GCC Daily Market Update - 11 May

Transcription

1. DAILY MARKET UPDATE May 11 , 2017 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,399.6 20,943.1 5,681.7 7,385.2 12,757.5 5,400.5 96,194.2 19,900.1 25,015.4 3,052.8 30,248.2 2.7 (32.7) 3.4 43.0 8.3 2.5 870.8 57.1 126.4 (27.7) 314.9 0.1 (0.2) 0.1 0.6 0.1 0.1 0.9 0.3 0.5 (0.9) 1.1 0.6 0.0 1.8 2.5 2.6 2.5 1.6 3.7 1.6 (3.2) 1.1 7.2 6.0 16.8 3.4 11.1 11.1 23.1 4.1 13.7 (1.6) 13.6 9,991.7 6,930.3 4,581.8 3,395.2 6,656.0 5,430.1 1,308.1 1,612.4 3,231.3 125.9 11.5 (2.9) (13.2) 57.0 6.8 (7.7) 3.8 4.7 1.3 0.2 (0.1) (0.4) 0.9 0.1 (0.6) 0.2 0.1 (0.7) (1.2) 1.3 (0.6) (2.7) (1.5) (2.1) (0.9) 1.4 (4.3) (3.9) 0.8 (3.8) 15.8 (6.1) 7.2 3.3 11.2 50.2 47.3 3.3 1,218.9 248.7 1.5 1.5 0.1 2.8 (0.3) 3.1 3.2 2.0 0.2 (0.1) (2.5) (3.6) 0.2 (3.9) (4.2) (11.2) (11.5) (11.8) 5.8 (0.7) Source: Bloomberg Global Markets across US and Europe traded higher on back of strong gains in oil prices, following data showing continued fall in US inventories. US stocks traded lower in the early hours, after the sudden dismissal of FBI chief by the US President, however a rally in Energy sector led the rebound in markets. European stocks also continued their upward trajectory, with mining heavy FTSE 100 benefitting the most from the commodity driven rally. While oil stocks led gains in the broader Stoxx 600 index, Mining stocks posted the second consecutive session in green. In Asia, Japanese markets ended in the green yesterday, on the back encouraging earnings data from the listed companies. Chinese markets, on the other hand, ended lower amidst persistent fears of tighter regulations. GCC GCC markets ended mixed yesterday. Saudi markets traded higher, with earnings driving share performances. Saudi Electric Co. gained 2.1%, after the company reported a profit in Q1-17 results, helped by cancellation of accounts payable for municipality fees. Saudi International Petrochemical Co., on the other hand, fell 1.9%, despite reporting a broadly in-line Q1-17 net income. UAE markets ended lower, with DFM down 0.4%, weighed by DXB Entertainment which fell, after the company reported higher losses in Q1-17 results. Kuwait’s benchmark posted strong gains, as rise in oil prices prompted buying activity in Oil & Gas and Basic Materials shares Qatar Qatari markets closed higher yesterday, driven by bargain hunting among investors. Foreign institutional investors provided majority of the buying support during the session. Telecom and Real Estate sectors witnessed heavy buying, with both indices up by 2.4% and 1.6%, respectively. Trading volume and turnover edged lower, with Telecom, Realty and Banking sectors together accounting for about 85% of the total volumes. Out of 44 companies listed, 40 exchanged hands, of which 27 advanced, 9 declined and 4 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.7 1.5 3.8 50.0 11,000 DSM 20 15.0 1.5 3.8 42.1 10,500 Saudi Arabia (TASI) 16.4 1.6 3.3 655.3 UAE (ADX) 17.2 1.4 4.3 30.8 UAE (DFM) 14.8 1.3 4.2 77.7 Kuwait (KSE) 21.3 1.3 3.7 52.8 Oman (MSM) 12.4 1.2 5.4 4.3 Source: Bloomberg Bahrain (BAX) 8.2 0.8 6.0 1.6 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Zad Holding Co National Leasing Medicare Group Ooredoo Qsc United Development Top Losers Doha Insurance Co Al Khalij Comm. Bank Qatar Fuel Qsc Islamic Holding Group QGMD Close Price 79.2 16.9 97.9 106.0 19.2 3.1 0.5 2.5 2.7 0.4 4.1 2.7 2.6 2.6 2.0 (11.2) 10.0 55.6 4.1 (7.3) (7.8) (6.4) (7.6) 19.1 3.5 0.6 46.4 27.8 50.0 156.2 10.3 234.5 39.9 17.9 11.4 16.0 14.6 118.3 62.0 9.0 (0.7) (0.3) (1.7) (0.5) (0.1) (4.1) (1.9) (1.4) (0.8) (0.6) (12.0) (14.1) (11.3) 1.6 (10.9) (20.0) (13.4) (17.3) (11.2) (24.2) 45.8 3.8 104.1 15.3 39.6 10.4 12.1 14.4 67.2 NA Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 60.0 40.0 9,991.7 10,000 9,500 16/Feb 20.0 0.0 2/Mar 16/Mar 30/Mar Index Volume (mn) 13/Apr 27/Apr Index Value Closing Level 2,940.9 5,907.5 3,082.8 4,276.0 2,351.4 1,277.5 2,101.9 1D Change (%) 1.2 (0.1) 0.9 0.4 1.6 2.4 0.2 Buy (%) 38.1 21.6 59.7 7.9 32.4 40.3 Sell (%) 43.3 18.8 62.1 11.4 26.5 37.9 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE May 11 , 2017 rise in its gross written premium by 1.9% YoY to AED 1.1bn. (Source: Trade GLOBAL NEWS Arabia)  The US government had USD 182bn budget surplus in April-17 compared to a surplus of USD 145.0bn in March-17. Receipts totaled USD 456bn, up 4.0% YoY while outlays stood at USD 273bn, a decrease of 18.0% YoY. (Source: Reuters)  Abu Dhabi’s Tourism Development and Investment Company asked its contractors to renew their tender bid bonds for Guggenheim Abu Dhabi museum for the third time, according to a senior executive of one of the bidding companies. (Source: Arabian Business)  US import prices jumped 0.5% MoM in April-17 after an upwardly revised 0.1% MoM gain in March-17. Import prices increased for five straight months amidst rising costs for petroleum products and a range of other goods. (Source: Reuters)  Sharjah based developer Aradais is launching the second phase of Nasma Residences after unprecedented buyer demand for the Sharjah residential community resulted in the first phase selling out ahead of schedule. (Source: Trade Arabia)  ECB President Draghi said that it was too early for ECB to declare victory in its quest to boost Eurozone inflation despite signs that the bloc's economic recovery is strengthening. His statements confirmed that he was in no rush to raise interest rates or wind down QE. (Source:  Saudi Aramco will reduce oil supplies to Asian customers by about 7.0mn barrels in June, as it keeps to the production agreement and trims exports to meet rising domestic demand for power during the summer. (Source: Zawya) Reuters)   The European Bank for Reconstruction and Development (EBRD) predicted that its region's growth would pick up moderately as stable commodity prices supporting Russia and surrounding countries offset headwinds in Turkey. (Source: Reuters) Saudi Arabia based Swicorp has successfully raised SAR 152.0mn (USD 40.4mn) for Ewan Al-Maali Real Estate Development Fund which includes SAR 76.0mn in equity and SAR 76.0n in a loan facility from a local bank. (Source: Trade Arabia)   Japan posted current account surplus of JPY 2.9tn in March-17 on solid income from overseas investments, thereby maintaining a run of uninterrupted monthly surpluses for almost three years. (Source: Reuters) Central Bank of Bahrain has announced that it is working closely with BENEFIT to launch the first phase of the national electronic wallet, at the end of June-17. (Source: Trade Arabia)   Bank of Japan (BOJ) Governor said that the central bank will consider publicizing calculations on how a future withdrawal of massive monetary stimulus could affect its financial health. (Source: Reuters) Bahrain based Al Baraka Islamic Bank has reported a decline in its net income attributable to equity holders of the parent by 10.0% YoY to USD 34.0mn and its total operating income reached USD 249.0mn in Q1-17. (Source: CPI Financial)  China's state asset regulator will strengthen supervision of overseas investments by state-owned firms and strictly control risks, according to the cabinet. (Source: Reuters)  Oman’s leading cement producers Raysut and Oman Cement Company have joined hands to form a new venture - Alwasta Cement Company - to cater to a growing regional market. (Source: Trade Arabia) GCC NEWS QATAR NEWS  Dubai based Jebel Ali Free Zone attracted 470 new companies during 2016, registering a CAGR of 7.0% over the previous five years, chairman and CEO of the DP world group said. (Source: Trade Arabia)  Qatar has become the second GCC member state to formally endorse the GCC VAT Framework, effectively bringing the 6 member bloc a step closer to implementing the new tax tariff in 2018. (Source: Zawya)  Dubai based MAG Property Development is expanding its presence across Dubai with the launch of two high-end developments MAG 318 and MAG 230 in the prime localities of Downtown Dubai and Dubailand. (Source: Trade Arabia)  The Cabinet gave directive for taking measures to issue a draft law that specifies regulations for economic zones after the Council of Ministers reviewed Advisory Council's recommendation on it. (Source: Qatar Tribune)   Dubai based Arabtec Holding will allow its shareholders to trade their rights issue on the Dubai Financial Market (DFM) from 15th May-17 to 21st May-17. The rights issue will be solely tradable during the seven day period under the trading symbol (ARTC-RI), DFM said. (Source: Real estate transaction in Qatar during the period from 3rd April-17 till 4th May-17 were worth QAR 47.4mn and the types of real estate traded ranged from plots of land, houses to villas and multi-purpose buildings. (Source: QNA)  Qatar Petroleum (QP) set its onshore crude oil official prices to USD 52.6 per barrel, up 1.6% MoM in April-17 and offshore crude oil price at USD 51.5 per barrel, up 1.8% MoM. (Source: QNA)  IBQ will keep focusing its efforts on corporate, private and retail banking with a very clear Qatar-based strategy, said bank’s managing director. (Source: Gulf Times)  The listing of Investment Holding Group's (IHG) shares on the Qatar Stock Exchange is expected within two weeks, the company said. Arabian Business)   Dubai Expo 2020 has chosen global logistics firm UPS to handle the logistics operations for the event which is scheduled from 10th October-2020 to 10th April-2021. The expo would provide the company with more than 27,000 sq.m of warehouse space and a team of 1,000 logistics personnel. (Source: Trade Arabia) Dubai Roads and Transport Authority has signed a MoU with Philips Lighting Export BV to collaborate in the fields of lighting technology and power saving by providing lighting solutions including smart lighting technology, control & monitoring of Dubai streets, footpaths and cycling lanes, as well as a wide network of roads and parks. (Source: (Source: Qatar Tribune)  Vodafone plans to make substantial increase in capital expenditure in Qatar, particularly on its network infrastructure, its Chief Operating Officer said. (Source: Qatar Tribune)  Qatar Islamic Bank (QIB), has mandated Citi, Emirates NBD Capital, HSBC, Noor Bank, QInvest and Standard Chartered Bank for it’s US dollar-denominated sukuk sale. The sukuk would be a senior unsecured five-year benchmark transaction. (Source: Zawya)  CEO of Qatar Stock Exchange believes that developing a diversified investor base, is central to the development of the Qatari equity markets. (Source: QNA) Trade Arabia)  The subsidiary of Abu Dhabi based Etisalat in Nigeria has reached a deadlock with its lenders to renegotiate the terms of a USD 1.2bn loan, after the telecom firm missed a payment. (Source: Zawya)  Abu Dhabi based NFT, a specialist in tower cranes, has announced plans to move into a new 300,000 sq.m yard, located just off Ghweifat International highway, in Al Dhafra, Abu Dhabi. (Source: Trade Arabia)  Abu Dhabi National Insurance Company has reported a rise in its net profit by 90.0% YoY to AED 74.0mn (USD 20.1mn) in Q1-17 driven by 2
3. DAILY MARKET UPDATE May 11 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.0898 USD/QAR 3.6414 114.2800 EUR/QAR 3.9684 USD/JPY GBP/USD 1.2968 JPY/QAR 0.0319 USD/CHF 1.0089 GBP/QAR 4.7222 USD/CAD 1.3656 CHF/QAR 3.6093 AUD/USD 0.7367 CAD/QAR 2.6665 NZD/USD 0.6940 AUD/QAR 2.6826 USD/INR 64.1263 INR/QAR 0.0568 USD/TRY 3.5869 TRY/QAR 1.0152 USD/ZAR 13.4817 ZAR/QAR 0.2701 USD/BRL 3.1674 BRL/QAR 1.1496 FX Commentary USD ended flat against basket of major currencies on Wednesday. While sentiment remained bullish after a flurry of hawkish comments from Fed officials, the currency was pressurized later in the session following the US President Donald Trump’s decision to dismiss FBI Director James Comey. CAD strengthened against its US counterpart as oil prices rallied following reports showing a drop in US inventories and after more countries supported an extension to OPEC supply cuts. GBP traded almost flat as investors turned attention to BoE’s inflation report and policy meeting. EUR steadied against the USD after ECB President Mario Draghi commented that it was too early for ECB to suggest that Eurozone inflation has met objectives. Safe haven currencies JPY and CHF slipped as risk appetite improved across the markets. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.93 0.95 0.99 1.18 1.79 (0.42) (0.38) (0.37) (0.33) (0.12) 1.44 1.53 1.68 1.90 2.67 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR NA 1.09 1.28 1.73 2.21 EIBOR 0.69 0.88 1.08 1.50 2.22 BMIBOR 0.83 1.03 1.50 1.83 2.53 NA NA 1.38 1.63 2.13 KIBOR Qatar vs US Treasuries Yields 4.0% 2.59% 2.89% 3.20% 1.93% 2.21% 2.40% 7 Yrs 10 Yrs US 4.39% 1.87% 2.0% 1.36% 3.03% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 24.6 (4.4) Turkey 205.4 UK 24.7 (13.7) Brazil 207.9 (93.9) Germany 16.5 (4.3) Egypt 336.4 (132.2) 1.99% 2.0% 2.32% 2.15% 2.57% 1.60% 2.09% 1.0% 0.0% 0.87% 2 Yrs 1.58% 1.35% 1.16% 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs France Spreads 6M Change 5 Years CDS Spread 6M Change (84.2) 29.8 (1.7) Abu Dhabi 41.5 (37.5) Italy 159.1 7.4 Bahrain 220.7 (150.0) Greece 689.1 (245.5) Dubai 110.8 (45.7) Russia 153.2 (81.1) Qatar 61.5 (39.5) Japan 25.5 (8.0) Saudi Arabia 90.3 3.8 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 11:30 UK Industrial Production MoM Period Survey Prior Mar (0.40%) (0.70%) 11:30 UK Manufacturing Production MoM 14:00 UK Bank of England Bank Rate Mar (0.20%) (0.10%) May-11th 0.25% 0.25% 245k 238k - 401.1b 15:30 US Initial Jobless Claims May-06th 16:00 Russia Gold and Forex Reserve May-05th Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) Saudi Electricity Co NA NA NA 4,936.0 NM NM Saudi Ground Services Co NA NA NA 155.1 (20.4) 54.0 1,685.0 1.5 44.8 167.9 37.3 NM Saudi Cement 346.0 (31.7) (12.9) 165.0 (37.8) (11.6) Dxb Entertainments Pjsc 159.9 NA 110.6 (291.8) NM NM Knowledge Economic City NA NA NA (6.9) NM NM Al Hammadi Development And I NA NA NA 28.0 29.8 160.7 Mezzan Holding Co Kscc NA NA NA 5.3 2.4 6.4 Saudi Co For Hardware Llc NA NA NA 30.8 9.5 (25.7) National Petrochemical Co YoY (%) QoQ (%) Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE May 11 , 2017 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Mannai Corp. Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 2.8 0.0 0.0 9.7 1.6 5.1 4.7 3.0 0.0 4.8 6.6 2.3 5.4 3.3 5.2 3.1 5.9 3.1 5.4 0.0 7.8 5.7 5.7 5.3 4.6 4.2 3.9 4.2 3.6 1.7 6.9 5.2 3.9 3.1 3.8 1.6 4.0 5.8 2.2 7.7 3.2 0.0 6.5 4.4 3.3 N/A (‫)غ‬ 2.7 3.2 5.2 5.2 4.9 3.6 P/B Ratio (x) 1.4 0.7 2.8 0.9 2.5 0.9 2.7 0.8 0.9 1.7 1.6 2.1 1.0 1.7 1.4 2.9 2.4 1.6 1.8 1.4 0.7 4.3 0.7 1.7 1.0 1.2 2.0 1.3 2.9 2.9 1.4 1.6 1.8 0.9 0.8 2.4 0.5 2.9 1.6 0.7 1.3 1.0 0.6 1.0 1.6 N/A (‫)غ‬ 1.9 2.0 1.3 0.6 0.9 1.6 P/E Ratio (x) 10.8 39.0 53.4 7.5 67.7 12.2 15.5 (H) (‫)م‬ (M) (‫)س‬ 10.6 11.6 10.1 26.0 11.5 7.0 40.0 16.1 53.0 14.4 (M) (‫)س‬ 11.5 11.8 6.3 12.8 18.4 (H) (‫)م‬ 19.6 18.0 14.8 24.9 10.4 10.6 18.3 38.3 10.4 19.4 15.9 14.1 18.3 8.9 19.0 26.8 11.4 14.6 17.9 N/A (‫)غ‬ 21.9 14.2 11.7 13.0 12.5 14.0 EPS (QR) 3.2 0.8 0.5 4.1 0.9 1.2 2.7 0.1 (M) (‫)س‬ 9.4 5.3 13.8 0.4 5.6 11.0 2.5 9.5 0.6 8.2 (M) (‫)س‬ 0.9 5.3 12.6 5.4 0.7 0.0 5.3 0.8 14.0 2.3 4.2 6.7 2.4 0.5 1.6 3.7 2.4 4.3 3.0 3.7 0.8 0.5 1.7 1.2 5.9 N/A (‫)غ‬ 1.6 3.6 1.6 5.2 2.4 3.0 BV/Share (QR) 24.2 42.0 9.2 34.9 24.4 16.7 15.6 20.1 9.0 57.9 39.2 65.1 9.6 36.6 54.5 33.9 63.0 20.9 65.8 6.4 14.0 14.5 112.9 41.5 12.7 19.5 52.9 10.9 72.3 20.1 30.9 44.8 23.9 20.9 21.3 29.2 71.6 21.0 35.7 45.6 11.7 12.6 30.2 17.4 68.5 N/A (‫)غ‬ 18.8 25.2 14.7 122.0 32.4 26.6 Stock Price (QR) 34.2 29.3 25.3 31.0 62.0 14.6 42.3 16.9 8.3 99.5 61.1 139.4 9.2 77.0 97.9 153.0 32.4 118.3 9.0 10.3 62.0 79.2 13.0 24.0 103.1 14.3 208.0 57.4 43.5 70.4 19.5 16.0 71.0 38.0 60.0 32.7 15.6 12.3 19.2 106.0 9.1 50.8 19.1 67.5 - Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫مجمع المناعي‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫صناعات قطر‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4