MENA Market Report - 22 April

Transcription

1. MENA Morning Report Sunday , April 22, 2018 Overview Regional Markets: MENA region closed the trading session on a positive note as five out of the eight indexes ended in green, while two in red and one remained unchanged for the day. The sentiments seen in the regional markets were supported by the rise in oil prices, the highest level since 2014. The performance of the regional markets was also positive during the week, but a selective buying activity was witnessed in a couple of indexes, especially Saudi Arabia as it experienced a rise of approximately 6.0%. For the day, Saudi Arabia was the best performer with gains of 1.6%, which was mostly supported by banking sector stocks, while the energy sector stocks witnessed marginal pressure during the session. Qatar was another index that witnessed buying activity as it was up by 1.6% for the day, extending the weekly gains to 3.1% and monthly to 7.3%. UAE markets ended on a mixed note as Dubai was down by 0.2%, while Abu Dhabi was up by 0.5% for the day. Dubai continued to remain under pressure during the week, while Abu Dhabi extended the weekly gains to 1.2% and monthly to 2.6%. Egypt closed on a positive note as it was up by 0.4% for the day, maintaining the positive trend to extend the weekly gains to 0.9%. Kuwait closed on a negative note as it was down by 0.2% for the day, continuing to remain under pressure with losses of 0.5% for the week and 3.2% for the month. Bahrain closed flat, while Oman was up by 0.2% for the day. International Markets: US markets ended on a negative note as DJIA, S&P and NASDAQ were all down by 0.8%, 0.9% and 1.3%, respectively for the day. European markets closed on a positive note as FTSE and CAC were both up by 0.5% and 0.4% respectively, while DAX was down by 0.2% respectively for the day. Asian markets closed on a negative note as Nikkei, Hang Seng and Shanghai were all down by 0.1%, 0.9% and 1.5% respectively. Headlines (WW) Global economy sprinting ahead but trade war could end the race (SA) Saudi reforms should bring flood of foreign funds next year (WW) Protectionism and debt are biggest threats to World economy (SA) Russia and Saudi Arabia forge alliance to engineer oil prices (WW) US economic growth on track despite tariff concerns (AE) Dubai developer offers 24% rental returns on investment (WW) China says ready to deal with any fallout from US trade row (AE) UAE developers showcase projects worth USD 4bn in Abu Dhabi (WW) China bank reserve cuts on the cards as PBOC seeks to prevent slowdown (AE) UAE’s e-Dirham generates USD 1bn government revenue in Q1 (WW) Australia employment soft in March, record run ruined by revisions (EG) Egypt ports to remain open 24 hours to cut down on wait times (WW) Moody's says Russian economy resilient (EG) Egypt's exports towards South Africa grew by 69% in 2017 (WW) India claims top spot for 2018 growth among major economies (EG) Egypt plans to double size of e-commerce industry by 2020 (CMD) Oil at fresh highs on Saudi seeking price hike, US stocks draw (QA) Qatar banks forecast 2018 uptick in private sector credit growth (CMD) Gold gains as metals rally sparks (QA) Qatari government encourages innovations (FX) Gold flat, dollar up on higher US yields (QA) Qatar’s private sector credit growth set to increase (FX) Sterling falls after disappointing UK retail sales (OM) Oman needs to make 'substantial' reforms to its economy (FI) Germany's 10-year bond yield hits 1-month high as oil surges (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,082.09 -0.2% -0.4% -0.9% -8.5% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,706.56 0.5% 1.2% 2.6% 7.0% ˄ ˄ ˄ Saudi (SASEIDX) 8,277.14 1.6% 5.8% 5.2% 14.5% ˄ ˄ ˄ Kuwait (KWSE) 4,839.37 -0.2% -0.5% -3.2% 0.5% ˅ ˄ ˄ Egypt (EGX30) 17,781.02 0.4% 0.9% 1.9% 18.4% ˄ ˄ ˄ Qatar (DSM) 9,196.62 1.6% 3.1% 7.3% 7.9% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,301.40 -0.0% 0.8% -1.3% -2.3% ˅ ˅ ˄ Oman (MSM30) 4,759.65 0.2% -0.4% -0.3% -6.7% ˅ ˅ ˅ 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) 78 176 217 45 73 95 81,844 Abu Dhabi (ADSMI) 45 67 72 26 36 37 1,36,519 Saudi (SASEIDX) 250 179 186 1,597 1,067 1,011 5,15,161 Kuwait (KWSE) 57 67 74 13 200 129 75,578 Egypt (EGX30) 281 357 343 103 112 98 31,090 Qatar (DSM) 16 11 11 123 82 81 1,09,433 Bahrain (BHSEIDX) 3 6 5 2 3 3 21,629 Oman (MSM30) 15 21 18 5 13 12 13,339 Index * 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 , April 22, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 15.1 12.6 11.2 12 8 PB Current 12.3 11.2 8.2 7.6 1.0 1.3 2.6 1.8 149.0 110.8 1.2 - - 0.8 0.8 Bahrain Oman - 87.7 62.3 1.4 0 289.4 256.2 300 4 87.6 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 18.4% 8% 6% Previous 600 5.6% 5.9% 5.3% 6.0% 4.8% 4.2% 3.8% 4% 2.6% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 18% 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 14.5% 7.9% 7.0% 0.5% -2.3% -6.7% -8.5% 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 , April 22, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 0.33 3.76% 0 3,585 AL RAMZ CORPORATION INVESTMENT 1.45 -2.03% 0 28 EMAAR DEVELOPMENT PJSC 5.51 2.04% 0 10,334 DUBAI ISLAMIC BANK PJSC 5.44 -1.98% 0 60,720 DUBAI INVESTMENTS PJSC 2.10 1.94% 2,941 6,118 ARABTEC HOLDING PJSC 2.14 -1.83% 246 531 NATIONAL CENTRAL COOLING CO PJSC 1.74 1.75% 953 1,644 DXB ENTERTAINMENTS PJSC 0.44 -1.81% 8,109 3,560 SHUAA CAPITAL PSC 1.01 1.00% 7,336 7,372 ARAMEX PJSC 4.05 -0.98% 1,112 4,526 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL BANK OF UMM AL QAIWAI 2.95 10.07% 5 14 UNION INSURANCE CO PSC 1.39 -7.33% 6 8 ABU DHABI NATIONAL FOR BUILDING 0.54 8.00% 179 93 INTERNATIONAL HOLDING COMPANY 1.38 -4.17% 341 481 INVEST BANK PSC 2.34 4.00% 200 459 GULF CEMENT CO PSC 1.04 -3.70% 104 110 ABU DHABI NATIONAL ENERGY CO 1.19 3.48% 14,992 17,540 RAK PROPERTIES PJSC 0.66 -2.94% 448 300 SUDATEL TELECOM GROUP LTD 0.52 1.96% 360 185 UNION NATIONAL BANK PJSC 3.68 -2.65% 12 44 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI RESEARCH AND MARKETING 91.40 10.12% 810 70,589 ABDULLAH SAAD MOHAMMED ABO M 12.30 -5.24% 5 64 FALCOM PETROCHEMICAL ETF 32.75 9.90% 1 34 DEVELOPMENT WORKS FOOD CO CJSC 73.00 -3.44% 0 22 SAUDI INDUSTRIAL INVESTMENT 26.90 7.69% 3,894 1,01,016 RAYDAN COMPANY CJSC 15.64 -2.25% 23 371 ALDREES PETROLEUM AND TRANSPOR 28.75 6.28% 2,835 79,091 AL ALAMIYA FOR COOPERATIVE INS 30.20 -2.11% 244 7,458 SAUDI ARABIAN MINING CO SJSC 57.40 5.90% 2,669 1,48,955 SALAMA COOPERATIVE INSURANCE 26.55 -1.85% 331 8,882 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) HAYAT COMMUNICATIONS CO KSCP 80.00 42.86% 0 0 KUWAIT REAL ESTATE HOLDING CO 23.00 -9.80% 33 1 ENERGY HOUSE HOLDING COMPANY 26.40 10.00% 1 0 CREDIT RATING AND COLLECTION CO 21.30 -9.75% 1 0 27.10 -9.67% 252 7 Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt Top Losers AMWAL INTERNATIONAL INVEST 48.80 8.44% 74 3 TAAMEER REAL ESTATE INVESTMENT AL MASSALEH REAL ESTATE CO KSCP 36.80 8.24% 1 0 COMMERCIAL BANK OF KUWAIT KPSC 383.00 -9.46% 50 20 EQUIPMENT HOLDING CO KSCP 28.80 5.49% 165 5 KUWAIT AND MIDDLE EAST FINANCIAL 21.80 -9.17% 140 3 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) EGYPTIAN CO FOR INTL TOURISM 3.32 8.85% 0 3 PIONEERS HOLDING CO FOR FINANCIA 9.17 -6.62% 11,043 1,04,854 ZAHRAA MAADI INVESTMENT & DEV 22.45 7.73% 22 466 EL AHRAM CO FOR PRINTING & PACK 8.18 -5.21% 170 1,426 RAYA CONTACT CENTER CO 14.00 7.69% 5 68 EL NASR FOR MANUFACTURING AGRI 17.67 -5.05% 106 1,926 MENA FOR TOURISTIC AND REAL EST 2.75 6.59% 2,832 7,548 EGYPTIAN SATELLITE CO SAE 9.20 -4.86% 1 10 GULF CANADIAN CO FOR ARAB RE 11.49 6.09% 186 2,073 CAIRO POULTRY CO SAE 8.60 -3.80% 12 109 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) EZDAN HOLDING GROUP QSC 12.07 7.77% 1,180 13,730 ISLAMIC HOLDING GROUP QPSC 28.00 -3.05% 8 227 QATAR NATIONAL BANK QPSC 153.50 5.14% 894 1,33,916 AHLI BANK QSC 31.15 -2.60% 0 13 QATAR OMAN INVESTMENT CO QSC 7.20 2.86% 1 9 ZAD HOLDING CO SAQ 73.00 -1.22% 65 4,807 MESAIEED PETROCHEMICAL HOLDING 16.52 2.48% 1,473 24,042 MANNAI CORPORATION QPSC 48.46 -1.10% 28 1,350 QATAR INDUSTRIAL MANUFACTURING 39.90 2.31% 10 408 INVESTMENT HOLDING GROUP 5.64 -1.05% 463 2,627 Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Sunday , April 22, 2018 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 98,240 122.80 1.5% 20.6% 5,735 1,87,788 123.80 94.25 20 2.2 3.4% 2 Saudi Telecom Company SJSC SA 45,173 84.70 -0.4% 23.5% 524 11,837 86.00 65.10 17 2.7 4.7% 3 Emirates Telecommunications Group Co AE 41,206 17.40 0.3% -0.6% 528 2,504 18.85 15.75 18 3.4 4.6% 4 Qatar National Bank QPSC QA 38,950 153.50 5.1% 21.8% 894 37,696 155.00 115.01 11 2.0 3.9% 5 First Abu Dhabi Bank PJSC AE 37,239 12.55 1.2% 22.4% 2,653 9,064 12.65 10.05 14 1.3 5.6% 6 Al Rajhi Banking & Investment Corp Ltd SA 36,573 84.40 2.7% 30.7% 3,504 78,853 84.80 61.00 15 2.5 4.7% 7 National Commercial Bank SJSC SA 35,680 66.90 1.4% 21.4% 1,069 19,075 66.90 37.90 14 2.1 2.5% 8 Saudi Electricity Company SJSC SA 23,888 21.50 0.0% 2.1% 3,370 19,321 26.05 19.76 13 1.2 3.3% 9 Industries Qatar QSC QA 18,698 112.50 0.4% 16.0% 412 12,734 115.00 85.00 21 2.0 4.4% 10 DP World Ltd AE 18,393 22.16 0.0% -11.4% 136 823 27.06 20.30 16 1.7 1.9% 11 Saudi Arabian Mining Co SJSC SA 17,886 57.40 5.9% 10.2% 2,669 40,859 57.70 39.50 94 2.6 0.0% 12 Almarai Co SJSC SA 15,707 58.90 1.7% 9.5% 945 14,842 78.64 50.00 28 3.9 1.3% 13 Emirates NBD Bank PJSC AE 15,663 10.35 0.5% 26.2% 493 1,388 11.00 7.95 7 1.0 3.9% 14 Samba Financial Group SJSC SA 15,467 29.00 3.4% 23.3% 2,624 20,289 29.20 20.50 12 1.3 5.2% 15 National Bank of Kuwait SAKP KW 14,999 723.00 -0.1% 4.3% 661 1,594 761.90 619.05 14 1.4 3.8% 16 Emirates Islamic Bank PJSC AE 14,048 9.50 0.0% -3.1% 1 1 10.00 4.90 75 7.9 0.0% 17 Saudi British Bank SJSC SA 13,000 32.50 2.8% 20.4% 832 7,212 32.50 21.45 12 1.5 4.4% 18 Riyad Bank SJSC SA 11,952 14.94 1.5% 18.8% 1,317 5,249 15.00 10.10 11 1.2 4.9% 19 Jabal Omar Development Co SJSC SA 11,710 47.25 -0.3% -20.1% 888 11,185 75.60 46.65 - 4.6 0.0% 20 Yanbu National Petrochemicals Co SJSC SA 11,100 74.00 1.0% 25.4% 515 10,170 74.50 52.00 18 2.5 4.4% 21 Emaar Properties PJSC AE 10,995 5.64 0.0% -13.7% 5,244 8,053 8.43 5.52 7 0.8 0.0% 22 Kuwait Finance House KSCP KW 10,948 517.00 -0.2% -1.3% 1,773 3,058 590.91 424.55 18 1.7 2.7% 23 Banque Saudi Fransi SJSC SA 10,575 32.90 4.6% 15.4% 948 8,318 33.40 25.30 11 1.2 4.3% 24 Abu Dhabi Commercial Bank PJSC AE 9,979 7.05 -1.8% 3.7% 1,524 2,926 7.50 6.50 9 1.1 6.0% 25 Kingdom Holding Co SA 8,894 9.00 -0.6% 0.0% 249 599 11.30 7.90 50 1.1 0.0% 26 Ezdan Holding Group QSC QA 8,796 12.07 7.8% -0.1% 1,180 3,912 16.30 6.19 19 1.1 0.0% 27 Arab National Bank SA 8,560 32.10 4.9% 29.6% 539 4,616 33.65 19.15 11 1.3 3.7% 28 Alinma Bank SJSC SA 8,432 21.08 1.4% 10.0% 34,712 1,95,125 21.58 14.00 16 1.5 3.8% 29 Abu Dhabi National Oil Co for Dist AE 8,373 2.46 -0.8% -7.2% 473 317 2.90 2.44 17 10.8 2.4% 30 Saudi Arabia Fertilizers Co SJSC SA 7,911 71.20 1.1% 9.2% 529 10,035 73.10 57.00 34 4.3 2.5% Company Name Total M-Cap; W. Avg Yield 6,29,035 3.5% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary 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 AMCL 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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