MENA Market Report - 20 November

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1. MENA Morning Report Sunday , November 20, 2016 Overview Regional Markets: MENA markets closed the last trading session of the week on a positive note with the exception of Saudi Arabia. Regional mark ets remained upbeat throughout the week on the back of positive sentiments, while the global markets were highly volatile with mixed sentiments. Further, oil prices continued its gradual rise towards the latter part of the week as markets remained hopeful about OPEC pushing for a production cut in its next meeting to support the prices. For the day, Saudi Arabia was the only index to marginally close lower, while rest of the them closed in green. Egypt was the best performing with gains of 2.0% for the day, continuing its strong upward trend post the devaluation of currency by the central bank. UAE markets closed on a positive note as Dubai gained by 1.4%, while Abu Dhabi closed marginally higher by 0.04% for the day. Saudi Arabia was closed lower by 0.3% for the day, which was mostly dragged by profit booking in banking sector stocks, however the overall trend within the index continues to remain positive. Qatar closed up by 0.3% for the day as the regional sentiments pushed the market higher, while the trading activity remains weak as there is lack of conviction among investors. For the week, regional markets closed on a positive note as investors remained buoyed about the measures taken by the regulators to tackle the ongoing issues. Egypt was the star performer for the second consecutive week, closed up by 5.0%, followed by Saudi Arabia with gains of 1.5%, fourth consecutive week of positive close, while Qatar was the only index to close in red with losses of 1.9%. International Markets: US markets closed on a negative note as Dow Jones, S&P, and Nasdaq were all down by 0.2% each. European markets closed on a n egative note as FTSE, DAX and CAC were all down by 0.3%, 0.2% and 0.5% respectively. Headlines (WW) US inflation, labor market data bolster Fed December rate hike (MENA) USD 100 billion airport projects underway in Middle East (WW) US housing starts surge to nine-year high in October (GCC) Japan aims to increase food exports to GCC (WW) US economic outlook static but uncertainty surges after vote (GCC) Governance ‘key to GCC family business success’ (WW) US economy seen growing 3.6% in fourth quarter: Atlanta Fed (WW) UK's Hammond plans 'steady as she goes' budget (SA) Saudi private sector 'must adapt to new global competitive environment' (WW) Hot China house prices cool in October as curbs on speculation bite (SA) Saudi SMEs to play a major role in Vision 2030 (WW) German economy creates more jobs, but employment growth slows (AE) ADGM attracts over 180 companies, says chairman (WW) Emerging Market Hedge Fund Assets Hit Record USD 199B billion in Q3 (AE) Dubai to set up green economy center (CMD) Oil Prices Rise as Hopes Grow for an OPEC Output Cut (EG) Egypt central bank keeps key interest rates unchanged at MPC meeting (CMD) Gold price around 6-mth lows as dollar marches higher (QA) Qatar's CBQ bank shareholders approve rights issue (FX) Euro suffers longest losing streak on record (QA) Gold prices fall 10% since September (FX) Dollar strongest in 13 years; bond yields rise (QA) Qatar, Switzerland explore ways to enhance economic relations (FI) Equity inflows hit 2-year highs as bonds suffer post-Trump 'bloodbath' (Source: Thomson Reuters, Bloomberg) (SA) Saudi sovereign fund fills key positions as it bulks up for reform drive MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,309.79 1.4% 1.1% Abu Dhabi (ADSMI) 4,292.08 0.0% 0.2% -0.7% 5.0% ˅ ˅ ˄ -0.2% -0.4% ˅ ˅ ˅ Saudi (SASEIDX) 6,628.88 -0.3% 1.5% 10.3% -4.1% ˄ ˅ ˅ Kuwait (KWSE) 5,511.74 0.3% 0.6% Egypt (EGX30) 11,221.56 2.0% 5.0% 2.0% -1.8% ˄ ˅ ˄ 33.8% 60.2% ˄ ˄ ˄ Qatar (DSM) 9,774.98 0.3% -1.9% Bahrain (BHSEIDX) 1,180.26 1.0% 1.7% -3.9% -6.3% ˅ ˅ ˄ 2.7% -2.9% ˄ ˄ ˄ Oman (MSM30) 5,496.05 0.0% 1.4% 0.3% 1.7% ˅ ˅ ˅ 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) 1,017 346 305 348 119 107 78,421 Abu Dhabi (ADSMI) 150 111 90 54 44 44 113,505 Saudi (SASEIDX) 308 217 217 1,141 878 937 375,472 Kuwait (KWSE) 157 84 89 46 34 34 75,578 Egypt (EGX30) 875 245 226 167 69 64 18,921 Qatar (DSM) 10 7 6 71 75 70 123,754 Bahrain (BHSEIDX) 3 2 2 1 1 1 18,233 Oman (MSM30) 8 16 16 5 8 8 16,314 Index Dubai (DFMGI) * 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 , November 20, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 14.9 16 13.0 12 PB 11.5 10.3 386.2 8.6 300 8 239.3 188.3 4 1.2 Current 489.3 12.8 9.1 1.3 2.0 1.6 1.4 - - 0.8 1.1 Bahrain Oman - 178.1 106.9 87.2 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi 5.9% 5.0% 5.4% 4.5% 4.1% 4% 3.4% 1.9% 2% 0.0% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 8% 6% Previous 600 Qatar Bahrain Oman Average 72% 63% 54% 45% 36% 27% 18% 9% 0% -9% -18% 60.2% 5.0% 1.7% -0.4% Dubai Abu Dhabi -4.1% -1.8% Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available -6.3% -2.9% Qatar Bahrain Oman 2
3. MENA Morning Report Sunday , November 20, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.47 12.21% 42,634 59,262 COMMERCIAL BANK OF DUBAI PSC 5.00 4.17% 83 407 DUBAI FINANCIAL MARKET PJSC 1.13 3.67% 17,835 Dubai Top Gainers Abu Dhabi Saudi Arabia Value TAKAFUL EMARAT INSURANCE PJSC 2.68 -3.60% 0 1 GULF GENERAL INVESTMENT CO PSC 0.49 -2.81% 6,422 3,160 19,796 GULF NAVIGATION HOLDING PJSC 1.54 -2.53% 17,497 27,295 1.17 -2.50% 204 241 2.07 3.50% 14,679 29,872 EMIRATES NBD BANK PJSC 8.07 3.46% 1,190 9,443 AMANAT HOLDINGS PJSC 0.94 -1.57% 55,348 52,442 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH CERAMICS PSC 2.48 2.90% 967 2,363 ABU DHABI NATIONAL ENERGY CO 0.50 -9.09% 15,506 8,140 METHAQ TAKAFUL INSURANCE CO 0.84 2.44% 8,648 7,178 ABU DHABI NATIONAL INSURANCE CO 2.10 -6.67% 140 304 SHARJAH CEMENT AND INDUSTRIAL 0.97 2.11% 37 36 ARKAN BUILDING MATERIALS CO PJSC 0.90 -4.26% 317 292 SUDATEL TELECOM GROUP LTD 0.51 2.00% 702 355 ABU DHABI NATIONAL FOR BUILDING 0.53 -1.85% 4 2 ESHRAQ PROPERTIES COMPANY PJSC 1.04 1.96% 88,951 91,619 AGTHIA GROUP PJSC 6.15 -1.28% 26 162 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI ARABIAN REFINERIES CO SJSC 31.70 9.69% 3,833 116,130 SAUDI REAL ESTATE CO SJSC 20.15 -3.82% 569 11,702 GULF GENERAL COOPERATIVE 14.60 9.36% 1,875 26,210 RED SEA HOUSING SERVICES CO SJSC 25.10 -3.46% 539 13,778 SAUDI VITRIFIED CLAY PIPE CO SJSC 66.25 7.72% 388 24,799 ASTRA INDUSTRIAL GROUP SJSC 14.70 -2.97% 518 7,737 NATIONAL PETROCHEMICAL CO SJSC 19.15 6.39% 198 3,675 RIYAD REIT 12.00 -2.83% 2,840 34,582 NATIONAL METAL MANUFACTURING 20.80 6.12% 1,557 31,445 SAUDI GROUND SERVICES CO 51.75 -2.82% 118 6,201 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 290.00 9.43% 2,951 819 SAFAT GLOBAL HOLDING CO 32.50 -7.14% 3,422 115 Top Gainers Kuwait Volume DUBAI INVESTMENTS PJSC Top Gainers YIACO MEDICAL COMPANY KPSC AWJ HOLDING CO KSCP Top Losers Top Losers 54.00 8.00% 2,525 131 KUWAIT REMAL REAL ESTATE CO KPSC 48.50 -6.73% 4,155 209 1160.00 7.41% 33 37 KUWAIT COMPANY FOR PROCESS 160.00 -5.88% 34 6 AL SAFAT ENERGY HOLDING CO KPSC 37.00 7.25% 8,993 321 GULF FRANCHISING HOLDING CO KSCP 29.50 -4.84% 17 1 IKARUS PETROLEUM INDUSTRIES CO 38.50 6.94% 1,601 60 ABYAAR REAL ESTATE DEVELOPMENT 20.00 -4.76% 3,848 79 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close DoD % Volume Value LECICO EGYPT SAE 3.09 9.96% 234 691 PYRAMISA HOTELS AND RESORTS SAE 25.32 -8.89% 1 30 EGYPT KUWAIT HOLDING CO SAE 0.56 9.80% 3,788 2,027 ALEXANDRIA NATIONAL COMPANY 7.33 -8.38% 6 43 WADI KOM OMBO FOR LAND 5.97 9.54% 6 33 KAFR EL ZAYAT PESTICIDES 23.11 -6.70% 10 231 NAEEM HOLDING FOR INVESTMENTS 0.61 8.93% 1,206 705 CAIRO NATIONAL CO INVESTMENT 3.33 -6.46% 8 29 AL OROUBA SECURITIES BROKERAGE 0.62 8.77% 137 81 EGYPT GAS CO SAE 47.41 -6.08% 5 233 Close * DoD % Volume ('000) Value (QAR ‘000) Close DoD % Volume Value COMMERCIAL BANK QSC 33.00 4.43% 654 21,112 AL KHALIJ COMMERCIAL BANK QSC 17.21 -2.77% 25 433 INDUSTRIES QATAR QSC 104.00 2.46% 464 47,648 DOHA BANK QSC 33.25 -2.21% 203 6,830 QATAR GAS TRANSPORT CO LTD 22.95 1.91% 231 5,260 QATAR FIRST BANK LLC 9.93 -1.88% 523 5,246 WIDAM FOOD CO QSC 62.00 1.64% 2 125 QATAR INSURANCE CO SAQ 82.10 -1.79% 56 4,641 VODAFONE QATAR QSC 9.65 1.58% 1,413 13,527 DLALA BROKERAGE AND INVESTMENT 20.72 -1.29% 4 80 NATIONAL MOBILE TELECOMM Top Gainers Egypt DoD % AL SALAM BANK SUDAN PLC Top Gainers Top Gainers Qatar Close Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Sunday , November 20, 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 Corporation SJSC SA 68,607 85.75 -0.6% 11.7% 2,577 58,940 91.00 59.50 16 1.6 6.4% 2 Emirates Telecommunications Group Co AE 42,506 17.95 -0.3% 11.5% 1,213 5,931 20.20 14.95 17 3.7 4.5% 3 Saudi Telecom Co SJSC SA 36,004 67.50 -0.4% -1.1% 981 17,661 69.75 51.00 16 2.3 5.9% 4 Qatar National Bank SAQ QA 35,079 152.10 0.1% 4.3% 111 4,627 169.80 122.50 10 1.7 1.6% 5 Al Rajhi Banking & Investment Corp SA 27,086 62.50 -0.8% 20.2% 2,501 41,684 64.00 44.70 13 2.0 2.4% 6 National Commercial Bank SJSC SA 21,869 41.00 -0.5% -19.6% 816 8,926 54.25 32.00 9 1.4 3.8% 7 Saudi Electricity Co SJSC SA 20,057 18.05 -0.8% 14.6% 1,221 5,880 21.80 12.40 25 1.2 3.9% 8 Industries Qatar QSC QA 17,282 104.00 2.5% -6.4% 464 13,245 119.90 88.00 19 1.9 4.8% 9 Jabal Omar Development Co SJSC SA 16,855 68.00 -1.8% 22.5% 948 17,200 72.25 40.80 109 6.3 0.0% 10 First Gulf Bank PJSC AE 14,703 12.00 0.0% -5.1% 1,109 3,624 13.50 9.90 9 1.5 8.3% 11 DP World Ltd AE 13,944 16.80 1.5% -17.2% 381 1,741 20.30 16.00 14 1.6 1.8% 12 Almarai Co SJSC SA 13,015 61.00 0.8% 3.9% 161 2,617 66.00 40.88 24 3.8 1.4% 13 Emaar Properties PJSC AE 13,003 6.67 1.8% 17.2% 10,054 18,259 7.46 4.22 10 1.2 2.2% 14 National Bank of Abu Dhabi PJSC AE 12,568 8.86 -0.4% 11.3% 382 922 10.35 6.86 10 1.0 5.1% 15 Samba Financial Group SJSC SA 12,295 23.05 0.2% -1.3% 1,051 6,460 23.55 15.90 9 1.1 3.9% 16 Emirates NBD Bank PJSC AE 12,212 8.07 3.5% 9.1% 1,190 2,615 8.89 6.25 6 0.8 5.0% 17 Saudi Arabian Mining Co SJSC SA 12,122 38.90 -0.3% 17.2% 526 5,454 43.20 25.70 120 1.6 0.0% 18 National Bank of Kuwait SAKP KW 11,861 640.00 0.0% -13.9% 755 1,589 780.77 550.00 13 1.1 4.4% 19 Ezdan Holding Group QSC QA 10,892 14.95 -0.1% -6.0% 641 2,631 20.24 12.10 23 1.3 3.3% 20 Kingdom Holding Co SA 10,378 10.50 -0.9% -33.1% 197 553 21.20 9.80 77 1.4 4.8% 21 Saudi British Bank SJSC SA 9,601 24.00 3.2% -3.0% 577 3,694 28.40 16.40 9 1.2 3.1% 22 Abu Dhabi Commercial Bank PJSC AE 9,203 6.04 0.7% -8.3% 1,645 2,706 7.36 5.20 7 1.1 7.5% 23 Emaar Malls Group PJSC AE 9,107 2.57 0.0% -6.9% 4,138 2,896 3.10 2.02 18 2.2 3.9% 24 Kuwait Finance House KSCP KW 8,963 520.00 0.0% 5.9% 1,369 2,342 536.36 395.45 14 1.5 3.0% 25 Riyad Bank SJSC SA 8,921 11.15 -0.4% -10.1% 1,164 3,462 12.75 8.55 9 0.9 6.3% 26 Banque Saudi Fransi SJSC SA 8,709 27.10 0.7% -3.2% 411 2,970 28.30 18.00 8 1.1 3.9% 27 Ooredoo QSC QA 8,085 91.90 0.7% 22.5% 100 2,530 107.00 60.00 13 1.3 3.3% 28 Saudi Arabia Fertilizers Co SJSC SA 7,584 68.25 -0.4% -17.5% 348 6,335 88.25 58.00 25 4.3 8.8% 29 Emirates Integrated Telecomm Co AE 7,406 5.95 -0.5% 16.7% 110 178 6.99 4.92 15 3.5 7.2% 30 Safat Global Holding Co KW 7,134 32.50 -7.1% 0.0% 3,422 366 49.50 32.00 0 0.0 0.0% Company Name Total M-Cap; W. Avg Yield 507,051 4.2% 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. 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