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MENA Market Report - 25 March

IM Insights
By IM Insights
6 years ago
MENA Market Report - 25 March

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  1. MENA Morning Report Sunday , March 25, 2018 Overview Regional Markets: MENA region closed on a negative note, in line with the sentiments seen in the global markets on the back of a global trade war, which would impact the global growth going forward. Oil prices crossing the US$70 mark per barrel in the previous week should be positive for the region but the sentiments across the globe might weigh on the regional markets during the start of the week. The performance of the regional markets during the week was mostly negative, which was led by 2.0% in Oman, followed by 1.6% in Bahrain and 1.5% in Dubai, while Saudi Arabia was the best performer with gains of 1.2%, followed by 0.8% in Abu Dhabi. For the day, Saudi Arabia closed higher by 1.0% , which helped in extending the weekly gains. The index was supported by buying interest in petchem and banking sector stocks, which helped to lift the overall mood of the market. UAE markets ended on a mixed note as Dubai was down by 1.8%, while Abu Dhabi was up by 0.2%for the day. The performance seen in Dubai during the session wiped off the gains recorded in the earlier sessions to drag the broader index into negative territory for the week. Egypt closed on a negative note as it was down by 0.5% for the day, however the index remains in positive territory for the week. Kuwait closed in red as it was down by 0.4% for the day, continuing the selling pressure during most of the week. Bahrain was down by 0.2%, while Oman was marginally up by 0.1% for the day. International Markets: US markets ended on a negative note as DJIA, S&P and Nasdaq were all down by 1.8%, 2.1% and 2.4% respectively for the day. European markets closed on a negative note as FTSE, CAC and DAX were down by 0.4%, 1.4% and 1.8% respectively for the day. Asian markets closed in red as Nikkei, Hang Seng and Shanghai were all down by 4.5%, 2.5% and 3.4% respectively. Headlines (WW) Leading indicators up 0.6% in February, vs. expectations for 0.4% gain (SA) Saudi inflation rises 2.9% YoY in February (WW) US home sales surge, but supply remains a headache (SA) Saudi Arabia tourism outstrips overall economic growth in Kingdom (WW) US business borrowing for equipment jumps 31% in February (AE) DEWA emphasizes importance of sustainable water resources management (WW) China raises a key market interest rate, following Fed's move (AE) Dubai's DoF completes USD 2.45bn financing for Metro's Route 2020 extension (WW) Euro zone growth slows again in March on hot euro, cold weather (AE) UAE Central Bank raises interest rates on Certificates of Deposits (WW) Japan March manufacturing growth cools as orders soften-flash PMI (AE) Real estate transactions in Sharjah total USD 8.11bn in 2017 (WW) Japan firms see no BOJ tightening until 2019 or beyond 2020 (EG) Egypt’s cement industry faces supply gap, security risks (WW) India drops plan to raise wheat import tax, indicating output deficit (QA) Qatar C.bank hikes interest rates after US Fed (CMD) Oil loses ground as rising US output threatens to disrupt tightening market (KW) Kuwait C.bank raises discount rate on US Fed decision (CMD) Gold hovers near 2-week high on weaker dollar after Fed rate view (KW) Private sector deposits up 3.2% in January (FX) Dollar slips to 1-month lows as Fed's views disappoint (BH) Bahrain starts work on USD 670mn gas pipeline project (FX) Sterling hits 7-week high ahead of BoE meeting; retail sales jump (OM) Oman's economy to accelerate in 2018-19 on energy exports (FI) European bond yields rise as first Fed rate hike of 2018 looms (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,149.53 -1.8% -1.5% -2.9% -6.5% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,577.84 0.2% 0.8% -0.4% 4.1% ˅ ˄ ˄ Saudi (SASEIDX) 7,840.94 1.0% 1.2% 5.7% 8.5% ˄ ˄ ˄ Kuwait (KWSE) 6,662.35 -0.4% -1.4% -1.6% 4.0% ˅ ˄ ˄ Egypt (EGX30) 17,064.58 -0.5% 0.4% 10.3% 13.6% ˄ ˄ ˄ Qatar (DSM) 8,825.70 -0.5% -0.2% 2.0% 3.5% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,333.92 -0.2% -1.6% -2.6% 0.2% ˅ ˄ ˄ Oman (MSM30) 4,800.93 0.1% -2.0% -4.0% -5.9% ˅ ˅ ˅ 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) 144 221 239 71 90 102 82,913 Abu Dhabi (ADSMI) 110 68 78 39 38 42 133,689 Saudi (SASEIDX) 213 173 173 1,364 976 934 486,651 Index Kuwait (KWSE) 46 85 86 30 48 54 75,578 Egypt (EGX30) 544 286 334 92 99 91 29,851 Qatar (DSM) 16 11 10 77 89 78 102,964 Bahrain (BHSEIDX) 7 7 6 4 4 3 22,160 Oman (MSM30) 75 15 17 19 7 10 13,350 * 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 , March 25, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 Previous Current 600 14.0 11.7 12.1 12 8 PB 10.7 10.7 7.7 7.6 4 1.1 1.3 2.5 1.7 140.3 108.2 1.2 - - 0.8 0.9 Bahrain Oman - 58.7 1.3 0 250.9 255.4 300 85.2 83.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Average 12% 5.9% 6.0% 4.9% 4.1% Oman 13.6% 15% 4.9% Bahrain Year to Date Perfomance DividendYield 8% 6% Qatar 8.5% 9% 5.4% 4.3% 6% 4.1% 4.0% 3.5% 3% 4% 0.2% 0% 2.8% -3% 2% -6% 0.0% -9% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -5.9% -6.5% 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 , March 25, 2018 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES REFRESHMENTS PSC 3.29 -9.86% 0 17 328 AIR ARABIA PJSC 1.17 -9.30% 0 11,488 425 461 MASHREQBANK PSC 70.00 -9.09% 1 76 1,291 3,958 DUBAI ISLAMIC INSURANCE & REINS 0.69 -5.24% 582 411 AMLAK FINANCE PJSC 0.86 -3.37% 824 721 Close * DoD % Volume ('000) Value (AED ‘000) FOODCO HOLDING PJSC 4.77 -10.00% 2 8 UNITED ARAB BANK PJSC 1.44 -10.00% 3 5 ABU DHABI COMMERCIAL BANK PJSC 6.63 -6.22% 828 5,673 UNION INSURANCE CO PSC 1.32 -4.35% 134 181 37 NATIONAL BANK OF RAS AL KHAIMAH 4.50 -4.26% 11 51 Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) 6.77% 2,726 59,062 NAMA CHEMICALS COMPANY SJSC 17.74 -2.42% 384 6,904 11.94 4.37% 54,645 638,797 SAUDI COMPANY FOR HARDWARE 130.20 -2.25% 135 17,785 SAUDI TELECOM COMPANY SJSC 81.90 4.33% 724 58,080 AL RAJHI REIT 9.14 -1.93% 2,008 18,537 ELECTRICAL INDUSTRIES CO JSC 23.00 3.98% 2,282 51,473 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 27.50 -1.79% 821 22,790 DEVELOPMENT WORKS FOOD CO CJSC 64.80 3.68% 2 128 MALATH COOPERATIVE INSURANCE 15.14 -1.43% 2,200 33,544 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) IFA HOTELS AND RESORTS CO KSCP 108.00 8.00% 6 1 HILAL CEMENT CO KSCP 56.00 -20.00% 0 0 AL-ENMAA REAL ESTATE COMPANY 34.00 6.25% 25 1 AL MUDON INTERNATIONAL REAL EST 28.00 -15.15% 1,005 31 KUWAIT REAL ESTATE HOLDING CO 23.00 -13.21% 57 1 AAYAN REAL ESTATE COMPANY KSCP 62.10 -11.91% 30 2 KUWAIT FOOD COMPANY KSCP 900.00 -10.00% 14 13 Close * DoD % Volume ('000) Value (EGP ‘000) 4 33 Top Gainers Close DoD % Volume Value AMANAT HOLDINGS PJSC 1.31 1.55% 0 2,844 GULF GENERAL INVESTMENT CO PSC 0.34 1.18% 0 AJMAN BANK PJSC 1.09 0.93% DAMAC PROPERTIES DUBAI CO PSC 3.07 0.33% EMIRATES INTEGRATED TELECO 5.11 0.20% 101 515 Close * DoD % Volume ('000) Value (AED ‘000) DANA GAS PJSC 0.84 12.00% 77,355 61,497 NATIONAL MARINE DREDGING PSC 3.50 9.38% 230 771 ABU DHABI NATIONAL ENERGY CO 0.77 6.94% 2,919 2,175 GULF MEDICAL PROJECTS CO PSC 1.90 5.56% 55 102 AL KHAZNA INSURANCE COMPANY 0.26 4.00% 145 Close * DoD % SAUDI STEEL PIPES CO SJSC 22.38 DAR AL ARKAN REAL ESTATE DEV Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Top Losers 62.30 5.41% 147 9 BOUBYAN PETROCHEMICAL CO 759.00 3.97% 816 608 OSOS HOLDING GROUP CO KSCP 99.00 3.66% 20 2 Close * DoD % Volume ('000) Value (EGP ‘000) 9.64 8.19% 0 1,724 ARAB CO FOR LAND RECLAMATION 8.49 -8.81% SHARM DREAMS CO FOR TOURISTIC 6.61 8.18% 721 4,587 OCTOBER PHARMA FOR PHARMA 63.01 -7.37% 1 72 NATIONAL COMPANY FOR HOUSING 30.54 7.95% 4 116 RAYA CONTACT CENTER CO 14.10 -6.00% 20 291 GRAND CAPITAL FOR FINANCIAL INVST 4.94 7.86% 7 33 MISR BENI SUEF CEMENT CO SAE 25.12 -5.14% 80 2,057 EGYPTIAN RESORTS CO SAE 2.03 7.41% 70,662 138,498 EL NILE COMPANY FOR PHARMA 18.12 -4.28% 23 432 Close DoD % Volume Value Close DoD % Volume Value QATAR FIRST BANK LLC 7.32 6.40% 6,644 47,171 AHLI BANK QSC 30.10 -5.94% 1 29 QATAR GAS TRANSPORT CO LTD 15.47 2.86% 840 12,817 UNITED DEVELOPMENT COMPANY 15.17 -5.78% 594 9,291 DLALA BROKERAGE AND INVESTMENT 12.00 2.56% 183 2,168 MANNAI CORPORATION QPSC 57.50 -5.74% 5 278 EZDAN HOLDING GROUP QSC 11.10 1.37% 390 4,297 QATAR NAVIGATION QPSC 61.11 -2.69% 26 1,584 INDUSTRIES QATAR QSC 108.38 1.29% 207 22,273 OOREDOO QSC 83.60 -2.23% 77 6,535 EL EBOUR COMPANY FOR REAL EST Egypt Top Losers NATIONAL CLEANING CO KSCP Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers 3
  4. MENA Morning Report Sunday , March 25, 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 90,245 112.80 2.4% 10.8% 5,781 173,885 113.60 94.25 18 2.1 3.7% 2 Saudi Telecom Company SJSC SA 43,682 81.90 4.3% 19.4% 724 15,816 84.00 65.10 16 2.6 4.9% 3 Emirates Telecommunications Group Co AE 42,269 17.85 0.3% 2.0% 1,009 4,906 18.85 15.75 18 3.5 4.5% 4 Qatar National Bank QPSC QA 34,256 135.00 -0.2% 7.1% 120 4,455 151.00 115.01 9 1.6 4.4% 5 National Commercial Bank SJSC SA 33,975 63.70 -0.2% 15.6% 1,293 21,964 65.00 37.00 13 2.0 2.7% 6 First Abu Dhabi Bank PJSC AE 33,827 11.40 0.9% 11.2% 1,146 3,558 11.70 10.05 13 1.2 6.1% 7 Al Rajhi Banking & Investment Corp Ltd SA 32,978 76.10 0.8% 17.8% 10,151 205,989 78.20 61.00 14 2.2 5.3% 8 Saudi Electricity Company SJSC SA 22,601 20.34 0.7% -3.4% 2,709 14,694 26.05 19.76 8 1.1 3.4% 9 DP World Ltd AE 19,920 24.00 4.3% -4.0% 73 479 27.06 20.30 17 1.8 1.7% 10 Industries Qatar QSC QA 18,014 108.38 1.3% 11.7% 207 6,158 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 16,609 53.30 1.9% 2.3% 1,051 14,937 57.10 39.30 87 2.4 0.0% 12 Emirates NBD Bank PJSC AE 15,587 10.30 -0.5% 25.6% 1,969 5,524 10.55 7.95 7 1.0 3.9% 13 National Bank of Kuwait SAKP KW 15,421 781.00 1.3% 7.3% 2,738 7,142 800.00 640.00 15 1.4 3.8% 14 Almarai Co SJSC SA 14,507 54.40 0.9% 1.1% 842 12,217 78.64 50.00 26 3.7 1.4% 15 Samba Financial Group SJSC SA 14,347 26.90 2.9% 14.4% 2,052 14,718 27.10 20.50 11 1.2 5.6% 16 Emirates Islamic Bank PJSC AE 14,047 9.50 0.0% -3.1% 1 1 10.20 4.90 73 7.1 0.0% 17 Saudi British Bank SJSC SA 12,441 31.10 1.1% 15.2% 344 2,852 31.55 20.50 12 1.4 4.6% 18 Jabal Omar Development Co SJSC SA 12,281 49.55 -0.6% -16.2% 677 8,951 75.60 49.15 342 4.5 0.0% 19 Emaar Properties PJSC AE 11,483 5.89 -3.0% -9.9% 11,923 19,123 8.43 5.77 7 0.9 2.5% 20 Kuwait Finance House KSCP KW 11,331 589.00 0.0% 2.3% 1,328 2,613 650.00 467.00 18 1.8 2.9% 21 Riyad Bank SJSC SA 11,329 14.16 0.9% 12.6% 1,615 6,100 14.18 10.10 11 1.1 5.2% 22 Yanbu National Petrochemicals Co SJSC SA 10,561 70.40 1.3% 19.3% 482 9,049 70.90 52.00 17 2.4 4.6% 23 Vodafone Qatar QSC QA 9,987 8.60 -1.5% 7.2% 1,372 3,242 9.81 6.03 NULL 1.6 0.0% 24 Abu Dhabi Commercial Bank PJSC AE 9,384 6.63 -6.2% -2.5% 828 1,495 7.50 6.58 8 1.1 6.3% 25 Banque Saudi Fransi SJSC SA 9,370 29.15 2.6% 0.0% 1,525 11,857 33.40 23.40 10 1.1 0.0% 26 Kingdom Holding Co SA 8,974 9.08 0.3% 2.0% 258 625 11.30 7.90 53 1.1 5.5% 27 Abu Dhabi National Oil Co for Dist AE 8,951 2.63 -0.8% -0.8% 144 103 2.90 2.50 18 11.5 2.2% 28 Alinma Bank SJSC SA 8,136 20.34 0.7% 6.2% 20,561 111,522 20.86 14.00 15 1.5 3.9% 29 Ezdan Holding Group QSC QA 8,089 11.10 1.4% -8.1% 390 1,189 16.30 6.19 17 1.0 0.0% 30 Saudi Arabia Fertilizers Co SJSC SA 7,889 71.00 0.7% 8.9% 259 4,896 72.60 57.00 34 4.3 2.5% Company Name Total M-Cap; W. Avg Yield 602,491 3.6% 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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