MENA Market Report - 13 November

Transcription

1. Weekly Investment Report Sunday , November 13, 2016 Economic & Market News Reuters: According to the US Labor Department, the number of Americans filing for unemployment benefits fell more than expected, underscoring the robustness of the labor market. Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 254,000 for the week ended Nov. 5. It was the 88th consecutive week that claims remained below 300,000, a threshold associated with a healthy labor market, the longest stretch since 1970. The claims data follows last Friday's monthly employment report for October, which showed a healthy gain of 161,000 jobs. With a strong jobs market, the Federal Reserve is still currently seen raising interest rates at its next meeting in December despite a shock victory for Republican Donald Trump in the U.S. presidential election. Zawya: Dubai Economy Tracker Index (DET) declined to 53.3 in October from 55.1 in September, signaling the slowest rate of expansion since April. October data signaled a further improvement in business conditions across Dubai’s private sector economy, underpinned by strong rises in output and incoming new work. At 53.2 in October, the seasonally adjusted Emirates NBD Dubai Economy Tracker Index registered above the crucial 50 no-change value for the eighth month running. While this is well above the neutral 50-level, it is lower than the 60.7 average recorded in the third quarter of this year. New work increased at the slowest rate in six months with this sub index at 55.4. Despite slower growth in new work and output, private sector firms in Dubai were more optimistic on average in October, with the business expectations index at 75.8, the highest reading since June 2015. AL Masah Capital: Last week was full of action on both the global and regional fronts. The unexpected election of Donald Trump over his rival Hillary Clinton acted as a surprise positive shock to the US markets, which saw their best week for a couple of years with Dow Jones going up by 5.4% and S&P500 surging by 3.8%. On the regional front Egypt and Saudi Arabia markets remain the stars in the region with each surging by 21.3% and 7.7% respectively for the week with Egypt extending its year to date performance to +52.56% and Saudi bringing its annual losses down to only 5%. The devaluation and the long waited IMF loan are the main drivers for the buying in the Egyptian market, while the regained confidence in the Saudi market and its long term potential helped in the market’s unexpected rise. On the other hand, UAE markets were not glowing like their two peers with Abu Dhabi being flat for the week while Dubai main index went down by 0.74%. The black gold is floundering again on the back of numerous speculations on its production cut, going back again to its 40s range and reaching a low of USD44.75. With a very eventful week behind us and volumes spiking, we can expect the coming week to be similarly action packed. How global markets continue to react to the new American order of power and oil possibly testing $40 will most likely dictate regional markets, although some profit taking in Egypt and Saudi may also be on the cards. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,274.06 -0.74% -1.75% 3.91% Oil (Brent) 44.75 -3.03% -7.35% 20.04% Abu Dhabi (ADSMI) 4,282.46 0.02% -0.41% -0.58% Natural Gas 2.62 -7.00% -13.45% 12.07% Saudi (SASEIDX) 6,528.05 7.72% 8.58% -5.55% Gold 1225.72 -4.34% -4.04% 15.53% Indexes Commodities & FX Kuwait (KWSE) 5,480.42 1.31% 1.47% -2.40% Silver 17.34 -4.80% -2.99% 25.35% Egypt (EGX30) 10,688.16 21.31% 27.45% 52.56% EURUSD 1.09 -2.56% -1.17% -0.09% Qatar (DSM) 9,960.95 0.05% -2.08% -4.49% GBPUSD 1.26 0.66% 2.92% -14.51% Bahrain (BHSEIDX) 1,160.94 1.45% 1.05% -4.52% USDJPY 106.67 3.44% 1.77% -11.33% Oman (MSM30) 5,417.67 -0.81% -1.16% 0.21% USDCHF 0.99 2.01% -0.14% -1.43% TR GCC (Reuters) 190.95 0.23% -1.05% -1.79% AUDUSD 0.76 -1.56% -0.78% 3.78% DJ MENA 483.72 4.09% 1.83% -2.86% USDCAD 1.35 1.03% 0.98% -2.16% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 18,847.66 5.36% 3.89% 8.16% 1 Month 0.538 0.59% -0.382 0.64% S&P 500 2,164.45 3.80% 1.80% 5.90% 2 Month 0.695 4.03% -0.354 1.89% NASDAQ 4,751.95 1.96% -1.03% 3.45% 3 Month 0.906 2.57% -0.331 2.39% 337.50 2.65% -0.43% -7.74% 6 Month 1.262 1.37% -0.214 -0.14% FTSE 100 6,730.43 0.56% -3.22% 7.82% 12 Month 1.588 1.85% -0.075 -5.71% DAX 10,667.95 3.98% 0.03% -0.70% CAC 40 4,489.27 2.55% -0.44% -3.19% Nikkei 225 17,374.79 2.78% -0.29% -8.72% SENSEX 26,818.82 -1.67% -3.98% 2.69% Shanghai Composite 3,196.04 2.26% 3.08% -9.70% Hang Seng 22,531.09 -0.49% -1.76% 2.81% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , November 13, 2016 Economic & Market News (continued) Reuters: OPEC reported an increase in its oil production in October to a record high led by members hoping to be exempt from the producer group's attempt to curb supply, weighing on prices and pointing to a larger global surplus in 2017. OPEC pumped 33.64 million barrels per day (bpd) in October, up by 240,000 bpd in September. The OPEC figures point to a bigger surplus than those of the International Energy Agency and underline OPEC's challenge in restraining supplies. Oil LCOc1 fell below USD 45 a barrel after the report was released, having reached a 2016 high near $54 after OPEC's deal was announced in September. The supply boost mostly came from Libya, Nigeria and Iraq - members that have sought to be exempt from cuts due to conflict. Iran, seeking an exemption as output was held back by Western sanctions, also pumped more. In the report, OPEC trimmed its forecast of nonOPEC supply this year, although supply growth in 2017 is put at 230,000 bpd, little changed from last month. With demand for OPEC crude in 2017 expected to average 32.69 million bpd, the report indicates there will now be an average surplus of 950,000 bpd if OPEC keeps output steady. Last month's report pointed to an 800,000 bpd surplus. Reuters: According to a survey conducted by the Bank of England, British firms expect to slow down the pace of their business investment over the next 12 months. Overall, firms in the survey reported expectations of broadly stable or slightly lower investment spending in the year ahead, after quite a significant increase in investment over the past year. The survey published on Wednesday covered around 340 businesses accounting for 330,000 employees in Britain and GBP 8.6 billion pounds (USD 10.64 billion) of capital spending. It also showed firms expected to keep their employment levels broadly stable over the next six months and that pay increases would be in the 1-3% range. Zawya: As per the new report from BMI Research, fiscal pressures on Qatar are expected to ease from 2017, as modest gains in hydrocarbon prices result in a recovery in revenues and the government’s diversification efforts start to pay off. The government will maintain its efforts to increase its revenue base and to rationalize spending. The recovery in oil prices in 2017 would have a “positive” impact on Qatar’s public finances. Hydrocarbons accounted for around 60% of total government revenues before the slump in oil prices since late 2014. With BMI’s Oil and Gas team expecting Brent prices to average USD 55 per barrel in 2017, up from USD 45.5 in 2016, government revenues will return to positive territory. The government will continue efforts to diversify revenue and rationalize expenditures. In August 2016, Doha introduced a QAR35 (USD 10) airport tax for passengers leaving the country (including those in transit). US Government Bonds - Yield to Maturity (%) 2.930 3 2.601 2.118 1.812 2 1.529 1.263 1 0.373 0.292 0.238 0.516 0.475 0.626 0.587 0.907 0.813 0.724 0 1M 3M 6M 12M 2Y Last Week 5Y 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 40 120 30 110 100 20 90 10 80 70 PE MENA Market - Price Ratios 16 13.9 12.7 12 8.9 Oct-16 Nov-16 Sep-16 Jul-16 600 12.9 480.0 12.3 10.3 367.3 8.1 300 218.2 162.5 1.2 Aug-16 Jun-16 Apr-16 May-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Nov-15 Sep-15 Jul-15 Jun-15 Apr-15 Jan-15 5-Year CDS Rates (basis points) PB 8 4 Aug-15 MSCI Asia ex. Japan May-15 Nikkei 225 Mar-15 TR MENA Aug-16 Oct-16 Feb-15 STOXX Europe 600 Jun-16 Oct-14 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Dec-14 S&P 500 Jun-15 Nov-14 0 60 Oct-14 Dec-14 Feb-15 Apr-15 1.3 1.9 1.5 - - 1.5 - 0.8 1.1 1.5 Kuwait Egypt Data and News Source: Thomson Reuters Qatar Bahrain 92.6 70.9 - 0 Dubai Abu Dhabi Saudi 136.1 Oman Average - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Sunday , November 13, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 101.30 101.85 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 2.07 1.64 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.57 1.57 AA 112.12 112.22 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.33 1.36 AAA 100.59 100.63 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.41 0.41 AA 114.28 114.32 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.55 103.94 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.90 2.89 117.70 118.25 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.08 2.11 AAA 100.35 100.38 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.17 4.17 AA 157.48 158.48 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.68 7.93 B3 91.28 92.78 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.93 2.98 AAA 101.38 101.44 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.71 7.71 BB+ 80.50 80.75 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2016 5.83 53.84 2.53 A+ 99.88 99.91 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.19 2.19 A3 108.44 108.53 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.31 2.31 A3 110.74 110.88 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.24 2.19 A+ 112.47 112.59 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 2.99 2.94 Baa2 100.36 100.50 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.26 2.26 AA 109.63 110.38 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.20 2.20 AA 103.25 104.00 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.52 2.52 A+ 105.76 105.85 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.74 1.74 A3 100.03 100.28 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.00 3.00 A+ 105.97 106.72 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.84 3.85 Baa2 104.75 105.25 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.28 3.26 A3 103.31 103.66 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.03 4.03 A+ 112.38 112.53 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.17 4.17 A+ 117.12 117.32 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 6.10 6.10 Baa2 108.79 109.79 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.74 6.99 98.75 99.75 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.83 5.89 101.85 102.10 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , November 13, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.4830 0.7429 N/A 1.3134 1.5926 1.9511 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.41 0.37 0.60 0.85 1.15 1.40 1.50 1.65 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.55 1.88 2.01 2.49 2.57 3.25 3.86 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.97 2.07 2.20 2.35 2.44 2.55 Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.41 1.91 1.85 2.09 1.95 2.00 2.15 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.37 2.72 2.98 3.28 3.64 4.14 4.56 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.19 1.50 1.75 2.06 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.37 1.56 0.35 0.41 0.34 0.62 0.56 0.77 1.25 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.53 1.71 1.88 2.00 2.10 2.2700 2.4800 O/N < 1 Week 1 Week < 1 Month 1 Month > 1 Month 10.90 9.20 9.31 11.10 11.10 8.85 Re Discount Lending Benchmark 9.25 9.75 8.75 Bank Rates T-Bill Yields QIBOR Qatar T/N 0.54 Deposit Rates 1 Week 1 Month 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 10.80 11.30 11.50 11.65 11.75 11.80 12.40 12.70 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1.47 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.30 1.25 1.45 1.75 1.32 1.75 2.20 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 QCB Interest Rates Bahrain BHIBOR O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.70 0.85 1.40 1.58 1.88 1.95 2.13 2.35 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.50 0.23 2.50 2.50 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.50 2.85 3.11 3.35 3.58 3.87 4.20 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , November 13, 2016 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) DAR AL TAKAFUL PJSC 0.98 -4.76% 131.91% 98 1,529 AL SALAM BANK SUDAN PLC 1.16 -3.33% -12.37% 141 2,318 EMIRATES INTEGRATED TELECOMM 5.85 -3.31% 14.71% 26,743 AIR ARABIA PJSC 1.26 -3.08% -7.35% 5,880 MASHREQBANK PSC 65.00 -2.84% -20.73% 11,540 Close * WTD % YTD % Mkt. Cap. (AED mln) ABU DHABI SHIP BUILDING PJSC 2.70 -10.00% -6.90% 572 536 RAS AL KHAIMAH CERAMICS PSC 2.42 -8.68% -27.19% 2,077 -13.48% 610 ABU DHABI NATIONAL FOR BUILDING 0.54 -6.90% 20.00% 162 21.82% 1,340 ABU DHABI NATIONAL ENERGY CO 0.57 -3.39% 21.28% 3,458 6.25% -15.00% 1,275 GULF CEMENT CO PSC 0.93 -3.12% -3.12% 764 Close * WTD % YTD % Mkt. Cap. (SAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (SAR mln) SAUDI CERAMIC CO SJSC 30.20 27.70% -35.19% 1,510 BASIC CHEMICAL INDUSTRIES CO SJSC 27.90 -10.29% 36.76% 767 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 28.30 21.98% -59.86% 5,944 NATIONAL COMMERCIAL BANK SJSC 42.20 -1.86% -17.25% 84,414 SAUDI RESEARCH AND MARKETING 22.95 21.11% -60.26% 1,836 SAUDI PRINTING AND PACKAGING CO 14.10 18.99% -46.39% 846 AL JOUF CEMENT CO SJSC 8.60 17.81% -18.87% 1,118 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) INOVEST BSC 76.00 26.67% 38.18% 22 PRIVATIZATION HOLDING CO KPSC 44.00 -22.67% -28.74% 27 AL MASAKEN INTERNATIONAL REAL 49.00 22.50% -56.25% 5 REAL ESTATE TRADE CENTERS CO 29.00 -14.71% 23.40% 4 NOOR FINANCIAL INVESTMENT CO 48.50 21.25% 0.00% 20 IFA HOTELS AND RESORTS CO KSCP 150.00 -10.71% -26.47% 96 YIACO MEDICAL COMPANY KPSC 236.00 19.19% 66.20% 43 HOUSING FINANCE CO KSCP 47.00 -9.62% 49.21% 11 IKARUS PETROLEUM INDUSTRIES CO 35.00 18.64% -61.11% 28 CONTRACTING AND MARINE SERVICES 80.00 -8.05% -24.53% 18 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Top Losers Close * WTD % YTD % Mkt. Cap. (EGP mln) ALEXANDRIA CONTAINER AND CARGO 114.86 48.24% 122.66% 16,579 GLAXOSMITHKLINE SAE 10.35 -7.26% -2.54% 844 EASTERN CO SAE Close * WTD % YTD % Mkt. Cap. (AED mln) SHUAA CAPITAL PSC 1.41 29.36% 247.29% 1,502 NATIONAL CENTRAL COOLING CO PJSC 2.07 15.64% 72.50% AMANAT HOLDINGS PJSC 0.93 7.79% 16.60% GULF NAVIGATION HOLDING PJSC 1.32 7.32% 112.90% 728 ARAMEX PJSC 3.77 5.60% 19.30% 5,520 Close * WTD % YTD % Mkt. Cap. (AED mln) ESHRAQ PROPERTIES COMPANY PJSC 1.02 27.50% 85.45% 2,372 UNION INSURANCE CO PSC 1.62 13.29% 33.88% RAS AL KHAIMAH WHITE CEMENT PSC 1.22 9.91% RAK PROPERTIES PJSC 0.67 8.06% MANAZEL REAL ESTATE PJSC 0.51 Dubai Top Gainers Abu Dhabi Top Gainers Egypt Kuwait Saudi Top Gainers Top Losers Top Losers 287.10 40.05% 64.06% 14,013 SUEZ CANAL COMPANY FOR TECH 13.40 -7.71% -0.74% 1,189 ARABIAN FOOD INDUSTRIES CO SAE 7.23 35.14% 3,515.00% 1,995 EXPORT DEVELOPMENT BANK 8.80 -7.76% 5.39% 1,237 JUHAYNA FOOD INDUSTRIES SAE 5.83 34.95% -26.94% 5,358 GULF ARAB INVESTMENT CO SAE 0.23 -8.00% -11.54% 8 CREDIT AGRICOLE EGYPT SAE 31.01 34.36% 49.52% 9,412 SUEZ BAGS CO SAE 24.82 -9.58% -19.94% 265 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) MEDICARE GROUP QSC 62.80 12.14% -47.36% 1,767 COMMERCIAL BANK QSC 33.40 -8.37% -27.23% 10,909 GULF INTERNATIONAL SERVICES QSC 30.25 8.04% -41.26% 5,622 QATAR FIRST BANK LLC 9.36 -2.80% 0.00% 1,872 QATARI INVESTORS GROUP QSC 57.20 7.92% 51.72% 7,111 AHLI BANK QSC 39.00 -2.62% -11.07% 7,441 QATARI GERMAN COMPANY 10.18 6.04% -25.80% 118 QATAR NATIONAL BANK SAQ 153.00 -2.36% 4.91% 128,470 324 DOHA BANK QSC 35.20 -2.22% -20.90% 9,095 Top Gainers Qatar Top Losers ISLAMIC HOLDING GROUP QSC 57.20 Data and News Source: Thomson Reuters 5.93% -27.32% 5
6. Weekly Investment Report Sunday , November 13, 2016 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 69,011 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,624 86.25 1.8% 12.4% 91.00 59.50 15.8 1.6 6.4% 18.00 -4.5% 11.8% 20.20 14.95 17.1 3.7 4.4% 3 QATAR NATIONAL BANK SAQ QA 35,289 153.00 -4.4% 4.9% 169.80 122.50 10.5 1.7 1.6% 4 SAUDI TELECOM CO SJSC SA 34,539 64.75 11.6% -5.1% 69.75 51.00 15.7 2.2 6.2% 5 AL RAJHI BANKING & INVESTMENT CORP SA 27,196 62.75 10.6% 20.7% 63.25 44.70 12.7 2.0 2.4% 6 NATIONAL COMMERCIAL BANK SJSC SA 22,510 42.20 -3.7% -17.3% 54.25 32.00 9.2 1.4 3.7% 7 SAUDI ELECTRICITY CO SJSC SA 20,670 18.60 2.2% 18.1% 21.80 12.40 25.4 1.2 3.8% 8 JABAL OMAR DEVELOPMENT CO SJSC SA 17,166 69.25 13.5% 24.8% 70.00 40.80 110.8 6.4 0.0% 9 INDUSTRIES QATAR QSC QA 17,117 103.00 1.0% -7.3% 119.90 88.00 18.7 1.9 4.9% 10 FIRST GULF BANK PJSC AE 14,642 11.95 3.9% -5.5% 13.50 9.90 8.8 1.5 8.4% 11 DP WORLD LTD AE 14,110 17.00 -5.3% -16.3% 20.30 16.05 14.2 1.6 1.8% 12 EMAAR PROPERTIES PJSC AE 13,062 6.70 -3.9% 17.8% 7.46 4.22 10.3 1.2 2.2% 13 ALMARAI CO SJSC SA 12,962 60.75 3.8% 3.5% 66.00 40.88 24.0 3.8 1.4% 14 NATIONAL BANK OF ABU DHABI PJSC AE 12,597 8.88 0.3% 11.6% 10.35 6.86 9.9 1.0 5.1% 15 SAUDI ARABIAN MINING CO SJSC SA 12,372 39.70 2.3% 19.6% 43.20 25.70 122.3 1.7 0.0% 16 SAMBA FINANCIAL GROUP SJSC SA 11,842 22.20 11.6% -4.9% 23.55 15.90 8.6 1.1 4.1% 17 EMIRATES NBD BANK PJSC AE 11,804 7.80 -2.5% 5.4% 8.89 6.25 6.3 0.8 5.1% 18 EZDAN HOLDING GROUP QSC QA 11,512 15.80 0.6% -0.6% 20.24 12.10 24.2 1.4 3.2% 19 NATIONAL BANK OF KUWAIT SAKP KW 11,372 610.00 3.4% -18.0% 799.36 550.00 12.3 1.1 4.6% 20 KINGDOM HOLDING CO SA 10,279 10.40 0.0% -33.8% 21.20 9.80 75.9 1.4 4.8% 21 EMAAR MALLS GROUP PJSC AE 9,001 2.54 -1.2% -8.0% 3.10 2.02 17.8 2.2 3.9% 22 ABU DHABI COMMERCIAL BANK PJSC AE 8,867 5.82 -5.2% -11.7% 7.36 5.20 7.2 1.0 7.7% 23 KUWAIT FINANCE HOUSE KSCP KW 8,843 510.00 7.4% 3.9% 545.45 395.45 13.4 1.5 3.0% 24 SAFAT GLOBAL HOLDING CO KW 8,722 39.50 0.0% 0.0% 49.50 39.50 0.0 0.0 0.0% 25 SAUDI BRITISH BANK SJSC SA 8,601 21.50 13.2% -13.1% 28.40 16.40 7.6 1.1 3.5% 26 RIYAD BANK SJSC SA 8,361 10.45 4.5% -15.7% 12.75 8.55 8.0 0.8 6.7% 27 OOREDOO QSC QA 8,359 95.00 -2.1% 26.7% 107.00 60.00 13.9 1.3 3.2% 28 BANQUE SAUDI FRANSI SJSC SA 8,195 25.50 14.1% -8.9% 29.50 18.00 7.5 1.1 4.1% 29 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,640 68.75 9.6% -16.9% 88.25 58.00 25.0 4.3 8.7% 30 EMIRATES INTEGRATED TELECOMM CO AE 7,282 5.85 -3.8% 14.7% 6.99 4.89 14.5 3.5 7.4% 31 YANBU NATIONAL PETROCHEMICALS CO SA 7,036 46.90 2.9% 44.3% 50.50 23.80 12.6 1.7 4.3% 32 MASRAF AL RAYAN QSC QA 6,943 33.70 -2.6% -10.4% 40.10 28.60 11.9 2.1 5.2% 33 DUBAI ISLAMIC BANK PJSC AE 6,863 5.10 -2.7% -9.6% 5.96 4.51 6.4 1.1 8.1% 34 QATAR ISLAMIC BANK SAQ QA 6,562 101.10 -1.3% -5.2% 118.00 75.10 11.6 1.3 4.2% 35 QATAR ELECTRICITY AND WATER CO QSC QA 6,285 208.00 -1.0% -3.9% 235.80 175.10 14.4 3.0 3.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , November 13, 2016 Top 50 MENA Stocks by Market Capitalization — Continued (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 36 MOBILE TELECOMMUNICATIONS CO KW 5,797 405.00 3.8% 15.7% 435.00 320.00 9.8 1.0 7.4% 37 ALINMA BANK SJSC SA 5,681 14.20 5.6% -3.7% 15.60 10.75 14.1 1.1 3.5% 38 QATAR INSURANCE CO SAQ QA 5,637 85.10 -2.9% 22.4% 91.70 58.50 17.2 2.6 2.5% 39 ALDAR PROPERTIES PJSC AE 5,566 2.60 -1.5% 12.1% 2.99 1.81 7.3 1.0 3.8% 40 MESAIEED PETROCHEMICAL HOLDING CO QA 5,276 15.29 -5.0% -21.2% 21.00 14.01 18.9 1.4 4.6% 41 SAVOLA GROUP CO SJSC SA 5,127 36.00 14.6% -27.7% 57.50 27.80 16.3 1.9 5.6% 42 ARAB NATIONAL BANK SA 4,907 18.40 13.2% -22.2% 27.00 14.25 6.4 0.8 5.4% 43 COMMERCIAL INTERNATIONAL BANK EG 4,617 67.22 30.0% 76.5% 68.34 28.90 15.8 4.5 1.1% 44 ETIHAD ETISALAT CO SJSC SA 4,477 21.80 20.1% -22.7% 32.20 16.40 0 1.1 0.0% 45 AHLI UNITED BANK BSC BA 4,343 0.64 0.0% -4.1% 0.68 0.59 7.7 1.1 6.7% 46 NATIONAL SHIPPING CO OF SAUDI ARABIA SA 4,022 38.30 14.7% -17.8% 51.50 28.30 7.5 1.5 6.5% 47 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 48 COMMERCIAL BANK OF DUBAI PSC AE 3,816 5.00 0.0% -20.6% 6.35 4.65 16.4 1.7 4.0% 49 MAKKAH CONSTRUCTION & DEV SA 3,791 86.25 1.8% -7.3% 97.00 65.00 44.2 1.8 2.9% 50 QATAR FUEL QSC QA 3,545 141.50 -2.1% 3.6% 162.00 100.00 11.3 1.8 5.0% Company Name Total MCap; Weighted Avg Div Yield 610,860 4.3% Data and News 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. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization's estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. Copyright © 2015 Al Masah Capital Management Limited 7