UAE: Daily Market Trading Report - 25 March

Transcription

1. IS Morning Report Sunday , March 25, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change BUY (AEDm) SELL NET ADX 4,578 0.2% 0.0% 5.3% 4.1% 1.8% ADX 145 145 - DFM 3,150 -1.8% -4.2% -6.4% -6.5% -9.0% Local 37% 60% -23% TASI 7,841 1.0% 4.2% 8.8% 8.5% 14.0% Foreign 63% 40% 23% KWSEI 6,662 -0.4% -1.4% 3.9% 4.0% -5.4% Institutional 61% 34% 28% 17,065 -0.5% 11.4% 16.3% 13.6% 30.9% Retail 39% 66% -28% Dow Jones 23,533 -1.8% -8.5% -4.9% -4.8% 14.3% DFM 259 258 - S&P 500 2,588 -2.1% -6.9% -3.4% -3.2% 10.4% Local 50% 52% -2% Nasdaq 6,993 -2.4% -5.8% 0.8% 1.3% 20.0% Foreign 50% 48% 2% FTSE 100 6,922 -0.4% -5.0% -8.8% -10.0% -5.7% Institutional 43% 39% 3% 11,886 -1.8% -5.1% -9.1% -8.0% -1.5% Retail 57% 61% -3% 5,095 -1.4% -4.7% -5.0% -4.1% 1.5% Total 404 403 - Nikkei225 20,618 -4.5% -6.9% -9.9% -9.4% 7.0% Local 45% 55% -10% HIS 30,309 -2.5% -3.8% 2.5% 1.3% 24.4% Foreign 55% 45% 10% EGX DAX CAC40 Upcoming Corporate Actions & Events Date Company Event 25-march DP World Board Meeting 27-March Emirates NBD General Meeting 11-Apr Dana Gas Annual General Assembly Meeting Key Stories Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
2. IS Morning Report Sunday , March 25, 2018 Dana Gas - seeks Shareholders approval for board proposal of FY cash dividend of 5% Aldar launches Dh440m residential project on Reem Island Abu Dhabi Ports signs pact to enhance trade, attract investments Emirates NBD closes in on Turkey's Denizbank despite Gulf row UAE banks must justify interbank rates under new system DP World intends to acquire stakes in Kazakh special economic zones Saudi Arabia making good progress on economic reforms, IMF says Saudi expects oil producers to extend output curbs into 2019 Saudi Arabia’s Ma’aden approaches banks to refinance subsidiary loan Saudi tycoon's creditor banks weigh multi-billion dollar debt deal U.S.-Saudi consortium to build mixed use property development in Riyadh Bahrain to start investor meetings ahead of multi-tranche dollar bond sale Average yields rise on Egypt's six-month, one-year T-bills Egypt's Suez Canal revenues fall to $435.8 mln in Feb Qatar central bank keeps repo rate flat, raises deposit rate 25 bps Global Markets Wrap: The threat of a trade war sent world stock markets broadly lower in choppy trading on Friday and boosted safer assets like the yen and government bonds, a day after U.S. President Donald Trump announced tariffs on up to $60 billion of Chinese goods. MSCI's gauge of stocks across the globe shed 1.8 percent. The index lost 3.4 percent this week for its worst week since early February when a spike in volatility had sent markets into a tailspin. Amid the uncertain global economic climate, investors seeking safer assets jumped into government bonds in Europe and the United States. Benchmark 10-year U.S. Treasury notes last rose 6/32 in price to yield 2.8117 percent, from 2.832 percent late on Thursday. Many investors also turned to the Japanese yen, a currency likely to benefit from a full-fledged trade war. Crude prices rose on Friday, hitting their highest since late January after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019, and as concerns grew over the future of Iranian crude exports. Brent crude futures jumped $1.54, or 2.2 percent, to settle at $70.45 a barrel. For the week, Brent was up about 6.4 percent, its strongest weekly rise since July. WTI crude futures also had their biggest weekly gain since July, at 5.5 percent. WTI settled at $65.88 a barrel, up $1.58, or 2.5 percent. Drillers in US added four oil rigs in the week to March 23, bringing the total count to 804, the highest level since March 2015. In anticipation of higher prices in 2018 than 2017, U.S. financial services firm Cowen & Co said 58 of the roughly 65 exploration and production (E&P) companies they track have already provided capital expenditure guidance indicating an 11 percent increase in planned spending over 2017. UAE: Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
3. IS Morning Report Sunday , March 25, 2018 Dana Gas - seeks Shareholders approval for board proposal of FY cash dividend of 5% Aldar Properties on Saturday launched a Dh440 million residential development on Abu Dhabi’s Reem Island as the biggest-listed developer in the emirate continues to strengthen its portfolio in the home market. Construction on ‘Reflection’ is expected to commence this year with 2021 targeted for completion of the project, the company said in a statement without saying if it has selected contractors for the job or how it will finance the project. The boutique development will offer 374 studios, one, two and three-bedroom apartments spread across two towers, it said. Abu Dhabi Ports, the master developer that runs the emirate's $7 billion Khalifa Port, signed an agreement with China to explore commercial opportunities with Chinese firms looking to establish a presence in the emirate. The agreement, signed with China Council for the Promotion of International Trade, is aimed at strengthening trade ties between the two countries and will also help Chinese businesses interested in investing in Khalifa Industrial Zone Abu Dhabi (Kizad) and Khalifa Port Free Trade Zone (KPFTZ), the port operator said in the statement on Saturday. Emirates NBD said it was in preliminary talks to buy Denizbank from Russia's Sberbank in January, but the plan has met resistance from Erdogan, four sources told Reuters.vWhile Erdogan does not have direct control over Turkey's banks, the president could potentially block any deal by telling the country's BDDK banking watchdog not to approve it.vRepeated efforts by Denizbank's chief executive to persuade Erdogan of the case for the takeover illustrate the president's important role in sealing major deals in Turkey. United Arab Emirates banks will be required to provide written justifications for their quotes when they take part in a panel setting Emirates Interbank Offered Rates (EIBOR), banking sources said on Thursday. EIBOR rates, used in many UAE financial transactions, are calculated daily for maturities ranging from overnight to one year. The central bank will adjust the way EIBOR is set on April 15, in a bid to make the system reflect market conditions more accurately. DP World plans to acquire stakes in two special economic zones in Kazakhstan, the state-owned ports operator said on Saturday during a visit to the United Arab Emirates (UAE) by Kazakhstan's president, Nursultan Nazarbayev. DP World, owned by the Dubai government, said in a statement it is planning to take a 51 percent stake in the Khorgos special zone and 49 percent stake in the Aktau zone. GCC/ MENA: Saudi Arabia is making progress in implementing its economic reforms and the kingdom’s decision to slow the pace of fiscal adjustments is correct as the Arab world’s biggest economy continues to recover after a contraction last year, the IMF managing director Christine Lagarde, said. OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories to desired levels, Saudi Arabian Energy Minister Khalid al-Falih said on Thursday. OPEC and non-OPEC countries struck a production supply agreement in January 2017 to remove 1.8 million barrels per day from global markets and end a supply glut. The cuts helped lift oil prices to current levels of around $65 per barrel. The oil producers will convene in June in Vienna to discuss further cooperation. Saudi Arabian Mining Company (Ma'aden) is seeking to refinance around $1 billion of bank debt raised for its subsidiary Ma'aden Bauxite and Alumina Company (MBAC), three banking sources familiar with the matter said. State-controlled Ma'aden has hired BNP Paribas and National Commercial Bank to advise it on the fundraising and has been in talks with banks over recent weeks for a refinancing facility expected to be denominated in both riyals and U.S. dollars. Bank creditors of detained Saudi Arabian tycoon, Maan al-Sanea, have asked his advisers for more details on a proposed settlement covering 16 billion riyals ($4.3 billion) in claims before they agree to move forward with the Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
4. IS Morning Report Sunday , March 25, 2018 process, sources close to the matter said. Banks met in Dubai on Wednesday as they seek to resolve the debt crisis that has rumbled on since al-Sanea's company Saad Group defaulted on its debt in 2009. The Saudi Arabian General Investment Authority (SAGIA) has awarded a consortium of U.S. and Saudi businessmen a licence to build a multi-billion dollar mixed use property development over 9.75 million square metres in the Saudi Capital. Facing a shortage of affordable housing, the government has been seeking partnerships with international investors to participate in its PPP (public/private) programmes, as part of its 2030 strategic economic plan. The Chicago-based consortium, Global Business Ventures, said on Friday it planned to build up to 25,000 housing units and 1 million square feet of commercial space at three sites north of Riyadh. Bahrain has hired BNP Paribas, Citi, Gulf International Bank, National Bank of Bahrain and Standard Chartered to arrange a series of fixed income investor meetings ahead of a potential multi-tranche dollar bond issue, a document from one of the banks showed on Thursday. The kingdom, rated B+ by S&P and BB- by Fitch, is targeting a sevenyear sukuk, a 12-year conventional bond and/or a 30-year conventional bond. Average yields on Egypt's six-month and one-year treasury bills increased at an auction on Thursday, data from the central bank showed. The yield on the 182-day bill rose to 17.809 percent from 17.755 percent at the last similar auction, and the yield on the 364-day bill rose to 16.680 percent from 16.626 percent. Egypt's Suez Canal revenues fall to $435.8 mln in Feb Qatar's central bank said on Thursday that it was keeping its repo rate flat at 2.50 percent, and leaving its overnight lending rate unchanged at 5.00 percent. However, the bank raised its overnight deposit rate by 25 basis points to 1.75 percent. It was acting after the U.S. Federal Reserve hiked rates by 25 bps late on Wednesday. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Al Madina 24.99% 0.16 623,358 263,367 Dar Al Takaful 22.28% 0.14 210,000 142,372 Dubai Isl. Ins 12.75% 0.12 270,900 186,098 RAK Properties 29.34% 0.10 2,000,000 1,559,915 Islamic Arab Ins. 23.37% 0.07 833,212 372,660 Deyaar Dev 11.26% 0.07 4,044,600 1,921,080 Al Khazna Ins. 5.00% 0.04 168,000 43,678 Arkan Building 0.81% 0.04 700,000 461,975 Arabtec 18.38% 0.04 600,000 1,379,925 Air Arabia 23.17% 0.03 1,400,010 1,637,922 Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
5. IS Morning Report Sunday , March 25, 2018 Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) DSI 16.30% -0.09 (963,889) (1,715,629) UNB 11.56% -0.07 (1,925,998) (7,048,770) Gulf Nav 20.02% -0.05 (500,000) (473,367) Union Properties 24.32% -0.04 (1,715,816) (1,492,679) Amanat 21.75% -0.04 (1,000,000) (1,309,929) 8.21% -0.03 (551,553) (1,265,810) Eshraq 35.87% -0.03 (697,500) (495,198) Al Salam Bank Bahrain 40.45% -0.02 (424,343) (542,231) DXBE 31.11% -0.02 (1,599,983) (841,545) Ajman Bank 10.81% -0.02 (336,065) (366,290) Al Waha Capital (Source: ADX, DFM, Bloomberg, Reuters) Institutional Sales and Trading Team Harshjit Oza harshjit@integratedsecurities.ae Direct Line : +971 2 494 2608 Disclaimer This report was prepared by Integrated Securities (“IS”) in and for the United Arab Emirates (“U.A.E.”). IS is a securities brokerage company regulated by the Emirates Securities and Commodities Authority (and neither an investment nor a financial advisory firm). The information contained in this report is given in summary and does not purport to be complete. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Content of this report is provided solely for informational purposes and private circulation and should not be construed as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or any other financial product or instrument, or adopting any hedging or investment strategy and does not take into account your particular investment objectives, financial situation, tax implications or any other needs. Before acting on any information you should consider and confirm the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek professional financial advice. While based on information believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities markets or developments referred to in this report. The information, contained in this report are as of the date indicated and are subject to change at any time without prior notice. This report may provide the addresses of, or contain hyperlinks to, websites. IS has not reviewed any such site and takes no responsibility for the content of the same. Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or IS’s website shall be at your own risk. The stated price of any securities mentioned in this report is as of the date indicated and is not a representation made by IS that any transaction can be effected at this price. This report is for UAE Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
6. IS Morning Report Sunday , March 25, 2018 distribution and only under such circumstances as may be permitted by applicable law. The information contained in this report is not intended nor can it be construed as intended to be directed to any US persons (being any US Citizens, US Green Card Holders, or Resident Aliens subject to US income taxes for IRS purposes) unless stated otherwise. Neither IS nor its officers, directors or shareholders or other persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This report is a mere update intended solely for the use by the intended recipients and the content of it may not be reproduced, redistributed or copied in whole or in part for any purpose without IS’s prior express consent. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae