOLDING PJSC 1.51 -0.66% 632 958 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) AXA GREEN CRESCENT INSURANCE CO 0.78 13.04% 38 28 COMMERCIAL BANK INTERNATIONAL 1.42 -6.58% 162 238 NATIONAL BANK OF FUJAIRAH PJSC 3.29 10.03% 1 2 INVEST BANK PSC 2.35 -5.62% 100 242 UNION CEMENT CO PSC 1.25 8.70% 9 11 AGTHIA GROUP PJSC 5.53 -2.81% 43 240 DANA GAS PJSC 0.44 7.32% 35,518 15,095 BANK OF SHARJAH PJSC 1.21 -2.42% 1,509 1,849 SUDATEL TELECOM GROUP LTD 0.53 6.00% 50,918 26,223 SHARJAH ISLAMIC BANK PJSC 1.35 -2.17% 33 45 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI FISHERIES CO SJSC 28.50 10.47% 1,814 49,251 ARABIA INSURANCE COOPERATIVE CO 12.90 -3.01% 250 3,273 TALEEM REIT FUND 13.30 9.92% 153 1,941 BANQUE SAUDI FRANSI SJSC 27.00 -2.53% 78 2,126 AL ANDALUS PROPERTY CO SJSC 23.05 4.54% 1,546 34,861 FITAIHI HOLDING GROUP SJSC 12.60 -1.95% 116 1,470 SAUDI COMPANY FOR HARDWARE 105.75 3.42% 23 2,416 BAAZEEM TRADING COMPANY CJSC 30.30 -1.94% 4 111 SAUDI KAYAN PETROCHEMICAL CO 8.55 3.01% 6,659 56,102 KNOWLEDGE ECONOMIC CITY CO SJSC 16.15 -1.82% 926 15,090 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 378.00 20.00% 5 2 MANAZEL HOLDING CO KPSC 44.50 -11.53% 11,885 563 GULF FRANCHISING HOLDING CO KSCP 52.00 18.18% 40 2 NATIONAL INDUSTRIES COMPANY 202.00 -10.62% 10 2 EYAS FOR HIGER AND TECHNICAL 850.00 17.89% 243 191 AL MASSALEH REAL ESTATE CO KSCP 38.00 -7.32% 52 2 METAL AND RECYCLING CO KSCP 99.00 16.47% 138 13 GULF INVESTMENT HOUSE KSCP 36.00 -5.26% 41 2 1390.00 15.83% 0 0 JAZEERA AIRWAYS CO KSCP 452.00 -4.64% 50 23 Close DoD % Volume Value Close DoD % Volume Value ALEXANDRIA MEDICAL SERVICES CO 52.75 9.94% 0 10 MISR CEMENT CO SAE 84.16 -4.58% 4 358 HOUSING AND DEVELOPMENT BANK 43.27 8.83% 148 6,159 NASR CO FOR CIVIL WORKS SAE 15.31 -4.31% 2 27 EXTRACTED OIL AND DERIVATIVES CO 0.96 5.49% 1,237 1,157 CAIRO FOR HOUSING AND DEV 11.51 -4.08% 1 13 NAEEM HOLDING FOR INVESTMENTS 0.58 5.45% 33 18 MISR BENI SUEF CEMENT CO SAE 20.44 -3.45% 1 21 GLAXOSMITHKLINE SAE 13.55 5.45% 2 25 EL NASR TRANSFORMERS ELECTRICAL 6.26 -3.10% 92 582 Close DoD % Volume Value Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) EZDAN HOLDING GROUP QSC 11.44 4.67% 2,698 30,181 AL KHALEEJ TAKAFUL GROUP QSC 18.68 -5.42% 2 48 AHLI BANK QSC 31.90 4.25% 1 31 OOREDOO QSC 101.90 -2.30% 110 11,295 SALAM INTERNATIONAL INVESTMENT 10.23 2.30% 70 709 GULF WAREHOUSING CO QSC 50.60 -2.13% 22 1,130 BARWA REAL ESTATE CO QSC 34.60 2.06% 418 14,300 AL KHALIJ COMMERCIAL BANK QSC 14.40 -1.97% 1 21 QATAR ISLAMIC BANK QPSC 104.00 1.76% 132 13,582 QATAR INDUSTRIAL MANUFACTURING 42.80 -1.83% 5 204 Close DoD % Volume Value DUBAI ISLAMIC INSURANCE 0.97 14.89% 0 17,401 DAR AL TAKAFUL PJSC 1.19 5.31% 0 ISLAMIC ARAB INSURANCE CO PSC 0.45 5.16% MARKA PJSC 0.77 3.77% GULF GENERAL INVESTMENT CO PSC 0.37 Top Gainers Saudi Arabia Abu Dhabi Dubai Top Gainers Kuwait Top Gainers AL MOWASAT HEALTHCARE CO KSCC KUWAIT NATIONAL CINEMA Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , June 04, 2017 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 78,000 97.50 0.0% 6.6% 3,715 96,597 102.50 76.00 15 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,439 17.50 1.7% -6.9% 848 4,042 20.20 17.20 17 3.4 4.6% 3 Qatar National Bank SAQ QA 37,015 145.90 -0.7% 0.0% 152 6,082 157.27 121.82 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,667 68.75 0.0% -5.2% 78 1,429 74.00 51.00 16 2.3 5.8% 5 First Abu Dhabi Bank PJSC AE 31,749 10.70 1.4% 7.1% 2,966 8,643 11.55 7.60 10 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 26,867 62.00 -0.4% -1.6% 2,641 43,665 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Company SJSC SA 24,944 22.45 -1.3% 0.2% 1,793 10,735 25.80 14.30 11 1.3 3.1% 8 National Commercial Bank SJSC SA 22,187 41.60 0.0% -2.3% 123 1,367 45.00 32.00 9 1.4 3.8% 9 DP World Ltd AE 19,173 23.10 0.4% 31.9% 115 723 23.10 15.53 20 2.2 1.6% 10 Almarai Co SJSC SA 17,440 81.75 0.6% 19.3% 503 10,975 82.25 51.50 32 5.1 1.1% 11 Industries Qatar QSC QA 17,282 104.00 1.6% -11.5% 82 2,342 122.00 94.50 20 2.0 3.8% 12 Jabal Omar Development Co SJSC SA 16,419 66.25 -1.5% -11.4% 352 6,221 76.00 46.00 71 6.0 0.0% 13 Emaar Properties PJSC AE 13,997 7.18 1.0% 0.7% 5,362 10,484 7.79 6.07 9 1.2 2.1% 14 National Bank of Kuwait SAKP KW 13,372 685.00 0.7% 10.7% 1,721 3,889 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,962 41.60 0.7% 6.7% 190 2,103 44.00 27.80 689 1.9 0.0% 16 Emirates NBD Bank PJSC AE 12,303 8.13 0.4% -4.2% 379 839 9.00 7.60 7 0.8 4.9% 17 Samba Financial Group SJSC SA 11,627 21.80 -0.2% -10.5% 146 849 25.20 15.90 9 1.0 4.4% 18 Abu Dhabi Commercial Bank PJSC AE 10,403 7.35 0.7% 6.5% 2,616 5,236 7.68 5.66 9 1.3 5.4% 19 Kingdom Holding Co SA 9,883 10.00 -1.5% 0.0% 159 424 12.95 9.90 69 1.3 5.0% 20 Kuwait Finance House KSCP KW 9,282 488.00 0.0% -0.6% 2,127 3,425 572.73 400.00 13 1.6 3.2% 21 Masraf Al Rayan QSC QA 9,239 44.85 1.2% 19.3% 472 5,809 45.40 32.50 16 2.9 4.5% 22 Emirates Islamic Bank PJSC AE 9,167 6.20 2.0% 0.0% 0 0 11.95 1.57 113 4.9 0.0% 23 Saudi British Bank SJSC SA 9,040 22.60 0.9% -9.6% 133 802 25.90 16.40 9 1.1 3.1% 24 Emaar Malls Group PJSC AE 9,036 2.55 2.0% -2.7% 1,099 763 3.00 2.47 18 2.0 3.9% 25 Ooredoo QSC QA 8,965 101.90 -2.3% 0.0% 110 3,066 116.10 82.30 17 1.5 0.0% 26 Banque Saudi Fransi SJSC SA 8,676 27.00 -2.5% 3.4% 78 560 27.70 18.00 9 1.1 3.9% 27 Yanbu National Petrochemicals Co SJSC SA 8,400 56.00 0.9% 3.7% 136 2,025 61.75 37.00 13 2.0 5.4% 28 Ezdan Holding Group QSC QA 8,335 11.44 4.7% -24.3% 2,698 8,477 20.24 10.85 14 1.0 4.4% 29 Riyad Bank SJSC SA 8,240 10.30 1.0% -10.8% 237 651 11.80 8.55 10 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,845 5.83 0.3% 4.7% 857 1,361 6.29 4.90 9 1.2 7.7% Company Name Total M-Cap; W. Avg Yield 549,954 3.5% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an 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 for professionals with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority. 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