MENA Market Report - 27 August

Transcription

1. MENA Morning Report Sunday , August 27, 2017 Overview Regional Markets: The last trading session of the week was under pressure as there was lack of catalysts to drive regional markets. For the day, six indexes ended in red, while one closed in green and one remained unchanged. However, the performance during the week was marginally positive as four indexes closed in green, while two ended in red and two unchanged. Qatar was the worst performer as it was down by 1.1% for the day, extending the losses during the week and month as investors are still concerned about the geopolitical uncertainty and its impact on the economic activity. Egypt also closed under pressure as it was down by 0.5% for the day, extending the losses for the week and the month. UAE markets ended on a slightly positive note as Dubai was up by 0.1%, while Abu Dhabi was unchanged for the day. Saudi Arabia closed lower by 0.2% for the day, in line with the regional markets, which was dragged lower by selling pressure in energy and banking sector stocks. However, the index witnessed buying activity during the week, which helped in recording gains of 0.9% for the week and 2.1% for the month. Kuwait closed lower by 0.5% for the day, giving away the gains recorded to end the week flat. Bahrain and Oman closed lower by 0.2% each for the day, in line with the regional markets. For the week, Oman was the best performing index as it was up by 1.2%, followed by 0.9% in Saudi Arabia and 0.6% in Dubai, while Qatar was down by 1.7%, followed by 1.5% in Egypt. International Markets: US markets ended on a positive note as DJIA and S&P were up by 0.1% and 0.2% respectively, while Nasdaq was down by 0.1%. European markets closed lower as FTSE, DAX and CAC were down by 0.1% each for the day. Asian markets closed on a positive note as Nikkei, Hang Seng and Shanghai were all up by 0.5%, 1.2% and 1.8% respectively. Headlines (WW) US new home sales hit seven-month low as prices soar (ME) MENA expected to receive 195 million intl tourists by 2030 (WW) US jobless claims rise slightly as labor market tightens (GCC) GCC corporate earnings poised to grow by 8.1% (WW) Brexit fears slow British growth, hit consumers and businesses (SA) Saudi Arabia's Vision 2030 plan spurs international investment (WW) UK shop sales slide unexpectedly in august, retailers' mood downbeat (SA) Saudi to open health, education sectors to full foreign ownership (WW) Euro zone consumer confidence rises slightly in August (SA) Saudi foreign reserves resume falling in July (WW) German business morale dips from record high as retailers fret (SA) Saudis may seek funding in Chinese yuan (WW) Spain sees no significant impact on tourism from attacks (AE) UAE all set for business transformation (WW) Brazil inflation hits fresh 18-year low, fuels rate cut bets (AE) Dubai Duty Free expects limited sales impact from excise tax (CMD) Gold price waits for rates clues from Jackson Hole (QA) Sluggish July imports in Qatar show sanctions still hurting economy (CMD) Oil tallies a gain as US crude supplies drop for eighth week (KW) Kuwait expedites hiring process for citizens seeking jobs (FX) Sterling falls to new 2-month lows as outlook worsens (KW) Kuwait economy to rebound in two years (FX) Dollar steadies ahead of Jackson Hole meetings (OM) Oman to build 5000 new homes for expats (FI) EU and US Want to Change the Rules of the Bond Market (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,624.49 -0.0% 0.6% Abu Dhabi (ADSMI) 4,493.81 0.1% 0.0% -0.2% 2.7% ˅ ˄ ˄ -1.6% -1.2% ˅ ˄ ˅ Saudi (SASEIDX) 7,245.66 -0.2% 0.9% 2.1% 0.5% ˄ ˄ ˄ Kuwait (KWSE) 6,885.17 -0.5% Egypt (EGX30) 12,926.40 -0.5% -0.0% 0.5% 19.8% ˄ ˄ ˄ -1.5% -3.7% 4.7% ˅ ˄ ˄ Qatar (DSM) 8,951.82 Bahrain (BHSEIDX) 1,302.13 -1.1% -1.7% -4.8% -14.2% ˅ ˅ ˅ -0.2% 0.2% -1.9% 6.7% ˅ ˅ ˄ Oman (MSM30) 4,946.89 -0.2% 1.2% -1.5% -14.5% ˅ ˅ ˅ 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) 177 251 262 77 90 96 84,156 Abu Dhabi (ADSMI) 35 114 96 16 43 46 133,002 Saudi (SASEIDX) 143 148 163 791 788 820 457,505 Index Kuwait (KWSE) 70 68 182 44 55 69 75,578 Egypt (EGX30) 142 276 274 36 55 69 18,696 Qatar (DSM) 5 11 11 34 84 87 105,857 Bahrain (BHSEIDX) 2 2 4 1 1 2 20,704 Oman (MSM30) 10 13 15 4 7 9 13,771 * 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 , August 27, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB Previous Current 600 14.1 489.3 11.3 11.3 12.1 11.1 386.2 9.7 8.3 300 8 239.3 188.3 4 1.2 1.6 2.0 1.7 1.3 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.1% 9% 4.6% 4.2% 4% Bahrain Oman Average 3.5% 3.2% 19.8% 18% 5.4% 4.7% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt 6.7% 4.7% 2.7% 0.5% 0% -1.2% -9% 2% -14.2% -18% 0.0% -14.5% 0.0% 0% -27% 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 , August 27, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAMEX PJSC 5.11 -2.11% 216 1,118 10,280 TAKAFUL EMARAT INSURANCE PJSC 2.09 -1.88% 18 39 27,591 24,735 DUBAI INVESTMENTS PJSC 2.35 -1.26% 2,419 5,722 1.31% 10,309 87,366 EMAAR MALLS GROUP PJSC 2.46 -1.20% 636 1,575 0.93% 803 871 EMIRATES INTEGRATED TELECOM 5.55 -1.07% 463 2,581 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) DANA GAS PJSC 0.65 3.17% 15,617 9,995 INSURANCE HOUSE PSC 0.75 -9.64% 30 24 ARKAN BUILDING MATERIALS CO PJSC 0.64 1.59% 60 38 ABU DHABI NATIONAL TAKAFUL CO 4.70 -6.00% 6 30 SHARJAH ISLAMIC BANK PJSC 1.37 1.48% 75 102 GULF CEMENT CO PSC 1.02 -4.67% 4 5 ESHRAQ PROPERTIES COMPANY PJSC 0.85 1.19% 4,521 3,820 AGTHIA GROUP PJSC 5.40 -3.23% 319 1,749 GULF MEDICAL PROJECTS CO PSC 2.00 1.01% 130 259 RAS AL KHAIMAH CERAMICS PSC 2.51 -2.71% 497 1,265 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL MAATHER REIT FUND 12.52 3.47% 33,863 416,857 MEDITERRANEAN AND GULF COOP 12.30 -3.76% 413 5,184 AL ASEEL CO LTD 72.40 3.43% 1 36 WATANIYA INSURANCE CO SJSC 32.65 -3.55% 278 9,256 AL BAHA INVESTMENT AND DEV 27.40 3.01% 1,337 36,086 GULF GENERAL COOPERATIVE 18.00 -2.91% 494 9,026 ARABIA INSURANCE COOPERATIVE CO 16.20 1.89% 916 14,703 SAUDI CEMENT CO SJSC 44.90 -2.71% 333 15,175 ARAB SEA INFORMATION SYSTEMS CO 12.56 1.78% 41 509 CHUBB ARABIA COOPERATIVE 47.70 -2.65% 137 6,605 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) SHUAIBA INDUSTRIAL COMPANY KPSC 310.00 10.71% 12 4 KUWAIT NATIONAL CINEMA 1121.00 -19.93% 1 1 Close * DoD % Volume ('000) Value (AED ‘000) AJMAN BANK PJSC 1.19 3.48% 0 4,521 ISLAMIC ARAB INSURANCE CO PSC 0.48 1.71% 0 UNION PROPERTIES PJSC 0.90 1.69% EMAAR PROPERTIES PJSC 8.53 DAR AL TAKAFUL PJSC 1.09 Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers SAFAT GLOBAL HOLDING CO Egypt Top Losers Top Losers Top Losers 26.50 10.42% 812 20 AL MASSALEH REAL ESTATE CO KSCP 41.00 -7.87% 150 6 1995.00 7.84% 0 0 KAMCO INVESTMENT CO KSCP 75.10 -6.01% 12 1 UNICAP INVESTMENT AND FINANCE 45.80 5.29% 0 0 HUMAN SOFT HOLDING COMPANY 4055.00 -5.70% 44 185 BOUBYAN PETROCHEMICAL 607.00 5.02% 1,975 1,170 42.50 -5.35% 1 0 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ALEXANDRIA FLOUR MILLS BAKERIES 19.26 9.87% 23 422 CAIRO FOR EDUCATIONAL AFFAIRS 6.25 -8.36% 13 87 EGYPT ALUMINUM CO SAE 99.58 9.84% 79 7,550 ARAB CO FOR LAND RECLAMATION 7.98 -7.42% 2 17 UNITED COMPANY FOR HOUSING 5.21 9.00% 815 4,073 MISR BENI SUEF CEMENT CO SAE 20.34 -6.87% 4 74 OSOOL ESB SECURITIES BROKERAGE 5.17 8.61% 15 74 MISR CEMENT CO SAE 100.46 -6.23% 4 392 AL ARAFA FOR INVESTMENT 0.15 7.14% 7 1 NATIONAL CEMENT CO SAE 9.08 -5.91% 11 100 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) COMMERCIAL BANK PSQC 30.20 1.00% 96 2,873 MANNAI CORPORATION QPSC 74.50 -5.10% 0 33 AHLI BANK QSC 30.30 1.00% 1 30 INVESTMENT HOLDING GROUP 7.35 -4.79% 555 4,184 QATAR ISLAMIC INSURANCE CO QSC 55.00 -4.01% 1 34 DLALA BROKERAGE AND INVESTMENT 17.12 -3.28% 9 161 GULF WAREHOUSING CO QSC 45.00 -3.23% 30 1,389 KUWAIT FOOD CO KSCP Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters REAL ESTATE TRADE CENTERS Top Losers Top Losers 3
4. MENA Morning Report Sunday , August 27, 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 78,880 98.60 0.1% 7.8% 3,321 87,307 105.40 76.00 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,505 17.95 0.0% -4.5% 452 2,207 20.00 17.10 18 3.6 4.5% 3 Saudi Telecom Company SJSC SA 39,893 74.80 -0.3% 0.0% 98 1,962 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 33,093 131.00 -2.2% -11.5% 217 7,771 157.27 121.70 9 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 31,452 10.60 0.5% 6.1% 1,068 3,082 11.55 8.30 13 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 28,730 66.30 -0.9% 5.2% 2,117 37,431 71.70 48.60 13 2.0 3.4% 7 National Commercial Bank SJSC SA 28,267 53.00 0.6% 24.4% 647 9,140 58.00 32.00 11 1.8 3.0% 8 Saudi Electricity Company SJSC SA 25,777 23.20 -1.4% 3.6% 751 4,648 26.05 14.30 10 1.3 3.0% 9 DP World Ltd AE 17,970 21.65 -1.6% 23.6% 135 799 23.85 15.53 18 2.0 1.8% 10 Almarai Co SJSC SA 17,280 81.00 0.7% 18.2% 319 6,881 98.30 51.50 31 4.8 1.1% 11 Jabal Omar Development Co SJSC SA 16,680 67.30 1.4% -10.0% 249 4,475 76.00 46.00 72 6.1 0.0% 12 Emaar Properties PJSC AE 16,629 8.53 1.3% 19.6% 10,309 23,940 8.59 6.37 11 1.4 0.0% 13 Saudi Arabian Mining Co SJSC SA 15,736 50.50 0.2% 29.5% 639 8,610 53.80 27.80 231 2.3 0.0% 14 Industries Qatar QSC QA 15,306 92.50 -1.5% -21.3% 44 1,113 122.00 90.50 22 1.7 4.3% 15 National Bank of Kuwait SAKP KW 14,524 740.00 -0.7% 19.5% 730 1,791 747.00 533.33 15 1.4 3.9% 16 Samba Financial Group SJSC SA 13,013 24.40 -0.8% 0.2% 1,727 11,239 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,560 8.30 0.0% -2.2% 15 34 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 11,187 585.00 0.0% 19.2% 1,204 2,335 588.00 413.64 17 1.9 2.6% 19 Saudi British Bank SJSC SA 10,440 26.10 0.0% 0.0% 79 549 28.40 16.40 10 1.2 2.7% 20 Abu Dhabi Commercial Bank PJSC AE 10,375 7.33 -0.3% 6.2% 827 1,651 7.68 5.66 10 1.2 5.5% 21 Kingdom Holding Co SA 10,179 10.30 0.2% -13.8% 50 137 12.95 9.80 68 1.3 4.9% 22 Banque Saudi Fransi SJSC SA 9,948 30.95 0.8% 18.6% 155 1,281 33.20 18.00 11 1.2 0.0% 23 Riyad Bank SJSC SA 8,944 11.18 -0.2% -3.2% 452 1,347 11.80 8.55 11 0.9 5.8% 24 Emirates Islamic Bank PJSC AE 8,872 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,717 2.46 -1.2% 0.0% 636 426 2.85 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,370 55.80 -0.4% 0.0% 80 1,191 61.75 39.90 15 2.0 0.0% 27 Masraf Al Rayan QSC QA 8,092 39.45 -1.3% 4.9% 274 2,955 45.40 33.05 14 2.4 5.1% 28 Dubai Islamic Bank PJSC AE 8,087 6.01 -0.3% 7.9% 1,085 1,776 6.29 5.01 9 1.2 7.5% 29 Ezdan Holding Group QSC QA 8,045 11.09 -0.9% -26.6% 111 337 19.59 10.72 14 1.0 4.5% 30 Ooredoo QSC QA 7,753 88.50 -1.1% -13.1% 14 331 116.10 88.00 16 1.3 4.0% Company Name Total M-Cap; W. Avg Yield 567,303 3.2% 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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