GCC Daily Market Update - 21 August

Transcription

1. DAILY MARKET UPDATE August 21 , 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) 2,425.6 21,674.5 5,790.9 7,324.0 12,165.2 5,114.2 107,202.4 19,470.4 27,047.6 3,268.7 31,524.7 (4.5) (76.2) (5.4) (63.9) (38.3) (32.7) 377.1 (232.2) (296.7) 0.3 (270.8) (0.2) (0.4) (0.1) (0.9) (0.3) (0.6) 0.4 (1.2) (1.1) 0.0 (0.9) (1.8) (1.0) (1.5) (0.7) 0.4 0.4 (0.3) (2.3) (1.0) (0.1) (3.0) 8.3 9.7 19.1 2.5 6.0 5.2 37.2 1.9 22.9 5.3 18.4 9,133.9 7,209.2 4,492.6 3,615.4 6,900.6 4,913.2 1,312.3 1,670.5 3,308.1 27.7 29.9 (0.0) 14.2 14.7 23.9 13.4 (0.2) 0.0 0.3 0.4 (0.0) 0.4 0.2 0.5 1.0 (0.0) 0.0 (2.9) 1.6 (1.6) (0.5) 0.7 (2.2) (1.2) (0.3) (1.0) (12.5) (0.0) (1.2) 2.4 20.0 (15.0) 7.5 6.3 13.8 52.7 48.5 2.9 1,285.7 294.0 1.7 1.4 (0.0) (0.7) 0.2 3.3 3.0 (1.2) (0.1) 0.1 0.1 (3.3) 3.9 1.5 2.0 (7.3) (9.7) (22.0) 11.6 17.7 Global Equity markets across the Atlantic settled lower on Friday, as uncertainty over the future course of Trump’s administration and terror attacks in Barcelona left investors jittery. US markets closed lower, with Dow Jones underperforming its peer indices. S&P 500 index inched lower, with Real Estate, Telecom and Consumer-Discretionary stocks leading the losses. The Stoxx Europe 600 index retreated 0.7%, amid risk-off mode among the investors. Airline and Hospitality shares were among the notable losers during Friday’s session. The UK listed gold mining shares were higher, as demand for the safe haven supported gold prices. In Japan, the Nikkei index declined 1.2%, amid the strength in the safe haven yen. Financial shares led the losses in the Japanese markets on Friday. GCC Most GCC markets ended higher yesterday, as Brent oil prices ended 3.3% higher on Friday. Saudi Arabian benchmark rose 0.4%. Petrochemical shares were among the notable gainers, amid prospects of better product prices. However, other Insurers closed lower, as the nation’s central bank cancelled licenses of vehicle insurers due to breaches in insurance practices. In Dubai, Union Properties climbed 4.3%, reversing its direction following losses reported in the previous week. Abu Dhabi’s benchmark slipped marginally. Abu Dhabi National Energy fell 1.6%, as investors booked profits in the stock. Qatar QE index edged 0.3% higher yesterday, helped by gains in oil prices. Qatari institutional investors were among the net buyers in yesterday’s trading session. Trading volume and value increased, with Banking, Industrial and Telecom sector accounting for more than 74.0% of the total value. Banking shares were among the notable gainers, led by gains in Commercial Bank. Out of 45 companies listed, 39 exchanged hands, of which 16 advanced, 18 declined and 5 remain unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.0 1.3 4.2 42.7 DSM 20 15.8 1.5 3.8 30.8 Saudi Arabia (TASI) 17.4 1.7 3.3 732.7 UAE (ADX) 16.6 1.3 4.6 19.2 UAE (DFM) 24.0 1.3 3.9 49.2 Kuwait (KSE) 18.0 1.2 5.3 43.7 Oman (MSM) 11.3 1.0 5.5 9.4 Source: Bloomberg Bahrain (BAX) 7.7 0.8 6.0 1.0 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 Qatar German Co Qatar Industrial Manu Qatar Islamic Insurance Qatar Elect. & Water Widam Food Co Top Losers Qatar National Cement Ezdan Holding Group Islamic Holding Group Salam Intl Investment Qatar & Oman Invest Close Price 8.2 43.9 56.9 193.5 67.4 0.2 0.9 1.1 2.6 0.9 2.2 2.0 2.0 1.4 1.4 (18.8) (1.5) 12.5 (14.8) (0.9) (33.2) (2.6) (5.2) (17.0) 1.4 67.2 11.6 47.0 8.7 8.4 (3.0) (0.4) (1.4) (0.2) (0.2) (4.3) (3.3) (2.8) (2.6) (2.0) (14.0) (23.2) (23.0) (21.7) (15.4) (15.6) (40.7) (30.5) (26.7) (25.9) Source: Bloomberg; Note: Prices are in local currency. 17.4 NA 0.5 9.9 0.0 13.4 2.2 13.6 223.2 NA 37.9 43.0 43.5 6.8 11.7 11.2 15.0 68.9 11.7 24.0 Qatar DSM Index 11,000 10,500 10,000 9,500 9,000 8,500 24/May 30.0 20.0 9,133.9 10.0 0.0 7/Jun 21/Jun 5/Jul Index Volume (mn) 19/Jul 2/Aug 16/Aug Index Value Closing Level 2,827.0 5,378.8 2,765.7 4,010.8 1,911.4 1,112.6 1,923.4 1D Change (%) 0.1 0.2 0.4 0.3 (2.0) 0.3 (0.2) Buy (%) 62.9 28.2 91.1 6.8 2.1 8.9 Sell (%) 68.3 18.5 86.8 10.4 2.8 13.2 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 August 21 , 2017 GLOBAL NEWS  US consumer sentiment index reached 97.6 in its preliminary reading for August-17 as compared to 93.4 in July-17 due to positive outlook for the whole economy and favorable personal financial prospects, according to the report from University of Michigan. (Source: Nasdaq)  Eurozone current account surplus fell to EUR 21.2bn in June-17 as compared to EUR 30.5bn in May-17, the lowest since August-14. The surplus on trade in goods rose to EUR 27.4bn in June-17 as compared to EUR 26.6bn in the prior month, whereas the surplus on services declined to EUR 2.2bn from EUR 2.7bn in May-17. (Source: Market Insider)   Eurozone construction output declined 0.5% MoM in June-17 due to a 0.5% fall in civil engineering and 0.4% decrease in building construction. Construction output growth accelerated to 3.4% YoY in June-17. (Source: Morningstar) German PPI rose by 2.3% YoY in July-17 as compared to an increase of 2.4% YoY in June-17 driven by increase in prices of non-durable consumer goods by 3.7% and a 3.0% increase in prices of intermediate goods. Over the month, producer prices gained 0.2% after staying flat in June-17. (Source: III)  China’s average new home prices rose by 0.4% MoM and 9.7% YoY in July-17 as policymakers worked to eliminate the bubble in the property market. (Source: Reuters)  Total number of contracting companies in Turkey increased to 46 in 2016, compared to 40 in 2015. In terms of count, the nation ranks second, only following China, which has 65 contracting firms. (Source: AA)  Abu Dhabi Fund for Development (ADFD) has allocated to date AED 1.2bn (USD 326.0mn) in Abu Dhabi government grants and concessionary loans to 18 development projects in Afghanistan, which includes sectors, such as agriculture, housing, energy, transport, industry and health as well as social services. (Source: Trade Arabia)  Saudi Arabia's Capital Market Authority has approved Goldman Sachs' request to conduct dealing, underwriting and custody services in the kingdom. (Source: Trade Arabia)  The Saudi British Bank (SABB) signed an agreement with subsidiaries of HSBC Holdings to purchase their 32.5% stake in SABB Takaful, following which it will own 65.0% of SABB Takaful’s capital. The total value of the transaction amounted to SAR 117.8mn, at SAR 10.7 per share. (Source: Mubasher)  Saudi Arabia based Jadwa real estate investment said that they will distribute cash dividends for the units’ holders from its operations. The total distributions would amount to SAR 6.6mn. (Source: Mubasher)  Italy-based Saipem, has got a contract worth USD 850.0mn for the engineering, procurement, construction and commissioning of the feed pipelines of the New Refinery Project in Kuwait from Kuwait Oil Company (KOC). (Source: Trade Arabia)  Oman based tourism project developer Muriya has announced plans to build a major hotel in Jebel Sifah. Muriya has appointed a Spanish developer, who will construct a 500 room’s property in Jebel Sifah. (Source: Trade Arabia) QATAR NEWS  Investment in food related industries stood at USD 308mn out of the total manufacturing investments worth USD 82.6bn in 2016, thereby accounting for 0.4% of the total investments, according to the Gulf Organization for Industrial Consulting report. (Source: Gulf Times)  Qatar Stock Exchange is working on number of reforms which includes the introduction of short selling which might help to boost the market liquidity, the Exchange’s CEO said. (Source: The Peninsula)  Nakilat Shipping Qatar Limited and Shell International Trading and Shipping Company Limited has completed the first phase of LNG carrier’s management transition program. The Q-Max LNG carrier Al Mafyar was the 10th vessel to transition from Shell to NSQL management in 10 months, bringing about the successful completion of the first phase. (Source: Gulf Times)  Qatargas and RasGas have completed the first co-loading of LNG for split delivery which is an innovative method of multi-port delivery of a single LNG cargo from two separate suppliers thereby helping in operational flexibility and supply chain efficiency in the LNG industry. GCC NEWS  The total value of contracts awarded in the GCC projects market in 2017 is expected to stay steady at USD 117.0bn in 2017, according to report of Meed projects. The contracts awarded fell 19.0% YoY in H117 to USD 56.0bn. but it is expected to perform better in the H2-17 as the region’s economies continue to adjust to lower oil prices. (Source: Trade Arabia)  The Central Bank of the UAE’s statutory reserves increased by AED 8.6bn to AED 125.5bn in the H1-17. The statutory reserves stood at 14.0% on current, savings and demand accounts, and 1.0% on term deposits. (Source: Gulf News)  The 28 Insurance companies listed on Abu Dhabi Securities Exchange and Dubai Financial Market posted a 34.2% YoY increase in net profit during H1-17 to AED 764.0mn (USD 208.0mn). This growth was driven by the recovered profitability in the insurance sector by 8 companies which turned last year's losses into gains in addition to the increase in the number of firms getting listed. (Source: WAM)    (Source: Gulf Times)  Commercial Bank appointed Zafer Kurtul and Turgay Gِ nensin as the non-executive directors at Alternatifbank (“ABank”), a 100% owned subsidiary of Commercial Bank. (Source: Gulf Times)  Dubai Electricity and Water Authority (Dewa) has completed 109 km of the 162 km, AED 210.0mn (USD 57.0mn) project to supply, extend and commission water distribution networks. The main objective of the project is to develop water distribution networks in Al Khawaneej 2, TechnoPark, and other new areas in Dubai. (Source: Trade Arabia) Qatar Railways Company has received the first batch of the Doha Metro train which includes 4 out of a total of 75 trains that will serve the Doha Metro project. The remaining trains will arrive as scheduled and will be ready for operation by 2020. (Source: Gulf Times)  Abu Dhabi based renewable energy company, Masdar, has signed an engineering, procurement and construction (EPC) contract with a global consortium comprising GE and Spain’s TSK to build the first large-scale wind farm (Dhofar wind farm) in Oman and the GCC. Funding for the wind farm is provided by the Abu Dhabi Fund for Development. (Source: WAM) Qatar National Research Fund and Turkish research agency have developed a new program to strengthen Qatar’s cyber resilience. It’s aimed to provide cloud and big data security, security systems for mobile devices and applications and critical infrastructure cyber security. (Source: Gulf Times)  Ezdan Real Estate Company received up to 5,000 inquiries for Ezdan Oasis project which included 1,000 rental demands in the first phase of the project in Al Wukair area. (Source: Gulf Times) Dubai Aerospace Enterprise (DAE) has announced that it has completed the acquisition of Dublin based AWAS. The deal has tripled the company's portfolio of owned, managed and committed fleet to about 400 aircraft worth more than USD 14.0bn. (Source: Zawya) 2
3. DAILY MARKET UPDATE August 21 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.1791 USD/QAR 3.6415 109.1800 EUR/QAR 4.2937 USD/JPY GBP/USD 1.2900 JPY/QAR 0.0334 USD/CHF 0.9646 GBP/QAR 4.6975 USD/CAD 1.2585 CHF/QAR 3.7751 AUD/USD 0.7929 CAD/QAR 2.8935 NZD/USD 0.7313 AUD/QAR 2.8873 USD/INR 63.6463 INR/QAR 0.0572 USD/TRY 3.5185 TRY/QAR 1.0350 USD/ZAR 13.1582 ZAR/QAR 0.2767 USD/BRL 3.1472 BRL/QAR 1.1571 FX Commentary The USD settled lower against a basket of currencies on Friday, as disbanding of business councils and removal of White House chief strategist by the US President, weighed on sentiments. Investors also shunned the greenback, in favor of safe haven currencies like JPY and CHF, as terrorist attacks in Barcelona weighed on risk appetite of investors. However, the losses in the greenback were limited as the University of Michigan consumer sentiment data topped market expectations in August17. The EUR strengthened against the greenback, helped by better than expected producer price inflation data from Germany. The CAD traded higher against the USD, helped by improvement in consumer price index data and strong gains registered by oil prices on Friday. The GBP bucked the overall trend, as it traded lower against the USD. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1.18 1.20 1.24 1.31 1.73 (0.43) (0.38) (0.37) (0.33) (0.16) 1.90 2.01 2.22 2.40 2.88 4.0% SAIBOR NA 1.36 1.46 1.80 2.24 2.0% EIBOR 0.94 1.10 1.32 1.53 2.15 BMIBOR 1.00 1.25 1.75 1.98 2.73 NA NA 1.56 1.75 2.31 LIBOR EURIBOR QAIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% 2.14% 1.32% 0.0% 2 Yrs Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 29.9 UK Germany France 2.0% 1.58% 1.98% 1.84% 1.0% 1.44% 1.30% 1.00% 1.18% 2 Yrs 5 Yrs 7 Yrs Current 2.44% 1.76% 0.0% 10 Yrs Last Year 30 Yrs 3.07% 3.29% 1.77% 2.02% 2.20% 7 Yrs 10 Yrs US 5 Yrs Source: Bloomberg 2.15% 2.86% Qatar Spreads 6M Change 5 Years CDS 4.36% 2.78% 30 Yrs Spread 6M Change 2.3 Turkey 180.4 (60.8) 20.2 (2.4) Brazil 205.2 (22.6) 15.8 (11.3) Egypt 358.6 (58.2) 21.7 (50.1) Abu Dhabi Italy 140.0 (59.3) Greece 604.9 Russia 152.8 Japan 29.6 4.6 60.0 7.1 Bahrain 236.1 (2.8) (490.2) Dubai 124.9 (4.2) (24.0) Qatar 95.6 (22.2) Saudi Arabia 93.7 5.4 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey Prior 07:30 Japan All Industry Activity Index MoM Jun 0.4% (0.9%) 08:30 Japan Nationwide Dept Sales YoY Jul - 1.4% 08:30 Japan Tokyo Dept Store Sales YoY Jul - 1.1% 10:00 Japan Convenience Store Sales YoY Jul - (0.1%) 15:30 Canada Wholesale Trade Sales MoM Jun (0.5%) 0.9% 15:30 US Chicago Fed Nat Activity Index Jul 0.1 0.13 17:00 Canada Bloomberg Nanos Confidence Aug-18th - 61.2 08:00 Japan Supermarket Sales YoY Jul - (1.2%) Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Fawaz Abdulaziz Alhokair NA NA NA 232.4 9.3 192.9 Oman Insurance Co NA NA NA 25.3 (24.0) (2.6) Al-Baha Development & Invest NA NA NA (0.3) NA NA Ash-Sharqiyah Development Co NA NA NA (3.9) 945.1 7.5 United Insurance Company 9.9 (28.7) 30.8 (1.6) NA (49.1) Burgan Co For Well Drilling 10.3 (5.8) (5.7) 0.7 (49.4) 86.6 Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE August 21 , 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 Investment Holding 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 (%) 3.0 0.0 0.0 8.2 2.1 5.9 5.0 3.8 0.0 4.9 7.2 2.4 5.9 3.4 5.3 3.9 6.0 4.0 6.1 0.0 9.3 5.2 6.0 5.8 5.6 5.0 0.0 4.3 4.6 3.9 2.1 7.0 5.4 4.3 3.9 4.4 1.9 4.9 6.2 2.5 7.5 4.3 0.0 7.8 5.4 3.9 0.0 3.1 3.4 5.9 5.5 5.4 3.9 P/B Ratio (x) 1.3 0.7 2.1 0.9 1.9 0.8 2.5 0.7 0.8 1.6 1.5 2.0 0.9 1.6 1.3 2.3 2.3 1.2 1.5 1.3 0.6 4.2 0.7 1.5 0.9 1.0 0.7 1.7 1.2 2.6 2.3 1.4 1.5 1.6 0.8 0.7 2.3 0.4 2.6 1.5 0.7 1.0 0.8 0.5 0.8 1.3 1.6 1.4 1.8 1.1 0.5 0.8 1.4 P/E Ratio (x) 9.8 68.1 31.0 8.9 67.9 10.7 14.8 (M) (‫)س‬ (M) (‫)س‬ 10.2 10.5 9.8 24.0 11.2 7.1 32.7 15.1 59.8 14.7 (M) (‫)س‬ 11.7 12.0 5.8 12.5 15.1 (M) (‫)س‬ 17.1 21.9 17.0 13.6 21.6 9.9 11.2 18.4 26.6 8.0 20.3 15.6 13.4 18.5 9.8 15.1 42.8 9.8 12.8 15.8 (M) (‫)س‬ 23.4 13.3 10.9 17.3 13.0 13.6 EPS (QR) 3.2 0.4 0.6 3.4 0.7 1.2 2.7 (M) (‫)س‬ (M) (‫)س‬ 9.6 5.3 13.8 0.4 5.4 10.6 2.4 10.0 0.4 7.2 (M) (‫)س‬ 0.7 5.6 12.9 5.1 0.7 (M) (‫)س‬ 0.4 4.3 0.8 14.2 2.2 4.4 6.0 2.1 0.6 1.7 3.4 2.0 4.3 2.8 3.4 0.8 0.2 1.6 1.1 5.7 (M) (‫)س‬ 1.3 3.6 1.6 3.7 2.1 2.8 BV/Share (QR) 25.0 42.3 8.7 34.2 24.3 16.9 16.3 19.9 8.7 60.6 36.7 68.1 9.2 37.6 59.5 34.1 65.5 20.7 68.4 6.2 14.0 16.2 111.0 43.0 12.3 19.5 10.3 53.9 11.1 73.6 20.6 31.6 45.7 23.8 20.2 20.8 29.4 70.7 21.9 35.6 46.7 11.2 12.7 30.3 17.1 69.7 5.5 23.2 26.1 15.0 118.6 32.2 27.2 Stock Price (QR) 31.5 30.3 18.0 30.6 47.0 12.7 40.4 13.1 7.4 97.9 55.9 135.0 8.4 74.9 78.0 150.0 25.0 105.5 8.2 8.7 67.4 75.0 10.7 20.0 7.4 94.0 13.2 193.5 47.0 43.9 67.2 15.6 13.7 68.5 30.8 56.9 33.2 11.6 10.1 16.0 90.2 8.9 47.6 16.9 64.2 - 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 ‫ا س ت ثمار ال قاب ضة‬ ‫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