GCC Morning Brief - 15 June

Transcription

1. Capital Morning Brief GCC Market Indices U-Capital Oman 20 Index U-Capital GCC 50 Index U-Capital MENA 200 Index Bloomberg GCC200 Index 15 June 2017 Current Close Previous Close Change D /D MTD YTD Index Index Point % % % -2.87% -1.27% -0.78% -1.48% -2.24% -0.26% -0.09% -7.18% -8.00% -4.45% -3.37% -4.11% -8.34% -4.95% 17.94% -11.95% Muscat Securities Market Saudi Stock Exchange Kuwait Stock Exchange Qatar Exchange Bahrain Stock Exchange 968.76 1,125.88 984.33 62.54 5,300.71 6,853.54 6,779.44 9,189.98 1,327.03 972.38 1,121.34 980.90 62.54 5,313.71 6,820.60 6,776.72 9,095.45 1,327.48 -3.62 4.54 3.43 0.00 (13.00) 32.94 2.72 94.53 (0.45) -0.37% 0.40% 0.35% 0.00% -0.24% 0.48% 0.04% 1.04% -0.03% 0.55% 8.73% Dubai Financial Market 3,450.78 3,441.85 8.93 0.26% 3.34% -2.27% Abu Dhabi Sec. Exchange 4,535.57 4,537.60 (2.03) -0.04% 2.45% -0.24% Source: Bloomberg World Markets* Country Value Change Europe FTSE 100 DAX CAC 40 D/D Commodity Prices* % Price Change D/D USD USD % United Kingdom Germany France 7,474.4 12,806.0 5,243.3 (26.04) 40.97 (18.45) (0.35) 0.32 (0.35) USA USA USA 21,374.6 2,437.9 6,194.9 46.09 (2.43) (25.48) 0.22 (0.10) (0.41) NIKKEI 225 Japan 19,834.5 (44.68) (0.22) Pl a ti num (per oz) 937.33 0.13 0.01 HANG SENG Hongkong 25,616.8 (262.16) (1.01) Copper, MT 5,699.00 (18.00) (0.31) United States DJIA S&P 500 NASDAQ Brent Crude (per bbl ) Updated 47.05 0.05 0.11 WTI Crude (per bbl ) Updated 44.71 (0.03) (0.07) Oma n Crude Oi l 45.85 (1.70) (3.58) 1,264.05 3.27 0.26 16.98 0.08 0.49 (Last Clo sing) Gol d100 OZ (per oz) Si l ver (per oz) Asia Pacific Selected Middle East Al umi ni um, MT 1,882.50 (6.50) (0.34) Tunis Se Index Tunis 5,856.1 1.49 0.03 Lea d, MT 2,079.00 22.00 1.07 EGX 30 Index Egypt 13,502.1 (29.22) (0.22) Zi nc, MT 2,494.00 21.00 0.85 Blom Stock Index Lebanon 1,169.5 3.68 0.32 Ni ckel , MT 8,945.00 145.00 1.65 Source: Bloomberg, U Capital- at 8:30AM M uscat time So urce: B lo o mberg, U Capital- at 8:30A M M uscat time Cross Rate for Major Currencies* Currency Code USD/1 Unit Units/1 USD Euro EUR 1.121 0.892 Bri ti s h Pound GBP 1.275 0.785 Ja pa nes e Yen JPY 0.009 109.640 Chi nes e Renmi nbi CNH 0.147 6.785 Indi a n Rupee INR 0.016 64.290 Rus s i a n Rubl e RUB 0.017 57.415 Ca na di a n Dol l a r CAD 0.755 1.324 Aus tra l i a n Dol l a r AUD 0.761 1.314 Source : Bloomberg Note: all prices/ indices are updated till 8:30 AM M uscat time.* markets are closed on Saturday and Sunday 1 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
2. OMAN ECONOMIC & CORPORATE NEWS Up to 20% of Mazaya Residence construction work completed, delivery due in 2018 Al Mazaya Holding has announced that up to 20 per cent of the construction work at its Mazaya Residence project, the company’s maiden development in Muscat has been completed so far. Source: Times of Oman Oman antimony roaster signs feedstock supply pact Strategic & Precious Metals Processing (SPMP), an Oman based minerals processing company behind the development of a major antimony roaster at SOHAR Port and Freezone, says it has signed an agreement with Luxembourg-headquartered Traxys Europe SA to supply feedstock for the plant. Source: Oman Observer RO 100m Qurayyat water project to come on stream before year-end A major Independent Water Project (IWP) currently nearing completion at Qurayyat in Muscat Governorate is due to come into production before the end of this year, helping bolster water desalination capacity in a region that continues to witness strong potable water demand growth. Source: Oman Observer Oman Fisheries inks MoU with Japanese firm to build fishing fleet Oman Fisheries Company signed a memorandum of understanding (MoU) with Japanese company Kyumura to develop fishing fleet of Oman Fisheries through joint projects. Source: Muscat Daily Board awards tenders for 66m-rial projects The Tender Board on Wednesday awarded tenders worth 66.2 million rials for a number of development projects. The meeting was headed by Tender Board Chairman HE Dr Rasheed Bin Al Safi Al Huraibi. Source: Oman Tribune MIDDLE EAST ECONOMIC & CORPORATE NEWS Dubai’s Emaar to manage Jabal Omar Address hotel in Makkah Jabal Omar Development Co. has signed an agreement with United Arab Emirates’ Emaar Hospitality's hotel brand, Address Hotels and Resorts, to manage its new hotel in Makkah, the company said in a statement. Source: Argaam Saudi Arabia’s deflation deepens again in May Saudi Arabia continued to see deflation in May for the fifth consecutive month at -0.7 percent, latest figures from the General Authority for Statistics (GAS) showed. Source: Argaam Financing complete on phase 3 of Dubai's giant solar park The financing for phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai has been completed, it was announced on Wednesday. This marks the latest milestone for the Masdar-led consortium, with EDF Group’s subsidiary, EDF Energies Nouvelles, which is developing the 800-megawatt (MW) project in partnership with Dubai Electricity and Water Authority (DEWA). Source: Arabian Business Abu Dhabi's Senaat Said to Revive $1 Billion Share Sale Plans Senaat, which holds stakes in Abu Dhabi’s National Petroleum Construction Co. and Emirates Steel, is considering reviving plans for an initial public offering three years after putting them on hold, people with knowledge of the matter said. Source: Bloomberg Kuwait Sits Out Fed Rate Move on Modest Growth as Others Raise Kuwait refrained from following the U.S. Federal Reserve’s interest-rate increase for the first time since 2015, citing “modest” economic growth in the Gulf country hit by lower oil prices. Source: Bloomberg Gulf Union, Al Ahlia working on merger terms, says CEO Gulf Union Cooperative Insurance Co. and Al Ahlia for Cooperative Insurance are working on the memorandum of understanding and terms for the potential merger, chief executive Munir Al-Borno, told Argaam on Wednesday. Source: Argaam 2 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
3. Credit Agricole plans part sale of Saudi Fransi stake : report France’s Credit Agricole is considering selling part of its 31 percent stake in Banque Saudi Fransi (BSF), Bloomberg reported on Tuesday, citing sources familiar with the matter. Source: Argaam Mideast Debt: Islamic finance industry frets as Dana Gas deems its sukuk invalid A decision by Abu Dhabi-listed Dana Gas to declare $700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of sharia-compliant debt instruments in general. Source: Zawya Taxing times: VAT to boost GCC government revenue The introduction of value-added tax (VAT) across the GCC in 2018 is expected to boost government revenues but the tax burden in the short run is seen causing a surge in the headline inflation rate, resulting in the moderation of consumer spending, economists have said. Source: Zawya INTERNATIONAL ECONOMIC & CORPORATE NEWS Global stocks pressured by report on Trump probe, Fed hike, soft U.S. data U.S. stock futures and Asian shares slid on Thursday, hit by soft U.S. economic data, a relatively hawkish Fed and a media report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Source: Reuters Fed raises rates, unveils balance sheet cuts in sign of confidence The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market. Source: Reuters COMMODITIES NEWS Gold gains as stocks fall after report of Trump probe Gold edged up early on Thursday from a near three-week low hit in the previous session, as Asian stocks fell on a report that U.S. President DonaldTrump is being investigated for possible obstruction of justice. Source: Zawya 3 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net
4. Ubhar Capital SAOC (U Capital) Website: www.u-capital.net PO Box 1137 PC 111, Sultanate of Oman Tel: +968 2494 9000 Fax: +968 2494 9099 Email: research@u-capital.net Disclaimer: This report has been prepared by Ubhar Capital (U Capital) Research, and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that he information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute U Capital’s Research judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any other purpose. 4 P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 2494 9000 l Fax: +968 2494 9099 l Email: info@u-capital.net l Web: www.u-capital.net