MENA Market Report - 10 September

Transcription

1. MENA Morning Report Sunday , September 10, 2017 Overview Regional Markets: MENA markets ended the last session of the week on a mixed note as four out of the eight indexes ended in red, while the remaining four closed in green for the day. The regional markets ended the week on a slightly positive note, which can be attributed to the rise in oil prices coupled with sentiments seen in the global markets. For the day, Saudi Arabia hogged the limelight as the index was up by 0.7% for the day. The sentiments were boosted by royal succession plan, which is expected to speed up reforms, especially privatization and expenditure to boost economic activity. For the day, the index was mostly supported by energy and banking sector stocks, index heavyweights. Egypt was another index that closed higher by 0.9% for the day, which helped in recovering the losses recorded during the earlier sessions to end the week on a positive note. UAE markets closed on a mixed note as the movement was range bound with lack of conviction with the investors. Qatar closed lower by 0.1% for the day, continuing the sluggishness throughout the week. Kuwait closed lower by 0.3% for the day, while the performance during the week was marginally positive. Oman was down by 0.3%, while Bahrain was up by 0.3% for the day. For the week, Saudi Arabia was the best performer with gains of 1.4% in a shortened trading week, followed by 1.0% in Bahrain, while Qatar led the losers with losses of 1.4%, followed by 0.3% in Abu Dhabi. International Markets: US markets closed on a negative note as S&P and Nasdaq were down by 0.6% and 0.2% respectively, while DJIA was down by 0.2%. European markets ended on a slightly negative note as FTSE and CAC were down by 0.3% and 0.02% respectively, while DAX was up by 0.1% for the day. Asian markets closed on a negative note as Nikkei and Shanghai were down by 0.6% and 0.01% respectively, while Hang Seng was up by 0.5%. Headlines (WW) World food prices fall 1.3% in August (ME) China-Arab industrial cooperation gathers steam (WW) US debt ceiling deal boosts sentiment (SA) Saudi reform tweaks won't affect key economic policies (WW) China's economic initiatives boost global growth (SA) Saudi Arabia plans to offer more facilities to SMEs (WW) China's August producer inflation jumps to four-month high (SA) Saudi Arabia overhauling 2016 reform plan with broader goals (WW) China August foreign reserves, up for 7th straight month, reach USD 3.1tn (AE) UAE property market poised for growth in 2018 (WW) Strong growth in BRICS countries' trade in 2017 (AE) Mexico seeks to bolster ties with UAE, attract investment (WW) UK economic growth edging lower in August (AE) Abu Dhabi leads the UAE in affordable accommodation (WW) EU plans rule change to increase taxes on online giants (EG) Egyptian economy witnessing remarkable development across all sectors (WW) German current account surplus to remain world's largest (EG) Egypt growth improves as investment expands (CMD) Oil steady as US refining demand rises but ample crude supplies weigh (QA) Qatar’s Hamad Port to redefine region's shipping industry (CMD) Gold holds steady amid softer dollar; focus on ECB meet (QA) Qatar set to outperform GCC peers on economic diversification (FX) Dollar tumbles versus loonie after Bank of Canada raises rates (KW) Plan to replace all expats in Kuwait's govt sector within five years (FX) Sterling grinds higher vs dollar, euro (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,644.31 0.1% 0.2% 0.2% 3.2% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,453.71 -0.1% -0.3% -0.3% -2.0% ˅ ˅ ˅ Saudi (SASEIDX) 7,360.61 0.7% 1.4% 1.4% 2.1% ˄ ˄ ˄ Kuwait (KWSE) 6,897.42 -0.3% 0.1% 0.1% 20.0% ˄ ˄ ˄ Egypt (EGX30) 13,432.69 0.9% 0.1% 0.1% 8.8% ˄ ˄ ˄ Qatar (DSM) 8,675.46 -0.1% -1.4% -1.4% -16.9% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,315.55 0.3% 1.0% 1.0% 7.8% ˅ ˅ ˄ Oman (MSM30) 5,047.08 -0.3% -0.1% -0.1% -12.7% ˄ ˅ ˅ MENA Market Statistics Volume (mln) 3M Avg. Volume (mln) 6M Avg. Volume (mln) Value (USD mln) 3M Avg. Value (USD mln) 6M Avg. Value (USD mln) Market Cap (USD mln) Dubai (DFMGI) 175 224 252 83 84 92 85,471 Abu Dhabi (ADSMI) 313 115 98 86 44 46 131,891 Saudi (SASEIDX) 105 139 158 671 784 797 460,290 Index Kuwait (KWSE) 93 71 172 62 59 67 75,578 Egypt (EGX30) 516 272 274 67 52 66 19,590 Qatar (DSM) 7 9 10 47 73 82 102,454 Bahrain (BHSEIDX) 2 2 3 1 1 2 20,921 Oman (MSM30) 14 14 15 7 7 8 14,095 * ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover Data & News Source: Thomson Reuters ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Sunday , September 10, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.2 10.6 Previous Current 600 489.3 11.1 11.0 11.7 11.2 386.2 8.6 300 8 239.3 188.3 4 1.2 1.6 2.1 1.7 1.2 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.0% 9% 4.6% 4.2% 4% Bahrain Oman 3.5% 3.1% 8.8% 3.2% 7.8% 2.1% 0% -2.0% -9% 2% -12.7% -18% 0.0% 0.0% 0% -16.9% -27% Dubai Abu Dhabi Saudi Kuwait Egypt Average 20.0% 18% 5.4% 4.7% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Sunday , September 10, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DRAKE AND SCULL INTERNATIONAL 0.38 -1.80% 31,414 12,079 15,359 MARKA PJSC 0.66 -1.79% 1,903 1,268 8,988 7,878 ARAMEX PJSC 5.01 -1.76% 421 2,127 0.89% 3,738 4,206 DAMAC PROPERTIES DUBAI CO PSC 3.93 -1.26% 3,358 13,281 0.83% 729 879 GULF GENERAL INVESTMENT CO PSC 0.37 -1.08% 491 180 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) AL KHALEEJ INVESTMENT CO PJSC 1.85 14.91% 20 35 FOODCO HOLDING PJSC 5.22 -10.00% 2 8 DANA GAS PJSC 0.82 6.49% 205,706 163,536 SHARJAH ISLAMIC BANK PJSC 1.34 -2.19% 349 474 ABU DHABI NATIONAL ENERGY CO 0.63 3.28% 6,645 4,120 UNION NATIONAL BANK PJSC 4.17 -1.42% 127 533 AGTHIA GROUP PJSC 5.39 3.26% 35 184 ABU DHABI ISLAMIC BANK PJSC 3.72 -1.33% 182 680 ABU DHABI NATIONAL INSURANCE CO 3.70 3.06% 59 216 ALDAR PROPERTIES PJSC 2.29 -1.29% 5,311 12,241 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI RESEARCH AND MARKETING 75.00 3.73% 1,892 139,316 AL ALAMIYA FOR COOPERATIVE INSUR 29.50 -3.28% 83 2,480 EMAAR THE ECONOMIC CITY SJSC 15.04 3.58% 2,162 31,958 GULF GENERAL COOPERATIVE INSUR 18.20 -3.19% 713 13,192 SAUDI ARABIAN MINING CO SJSC 52.90 3.32% 1,233 64,183 MALATH COOPERATIVE INSURANCE 21.10 -2.76% 340 7,266 NAMA CHEMICALS COMPANY SJSC 19.60 3.16% 425 8,211 SAUDI INDIAN COMPANY FOR COOP 23.80 -2.14% 714 17,176 AL JAZIRA MAWTEN REIT 22.70 2.71% 4,423 99,074 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 40.30 -1.95% 532 21,662 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 132.00 20.00% 3 0 GULF INVESTMENT HOUSE KSCP 30.40 -8.71% 4,812 153 NATIONAL INTERNATIONAL HOLDING 71.50 6.56% 79 5 LIVESTOCK TRANSPORT AND TRADING 271.00 -8.45% 33 9 KUWAIT INSURANCE COMPANY SAKP 290.00 5.45% 0 0 AL MUDON INTERNATIONAL REAL EST 43.10 -6.10% 721 32 SAFAT GLOBAL HOLDING CO 30.20 4.14% 876 26 TAAMEER REAL ESTATE INVESTMENT 35.30 -4.34% 1 0 JAZEERA AIRWAYS CO KSCP 604.00 4.14% 170 101 MANAZEL HOLDING CO KPSC 40.10 -3.37% 1,700 69 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MINAPHARM PHARMACEUTICALS SAE 58.44 9.99% 0 15 1.38 -4.17% 614 866 ROWAD TOURISM COMPANY SAE 7.78 8.81% 214 1,599 UPPER EGYPT FLOUR MILLS SAE 112.01 -4.00% 1 69 ORASCOM HOTELS AND DEVELOP 12.51 7.01% 1,079 13,058 EGYPTIAN INTERNATIONAL PHARMA 128.00 -3.59% 109 14,197 UNITED ARAB STEVEDORING CO SAE 0.93 6.90% 7,355 6,620 INDUSTRIAL ENGINEERING CO 11.06 -3.24% 41 462 EGYPTIAN RESORTS CO SAE 1.18 6.31% 55,226 63,233 HOUSING AND DEVELOPMENT BANK 49.32 -2.59% 90 4,488 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) DLALA BROKERAGE AND INVESTMENT 16.68 5.57% 72 1,174 GULF WAREHOUSING CO QPSC 47.05 -4.37% 118 5,693 QATAR OMAN INVESTMENT CO QSC 8.50 4.94% 1 6 MANNAI CORPORATION QPSC 65.10 -4.17% 3 217 MEDICARE GROUP QSC 68.40 2.40% 9 576 MESAIEED PETROCHEMICAL HOLDING 13.00 -2.77% 16 207 QATAR GENERAL INSURANCE & REINS 35.60 1.71% 1 21 QATARI INVESTORS GROUP QSC 43.10 -2.05% 2 71 INVESTMENT HOLDING GROUP 7.37 1.52% 695 5,082 MAZAYA QATAR REAL ESTATE DEVEL 9.75 -2.01% 39 388 Close * DoD % Volume ('000) Value (AED ‘000) AMLAK FINANCE PJSC 1.14 1.79% 0 6,825 DUBAI INVESTMENTS PJSC 2.38 1.28% 0 UNION PROPERTIES PJSC 0.88 1.03% AIR ARABIA PJSC 1.13 SHUAA CAPITAL PSC 1.21 Dubai Top Gainers Qatar Egypt Kuwait Saudi Arabia Abu Dhabi Top Gainers AFAQ EDUCATIONAL SERVICES CO Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers ARAB VALVES CO SAE Top Losers 3
4. MENA Morning Report Sunday , September 10, 2017 Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * DoD % YTD % Volume ('000) Value (USD ‘000) 52w High * 52w Low * P/E P/B Div. Yield (T12M) 1 Saudi Basic Industries Corporation SJSC SA 79,840 99.80 0.5% 9.1% 2,307 61,406 105.40 76.00 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 42,147 17.80 -0.6% -5.3% 1,146 5,555 20.00 17.10 18 3.5 4.5% 3 Saudi Telecom Company SJSC SA 40,160 75.30 0.0% 0.0% 237 4,756 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank QPSC QA 32,216 127.97 -0.0% -13.6% 289 10,047 157.27 121.70 9 1.6 2.5% 5 First Abu Dhabi Bank PJSC AE 30,560 10.30 0.0% 3.1% 980 2,748 11.55 8.30 13 1.2 4.4% 6 Al Rajhi Banking & Investment Corp SA 29,293 67.60 -0.1% 7.3% 1,765 31,818 71.70 48.60 13 2.0 3.3% 7 National Commercial Bank SJSC SA 28,960 54.30 2.5% 27.5% 780 11,301 58.00 32.00 12 1.8 2.9% 8 Saudi Electricity Company SJSC SA 26,444 23.80 0.2% 6.3% 810 5,139 26.05 14.30 11 1.4 2.9% 9 DP World Ltd AE 18,185 21.91 -1.3% 25.1% 81 484 23.85 15.53 18 1.8 1.7% 10 Almarai Co SJSC SA 17,835 83.60 2.3% 22.0% 121 2,706 98.30 51.50 32 5.0 1.1% 11 Jabal Omar Development Co SJSC SA 17,101 69.00 0.7% -7.7% 90 1,657 76.00 46.00 74 6.3 0.0% 12 Emaar Properties PJSC AE 16,940 8.69 0.5% 21.9% 7,576 17,925 8.69 6.37 11 1.5 0.0% 13 Saudi Arabian Mining Co SJSC SA 16,483 52.90 3.3% 35.6% 1,233 17,395 53.80 27.80 242 2.4 0.0% 14 National Bank of Kuwait SAKP KW 14,819 754.00 0.5% 21.8% 3,100 7,777 754.00 533.33 15 1.4 3.8% 15 Industries Qatar QSC QA 14,592 88.49 0.2% -24.7% 189 4,539 122.00 87.97 21 1.6 4.5% 16 Samba Financial Group SJSC SA 13,099 24.56 0.2% 0.9% 2,080 13,624 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,484 8.25 0.0% -2.8% 771 1,731 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 11,643 608.00 1.8% 23.9% 4,348 8,795 609.00 418.18 18 1.9 2.5% 19 Saudi British Bank SJSC SA 10,800 27.00 2.7% 0.0% 237 1,709 28.40 16.40 11 1.2 2.6% 20 Banque Saudi Fransi SJSC SA 10,221 31.80 1.1% 21.8% 239 2,030 33.20 18.00 11 1.2 3.3% 21 Abu Dhabi Commercial Bank PJSC AE 10,176 7.19 0.4% 4.2% 2,812 5,505 7.68 5.66 9 1.2 5.6% 22 Kingdom Holding Co SA 10,159 10.28 -0.4% -14.0% 121 333 12.95 9.80 67 1.3 0.0% 23 Riyad Bank SJSC SA 9,120 11.40 1.2% -1.3% 981 2,984 11.80 8.55 12 0.9 5.7% 24 Emirates Islamic Bank PJSC AE 8,871 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,646 2.44 0.0% 0.0% 872 579 2.83 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,445 56.30 -0.5% 0.0% 118 1,767 61.75 39.90 15 2.1 0.0% 27 Dubai Islamic Bank PJSC AE 8,262 6.14 0.0% 10.2% 3,508 5,864 6.29 5.01 10 1.3 7.3% 28 Ezdan Holding Group QSC QA 8,003 11.07 -0.4% -26.7% 329 991 18.10 10.72 14 1.0 4.5% 29 Masraf Al Rayan QPSC QA 7,604 37.20 -1.1% -1.1% 414 4,194 45.40 33.05 14 2.3 5.4% 30 Ooredoo QSC QA 7,596 87.00 -0.1% -14.5% 64 1,516 116.10 86.00 15 1.2 4.0% Company Name Total M-Cap; W. Avg Yield 570,705 3.1% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services Authority). The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. 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