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MENA Market Report - 17 July

IB Insights
By IB Insights
5 years ago
MENA Market Report - 17 July

Ard, Islam, Mal, Takaful


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  1. MENA Morning Report Monday , July 17, 2017 Overview Regional Markets: MENA region started the week on a mixed note as four out of the eight indexes closed in green, while three closed in red and one remained unchanged for the day. The movement in regional markets was driven by the sentiments seen in global markets coupled with the rise in oil prices towards the end of the previous week. Quarterly earnings are also driving the movements within regional markets as it will provide clarity to investors about the health of regional economies. For the day, Dubai was the best performing index as it was up by 1.0%, following the gains of 4.0% recorded in the previous week. Abu Dhabi closed marginally higher by 0.1% for the day, adding to the gains recorded during the month. Qatar was the worst performer as it was down by 1.3% for the day, giving some of the gains of 6.1% recorded in the previous week. Oman was down by 1.1% for the day, which was dragged lower by disappointing second quarter earnings, further substantiating the impact of oil prices and austerity measures taken by the government. Saudi Arabia closed higher by 0.5% for the day, mainly supported by the rise in oil prices. The market breadth was skewed towards advancers with 126 compared to 42 decliners during the session. Kuwait closed higher by 0.3% for the day, remaining in the positive territory for the month. Egypt closed flat for the day, after rising by 3.4% in the previous week. Bahrain closed on a negative note as it was down by 0.3% for the day, International Markets: At the time of writing this report, Asian markets have opened on a slightly positive note as Nikkei and Hang Seng are up by 0.1% and 0.6% respectively, while Shanghai is down by 0.1%. Headlines (WW) US budget deficit to spike to $702b (ME) Middle East debt issuance surge on GCC sovereign issuances (WW) Plodding US economy at odds with soaring financial markets (GCC) OPEC cuts to weigh heavily on GCC economic growth (WW) US-China rifts widen despite economic headway (AE) Dubai SME and Souq.com in deal to boost SME sector (WW) China's economy slows in 2Q (AE) UAE economy to feel impact of further declines in oil prices (WW) China's Xi orders debt crackdown for state-owned groups (AE) IMF lowers 2017, 2018 UAE growth forecasts (WW) China central bank told by Xi to play bigger role in managing financial risk (AE) UAE economy to bounce back as oil prices recover (WW) London property faces a bear market in 2018 (AE) Abu Dhabi inaugurates new port to boost trade (WW) UK budget watchdog warns of long-term Brexit risk for public finances (AE) Dubai Economy issues 10,455 commercial licenses in H1 (WW) Roughly 4-in-10 UK firms report Brexit hit to investment (AE) UAE's ministry starts infrastructure work at RAK project (CMD) Saudi curbs oil shipments to US to lift prices (EG) IMF strongly supports Egypt's economic reforms (CMD) Gold price sustains stability on improved trading (EG) Egypt expects global oil prices to growth 19% by year-end (FX) Australian dollar surges past US78¢ to a two-year high (OM) Omani economy expected to continue slowdown this year (FX) Dollar Bears' Case Grows Stronger as Wagers on Fed Hikes Fade (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,573.00 1.0% 1.0% Abu Dhabi (ADSMI) 4,524.00 0.1% 0.1% 5.3% 1.2% ˄ ˅ ˅ 2.2% -0.5% ˅ ˅ ˄ Saudi (SASEIDX) 7,348.76 0.5% 0.5% -1.0% 1.9% ˄ ˄ ˄ Kuwait (KWSE) 6,808.88 0.3% 0.3% 0.7% 18.5% ˄ ˅ ˄ Egypt (EGX30) 13,815.77 -0.0% -0.0% 3.1% 11.9% ˄ ˄ ˄ Qatar (DSM) 9,343.57 -1.3% -1.3% 3.5% -10.5% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,314.09 -0.3% -0.3% 0.3% 7.7% ˅ ˅ ˄ Oman (MSM30) 5,063.76 -1.1% -1.1% -1.1% -12.4% ˅ ˅ ˅ 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) 176 293 355 69 96 134 82,487 Abu Dhabi (ADSMI) 143 108 125 125 48 58 134,333 Saudi (SASEIDX) 129 178 183 661 821 892 461,549 Index Kuwait (KWSE) 51 99 296 30 44 92 75,578 Egypt (EGX30) 260 293 294 34 75 82 20,865 Qatar (DSM) 5 11 11 36 80 91 111,248 Bahrain (BHSEIDX) 2 4 4 1 2 2 20,357 Oman (MSM30) 11 13 17 6 6 9 14,161 * 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 Monday , July 17, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 14.2 12.5 11.1 12 11.4 386.2 8.5 300 8 239.3 188.3 4 1.2 Current 489.3 12.5 9.5 1.5 2.1 1.7 1.4 0.9 0.9 Qatar Bahrain Oman - - - 178.1 106.9 87.2 1.4 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 27% 18.5% 6.1% 6% Previous 600 4.9% 18% 5.4% 11.9% 9% 4.4% 4.2% 4% 3.5% 3.0% 0% -0.5% -9% 2% -10.5% -18% 0.0% 7.7% 1.9% 1.2% -12.4% 0.0% 0% -27% Dubai Abu Dhabi Saudi Kuwait 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 Monday , July 17, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAB INSURANCE GROUP BSC 1.50 -10.00% 5 8 3 EMAAR MALLS GROUP PJSC 2.52 -1.19% 722 1,831 10,081 12,103 AL SALAM BANK SUDAN PLC 1.82 -1.10% 1,156 2,115 2.63% 1,860 2,094 MARKA PJSC 0.72 -0.69% 457 330 1.74% 1,778 2,027 DXB ENTERTAINMENTS PJSC 0.76 -0.40% 4,916 3,734 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL HOTELS CO 3.00 6.67% 1 3 RAS AL KHAIMAH CEMENT CO PSC 0.81 -4.94% 14 11 SHARJAH CEMENT AND INDUSTRIAL 1.03 5.83% 37 37 DANA GAS PJSC 0.68 -1.47% 24,347 16,680 NATIONAL BANK OF UMM AL QAIW 2.95 5.08% 944 2,718 RAS AL KHAIMAH CERAMICS PSC 2.38 -1.26% 28 66 SUDATEL TELECOM GROUP LTD 0.53 3.77% 1,736 903 INTERNATIONAL FISH FARMING HOLD 1.69 -0.59% 2,311 3,916 ARKAN BUILDING MATERIALS CO PJSC 0.69 2.90% 408 277 ABU DHABI ISLAMIC BANK PJSC 3.53 -0.57% 2,398 8,490 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI RESEARCH AND MARKETING 48.65 9.97% 174 8,098 ARAB SEA INFORMATION SYSTEMS CO 13.70 -7.01% 20 288 SAUDI PRINTING AND PACKAGING CO 17.18 8.50% 5,499 90,778 DEVELOPMENT WORKS FOOD CO 70.00 -5.00% 11 756 AL BAHA INVESTMENT & DEVELOP 22.16 8.30% 2,865 61,056 MAKKAH CONSTRUCTION & DEVELOP 96.40 -2.49% 141 13,803 SAUDI FISHERIES CO SJSC 26.75 8.04% 2,217 57,099 AL KATHIRI HOLDING CO 22.20 -1.80% 73 1,641 BURUJ COOPERATIVE INSURANCE CO 30.40 4.61% 449 13,361 NAMA CHEMICALS COMPANY SJSC 14.62 -1.37% 131 1,924 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ARABI GROUP HOLDINGS KSCP 76.00 19.08% 68 5 EYAS FOR HIGER AND TECHNICAL 899.00 -5.45% 0 0 METAL AND RECYCLING CO KSCP 92.00 17.39% 151 13 AL MASSALEH REAL ESTATE CO KSCP 43.90 -5.01% 0 0 WARBA INSURANCE COMPANY KSCP 77.10 16.73% 21 2 FIRST TAKAFUL INSURANCE CO KPSC 52.00 -3.85% 93 5 HAYAT COMMUNICATIONS CO KSCP 90.00 9.67% 48 4 HEAVY ENGINEERING INDUSTRIES 209.00 -3.83% 32 7 ALAFCO AVAIATION LEASE & FINANCE 334.00 7.78% 506 163 KUWAIT CABLE VISION COMPANY 30.00 -3.67% 339 10 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR REFRIGERATION AND AC 87.18 9.97% 2 146 ARAB CO FOR LAND RECLAMATION 7.56 -6.48% 8 66 ASEC CO FOR MINING SAE 10.38 8.48% 391 3,903 DELTA CO FOR CONSTRUCTION 6.04 -4.97% 27 164 GENERAL COMPANY FOR CERAMIC 4.19 8.35% 970 3,908 MOHANDES INSURANCE CO SAE 8.64 -4.63% 2 14 NATIONAL COMPANY FOR HOUSING 21.33 8.25% 5 105 MIDDLE AND WEST DELTA FLOUR 104.11 -3.89% 2 217 ARAB MOLTAQA INVESTMENTS CO 17.29 5.78% 15 246 MIDDLE EGYPT FLOUR MILLS CO SAE 47.77 -3.68% 29 1,409 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) VODAFONE QATAR QSC 8.60 1.28% 1,770 15,122 DOHA INSURANCE CO QSC 14.73 -4.28% 3 40 WIDAM FOOD CO QSC 58.90 0.51% 43 2,546 QATAR ELECTRICITY AND WATER CO 206.00 -3.40% 52 10,847 DLALA BROKERAGE AND INVESTMENT 19.09 0.05% 99 1,889 AL KHALEEJ TAKAFUL GROUP QSC 17.25 -2.32% 11 190 QATAR FIRST BANK LLC 7.80 0.00% 367 2,862 QATAR FUEL QSC 112.00 -2.23% 25 2,837 QATAR ISLAMIC INSURANCE CO QSC 64.90 0.00% 0 1 QATARI INVESTORS GROUP QSC 48.80 -1.84% 13 656 Close * DoD % Volume ('000) Value (AED ‘000) DAMAC PROPERTIES DUBAI CO PSC 4.01 6.48% 0 42,420 EMIRATES ISLAMIC BANK PJSC 5.80 3.45% 0 SHUAA CAPITAL PSC 1.22 3.28% AJMAN BANK PJSC 1.14 DAR AL TAKAFUL PJSC 1.15 Dubai Top Gainers Saudi Arabia Abu Dhabi Top Gainers Egypt Kuwait Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
  4. MENA Morning Report Monday , July 17, 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 81,122 101.40 0.2% 10.8% 3,035 82,080 105.40 76.00 15 1.9 5.9% 2 Emirates Telecommunications Group Co AE 43,096 18.20 0.0% -3.2% 348 1,724 20.20 17.10 18 3.5 4.4% 3 Saudi Telecom Company SJSC SA 39,521 74.10 0.3% 0.0% 42 833 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 33,951 134.90 -1.3% -8.9% 195 7,160 157.27 121.70 10 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 31,303 10.55 0.0% 5.6% 31,281 89,853 11.55 8.30 10 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 28,731 66.30 0.2% 5.2% 2,346 41,477 71.70 48.60 13 2.1 3.4% 7 National Commercial Bank SJSC SA 27,307 51.20 -0.4% 20.2% 322 4,395 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,511 23.86 -0.3% 6.5% 523 3,329 26.05 14.30 12 1.4 2.9% 9 DP World Ltd AE 18,634 22.45 0.2% 28.2% 40 243 23.85 15.53 19 2.1 1.7% 10 Almarai Co SJSC SA 18,262 85.60 0.1% 25.0% 46 1,050 98.30 51.50 34 5.4 1.1% 11 Jabal Omar Development Co SJSC SA 17,523 70.70 1.0% -5.4% 87 1,639 76.00 46.00 75 6.4 0.0% 12 Industries Qatar QSC QA 16,469 99.90 -1.1% -15.0% 26 712 122.00 91.10 19 1.9 0.0% 13 Saudi Arabian Mining Co SJSC SA 15,861 50.90 0.4% 30.5% 228 3,101 53.80 27.80 843 2.3 0.0% 14 Emaar Properties PJSC AE 15,537 7.97 0.4% 11.8% 1,941 4,212 8.08 6.37 11 1.3 1.9% 15 Samba Financial Group SJSC SA 13,814 25.90 1.6% 6.4% 875 6,043 27.10 15.90 10 1.2 3.7% 16 National Bank of Kuwait SAKP KW 13,432 687.00 0.3% 11.0% 556 1,263 723.81 533.33 14 1.3 4.2% 17 Emirates NBD Bank PJSC AE 12,257 8.10 0.0% -4.6% 397 876 9.00 7.60 7 0.8 4.9% 18 Saudi British Bank SJSC SA 10,840 27.10 0.4% 8.4% 140 1,014 28.40 16.40 11 1.3 2.6% 19 Banque Saudi Fransi SJSC SA 10,540 32.80 1.4% 0.0% 83 725 33.20 18.00 11 1.3 3.2% 20 Abu Dhabi Commercial Bank PJSC AE 10,148 7.17 0.3% 3.9% 26 51 7.68 5.66 9 1.3 5.6% 21 Kingdom Holding Co SA 9,834 9.95 -0.4% -16.7% 50 134 12.95 9.80 69 1.3 5.0% 22 Kuwait Finance House KSCP KW 9,487 498.00 0.4% 1.4% 838 1,380 572.73 400.00 13 1.6 0.0% 23 Ezdan Holding Group QSC QA 9,056 12.53 -0.2% -17.1% 119 406 20.24 10.72 15 1.1 4.0% 24 Emirates Islamic Bank PJSC AE 8,871 6.00 3.4% 0.0% 1 1 11.95 1.57 110 4.7 0.0% 25 Emaar Malls Group PJSC AE 8,823 2.49 -1.2% 0.0% 722 490 3.00 2.38 17 2.0 0.0% 26 Riyad Bank SJSC SA 8,736 10.92 0.7% 0.0% 738 2,150 11.80 8.55 10 0.9 0.0% 27 Masraf Al Rayan QSC QA 8,481 41.50 -1.4% 10.4% 369 4,175 45.40 33.05 15 2.7 4.8% 28 Yanbu National Petrochemicals Co SJSC SA 8,130 54.20 0.0% 0.4% 181 2,620 61.75 39.90 12 1.9 5.5% 29 Ooredoo QSC QA 8,108 92.90 -1.3% -8.7% 16 408 116.10 88.20 16 1.4 3.8% 30 Dubai Islamic Bank PJSC AE 7,805 5.80 0.9% 4.1% 1,184 1,870 6.29 5.01 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 572,188 3.1% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an 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 for professionals 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. Moreover, 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. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. 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. Copyright © 2015 Al Masah Capital Management Limited 4