MENA Market Report - 18 September

Transcription

1. MENA Morning Report Sunday , September 18, 2016 Overview Regional Markets: MENA markets closed mostly on a negative note as trading activity remain subdued on the back of holiday week across the regio n. The weakness seen in global equities for most of the week also weighed on regional markets. Further, oil prices also witnessed downward pressure, resulting in sluggishness in regional markets, which closely follows the commodity. The trading activity will remain subdued for the next couple of weeks as investors will look for cues from third quarter earnings from the start of next month. For regional markets, UAE, Egypt and Bahrain were open, while the rest of the markets were closed for Eid. For the day, Egypt was the worst performer after it closed down by 1.9%, second consecutive trading session of losses. The index was down by 2.6% in the past two trading sessions of the week on the back of bearish sentiments seen in the global markets. UAE markets also closed lower as Dubai and Abu Dhabi were both down by 1.1% and 0.4% respectively. Both indexes were dragged lower by intensified selling in real estate and construction related sector stocks. Bahrain was up by 0.4% for the day. All of the rest of the GCC markets are likely to open today on a slightly negative note as they will align themselves with the sentiments seen in the global markets and movement in the oil prices. International Markets: US markets closed on a negative note as Dow Jones, S&P and Nasdaq were all down by 0.5%, 0.4% and 0.1% respectively for the d ay. European markets were also down as FTSE, CAC and DAX all down by 0.3%, 0.9% and 1.5% respectively for the day. Asian markets closed the last trading session of the week on a mixed note as Hang Sang and Nikkei were up by 0.6% and 0.7%, while Shanghai was down by 0.7%. Headlines (WW) US Consumer Sentiment Gauge Holds at Lowest Since April (ME) Economic costs of Middle East wars exceptionally high (WW) Rising Global Imbalances Should Be Ringing Alarm Bells (ME) Middle East and North Africa to grow at 2.3% in 2016 (WW) UK interest rates left unchanged at 0.25% (SA) SAR 199 billion in circulation by 2015-end (WW) UK Retail Sales rose 6.2% in August as Shoppers Unfazed by Brexit (SA) Saudi Arabia Is Buying Up America's Oil Assets (WW) China sets up council to promote investments with India (SA) Saudi Arabia Pharmaceutical Market Forecast to Reach USD 5.2 billion in 2016 (WW) Bank of Japan unlikely to ease policy, likely to adjust policy framework (AE) Dubai and Abu Dhabi score high in sustainability (WW) Japan choosing 88 animation travel spots to boost tourism (AE) Infrastructure development would drive UAE diesel genset market during 2016-22 (WW) Japan Seeks USD 3.8 Billion From This Year’s Second-Biggest IPO (AE) Dubai companies urged to spend more on promoting exports (CMD) Oil hits two-week lows as growing supplies stoke glut concerns (EG) Egypt's exports to Turkey 7.6% up in H1 (CMD) Base metals mixed in thin trade, copper around 3-wk highs (EG) IMF sees "productive" talks on Egypt loans with China, Saudi Arabia (FX) Pound’s Weekly Drop Is Most Since July on Brexit, BOE Outlooks (QA) Asia increasingly eager for Qatari exports (FX) Dollar Bulls Face Historical Hurdles With Fed Close to Rate Hike (KW) Kuwaiti MPs push govt to suspend gasoline prices' increase (FI) China’s Holdings of US Treasuries Fall to Lowest Since 2013 (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,482.25 -1.1% -1.1% -0.6% 10.5% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,499.26 -0.4% -0.4% 0.6% 4.5% ˅ ˄ ˄ Closed Closed n/a 1.6% -10.6% ˅ ˅ ˅ Kuwait (KWSE) Closed Closed n/a 0.2% -3.3% ˅ ˄ ˄ Egypt (EGX30) 7,979.25 -1.9% -2.6% -2.2% 13.9% ˅ ˄ ˄ Saudi (SASEIDX) Qatar (DSM) Bahrain (BHSEIDX) Oman (MSM30) Closed Closed n/a -4.1% 1.0% ˅ ˄ ˄ 1,125.07 0.4% 0.4% -1.5% -7.5% ˅ ˄ ˅ Closed Closed n/a 0.7% 6.9% ˅ ˅ ˄ 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) 248 258 344 104 96 117 82,563 Abu Dhabi (ADSMI) 63 67 93 70 41 49 120,310 Saudi (SASEIDX) Closed 193 244 Closed 875 1,153 383,811 Kuwait (KWSE) Closed 70 114 Closed 30 36 75,290 Egypt (EGX30) 127 198 233 68 85 108 43,594 Closed 6 7 Closed 72 77 130,988 1 2 2 1 1 1 17,340 Closed 15 20 Closed 8 11 16,763 Index Qatar (DSM) Bahrain (BHSEIDX) Oman (MSM30) * 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 1
2. MENA Morning Report Sunday , September 18, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 12.2 11.0 10.8 9.6 386.2 8.7 300 8 239.3 188.3 178.1 4 1.3 Current 489.3 13.4 11.2 12 Previous 600 1.3 1.5 1.5 1.6 - - 0.8 1.1 Bahrain Oman - 0 106.9 87.2 1.3 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 8% 27% 6.3% 18% 5.6% 6% 4.8% 4.8% 4.5% 4.6% 3.8% 4% 13.9% 10.5% 9% 6.9% 4.5% 1.0% 0% 2.4% 2% -3.3% -9% -7.5% -10.6% -18% 0% 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 Sunday , September 18, 2016 Top Performers by Country (* indicates native currency; Latest data) Dubai Abu Dhabi Saudi Arabia Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 2.74 -6.48% 232 658 DRAKE AND SCULL INTERNATIONAL 0.50 -2.72% 36,523 18,517 EMAAR MALLS GROUP PJSC 2.73 -2.50% 4,590 12,690 319 DAMAC PROPERTIES DUBAI CO PSC 2.36 -2.07% 2,004 4,780 118 ARABTEC HOLDING PJSC 1.48 -1.99% 11,143 16,659 Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 5 11 ARKAN BUILDING MATERIALS CO PJSC 0.79 -5.95% 17 14 3.70% 209 632 ABU DHABI NATIONAL ENERGY CO 0.50 -5.66% 175 90 1.99 2.05% 430 848 AGTHIA GROUP PJSC 5.46 -4.88% 2,860 16,014 0.84 1.20% 100 84 ABU DHABI COMMERCIAL BANK PJSC 6.28 -2.33% 3,560 22,624 4.33 0.70% 4,684 20,212 ALDAR PROPERTIES PJSC 2.65 -2.21% 20,844 55,862 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) Close (fils) * DoD % Volume ('000) Value (KWD 000) Close * DoD % Volume ('000) Value (EGP ‘000) 4.32 -4.85% 4,050 17,941 Volume ('000) Value (AED ‘000) AJMAN BANK PJSC 1.57 1.29% 59,302 92,511 DAR AL TAKAFUL PJSC 0.99 1.02% 155 153 NATIONAL CENTRAL COOLING CO PJSC 1.51 0.67% 2,385 3,589 EMIRATES NBD BANK PJSC 8.20 0.24% 39 MARKA PJSC 1.18 0.00% 100 Top Gainers Close * DoD % Volume ('000) UNITED ARAB BANK PJSC 2.25 13.64% RAS AL KHAIMAH CERAMICS PSC 3.08 WAHA CAPITAL PJSC RAS AL KHAIMAH CEMENT CO PSC UNION NATIONAL BANK PJSC Top Losers Market Remained Closed Market Remained Closed Top Gainers Kuwait DoD % DoD % Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Market Remained Closed Top Losers Market Remained Closed Close * DoD % Volume ('000) Value (EGP ‘000) 14.47 6.55% 1 16 JUHAYNA FOOD INDUSTRIES SAE ROWAD TOURISM CO SAE 3.56 5.64% 3 11 ARAB DRUG CO PHARMA & CHEMICAL 7.08 -4.45% 23 167 KAFR EL ZAYAT PESTICIDES 18.50 4.23% 1 11 UNIVERSAL CO PACKAGING 11.16 -4.37% 1 13 MOHANDES INSURANCE CO SAE 19.91 2.89% 4 87 EGYPTIANS HOUSING DEVELOPMENT 3.10 -3.73% 5 16 RAYA HOLDING CO TECH & TELECOM. 4.16 2.46% 232 955 TALAAT MOSTAFA GROUP HOLDING 5.41 -3.57% 6,580 36,255 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) Top Gainers NATIONAL COFOR HOUSING Egypt Close * Close * Top Gainers Top Losers Market Remained Closed Qatar Market Remained Closed Top Losers Data & Charts Source: Thomson Reuters 3
4. MENA Morning Report Sunday , September 18, 2016 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 Corp SJSC SA 67,611 84.50 0.6% 10.1% 2,531 57,040 92.75 59.50 15 1.6 6.5% 2 Emirates Telecommunications Group Co AE 47,126 19.90 0.3% 23.6% 3,233 17,517 20.20 14.10 19 3.9 4.0% 3 Qatar National Bank SAQ QA 35,767 155.10 -1.1% 6.4% 579 24,684 169.80 122.50 11 1.8 1.6% 4 Saudi Telecom Co SJSC SA 30,805 57.75 0.4% -15.4% 496 7,645 69.75 55.50 14 1.9 6.9% 5 Al Rajhi Banking and Investment Corp SA 24,921 57.50 0.0% 10.6% 1,228 18,832 62.75 44.70 12 1.9 2.6% 6 Saudi Electricity Co SJSC SA 21,114 19.00 -0.8% 20.6% 1,686 8,541 21.80 12.40 51 1.3 3.7% 7 National Commercial Bank SJSC SA 19,203 36.00 1.4% -29.4% 423 4,059 57.00 34.00 8 1.2 4.3% 8 Industries Qatar QSC QA 17,778 107.00 -0.4% -3.7% 481 14,140 135.00 88.00 16 2.0 4.7% 9 DP World Ltd AE 15,853 19.10 3.0% -5.9% 397 2,067 21.50 16.05 16 1.9 1.6% 10 Jabal Omar Development Co SJSC SA 14,873 60.00 0.4% 8.1% 292 4,667 68.75 40.80 0 6.0 0.0% 11 First Gulf Bank PJSC AE 14,704 12.00 -0.8% -5.1% 3,628 11,853 14.25 9.90 9 1.6 8.3% 12 Emaar Properties PJSC AE 13,725 7.04 -1.5% 23.7% 10,511 20,148 7.46 4.22 12 1.3 2.1% 13 National Bank of Abu Dhabi PJSC AE 13,193 9.30 0.0% 16.8% 1,757 4,448 10.35 6.86 10 1.1 4.8% 14 Ezdan Holding Group QSC QA 12,967 17.80 -2.1% 11.9% 1,146 5,601 20.24 12.10 27 1.6 2.8% 15 Emirates NBD Bank PJSC AE 12,410 8.20 0.2% 10.8% 39 87 9.19 6.25 7 0.9 4.9% 16 Almarai Co SJSC SA 11,842 55.50 -0.4% -5.4% 135 2,003 66.56 40.88 22 3.7 1.6% 17 National Bank of Kuwait SAKP KW 11,235 600.00 0.0% -19.3% 431 860 799.36 550.00 12 1.1 4.6% 18 Kingdom Holding Co SA 10,823 10.95 0.5% -30.3% 72 209 21.20 9.80 66 1.5 4.6% 19 Saudi Arabian Mining Co SJSC SA 10,752 34.50 -0.3% 3.9% 651 5,987 43.20 25.70 107 1.5 0.0% 20 Samba Financial Group SJSC SA 10,188 19.10 -0.5% -18.2% 626 3,188 24.05 17.05 7 1.0 4.7% 21 Emaar Malls Group PJSC AE 9,675 2.73 -2.5% -1.1% 4,590 3,412 3.25 2.02 20 2.4 3.7% 22 Abu Dhabi Commercial Bank PJSC AE 9,569 6.28 -2.3% -4.7% 3,560 6,088 7.97 5.20 7 1.1 7.2% 23 Ooredoo QSC QA 8,489 96.50 -2.3% 28.7% 275 7,286 107.00 60.00 12 1.4 3.1% 24 Riyad Bank SJSC SA 8,481 10.60 1.4% -14.5% 730 2,063 14.75 10.15 8 0.8 6.6% 25 Emirates Integrated Telecomm. AE 8,116 6.52 -1.5% 27.8% 492 874 6.99 4.89 16 3.8 6.6% 26 Kuwait Finance House KSCP KW 8,098 465.00 0.0% -5.3% 402 621 545.45 395.45 13 1.4 3.3% 27 Saudi British Bank SJSC SA 7,681 19.20 -0.5% -22.4% 54 277 30.60 17.35 7 1.0 3.9% 28 Saudi Arabia Fertilizers Co SJSC SA 7,501 67.50 0.7% -18.4% 230 4,144 98.25 58.00 18 4.4 8.9% 29 Masraf Al Rayan QSC QA 7,302 35.45 -0.1% -5.7% 1,392 13,558 45.50 28.60 13 2.3 4.9% 30 Banque Saudi Fransi SJSC SA 7,295 22.70 2.9% -18.9% 91 551 33.40 20.10 7 1.0 4.6% Company Name Total M-Cap; W. Avg Yield 499,097 4.3% 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. 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