MENA Market Report - 23 July

Transcription

1. MENA Morning Report Sunday , July 23, 2017 Overview Regional Markets: The trading activity within the MENA region witnessed a mixed session, a trend seen throughout the week. Second quarters figures have been the main catalyst during the week, which have been driving trading activity within the region coupled with the movement in oil prices. For the regional markets, four out of the eight indexes closed in the green, while the remaining four ended in red for the day. UAE markets ended on the losing side as Dubai and Abu Dhabi were both down by 0.2% and 0.9% for the day, but the trend for the week remains positive on the back of second quarter earnings. Saudi Arabia closed on a positive note as it was up by 0.4% for the day, which was mostly driven by a broad based buying activity but the energy sector stocks restricted the index from registering larger gains during the session. Qatar also closed higher by 0.4% for the day, continuing the positive trend during the week and the month after recording a sharp sell-off in previous month. Egypt also closed marginally higher by 0.1% for the day after remaining under pressure during most of the week. Kuwait closed lower by 0.2% for the day, which pushed the index negative during the week. Bahrain closed marginally higher by 0.1%, while Oman was down by 0.9% for the day. For the week, the performance of regional markets was mixed with Oman leading the losers with losses of 2.4%, followed by 0.8% in Egypt and 0.7% in Saudi Arabia, while Dubai was the best performer with gains of 1.0%, followed by 0.8% each in Abu Dhabi and Qatar. International Markets: US markets closed on a negative note as DJIA, Nasdaq and S&P were down by 0.2%, 0.04% and 0.04% respectively. European markets closed in the red as FTSE, DAX and CAC were all down by 0.5%, 1.7% and 1.6% respectively. Asian markets closed on a negative note as Nikkei, Hang Seng and Shanghai were down by 0.2%, 0.1% and 0.2%. Headlines (WW) US and UK to begin exploring post-Brexit trade (SA) Saudi Arabia launches new initiatives to boost tourism (WW) US tech sector surges past its dotcom era peak (SA) Saudi Arabia on track for lucrative MSCI index (WW) China cross-border flows most balanced in 3 years (AE) Fujairah signs deal to build smart logistics city (WW) China's digital economy surges 18.9%, drives growth (AE) Ajman launches international drive to attract more SMEs (WW) Business world activates Brexit plans as fears grow (AE)UAE leads Arab world in FDI (WW) Export growth to UK plummeted last year (AE) UAE energy minister hopes global oil markets begin to tighten in H2 (WW) UK economy expected to slide further (EG) Egypt's economic growth to pick up slightly this fiscal year (WW) BOJ pushes back inflation target for sixth time, keeps policy steady (EG) Egypt's recent economic relations can attract more investors (WW) Japan's June export growth points to sustained economy recovery (EG) Egypt automotive market under pressure amid elevated inflation (CMD) Gold inches down ahead of ECB meeting (QA) Qatar LNG company postpones layoffs amid diplomatic crisis (CMD) Oil steady after big drop in US fuel stocks (QA) Qatar's non-oil economy takes a hit as crisis lingers (FX) Sterling holds steady after interest rate turmoil (KW) Kuwaitis first, no surge in hiring expats in govt sector (FX) Dollar dumped on doubts on us economic agenda (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,573.51 -0.2% 1.0% 5.4% 1.2% ˄ ˄ ˅ Abu Dhabi (ADSMI) 4,552.49 -0.9% 0.8% 2.9% 0.1% ˄ ˅ ˄ Saudi (SASEIDX) 7,261.13 0.4% -0.7% -2.2% 0.7% ˄ ˄ ˄ Kuwait (KWSE) 6,781.02 -0.2% -0.1% 0.3% 18.0% ˄ ˅ ˄ Egypt (EGX30) 13,715.06 0.1% -0.8% 2.4% 11.1% ˄ ˄ ˄ Qatar (DSM) 9,542.28 0.4% 0.8% 5.7% -8.6% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,320.40 0.1% 0.2% 0.8% 8.2% ˄ ˅ ˄ Oman (MSM30) 4,999.37 -0.9% -2.4% -2.3% -13.5% ˅ ˅ ˅ 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) 341 294 338 124 97 129 83,105 Abu Dhabi (ADSMI) 64 108 118 21 48 56 135,034 Saudi (SASEIDX) 114 175 180 671 816 880 456,787 Index Kuwait (KWSE) 99 86 277 55 42 88 75,578 Egypt (EGX30) 409 304 289 44 75 81 20,785 Qatar (DSM) 11 11 11 77 87 93 113,011 Bahrain (BHSEIDX) 4 3 4 2 2 2 20,325 Oman (MSM30) 40 14 17 32 6 9 13,754 * 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 Sunday , July 23, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.1 12.1 11.2 12 PB 11.3 386.2 8.5 300 8 239.3 188.3 4 1.2 Current 489.3 12.6 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% 18.0% 6.2% 6% Previous 600 4.8% 18% 5.3% 9% 4.4% 4.2% 4% 3.5% 3.0% 11.1% 1.2% 0.1% 8.2% 0.7% 0% -9% -8.6% 2% -13.5% -18% 0.0% 0.0% -27% 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 , July 23, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DUBAI FINANCIAL MARKET PJSC 1.19 -2.46% 14,772 17,800 80,011 DAMAC PROPERTIES DUBAI CO PSC 3.88 -2.02% 12,827 50,281 15,926 EMAAR MALLS GROUP PJSC 2.48 -1.98% 1,350 3,381 AJMAN BANK PJSC 1.16 -1.69% 3,109 3,638 NATIONAL CENTRAL COOLING CO PJSC 2.05 -1.44% 379 783 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) AL KHAZNA INSURANCE COMPANY 0.41 -8.89% 12 5 NATIONAL BANK OF RAS AL KHAIMAH 4.35 -6.45% 15 68 1,526 DANA GAS PJSC 0.66 -2.94% 35,776 23,970 7,158 RAS AL KHAIMAH CERAMICS PSC 2.35 -2.08% 5 13 3,511 2,335 FIRST ABU DHABI BANK PJSC 10.70 -1.83% 486 5,250 DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) 23.68 6.47% 1,453 33,369 ARAB SEA INFORMATION SYSTEMS CO 12.00 -2.60% 52 630 37.25 5.82% 1,609 58,295 ALUJAIN CORPORATION SJSC 23.20 -2.11% 815 19,119 BATIC INVESTMENTS AND LOGISTICS 59.30 5.70% 990 57,131 AL JOUF CEMENT CO SJSC 7.53 -1.83% 770 5,849 MOUWASAT MEDICAL SERVICES CO 154.00 4.62% 24 3,567 EMAAR THE ECONOMIC CITY SJSC 15.40 -1.28% 1,157 17,935 RAYDAN COMPANY CJSC 23.20 4.41% 44 1,011 MEDITERRANEAN AND GULF COOP 17.58 -1.24% 416 7,358 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ARZAN FINANCIAL GROUP FOR FINAN 37.60 8.99% 1,680 61 ENERGY HOUSE HOLDING COMPANY 37.30 -8.58% 58 2 OSOS HOLDING GROUP CO KSCP 139.00 8.59% 466 62 UNICAP INVESTMENT AND FINANCE 42.50 -5.35% 277 12 AL DEERA HOLDING CO KPSC 33.90 5.94% 465 15 HAYAT COMMUNICATIONS CO KSCP 94.70 -5.02% 1 0 QURAIN PETROCHEMICAL INDUSTRIES 341.00 4.60% 1,005 335 NATIONAL INDUSTRIES COMPANY 180.00 -4.76% 14 3 SPECIALITIES GROUP HOLDING CO 91.00 4.60% 397 35 YIACO MEDICAL COMPANY KPSC 164.00 -4.65% 3 1 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) 28.07 9.99% 11 302 SOUTH CAIRO AND GIZA MILLS 46.97 -6.47% 2 103 Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.39 14.88% 0 46,572 AMLAK FINANCE PJSC 1.12 14.29% 0 DEYAAR DEVELOPMENT PJSC 0.54 3.04% 29,768 MASHREQBANK PSC 71.00 2.90% 11 735 DUBAI INVESTMENTS PJSC 2.31 1.76% 13,604 31,154 Close * DoD % Volume ('000) Value (AED ‘000) INVEST BANK PSC 2.69 12.08% 2 5 ABU DHABI AVIATION 2.99 6.79% 20 58 MANAZEL REAL ESTATE PJSC 0.54 1.89% 2,852 WAHA CAPITAL PJSC 1.77 1.72% 4,079 RAK PROPERTIES PJSC 0.67 1.52% Close * MALATH COOPERATIVE INSURANCE TIHAMA ADVERTISING AND PUBLIC Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Top Gainers Egypt SUEZ BAGS CO SAE GOLDEN TEXTILES AND CLOTHES Top Losers Top Losers 6.59 9.29% 10 64 SUEZ CEMENT COMPANY SAE 25.86 -4.33% 5 124 MISR REFRIGERATION AND AC 138.41 9.23% 3 348 ASEC CO FOR MINING SAE 11.99 -4.08% 465 5,696 EGYPT GAS CO SAE 184.36 8.73% 18 3,109 ZAHRAA MAADI INVESTMENT 17.02 -3.66% 1 21 ALEXANDRIA MEDICAL SERVICES CO 48.99 8.65% 0 11 DELTA INSURANCE CO SAE 12.02 -3.22% 17 207 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) GULF INTERNATIONAL SERVICES QSC 22.97 3.47% 1,176 26,570 QATAR NAVIGATION QSC 68.20 -5.15% 243 16,987 OOREDOO QSC 96.00 2.78% 175 16,592 AL KHALEEJ TAKAFUL GROUP QSC 17.03 -3.13% 6 98 DOHA INSURANCE CO QSC 14.49 2.77% 2 25 QATAR NATIONAL CEMENT CO QSC 76.20 -2.31% 18 1,396 AAMAL CO QSC 11.48 2.23% 147 1,669 QATAR GENERAL INSURANCE 32.50 -1.52% 1 34 QATAR INTERNATIONAL ISLAMIC 58.40 2.10% 76 4,404 VODAFONE QATAR QSC 8.80 -1.46% 1,487 13,183 Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters 3
4. MENA Morning Report Sunday , July 23, 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 79,929 99.90 1.1% 9.2% 3,271 87,137 105.40 76.00 15 1.8 6.0% 2 Emirates Telecommunications Group Co AE 43,214 18.25 -0.8% -2.9% 806 4,007 20.20 17.10 18 3.5 4.4% 3 Saudi Telecom Company SJSC SA 40,218 75.40 2.0% 0.0% 218 4,380 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 35,810 142.00 -0.7% -4.1% 77 2,983 157.27 121.70 10 1.8 2.2% 5 First Abu Dhabi Bank PJSC AE 31,748 10.70 -1.8% 7.1% 486 1,416 11.55 8.30 10 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 27,736 64.00 -0.8% 1.6% 2,758 47,067 71.70 48.60 12 2.0 3.5% 7 National Commercial Bank SJSC SA 26,776 50.20 -0.4% 17.8% 349 4,666 58.00 32.00 11 1.7 3.2% 8 Saudi Electricity Company SJSC SA 26,736 24.06 0.1% 7.4% 866 5,557 26.05 14.30 12 1.4 2.9% 9 DP World Ltd AE 18,758 22.60 -1.1% 29.1% 49 299 23.85 15.53 19 2.1 1.7% 10 Almarai Co SJSC SA 17,922 84.00 -0.4% 22.6% 33 738 98.30 51.50 33 5.3 1.1% 11 Jabal Omar Development Co SJSC SA 17,400 70.20 1.0% -6.1% 86 1,602 76.00 46.00 75 6.4 0.0% 12 Industries Qatar QSC QA 16,518 100.00 0.9% -14.9% 53 1,460 122.00 91.10 19 1.9 0.0% 13 Emaar Properties PJSC AE 15,790 8.10 -1.1% 13.6% 4,565 10,069 8.20 6.37 11 1.4 1.9% 14 Saudi Arabian Mining Co SJSC SA 15,270 49.00 -0.6% 25.6% 589 7,699 53.80 27.80 811 2.2 0.0% 15 Samba Financial Group SJSC SA 13,761 25.80 1.2% 6.0% 340 2,340 27.10 15.90 10 1.2 3.7% 16 National Bank of Kuwait SAKP KW 13,431 686.00 0.4% 10.8% 1,182 2,683 723.81 533.33 14 1.3 4.2% 17 Emirates NBD Bank PJSC AE 12,181 8.05 -0.9% -5.2% 186 407 9.00 7.60 7 0.8 5.0% 18 Saudi British Bank SJSC SA 10,801 27.00 0.7% 8.0% 498 3,583 28.40 16.40 11 1.3 2.6% 19 Abu Dhabi Commercial Bank PJSC AE 10,261 7.25 0.0% 0.0% 4,265 8,419 7.68 5.66 9 1.3 5.5% 20 Kingdom Holding Co SA 10,180 10.30 0.2% -13.8% 163 447 12.95 9.80 71 1.3 4.9% 21 Kuwait Finance House KSCP KW 9,862 517.00 2.8% 5.3% 6,339 10,839 572.73 400.00 15 1.6 3.0% 22 Banque Saudi Fransi SJSC SA 9,802 30.50 -0.3% 16.9% 777 6,320 33.20 18.00 10 1.2 0.0% 23 Ezdan Holding Group QSC QA 9,342 12.90 -0.6% -14.6% 112 395 20.24 10.72 16 1.1 3.9% 24 Emirates Islamic Bank PJSC AE 8,871 6.00 0.0% 0.0% 1 1 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,788 2.48 -2.0% 0.0% 1,350 911 3.00 2.38 17 1.9 0.0% 26 Masraf Al Rayan QSC QA 8,600 42.00 0.2% 0.0% 303 3,485 45.40 33.05 15 2.6 0.0% 27 Riyad Bank SJSC SA 8,593 10.74 -0.2% -7.0% 895 2,563 11.80 8.55 10 0.9 6.1% 28 Ooredoo QSC QA 8,396 96.00 2.8% -5.7% 175 4,600 116.10 88.20 16 1.4 3.6% 29 Yanbu National Petrochemicals Co SJSC SA 8,161 54.40 1.7% 0.7% 266 3,864 61.75 39.90 12 1.9 5.5% 30 Dubai Islamic Bank PJSC AE 7,845 5.83 -0.3% 4.7% 1,653 2,624 6.29 5.01 9 1.2 7.7% Company Name Total M-Cap; W. Avg Yield 572,701 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. 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