MENA Market Report - 24 August

Transcription

1. MENA Morning Report Wednesday , August 24, 2016 Overview Regional Markets: Trading activity within the MENA markets remained under pressure as uncertainty continues to linger around the Fed’s decision coupled with the political environment. Further, oil prices continued to witness weakness however it is hovering around the current levels as markets are uncertain about oil producers ability to conclude a deal to reduce the rising supply glut. Regional markets have remained under pressure throughout the week, in line with the movement in oil prices coupled with the rising uncertainty. For the region, three indexes closed in green and four in red, while one remained unchanged for the day. Saudi was down by 0.2% for the day, third consecutive day of losses, on the back of downward pressure in petchem sector stocks. UAE market closed on a positive note as Abu Dhabi was up by 0.6%, while Dubai closed flat for the day. Dubai is down by 1.1% for the last three days, while Abu Dhabi has appreciated by 0.4% during the same period. Qatar was down by 0.9% for the day, fourth consecutive session of losses. The index was dragged lower by profit taking in banking and energy sector stocks. Egypt was down by 0.7% for the day as the rally post the IMF deal has fizzled out and investors are in profit booking mode due to the sentiments witnessed across the region. Kuwait and Bahrain were up by 0.1% each, while Oman was down by 0.4% for the day. International Markets: US markets closed on a positive note as Dow Jones, S&P 500 and NASDAQ were all up by 0.1%, 0.2% and 0.3% respectively. Europe an markets also closed in green as Stoxx 50, FTSE 100, DAX and CAC 40 were all up by 1.1%, 0.6%, 0.9% and 0.7% respectively. At the time of writing this report, Asian markets have opened mostly on a mixed note as Nikkei was up by 0.6% and Hang Seng was down by 0.7%, while Shanghai is flat. Headlines (WW) Eight Fed Banks Urge Discount Rate Increase (ME) Middle East A Growth Potential For Global Luxury Goods Sector (WW) US New Home Sales Race To Near Nine-Year High (ME) Jordan Budget Deficit Stands At JOD291 Million By End Of H1 (WW) UK Factories Reap Export Benefits Of Brexit’s Drag On Pound (SA) Tighter Liquidity Keeps Interest Rates In Kingdom Under Pressure (WW) Euro Zone Business Growth Stable In August, France Surprises Upwards (SA) Saudi June Imports Plunge 24% Y/Y, Non-Oil Exports Fall (WW) Brexit May Cut Tax Revenue By 13% (SA) Hike In Interest Rate On Loans May Lead To Job Losses (WW) As China E-Commerce Booms, PE Sees Room For Growth In Storage Space (AE) Dubai-UK Trade At AED6.7 Billion In Q1 2016 (WW) Japan Needs 10 Trillion Yen Stimulus In Each Of Next Two Years (AE) Abu Dhabi International Passengers Up 7.9% In July (WW) German Economy Held Back By Weakest Services Growth In 15 Months (EG) Egypt’s Emtelak Eyes USD675 Million Investments Returns For Its Projects (CMD) Oil Slips Below $49 As Rising Supply Trumps Hopes For Producer Action (EG) Egypt Plans To End Fuel Subsidies Within Three Years (CMD) Gold Holds Steady As Eyes Fix On Fed (QA) Qatar To Benefit From Oil Spike In Short-Term (FX) Egyptian Pound Stable At Regular Dollar Sale And On Black Market (QA) Qatar Posts 6% Rise In Q2 Trade Surplus; Asia Stays Largest Partner (FI) Saudi Government Selling Up To 20 Billion Riyals Of Bonds (KW) Kuwait Real GDP Expands By 1.8% In 2015 (FI) Bank Of England Pays High Premiums For Bonds In QE Buyback (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,533.83 -0.0% Abu Dhabi (ADSMI) 4,535.40 0.6% -1.1% 1.4% 12.1% ˄ ˄ ˄ 0.4% -0.9% 5.3% ˅ ˄ ˄ Saudi (SASEIDX) 6,095.89 -0.2% -2.1% -3.3% -11.8% ˅ ˅ ˅ Kuwait (KWSE) Egypt (EGX30) 5,448.86 0.1% -0.4% -0.0% -3.0% ˅ ˄ ˄ 8,186.70 -0.7% -1.6% 2.5% 16.9% ˄ ˄ ˄ Qatar (DSM) 11,116.42 -0.9% -1.8% 4.8% 6.6% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,153.16 0.1% 0.4% -0.2% -5.2% ˅ ˄ ˅ Oman (MSM30) 5,849.42 -0.4% -0.8% 0.1% 8.2% ˄ ˄ ˄ 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) 267 263 410 88 96 139 83,616 Abu Dhabi (ADSMI) 50 71 114 36 44 55 121,199 Saudi (SASEIDX) 147 210 264 706 954 1,245 377,430 Index Kuwait (KWSE) 56 89 126 20 33 38 75,551 Egypt (EGX30) 123 208 251 60 101 113 43,872 Qatar (DSM) 4 6 8 44 64 80 139,227 Bahrain (BHSEIDX) 1 3 2 1 1 1 17,853 Oman (MSM30) 8 16 21 5 8 11 17,078 * 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 Wednesday , August 24, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 14.1 11.3 11.2 10.8 10.0 Current 489.3 12.7 12 Previous 600 386.2 8.3 300 8 239.3 188.3 4 1.3 1.4 1.6 1.4 1.7 - - 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 Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 24% 8% 16.9% 6.1% 16% 5.5% 6% 4.7% 4.8% 4.3% 4.4% 12.1% 8.2% 6.6% 5.3% 8% 3.6% 4% 0% 1.9% 2% -3.0% -8% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -5.2% -11.8% -16% Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Wednesday , August 24, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DAR AL TAKAFUL PJSC 1.01 -2.88% 12,317 12,625 TAKAFUL EMARAT INSURANCE PJSC 2.67 -2.20% 224 604 AIR ARABIA PJSC 1.38 -1.43% 5,223 7,259 3,548 SHUAA CAPITAL PSC 0.64 -1.24% 403 258 26,308 EMAAR MALLS GROUP PJSC 2.80 -1.06% 1,450 4,082 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 1,157 INTL FISH FARMING HOLDING CO PJSC 1.45 -5.84% 1 2 142 119 ABU DHABI NATIONAL FOR BUILDING 0.49 -3.92% 300 150 2.07% 482 2,120 GULF PHARMACEUTICAL INDUSTRIES 2.25 -3.43% 110 252 1.82% 8,977 4,982 AL KHAZNA INSURANCE CO PSC 0.39 -2.50% 134 53 12.10 1.68% 1,870 22,441 ABU DHABI NATIONAL ENERGY CO 0.52 -1.89% 904 475 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) RED SEA HOUSING SERVICES CO SJSC 26.70 9.88% 194 4,953 SAUDI RESEARCH AND MARKETING 31.80 -7.02% 355 11,713 SAUDI ARABIAN REFINERIES CO SJSC 31.70 4.97% 138 4,286 SAUDI INDUSTRIAL INVESTMENT GRP 11.95 -4.78% 3,659 44,821 SAUDI PUBLIC TRANSPORT CO SJSC 13.95 3.72% 919 12,584 FILING & PACKING MATERIALS MFG 41.70 -4.14% 520 22,150 ABDULMOHSEN AL HOKAIR GROUP 31.10 3.32% 519 15,883 QASSIM CEMENT CO SJSC 56.50 -3.00% 65 3,705 COMPANY FOR COOP INSURANCE SJSC 90.50 2.26% 57 5,129 SAUDI ARABIAN COOP INSURANCE CO 16.05 -2.73% 1,986 32,325 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) AL MAL INVESTMENT COMPANY KPSC 23.00 12.20% 10,843 236 JEERAN HOLDING COMPANY KSCP 68.00 -6.85% 30 2 MENA REAL ESTATE CO KSCP 22.00 7.32% 1 0 SECURITIES GROUP CO KSCP 85.00 -5.56% 25 2 IKARUS PETROLEUM INDUSTRIES CO 31.50 6.78% 294 9 CREDIT RATING AND COLLECTION CO 36.00 -5.26% 3 0 REAL ESTATE TRADE CENTERS CO 32.00 6.67% 0 0 KGL LOGISTICS COMPANY KPSC 70.00 -2.78% 275 20 NATIONAL INDUSTRIES COMPANY 204.00 5.15% 1 0 AL ARGAN INTL REAL ESTATE CO KSCP 152.00 -2.56% 62 10 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) SINAI CEMENT CO SAE 23.87 6.23% 7 159 GRAND CAPITAL FOR FINANCIAL INV 4.05 -10.00% 120 514 PAINTS & CHEMICAL INDUSTRIES CO 25.18 5.80% 1 20 SOUTH CAIRO & GIZA MILLS & BAKERI 11.72 -6.16% 1 15 EGYPTIAN IRON AND STEEL CO SAE 6.64 5.56% 300 1,940 SUEZ CANAL CO FOR TECHNOLOGY 11.30 -5.75% 1 14 GENERAL CO FOR LAND RECLAMTION 12.97 3.76% 3 39 NOZHA INTL HOSPITAL SAE 60.13 -5.35% 5 308 ALEXANDRIA CONTAINER AND CARGO 83.08 3.33% 33 2,718 INTL CO FOR INVEST & DEVELOPMENT 7.80 -4.29% 7 57 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) ALIJARAH HOLDING CO QSC 18.70 1.08% 53 989 MEDICARE GROUP QSC 92.00 -3.06% 93 8,655 QATARI INVESTORS GROUP QSC 54.10 0.93% 87 4,679 QATAR GAS TRANSPORT CO LTD 24.11 -2.90% 353 8,640 AL KHALIJ COMMERCIAL BANK QSC 17.75 0.80% 63 1,107 DLALA BROKERAGE AND INVESTMENT 23.55 -2.08% 137 3,257 QATAR NATIONAL BANK SAQ 162.90 0.06% 150 24,486 QATAR ELECTRICITY AND WATER CO 227.00 -1.94% 19 4,417 OOREDOO QSC 101.00 -1.85% 127 12,921 Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES NBD BANK PJSC 8.45 3.05% 357 2,973 DAMAC PROPERTIES DUBAI CO PSC 2.45 1.24% 3,847 9,368 MARKA PJSC 1.17 0.86% 34 40 AMLAK FINANCE PJSC 1.38 0.73% 2,580 DUBAI ISLAMIC BANK PJSC 5.56 0.72% 4,749 Close * DoD % Volume ('000) Value (AED ‘000) SHARJAH CEMENT AND INDUSTRIAL 0.95 3.26% 1,237 ARKAN BUILDING MATERIALS CO PJSC 0.85 2.41% UNION NATIONAL BANK PJSC 4.44 DANA GAS PJSC 0.56 FIRST GULF BANK PJSC Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers 3
4. MENA Morning Report Wednesday , August 24, 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 67,216 84.00 0.3% 9.4% 4,624 1,03,597 92.75 59.50 15 1.6 6.5% 2 Emirates Telecommunications Group Co AE 47,004 19.85 0.0% 23.3% 929 5,020 20.20 12.30 19 3.9 4.0% 3 Qatar National Bank SAQ QA 37,577 162.90 0.1% 11.7% 150 6,728 169.50 122.50 11 1.9 1.5% 4 Saudi Telecom Co SJSC SA 30,274 56.75 1.3% -16.8% 936 14,172 69.75 54.50 13 1.9 7.0% 5 Al Rajhi Banking and Investment Corp SA 24,164 55.75 0.5% 7.2% 2,359 35,079 62.75 44.70 12 1.8 2.7% 6 Saudi Electricity Co SJSC SA 21,283 19.15 -1.8% 21.6% 2,407 12,295 21.80 12.40 51 1.3 3.7% 7 National Commercial Bank SJSC SA 19,205 36.00 -0.6% -29.4% 819 7,863 58.75 36.00 8 1.2 4.3% 8 Industries Qatar QSC QA 18,947 114.00 -0.3% 2.6% 73 2,300 135.00 88.00 17 2.1 4.4% 9 DP World Ltd AE 15,314 18.45 -1.3% -9.1% 112 561 22.77 16.05 15 1.8 1.6% 10 Jabal Omar Development Co SJSC SA 14,874 60.00 -1.2% 8.1% 212 3,396 68.75 40.80 - 6.0 0.0% 11 First Gulf Bank PJSC AE 14,826 12.10 1.7% -4.3% 1,870 6,161 14.40 9.90 9 1.6 8.3% 12 Ezdan Holding Group QSC QA 14,115 19.37 -0.7% 21.8% 124 661 20.24 12.10 30 1.8 2.6% 13 Emaar Properties PJSC AE 14,017 7.19 -0.8% 26.4% 4,711 9,223 7.46 4.22 12 1.3 2.1% 14 National Bank of Abu Dhabi PJSC AE 13,476 9.50 1.1% 19.3% 419 1,083 10.40 6.86 11 1.1 4.7% 15 Emirates NBD Bank PJSC AE 12,787 8.45 3.0% 14.2% 357 822 9.50 6.25 7 0.9 4.7% 16 National Bank of Kuwait SAKP KW 11,239 600.00 3.4% -19.3% 481 959 799.36 550.00 12 1.1 4.6% 17 Almarai Co SJSC SA 11,203 52.50 -1.4% -10.5% 237 3,323 67.69 40.88 21 3.5 1.6% 18 Kingdom Holding Co SA 10,725 10.85 -0.5% -30.9% 60 172 21.20 9.80 65 1.5 4.6% 19 Saudi Arabian Mining Co SJSC SA 10,597 34.00 1.2% 2.4% 970 8,794 43.20 25.70 106 1.4 0.0% 20 Abu Dhabi Commercial Bank PJSC AE 9,979 6.55 0.3% -0.6% 1,277 2,277 8.01 5.20 8 1.2 6.9% 21 Emaar Malls Group PJSC AE 9,922 2.80 -1.1% 1.4% 1,450 1,106 3.25 2.02 20 2.4 3.6% 22 Samba Financial Group SJSC SA 9,816 18.40 0.5% -21.2% 740 3,632 24.40 17.05 7 0.9 4.9% 23 Ooredoo QSC QA 8,888 101.00 -1.8% 34.7% 127 3,516 107.00 60.00 13 1.4 3.0% 24 Riyad Bank SJSC SA 8,322 10.40 -1.9% -16.1% 940 2,607 15.25 10.35 8 0.8 6.7% 25 Emirates Integrated Telecom Co PJSC AE 8,190 6.58 0.0% 29.0% 11 20 6.99 4.89 16 3.9 6.5% 26 Kuwait Finance House KSCP KW 8,101 465.00 0.0% -5.3% 656 1,014 554.55 395.45 13 1.4 3.3% 27 Masraf Al Rayan QSC QA 7,860 38.15 -1.0% 1.5% 278 2,914 45.50 28.60 13 2.4 4.6% 28 Dubai Islamic Bank PJSC AE 7,482 5.56 0.7% -1.4% 4,749 7,189 6.71 4.51 7 1.0 7.4% 29 Qatar Islamic Bank SAQ QA 7,270 112.00 -1.3% 5.0% 22 664 121.00 75.10 13 1.7 3.8% 30 Saudi Arabia Fertilizers Co SJSC SA 7,224 65.00 -0.8% -21.5% 210 3,638 101.25 58.00 18 4.2 9.2% Company Name Total M-Cap; W. Avg Yield 5,01,894 4.3% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services 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 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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