GCC Morning Brief - 7 June

Transcription

1. U Capital Morning Brief GCC Market Indices 7 June 2017 Current Close Previous Close Change Index Index Point Muscat Securities Market Saudi Stock Exchange Kuwait Stock Exchange Qatar Exchange Bahrain Stock Exchange 990 .57 1,130.19 985.61 62.69 5,411.93 6,933.28 6,801.13 9,058.89 1,325.33 990.89 1,136.04 990.24 62.69 5,405.73 6,964.83 6,803.20 9,202.62 1,326.96 -0.32 -5.85 -4.63 0.00 6.20 (31.55) (2.07) (143.73) (1.63) Dubai Financial Market 3,322.35 3,317.50 Abu Dhabi Sec. Exchange 4,460.30 4,484.46 U-Capital Oman 20 Index U-Capital GCC 50 Index U-Capital MENA 200 Index Bloomberg GCC200 Index D/D MTD % % YTD % -0.03% -0.51% -0.47% 0.00% 0.11% -0.45% -0.03% -1.56% -0.68% -0.90% -0.65% -1.24% -0.18% 0.90% 0.23% -8.51% -5.93% -4.08% -3.24% -3.88% -6.41% -3.84% 18.32% -13.20% -0.12% 0.42% 8.59% 4.85 0.15% -0.51% -5.91% (24.16) -0.54% 0.75% -1.89% 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 50.00 (0.12) (0.24) WTI Crude (per bbl ) Updated 48.06 (0.14) (0.29) Oma n Crude Oi l 48.92 0.67 1.39 1,292.31 (1.88) (0.15) 17.68 (0.03) (0.15) % United Kingdom Germany France 7,525.0 12,690.1 5,269.2 (0.81) (132.82) (38.67) (0.01) (1.04) (0.73) USA USA USA 21,136.2 2,429.3 6,275.1 (47.81) (6.77) (20.63) (0.23) (0.28) (0.33) NIKKEI 225 Japan 19,998.2 16.83 0.08 HANG SENG Hongkong 25,973.7 (26.15) (0.10) United States DJIA S&P 500 NASDAQ Commodity Prices* (Last Clo sing) Gol d100 OZ (per oz) Si l ver (per oz) Asia Pacific Selected Middle East Pl a ti num (per oz) 958.81 (1.97) (0.21) Copper, MT 5,616.00 (12.00) (0.21) Al umi ni um, MT 1,901.00 (2.00) (0.11) Lea d, MT 2,071.00 (32.00) (1.52) Tunis Se Index Tunis 5,772.0 32.51 0.57 EGX 30 Index Egypt 13,626.8 106.67 0.79 Zi nc, MT 2,459.00 (26.00) (1.05) Blom Stock Index Lebanon 1,166.3 1.74 0.15 Ni ckel , MT 8,865.00 (45.00) (0.51) 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 1.127 0.888 Bri ti s h Pound GBP 1.291 0.775 Ja pa nes e Yen JPY 0.009 109.550 Chi nes e Renmi nbi CNH 0.148 6.769 Indi a n Rupee INR 0.016 64.401 Rus s i a n Rubl e RUB 0.018 56.541 Ca na di a n Dol l a r CAD 0.743 1.346 Aus tra l i a n Dol l a r AUD 0.754 1.326 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 Sukuk from Meethaq receives overwhelming response A maiden Sukuk (Islamic bond) issue from Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has evoked an overwhelming response. Source: Times of Oman Alizz Islamic Bank acts as joint lead manager for global sukuk issue Alizz Islamic Bank was selected to act as joint lead manager for the recently issued Government of Oman seven-year US dollar Sukuk, along with a syndicate of global banks, which included Dubai Islamic Bank, HSBC, Standard Chartered, JP Morgan, GIB and Citibank. Source: Times of Oman OMR275m Mall of Oman plans power on A tender to oversee the building of a substation that will power the multi-million rial Mall of Oman has been issued. Muscat's electricity board wants companies to bid to supply consultancy and supervisory services for design and construction of a primary substation for the much anticipated Mall of Oman. Source: Times of Oman Eight firms in fray for Duqm power and water scheme The Centralised Utilities Company (Marafiq), an Omani-Singaporean joint venture dedicated to meeting the utility needs of major industries at the Duqm Special Economic Zone (SEZ), has invited international firms to bid for its contract for the construction of an integrated power and water project in Duqm (DIPWP). Source: Oman Observer Asyad in talks with private player for Duqm port rail Discussions are continuing with a private investor to develop the 1billion-rial railway connecting Shuwaymiyah and Manji in Dhofar with Duqm port for transporting minerals. The lines will be developed with private participation, according to Asyad (Oman Global Logistics Group) CEO Abdulrahman Al Hatmi. Source: Oman Tribune Tourism project tenders floated The Ministry of Tourism has floated three tenders for plans to develop sites in Muscat, Masirah, Nizwa and Jebel Shams. The plan, to look at ways to improve the infrastructure and give tourists a new experience, is part of the Tourism Strategy 2040. Source: Oman Tribune MIDDLE EAST ECONOMIC & CORPORATE NEWS 6 key sectors likely to feel impact of Qatar-Gulf row It won’t be business as usual after Qatar’s latest diplomatic fallout with its neighbors. Several of Qatar’s key economic sectors are likely to be impacted following a decision by Saudi Arabia, the United Arab Emirates, and Egypt to cut diplomatic ties with the country. Source: Argaam VAT won't slow consumer spending, says Alhokair CEO In an exclusive interview with Argaam, Fawaz Alhokair's new CEO Atul Singh said that the Tadawul-listed retailer is looking at ways to offset any impact of the upcoming value-added tax (VAT), which is likely to be implemented in January 2018. Source: Argaam Saudi Aramco’s offshore expansions to raise capacity by 1 mln bpd Saudi Aramco’s planned capacity expansions at offshore fields could add crude capacity of about 1 million barrels per day (bpd), Middle East Economic Digest (MEED) reported on Tuesday, citing unnamed industry sources Source: Argaam Americana to withdraw from Kuwait bourse Shareholders of Americana Group (Kuwait Food Company), in which Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) has an indirect stake, on Monday approved the company’s voluntary withdrawal from Kuwait Stock Exchange. Source: Argaam Egypt’s central bank says no ban on dealing in Qatari riyal The Central Bank of Egypt (CBE) said on Monday that it has not issued any instructions to stop the buying or selling of the Qatari currency across the country. 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. KEC names Al Bili as acting CEO after Al Telmesani quits The board of directors of Knowledge Economic City Co . (KEC) has appointed Al Saeed Al Bili as acting chief executive starting from June 9, 2017. Source: Argaam eXtra shareholders to receive fractional shares sale proceeds United Electronics Co. (eXtra) said it will deposit the proceeds from the sale of fractional shares into shareholders’ accounts on Tuesday, June 13. Source: Argaam Taiba to buy out ARAC’s stake in Al Aqeeq for SAR 63 mln Taiba Holding Co. has inked a conditional agreement to buy out its subsidiary, Arab Resort Areas Co.’s (ARAC), entire stake in Al Aqeeq Real Estate Development Co. for SAR 63 million, the company said in a statement to Saudi bourse, Tadawul. Source: Argaam Chemanol approves dividend freeze for FY16 Methanol Chemicals Co.’s (Chemanol) general assembly approved a dividend freeze for fiscal year 2016 to support the company’s financial position and strategic plans, the company said in a bourse statement. Source: Argaam Qatar LNG not affected by Arab states tension: Exxon Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Source: Argaam Mideast sovereign funds target investment real estate Middle East sovereign funds have been focusing on income-generating real estate after having missed targeted returns last year, a study revealed. Invesco interviewed 97 fund managers, who manage about $12 trillion (Dh44 trillion) of assets for their fifth sovereign asset management survey to generate insights on various asset classes. Source: Zawya Maersk says no longer able to ship Qatar bound cargo The world's biggest container shipping line, Maersk , is no longer able to transport goods in or out of Qatar after Arab countries imposed restrictions on trade with the Gulf state, the company said on Tuesday. Source: Zawya Biggest Middle East Ports Shun Qatar as Saudis Tighten Isolation The biggest Middle East oil and container ports banned all vessels sailing to and from Qatar from using their facilities amid a diplomatic crisis gripping the world’s main energy-exporting region. Source: Bloomberg Traders See a Buying Opportunity in Qatar Turmoil Now that U.S. President Donald Trump has thrown his support behind the Saudi-led effort to isolate Qatar, investors say the resulting market shock could create a buying opportunity for local assets. Source: Bloomberg Biggest Mideast Bank Is Cheapest in Four Years as Crisis Swirls Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock. Source: Bloomberg UAE banks suspend transfers from, to Qatar – Sources Several banks operating in the UAE have decided to suspend bank transfers from and to Qatar, banking sources told Mubasher on Tuesday. Source: Mubasher INTERNATIONAL ECONOMIC & CORPORATE NEWS Flight to Haven Assets Eases Before Key Events: Markets Wrap A move toward haven assets ahead of a barrage of key events eased as the dollar edged higher and Asian equities reversed morning losses. The U.S. currency advanced from an eight-month low while gold retreated after touching the highest level since November. Source: Bloomberg 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. Amazon shares rise above $1,000 for the first time Shares of Amazon surged above 1,000 for the first time on Tuesday, marking another milestone in the rise of the American online retail giant. Source: MenaFN COMMODITIES NEWS Port bans choke Qatar's commodity trade as gas supply worries grow A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible shock to the global gas market, where the tiny Gulf state is a major player. Source: Zawya Gold Makes Run Toward $1,300 as Risk Flares From U.K. to Mideast Gold’s taking aim at $1,300 an ounce. The metal has rallied to the highest since November as investors position themselves for the outcome of the U.K. election and potential drama of former FBI Director James Comey’s testimony, while also tracking tensions in the Middle East. Source: Bloomberg 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
5. 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. 5 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