GCC Morning Brief - 4 May

Transcription

1. U Capital Morning Brief GCC Market Indices 4 May 2017 Current Close Previous Close Change D /D MTD Index Index Point % % % Muscat Securities Market Saudi Stock Exchange Kuwait Stock Exchange Qatar Exchange Bahrain Stock Exchange 1,014.76 1,142.72 1,006.01 63.88 5,492.42 6,967.71 6,798.73 9,955.40 1,330.90 1,019.15 1,148.01 1,008.91 64.10 5,510.04 7,012.81 6,759.40 9,992.84 1,338.43 -4.39 -5.29 -2.90 -0.22 (17.62) (45.10) 39.33 (37.44) (7.52) -0.43% -0.46% -0.29% -0.34% -0.32% -0.64% 0.58% -0.37% -0.02% -0.41% -0.02% -0.31% -0.38% -0.65% -0.65% -1.08% -3.63% -3.02% -1.24% -2.05% -5.02% -3.37% 18.28% -4.61% -0.56% -0.36% 9.05% Dubai Financial Market 3,419.06 3,436.63 (17.57) -0.51% 0.12% -3.17% Abu Dhabi Sec. Exchange 4,581.26 4,552.88 28.38 0.62% 1.30% 0.77% U Capital Oman 20 Index U Capital GCC 50 Index U Capital MENA 200 Index Bloomberg GCC200 Index YTD Source: Bloomberg World Markets* Country Value Change Europe FTSE 100 DAX CAC 40 D/D Price Change D/D USD USD % Brent Crude (per bbl ) Updated 50.70 (0.08) (0.16) WTI Crude (per bbl ) Updated 47.70 (0.12) (0.25) Oma n Crude Oi l 49.85 0.28 0.56 % United Kingdom Germany France 7,234.5 12,527.8 5,301.0 (15.52) 19.94 (3.15) (0.21) 0.16 (0.06) USA USA USA 20,957.9 2,388.1 6,072.6 8.01 (3.04) (22.82) 0.04 (0.13) (0.37) NIKKEI 225 Japan 19,445.7 135.18 0.70 HANG SENG Hongkong 24,565.6 (130.49) (0.53) United States DJIA S&P 500 NASDAQ Commodity Prices* (Last Clo sing) Gol d100 OZ (per oz) 1,239.94 1.78 0.14 Si l ver (per oz) 16.57 0.10 0.60 Pl a tinum (per oz) 901.72 4.62 0.51 Asia Pacific Selected Middle East Copper, MT 5,600.00 (202.00) (3.48) Al umi ni um, MT 1,924.00 (5.50) (0.29) (46.00) (2.05) Tunis Se Index Tunis 5,660.8 (4.27) (0.08) Lea d, MT 2,202.00 EGX 30 Index Egypt 12,603.6 73.24 0.58 Zi nc, MT 2,575.00 (80.00) (3.01) Ni ckel , MT 9,230.00 (285.00) (3.00) 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 1.089 0.918 Bri ti s h Pound GBP 1.288 0.777 Ja pa nes e Yen JPY 0.009 112.800 Chi nes e Renmi nbi CNH 0.145 6.894 Indi a n Rupee INR 0.016 64.215 Rus s i a n Rubl e RUB 0.017 57.390 Ca na di a n Dol l a r CAD 0.729 1.371 Aus tra l i a n Dol l a r AUD 0.742 1.349 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 MEDC shares to be offered to institutional investors in few days, IPO to follow Nama Holding will invite Omani institutional investors to sell shares in Muscat Electricity Distribution Company (MEDC) within the next few days, according to a press release. This will be followed by an initial public offering for retail investors, which will be the second phase of the share offer. Source: Times of Oman IMF sees Oman’s GDP growth rebounding to 3.8% in 2018 The International Monetary Fund (IMF) expects Oman’s real GDP growth to slow to 0.4 per cent in 2017 as a result of spending cuts and weak economic activity caused by lower oil prices. However, the Fund forecasts that Oman’s economic growth would bounce back to 3.8 per cent in 2018. Source: Muscat Daily Market set to witness insurance IPO rush It’s going to be a flood of initial public offerings (IPOs) with at least six insurance companies set to hit the capital market before the August deadline. Consolidation has been what the government has been targeting, according to Director General of the Capital Market Authority General Directorate of Insurance Supervision Ahmed Al Mamari. Source: Oman Tribune Gas production increases as Oman refocuses its energy ambitions Oman is seeking to enhance its upstream gas segment to supply growing demand, with major upcoming projects expected to help achieve this goal. Source: Oman Observer Oman Real Estate Conference to commence on May 15 A major conference on the real estate sector – Oman Real Estate Conference – will be held on May 15 and 16 at Hotel Grand Millennium. The conference is organized by Oman Real Estate Association (OREA). Source: Times of Oman Etisalat joins race for third mobile license in Oman Etisalat Group on Wednesday announced it has submitted a bid for the mobile license in the Sultanate. This follows similar move by Kuwait’s Zen group and Saudi Telecom Co (STC), which have both applied to become the third mobile operator in Oman. Source: Times of Oman Solar projects to power up Oman energy sector The future in the Sultanate belongs to solar energy. That future now appears even more certain with ‘power-to-gas’ technology, which enables storage of excess solar or wind electricity by utilising it to produce fuels like hydrogen and methane. Source: Oman Tribune MIDDLE EAST ECONOMIC & CORPORATE NEWS SABIC looking at acquisition opportunities, says Al-Benyan Saudi Basic Industries Corporation (SABIC) is evaluating potential investments at a total value of up to $6 billion in petrochemicals, specialty chemicals and fertilizers segments, chief executive Yousef Al-Benyan told Reuters on the sidelines of the Euromoney Saudi Arabia Conference 2017. Source: Argaam Saudi Arabia to offer 1 mln housing units by 2022 Saudi Arabia’s housing ministry plans to deliver one million residential units over the next five years, housing minister Majid Al-Hogail said on the sidelines of the Euromoney Saudi Arabia Conference 2017. Source: Argaam Jabal Omar eyes investments in Al Madinah: CEO Jabal Omar Development Co. is eyeing several investments in Al Madinah, chief executive officer Yasser Faisal Al-Sharif said on the sidelines of the Euromoney Saudi Arabia Conference. Source: Argaam Saudi CMA imposes SAR 100,000 fine on Arab National Bank Saudi Arabia’s Capital Market Authority (CMA) has fined Arab National Bank (ANB) SAR 100,000 for violating the corporate law, the regulator said in a statement to Tadawul 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. UAE PMI signals strong growth in April The UAE Purchasing Managers ’ Index was broadly unchanged in April at 56.1, compared with March’s 19-month high of 56.2. Output and new orders growth remained very strong although slightly slower than March. Source: Zawya National Bank of Kuwait to issue senior unsecured dollar bond – sources National Bank of Kuwait (NBK), the Gulf state's largest commercial lender, is expected to issue a senior unsecured dollar bond over the next few weeks, banking sources familiar with the matter said on Wednesday. Source: Zawya Dubai Group requests haircut from creditors to settle debt early- sources Dubai Group, an investment firm owned by the emirate's ruler, has requested creditors to take a haircut on debt maturing in 2024 in exchange for an early settlement, banking sources said. Source: Zawya Italian firm secures patent for Dubai rotating tower A Florence-based architecture firm has secured a new patent within the Gulf Cooperation Council (GCC) for its rotating skyscraper project, the building’s architect said on Wednesday. Source: Zawya Egypt devaluation nearly doubles fuel subsidy bill to $4.32bln in first nine months Egypt's government spent 78 billion Egyptian pounds ($4.32 billion) on fuel subsidies in the first nine months of the 2016-17 fiscal year, up from 41 billion in the same period of the previous year, Oil Minister Tarek al-Molla told Reuters. Source: Zawya Saudi Fannie Mae to Start Buying Mortgage Portfolios From Banks Saudi Arabia’s first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes. Source: Bloomberg Etihad Faces Tough Call on Air Berlin After Alitalia Bankruptcy While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after worker’s spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset. Source: Bloomberg Kuwait Energy seeks premium listing on LSE Oil and gas firm Kuwait Energy said on Wednesday it is seeking a premium listing on the London Stock Exchange in a bid to fund growth across the Middle East and North Africa. Source: Reuters Kuwait's Gulf Insurance acquires Turkey's AIG Sigorta Anonim Sirketi Acquires 100 percent stake in Turkey's AIG Sigorta Anonim Sirketi for $47.9 million Source: Reuters Qatar Holding ups Lagardere voting rights, could increase stake –AMF Qatar Holding has raised its voting rights stake in media group Lagardere to 16.7 percent, having gone above the 15 percent voting rights threshold, according to AMF filing Source: Reuters INTERNATIONAL ECONOMIC & CORPORATE NEWS Asian stocks retreat, dollar holds near six-week high on hawkish Fed Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve's hawkish policy statement. Source: Reuters Apple to create $1 billion U.S. advanced manufacturing fund Apple Inc (AAPL.O) plans to create a $1 billion fund to invest in U.S. companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said on Wednesday, the iPhone maker's latest effort to show how it is creating U.S. jobs. Source: Reuters 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. Fed holds interest rates steady , downplays economic weakness The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, in a sign it was still on track for two more rate rises this year. Source: Reuters COMMODITIES NEWS Gold Miners See Super-Sized Stock Moves on Earning Surprises As the earnings season wraps up for North American gold miners, the biggest surprise has been out-sized market reactions, with Kinross Gold Corp. surging the most in almost a year and Barrick Gold Corp. tumbling. Source: Bloomberg 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 research department in Ubhar Capital SAOC (U Capital), 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 the 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 bank 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 department 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 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