MENA Market Report - 26 June

Transcription

1. MENA Morning Report Sunday , June 26, 2016 Overview Regional Markets: MENA markets closed the day and week on a positive note, while the global markets witnessed a freefall after the UK decided to leave the EU. The decision by the UK has shocked the investor community as the markets were tilted towards remaining in the EU in the past one week. Investors are crunching the numbers to gauge the impact of leaving EU on the broader economies as implementation process and negotiation terms are unfolded going forward. For the region, the markets are likely to witness steep losses as it takes cue from the selloff seen in the global markets on Friday. For the day, Egypt was the best performer as it was up by 1.4% as it was supported by buying from institutions and Arab investors. Saudi closed up by 0.3%, on the back of rise in crude oil prices. UAE market closed on a mixed note as Dubai was down by 0.2%, while Abu Dhabi closed flat for the day. Qatar was up by 0.5%, led by 1.1% rise in Qatar National Bank. Bahrain and Oman were up by 0.6% and 0.1% respectively, while Kuwait closed flat for the day. For the week, the regional indexes closed mostly in green with the exception of Egypt and Oman that were down by 2.3% and 0.2% respectively. Abu Dhabi led the regional pack with gains of 4.1%, followed by Dubai and Qatar, up by 1.8% each. International Markets: US markets witnessed selloff after UK votes to leave as Dow Jones, S&P 500 and NASDAQ were all down by 3.4%, 3.6% and 4.1% respectively. European markets also closed in red as Stoxx 50, FTSE 100, DAX and CAC 40 were all down by 8.6%, 3.2%, 6.8% and 8.0% respectively. Headlines (WW) US Jobless Claims, Factory Data Point To Firming Economy (ME) Middle East Can Add USD 380 Billion To GDP With Major Online Push (WW) Traders Weigh Chance Of Fed Cutting US Rates After Brexit (SA) Solar Energy Could Meet Up To 13% Of Global Power Needs By 2030 (WW) UK Votes For Brexit As European Order Ruptured (SA) Saudigulf Airlines Granted Licence For Saudi Domestic Flights (WW) Ukraine Cuts Rates For Third Month As CPI Fades Further (SA) Fitch Affirms Islamic Development Bank At 'AAA'; Outlook Stable (WW) Euro Zone Business Growth Slows In June As Services Struggle (AE) Moody’s Upgrades Dubai’s Emaar Over 'Financial Strength' (WW) China, Russia, Mongolia Ink Economic Corridor Plan (EG) US Investments In Egypt Fall 85.9% In 2015 (WW) China Productivity Gains Could Unlock USD 5.6 Trillion In Growth By 2030 (EG) Egypt To Auction 4G Licences If Local Operators Don't Bite (WW) China Industrial Investment Slowing Amid Tepid Demand (QA) QEWC Capex Set To Jump To QAR7.6 Billion In 2016-18: Moody’s (WW) German Private Sector Growth Eases Slightly In June: PMI (KW) Shares In Kuwait’s Agility Suspended Pending Clarification (CMD) Oil Prices Dive As Britain Votes To Leave EU (KW) Kuwaiti Lender NNK Says USD 473.2 Mil Rights Issue Oversubscribed By Twofold (CMD) Gold Surges To Highest Since ‘14 As BBC Predicts Vote For Brexit (OM) Oman’s 2040 Tourism Strategy: RO20 Bln Investments, More Than 500,000 Jobs (FX) Yen Soars Past 100 Per Dollar First Time Since 2013 On UK Vote (OM) FDI Inflows To Oman Touched USD 822 Million In 2015 (FX) Sterling Hits Lowest In Three Decades, Yen Surges As Brexit Stuns Markets (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,367.64 -0.2% 1.8% 1.6% 6.9% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,499.73 0.0% 4.1% 5.9% 4.5% ˄ ˅ ˄ Saudi (SASEIDX) 6,550.97 0.3% 0.1% 1.6% -5.2% ˄ ˄ ˅ Kuwait (KWSE) 5,407.99 -0.0% 0.2% 0.1% -3.7% ˄ ˄ ˅ Egypt (EGX30) 7,253.31 1.4% -2.3% -3.1% 3.5% ˅ ˄ ˄ Qatar (DSM) 9,966.35 0.5% 1.8% 4.5% -4.4% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,118.98 0.6% 0.2% 0.7% -8.0% ˄ ˅ ˅ Oman (MSM30) 5,796.93 0.1% -0.2% -0.2% 7.2% ˅ ˄ ˄ 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) 153 381 452 55 123 147 81,523 Abu Dhabi (ADSMI) 68 107 137 31 52 60 119,303 Saudi (SASEIDX) 215 274 294 894 1,321 1,416 400,599 Kuwait (KWSE) 67 149 146 30 41 42 76,500 Egypt (EGX30) 107 227 249 48 121 116 41,163 Qatar (DSM) 2 8 8 23 73 79 122,324 Bahrain (BHSEIDX) 7 2 2 2 1 1 17,191 Oman (MSM30) 26 24 23 10 12 13 16,385 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 , June 26, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.6 Previous Current 600 13.5 488.2 12.3 11.1 12 PB 10.8 9.3 9.3 8.9 373.1 8.4 300 8 247.8 226.3 183.1 114.3 101.7 4 1.1 1.5 1.1 1.3 1.5 Abu Dhabi Saudi Kuwait Egypt Qatar 1.3 0.8 1.1 Bahrain Oman 1.2 0 0 Dubai Average Dubai Abu Dhabi Saudi 10% 6.4% 4.6% Qatar Bahrain Oman Average 4.1% 4.4% 4.7% 7.2% 6.9% 4.5% 5% 5.6% 5.6% 4.7% Egypt Year to Date Perfomance Dividend Yield 8% 6% Kuwait 3.5% 0% 4% -5% 2.4% -5.2% 2% -10% 0% -15% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -3.7% -4.4% -8.0% 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 Sunday , June 26, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 68.00 -6.85% 0 28 TAKAFUL EMARAT INSURANCE PJSC 1.96 -5.77% 74 149 GULF NAVIGATION HOLDING PJSC 1.06 -1.85% 755 808 AL SALAM BANK SUDAN PLC 1.23 -1.60% 1,463 1,815 EMIRATES NBD BANK PJSC 8.32 -0.95% 179 1,492 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 239 ARKAN BUILDING MATERIALS CO PJSC 0.84 -9.68% 12 10 20 25 ABU DHABI NATIONAL ENERGY CO 0.53 -3.64% 1,300 702 3 3 ABU DHABI SHIP BUILDING PJSC 2.62 -2.96% 20 53 1.82% 37,647 20,894 SUDATEL TELECOM GROUP LTD 0.49 -2.00% 1,479 732 0.79 1.28% 6,811 5,347 RAK PROPERTIES PJSC 0.59 -1.67% 752 448 Close DoD % Volume Value Top Losers Close DoD % Volume Value ARABIAN PIPES CO SJSC 13.35 9.88% 3,774 48,121 YANBU CEMENT CO SJSC 42.90 -2.94% 674 29,361 SAUDI INDIAN COMPANY FOR CO-OP 17.80 9.88% 6,156 104,654 SAUDI INTL PETROCHEMICAL CO SJSC 13.35 -2.55% 661 8,936 DAR AL ARKAN REAL ESTATE DEVEL CO 6.30 7.69% 60,434 367,136 HERFY FOOD SERVICES CO SJSC 78.25 -2.19% 75 5,950 FITAIHI HOLDING GROUP SJSC 16.70 4.70% 2,306 37,638 SAUDI CHEMICAL CO SJSC 42.60 -1.84% 168 7,235 AL BABTAIN POWER AND TELECOMM 28.20 4.06% 541 14,951 SAMBA FINANCIAL GROUP SJSC 20.00 -1.48% 695 14,002 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) GULF FRANCHISING HOLDING CO KSCP 36.50 7.35% 100 4 AL MADAR FINANCE & INVEST CO 12.50 -10.71% 1,400 19 NATIONAL PETROLEUM SERVICES CO 780.00 6.85% 5 3 KUWAIT CABLE VISION COMPANY 22.50 -10.00% 14 0 COMMERCIAL BANK OF KUWAIT KPSC 435.00 6.10% 0 0 MENA REAL ESTATE CO KSCP 20.00 -6.98% 4 0 HUMAN SOFT HOLDING COMPANY 1500.00 5.63% 40 58 GULF CABLE & ELEC INDUSTRIES 390.00 -6.02% 96 39 68.00 4.62% 11 1 SALBOOKH TRADING CO KSCP 65.00 -5.80% 646 43 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ALEXANDRIA NATIONAL COMPANY 6.53 9.75% 2 12 BELTONE FINANCIAL HOLDING SAE 8.10 -4.82% 27 224 CAIRO POULTRY CO SAE 5.94 8.00% 16 93 EGYPT GAS CO SAE 34.48 -4.75% 1 37 ISLAMIC GHARBIA CO 5.94 7.61% 41 234 EL NASR TRANSFORMERS AND ELEC 5.19 -4.60% 12 65 GOLDEN COAST EL SOKHNA COMPANY 12.06 7.20% 36 425 ALEXANDRIA MEDICAL SERVICES CO 24.70 -3.93% 1 13 EL WADI COMPANY 8.26 7.13% 501 4,000 NAEEM HOLDING FOR INVESTMENTS 0.50 -3.85% 4 2 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) MANNAI CORPORATION QSC 89.60 2.40% 0 21 QATAR ISLAMIC INSURANCE CO QSC 59.00 -1.50% 0 14 QATAR NATIONAL CEMENT CO QSC 86.40 1.41% 0 28 QATAR FIRST BANK LLC 11.60 -0.68% 400 4,658 DOHA BANK QSC 35.70 1.28% 26 938 SALAM INTERNATIONAL INVESTMENT 11.28 -0.62% 40 447 OOREDOO QSC 89.60 1.24% 23 2,032 GULF INTERNATIONAL SERVICES QSC 37.65 -0.53% 164 6,205 QATAR INDUSTRIAL MANUFACTURING 42.50 1.19% 6 233 QATARI GERMAN COMPANY 11.44 -0.52% 27 305 Close * DoD % Volume ('000) Value (AED ‘000) DAR AL TAKAFUL PJSC 0.70 14.94% 7,543 4,937 DUBAI ISLAMIC INSU AND REINSU CO 0.64 4.23% 11,760 7,373 AJMAN BANK PJSC 1.71 1.79% 108 183 UNION PROPERTIES PJSC 0.74 1.23% 16,828 12,377 ISLAMIC ARAB INSURANCE CO PSC 0.51 1.20% 20,950 10,580 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) INTL FISH FARMING HOLDING CO PJSC 1.61 4.55% 152 BANK OF SHARJAH PJSC 1.25 4.17% RAS AL KHAIMAH CEMENT CO PSC 0.82 2.50% DANA GAS PJSC 0.56 ESHRAQ PROPERTIES CO PJSC Abu Dhabi Dubai Top Gainers Kuwait Saudi Arabia Top Gainers MUSHRIF TRADING & CONTRACTING Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , June 26, 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 65,818 82.25 0.0% 7.2% 4,490 98,492 105.75 59.50 14 1.5 6.7% 2 Emirates Telecommunications Group Co AE 44,876 18.95 0.0% 17.7% 1,257 6,485 19.10 11.40 20 4.0 4.2% 3 Saudi Telecom Co SJSC SA 34,809 65.25 0.8% -4.4% 237 4,121 73.25 52.75 14 2.2 6.1% 4 Qatar National Bank SAQ QA 32,524 141.00 1.1% -3.3% 110 4,251 163.17 122.50 10 2.0 1.7% 5 Al Rajhi Banking and Investment Corp SA 25,357 58.50 0.4% 12.5% 3,112 48,552 66.25 44.70 12 2.0 2.6% 6 Saudi Electricity Co SJSC SA 21,505 19.35 0.0% 22.9% 6,572 33,915 21.80 12.40 38 1.4 3.6% 7 National Commercial Bank SJSC SA 21,286 39.90 -0.3% -21.8% 165 1,757 67.75 36.60 9 1.4 3.9% 8 Industries Qatar QSC QA 16,703 100.50 0.6% -9.5% 84 2,325 144.00 88.00 15 1.9 5.0% 9 Jabal Omar Development Co SJSC SA 15,680 63.25 1.2% 14.0% 344 5,808 77.00 40.80 - 6.2 0.0% 10 First Gulf Bank PJSC AE 15,317 12.50 0.4% -1.2% 924 3,144 15.75 9.90 10 1.7 8.0% 11 DP World Ltd AE 14,318 17.25 0.0% -15.0% 93 439 23.90 16.40 17 1.6 1.7% 12 National Bank of Abu Dhabi PJSC AE 13,605 9.59 -0.1% 20.5% 1,656 4,325 11.00 6.86 10 1.2 4.7% 13 Ezdan Holding Group QSC QA 13,335 18.30 0.7% 15.1% 207 1,038 20.00 12.10 28 1.6 2.7% 14 Emirates NBD Bank PJSC AE 12,591 8.32 -1.0% 12.4% 179 404 10.95 6.25 7 0.9 4.8% 15 Emaar Properties PJSC AE 12,477 6.40 0.5% 12.5% 5,785 10,080 8.16 4.22 11 1.2 2.3% 16 Saudi Arabian Mining Co SJSC SA 12,000 38.50 1.0% 16.0% 1,043 10,712 45.20 25.70 88 1.6 0.0% 17 Almarai Co SJSC SA 11,630 54.50 0.0% -7.1% 51 746 73.50 40.88 23 3.6 1.6% 18 National Bank of Kuwait SAKP KW 11,058 590.00 -1.7% -20.7% 1,300 2,551 808.65 590.00 12 1.1 4.7% 19 Kingdom Holding Co SA 10,972 11.10 0.0% -29.3% 220 652 23.50 9.80 61 1.6 4.5% 20 Samba Financial Group SJSC SA 10,670 20.00 -1.5% -14.3% 695 3,706 27.90 17.55 8 1.0 4.5% 21 Emaar Malls Group PJSC AE 10,419 2.94 0.0% 6.5% 5,035 4,031 3.37 2.02 22 2.4 3.4% 22 Abu Dhabi Commercial Bank PJSC AE 9,599 6.30 -0.8% -4.4% 1,184 2,031 8.91 5.20 7 1.2 7.1% 23 Riyad Bank SJSC SA 8,842 11.05 0.5% -10.9% 346 1,019 16.95 10.80 8 0.9 6.3% 24 Saudi British Bank SJSC SA 8,282 20.70 -0.2% -16.4% 57 317 34.50 19.00 7 1.1 3.6% 25 Kuwait Finance House KSCP KW 8,019 460.00 1.1% -6.3% 1,242 1,900 590.91 395.45 16 1.4 3.4% 26 Emirates Integrated Telecomm AE 7,905 6.35 -0.3% 24.5% 555 959 6.84 4.65 15 3.9 6.8% 27 Ooredoo QSC QA 7,884 89.60 1.2% 19.5% 23 562 96.10 60.00 11 1.3 3.3% 28 Banque Saudi Fransi SJSC SA 7,393 23.00 -1.1% -17.9% 78 480 36.10 20.70 7 1.0 4.6% 29 Masraf Al Rayan QSC QA 7,015 34.05 0.0% -9.4% 151 1,416 46.80 28.60 12 2.3 5.1% 30 Dubai Islamic Bank PJSC AE 6,890 5.12 -0.2% -9.2% 3,070 4,280 7.00 4.51 6 1.2 8.0% Company Name Total M-Cap; W. Avg Yield 498,779 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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