GCC Morning Brief - 8 June

Transcription

1. U Capital Morning Brief GCC Market Indices 8 June 2017 Current Close Previous Close Change D /D MTD Index Index Point % % % Mus cat Securities Market Saudi Stock Exchange Kuwait Stock Exchange Qatar Exchange Bahrain Stock Exchange 978.98 1,127.00 982.00 62.70 5,377.17 6,946.42 6,819.70 8,965.01 1,320.77 990.57 1,130.19 985.61 62.69 5,411.93 6,933.28 6,801.13 9,058.89 1,325.33 -11.59 -3.19 -3.61 0.01 (34.76) 13.14 18.57 (93.88) (4.56) -1.17% -0.28% -0.37% 0.02% -0.64% 0.19% 0.27% -1.04% -1.84% -1.18% -1.01% -1.23% -0.83% 1.09% 0.51% -9.46% -7.03% -4.35% -3.60% -3.86% -7.01% -3.66% 18.64% -14.10% -0.34% 0.08% 8.22% Dubai Financial Market 3,406.01 3,322.35 83.66 2.52% 2.00% -3.54% Abu Dhabi Sec. Exchange 4,454.14 4,460.30 (6.16) -0.14% 0.61% -2.03% D/D U-Capital Oman 20 Index U-Capital GCC 50 Index U-Capital MENA 200 Index Bloomberg GCC200 Index YTD Source: B lo o mberg World Markets* Country Value Change Europe FTSE 100 DAX CAC 40 Price Change % USD USD 48.38 0.32 D/D Commodity Prices* United Kingdom Germany France 7,478.6 12,672.5 5,265.5 (46.33) (17.63) (3.69) (0.62) Brent Crude (per bbl ) Updated (0.14) WTI Crude (per bbl ) Updated (0.07) Oma n Crude Oi l (Last Clo sing) USA USA USA 21,173.7 2,433.1 6,297.4 37.46 3.81 22.32 0.18 0.16 0.36 NIKKEI 225 Japan 19,924.1 (62.54) (0.31) Pl a ti num (per oz) HANG SENG Hongkong 26,008.9 38.56 0.15 United States DJIA S&P 500 NASDAQ Gol d100 OZ (per oz) Si l ver (per oz) % 0.67 45.94 0.22 0.48 47.10 (1.82) (3.72) 1,288.77 1.74 0.14 17.67 0.06 0.36 Asia Pacific Selected Middle East 948.85 3.84 0.41 Copper, MT 5,621.00 5.00 0.09 Al umi ni um, MT 1,906.00 5.00 0.26 Tunis Se Index Tunis 5,782.6 10.55 0.18 Lea d, MT 2,062.00 (9.00) (0.43) EGX 30 Index Egypt 13,633.0 6.18 0.05 Zi nc, MT 2,447.00 (12.00) (0.49) 0.15 Ni ckel , MT 8,810.00 (55.00) (0.62) Blom Stock Index Lebanon Source: Bloomberg, U Capital- at 8:30AM M uscat time 1,166.3 1.74 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 Euro EUR 1.126 0.888 Bri ti s h Pound GBP 1.296 0.772 109.440 Ja pa nes e Yen Units/1 USD JPY 0.009 Chi nes e Renmi nbi CNH 0.148 6.770 Indi a n Rupee INR 0.016 64.369 Rus s i a n Rubl e RUB 0.018 57.098 Ca na di a n Dol l a r CAD 0.740 1.351 Aus tra l i a n Dol l a r AUD 0.755 1.325 Source : Bloomberg Not e: all prices/ indices are updat ed t ill 8:30 AM M uscat t ime.* market s are closed on Sat urday 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 NBO, OAA form PPP to promote road safety, encourage tourism Underscoring its support for the Sultanate’s government sector, National Bank of Oman (NBO) has formed a public-private partnership with Oman Automobile Association (OAA) to promote road safety, encourage tourism and support local talent across the country. Source: Oman Observer Siemens in Oman to focus on human capital and technology Siemens will develop Oman’s local talent and bring in innovative solutions to address challenges in economic growth, said the Chief Executive Officer (CEO) of Siemens Oman while revealing the company’s future plans in an interview with the Times of Oman. Source: Times of Oman Muscat airport emerges as key transit hub after Qatar ban Muscat International Airport is emerging as a key transit hub in the region as harried passengers re-route their journeys after Saudi and UAE carriers suspended their flights to Qatar from Tuesday. Source: Muscat Daily Meeting of Board of Directors of ACWA Power Barka SAOG – Important Decisions A meeting of Board of Directors of ACWA Power Barka SAOG (the Company) was held on 7 June 2017. The Board unanimously made the following decision: The Board reviewed and approved the audited financials of the Company for the period 01 January – 30 April 2017 with revenues of RO 20.791 Million as compared to RO 19.709 Million for the same period in 2016. The net profit for the period January 01 30 April 2017 was RO 0.048 Million as compared to RO 3.331 Million for the same period in 2016. Source: MSM Conversion of Second One-Third portion of Mandatory Convertible Bonds Issued in 2013 We would like to inform the market that the second one-third tranche of the Mandatory Convertible Bonds of OMR 7.150 Mio, issued in 2013 and amounting to OMR 2.383 Mio was converted to common equity shares of the Bank on 28 April, 2017. Source: MSM MIDDLE EAST ECONOMIC & CORPORATE NEWS S&P cuts Qatar's credit rating one notch to AAS&P Global Ratings on Wednesday (Jun 7) cut Qatar's credit rating by one notch to AA- and put it on watch for further downgrades after Gulf Arab states severed ties. Source: Channel News Asia Saudi Arabia Tells Banks Not to Increase Qatar Exposure Saudi Arabia’s central bank has ordered lenders in the country not to increase their exposure to any Qatari clients amid the worst crisis in relations among the Gulf Arab monarchies in decades, according to people familiar with the matter. Source: Bloomberg Saudi Arabia to roll out second phase of white land tax in 2020 Saudi Arabia will implement the second phase of undeveloped land tax by 2020, Al-Hayat daily reported on Wednesday, citing Mohammed Almudaiheem, a supervisor for the white land tax scheme at the housing ministry. Source: Argaam UAE's federal council approves changes to tax procedure bill The Federal National Council (FNC) on Tuesday approved changes to a draft law that serves as a framework for issuing tax-related laws. Source: Zawya Saudi Investment Bank places SAR 285 mln sukuk Saudi Investment Bank (SAIB) has completed the private placement of SAR 285 million worth of subordinated Tier I sukuk in Saudi Arabia, the lender said in a statement to Saudi bourse, Tadawul. Source: Argaam China Construction Bank rings bell to celebrate listing of $1.2billion bond on Nasdaq Dubai Guo You, Chairman of the Board of Supervisors of China Construction Bank, CCB, today rang the market-opening bell to celebrate the listing of a US$1.2 billion bond on Nasdaq Dubai, the region’s international financial exchange. Source: Zawya 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. The U .A.E. Needs Qatar's Gas to Keep Dubai's Lights On When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E. The U.A.E. joined Saudi Arabia in cutting off air, sea and land links with Qatar on Monday, accusing the gas-rich sheikhdom of supporting extremist groups. Source: Zawya Etihad Etisalat (Mobily) announces the acquisition of additional spectrum Mobily has successfully acquired 2x5 MHz block in the 1800 MHz band through its participation in the auction conducted by CITC from 23-05-2017, the results of which were announced by CITC on 6-6-2017. Source: Tadawul Edaa Announces the implementation of Corporate Action on Saudi Cable Company shares The Securities Depository Center ("Edaa") announces implementing the securities quantity decrease for Saudi Cable Company, on the Center Accounts of the eligible shareholders today, 12/09/1438H corresponding to 07/06/2017G. Source: Tadawul Dubai mall operator says to invest $8.1bn more in the UAE Dubai-based mall operator Majid Al Futtaim has unveiled a new development plan that will see it increase its total investment in the UAE by AED30 billion ($8.1 billion) by 2026, taking its total investment in the country to AED48 billion. Source: Arabian Business Dubai retail major said to be frontrunner in Geant bid Majid Al Futtaim Holding, the Middle East operator of Carrefour stores, is the lead bidder for a controlling stake in the Geant Hypermarket chain, according to three people familiar with the matter. Source: Arabian Business Qatari gas imports not affected by Arab boycott – Trafigura Trafigura said on Wednesday that the political conflict between Doha and a number of Arab countries did not affect the level of Qatari gas imports, Reuters reported on Wednesday. Source: Mubasher INTERNATIONAL ECONOMIC & CORPORATE NEWS Asia Stocks Mixed Before Key Europe, U.S. Events: Markets Wrap Investors were reluctant to add big positions ahead of key events looming in Europe and the U.S. The yen reversed declines on a Bank of Japan report, while oil nudged higher. Source: Bloomberg Russia Has Nothing to Gain by Undermining Qatar The ubiquitous "Russian hackers" are now accused of providing the spark for a diplomatic fire between Saudi Arabia and Qatar. While the facts in the case remain in the shadows, it's hard to understand why it would be in Russia's interest to undermine Qatar. Source: Bloomberg Samsung Electronics to invest $300 million for U.S. appliances factory: Korea Economic Daily Tech giant Samsung Electronics Co Ltd plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. Source: Reuters COMMODITIES NEWS EIA revises down forecasts for oil prices Brent spot prices are expected to average 53 per barrel in 2017 and 56 per barrel in 2018, the US Energy Information Administration (EIA) said in its June Short-Term Energy Outlook (STEO). Source: MenaFN Oil rises off one-month lows struck after surprise stock build Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut. 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. 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