MENA Market Report - 31 May

Transcription

1. MENA Morning Report Wednesday , May 31, 2017 Overview Regional Markets: MENA markets closed the session on a positive note as it is more of technical rebound across regional indexes. Further, inv estors are also taking tactical positions after the downward pressure seen across the regional markets. However, investors should be cautious and not get carried away with the gains as the trend continues to remain negative across the region. For the day, seven out of the eight indexes closed in green, while Qatar was the only index to close in red. UAE markets ended on a positive note as Dubai and Abu Dhabi were up by 0.7% and 0.2% respectively for the day. Dubai recorded second consecutive days of gains, which helped in pushing the index into positive territory for the week. Abu Dhabi recovered some of the losses incurred during the previous two sessions as it continues to remain in red for the week. Saudi Arabia closed higher by 0.7% for the day as it was supported by broad based buying, especially the petchem sector stocks. Kuwait closed up by 1.0% for the day, which helped in recovering the losses to turn positive for the week. Qatar closed lower by 0.5% for the day, giving away all the gains recorded in the previous two sessions to remain flat for the week. Egypt closed on a positive note as it was up by 0.2% for the day, extending the gains to 1.1% for the week. Bahrain and Oman closed on a positive note as they were up by 0.1% and 0.3% respectively. International Markets: US markets closed on a negative note as Dow, Nasdaq and S&P were down by 0.2%, 0.1% and 0.1% respectively. European markets c losed in the red as FTSE, DAX and CAC were all down by 0.3%, 0.2% and 0.5% respectively. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei is down by 0.1%, while Hang Seng and Shanghai are up by 0.4% and 1.0%, respectively. Headlines (WW) US Consumer spending, inflation data support Fed rate hike case (ME) Mideast gas demand set to double by 2040 (WW) US and China offer new Middle East trade potential (SA) Saudi reserves dip below USD 500 billion (WW) Japan's tight labour market offers hope for consumer spending (SA) Saudi Arabia, Russia mulling joint energy projects (WW) Japan April household spending falls 1.4% Vs year ago (SA) Deutsche sees Saudi inflows topping USD 35 billion (WW) EU May economic sentiment falls after near ten-year high in April (AE) UAE economy set to gain pace next year (WW) Slowing inflation in Germany, Spain takes pressure off ECB (AE) UAE savings account balances hit USD 43.15 billion in Q1 2017 (WW) Germany's Merkel calls for faster progress on EU-India trade deal (AE) 57% of UAE residents expect spending hike during Ramadan (WW) Indian economy rides on consumer spending revival ahead of GST launch (EG) Egypt allocates USD 2.5 billion to contain self-inflicted currency crisis (CMD) Oil slides, political worries weigh on sentiment (EG) Egypt hopes new residency-for-deposits system will boost investments (CMD) Gold hits 1-mth high, geopolitical tensions support (QA) Foreign institutions betting on QSE firms on 'improved Qatar outlook' (FX) Dollar firms against sterling, euro amid political uncertainties (KW) Kuwaiti government highest-spending in the world (FX) Rupee closes at week low against US dollar (BH) Bahrain Expects Non-Oil Sector to Grow by 3% in 2017 (FI) Yields dip on month-end buying, US inflation data (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,340.27 Abu Dhabi (ADSMI) 4,501.76 0.7% 0.4% -2.2% -5.4% ˅ ˅ ˅ 0.2% -0.3% -0.5% -1.0% ˅ ˄ ˄ Saudi (SASEIDX) 6,870.62 0.7% -0.0% -2.0% -4.7% ˅ ˅ ˄ Kuwait (KWSE) 6,726.87 1.0% 0.6% -1.7% 17.0% ˅ ˅ ˄ Egypt (EGX30) 13,239.16 0.2% 1.1% 6.5% 7.2% ˄ ˄ ˄ Qatar (DSM) 10,063.64 -0.5% 0.0% -0.0% -3.6% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,320.30 0.1% 0.5% -1.2% 8.2% ˅ ˅ ˄ Oman (MSM30) 5,402.44 0.3% -0.0% -2.0% -6.6% ˅ ˅ ˅ 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) 185 270 461 58 100 167 78,563 Abu Dhabi (ADSMI) 99 81 126 38 49 60 133,332 Saudi (SASEIDX) 112 172 218 538 827 1,024 429,575 Kuwait (KWSE) 24 283 348 17 78 101 75,578 Egypt (EGX30) 382 278 340 61 82 90 20,004 Qatar (DSM) 14 11 10 90 89 82 120,211 Bahrain (BHSEIDX) 1 5 5 1 2 3 20,364 Oman (MSM30) 16 17 17 6 10 10 16,066 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Wednesday , May 31, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.8 386.2 8.7 300 8 239.3 188.3 4 1.1 Current 489.3 11.2 8.8 1.5 2.0 1.7 1.5 - - 0.9 1.0 Bahrain Oman - 178.1 106.9 87.2 1.4 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 27% 8% 6% Previous 600 13.2 11.8 11.2 12 PB 5.2% 4.3% 9% 4.1% 4% 17.0% 18% 5.8% 5.4% 3.5% 3.0% 0% -1.0% 2% -9% 0.0% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -3.6% -4.7% -5.4% -6.6% -18% 0% Dubai 8.2% 7.2% 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 Wednesday , May 31, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value GULF GENERAL INVESTMENT CO PSC 0.37 -2.17% 12,809 4,766 DAR AL TAKAFUL PJSC 1.06 -1.89% 605 647 25,415 AL SALAM BANK SUDAN PLC 1.83 -0.55% 138 253 1,322 DUBAI INVESTMENTS PJSC 2.08 -0.48% 3,559 7,420 Close * DoD % Volume ('000) Value (AED ‘000) AGTHIA GROUP PJSC 5.50 -3.27% 347 1,940 621 BANK OF SHARJAH PJSC 1.21 -0.83% 251 304 205 111 FIRST ABU DHABI BANK PJSC 11.00 -0.45% 1,059 11,675 588 809 2.91% 32,038 32,532 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI FISHERIES CO SJSC 23.25 10.11% 378 8,393 RAYDAN COMPANY CJSC 22.90 -6.11% 43 1,012 METLIFE AIG ANB COOPERATIVE 20.60 5.34% 124 2,497 SAUDI BRITISH BANK SJSC 22.60 -1.33% 111 2,530 SALAMA COOPERATIVE INSURANCE 15.70 4.78% 878 13,475 AL HAMMADI COMPANY FOR DEV 38.70 -1.03% 237 9,212 NATIONAL AGRICULTURE MARKETING 31.00 4.52% 194 5,892 NATIONAL GYPSUM CO SJSC 12.45 -0.80% 162 2,026 BANQUE SAUDI FRANSI SJSC 26.10 3.45% 247 6,332 DUR HOSPITALITY CO SJSC 19.45 -0.77% 57 1,122 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) AL MADAR FINANCE AND INVEST 15.00 20.00% 460 6 AL AMAN INVESTMENT COMPANY 48.80 -8.81% 519 27 EYAS FOR HIGER AND TECHNICAL 501.00 19.96% 170 78 SAFAT GLOBAL HOLDING CO 28.40 -8.10% 174 5 EDUCATIONAL HOLDING GROUP KSCP 340.00 18.82% 631 198 SENERGY HOLDING COMPANY KSCP 40.00 -7.50% 25 1 KUWAIT FINANCIAL CENTRE KPSC 101.00 12.87% 1 0 ASIYA CAPITAL INVESTMENTS CO 39.90 -4.76% 333 14 COAST INVESTMENT AND DEVELOPMENT CO KSCP 37.40 6.95% 67 2 AL AHLI BANK OF KUWAIT KSCP 320.00 -4.69% 76 25 Close DoD % Volume Value Close DoD % Volume Value PORTO GROUP HOLDING SAE 0.36 8.33% 115,994 40,152 ALEXANDRIA NATIONAL COMPANY 3.78 -8.47% 3 12 HOUSING AND DEVELOPMENT BANK 35.62 8.14% 86 2,941 REAL ESTATE EGYPTIAN CONSORTIUM 11.96 -4.60% 7 82 AMER GROUP HOLDING CO SAE 0.32 6.25% 84,100 26,120 SHARKIA NATIONAL COMPANY 4.51 -4.43% 4 16 ISMAILIA DEVELOPMENT REAL ESTATE 3.52 5.97% 13 45 ISMAILIA MISR POULTRY CO SAE 1.88 -3.72% 98 188 CAIRO FOR HOUSING AND DEV 11.31 5.84% 1 12 PYRAMISA HOTELS AND RESORTS 19.89 -3.37% 9 179 Top Gainers Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) DLALA BROKERAGE AND INVESTMENT 25.25 0.99% 443 11,129 EZDAN HOLDING GROUP QSC 13.38 -9.94% 3,261 46,037 VODAFONE QATAR QSC 8.78 0.46% 2,991 26,200 QATAR OMAN INVESTMENT CO QSC 9.13 -3.94% 3 32 MAZAYA QATAR REAL ESTATE DEV 12.15 0.41% 114 1,384 MEDICARE GROUP QSC 89.00 -3.37% 85 7,711 AAMAL CO QSC 13.00 0.38% 29 374 QATAR FIRST BANK LLC 8.89 -1.91% 1,716 15,402 AL KHALIJ COMMERCIAL BANK QSC 14.65 0.27% 21 308 QATAR ISLAMIC INSURANCE CO QSC 63.20 -1.90% 6 363 Close DoD % Volume Value TAKAFUL EMARAT INSURANCE PJSC 2.26 4.87% 0 1 DUBAI ISLAMIC INSURANCE 0.71 4.40% 0 290 ARABTEC HOLDING PJSC 0.75 4.03% 34,787 AJMAN BANK PJSC 1.17 3.42% 1,149 DEYAAR DEVELOPMENT PJSC 0.46 2.80% 8,105 3,710 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL BANK OF RAS AL KHAIMAH 4.30 9.30% 83 342 WAHA CAPITAL PJSC 1.67 4.19% 380 ABU DHABI NATIONAL FOR BUILDING 0.55 3.64% INTERNATIONAL FISH FARMING 1.40 3.57% ESHRAQ PROPERTIES COMPANY PJSC 1.03 Top Gainers Saudi Arabia Abu Dhabi Dubai Top Gainers Kuwait Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Wednesday , May 31, 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 78,998 98.75 1.0% 7.9% 3,708 97,652 102.50 76.00 15 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,440 17.50 0.3% -6.9% 624 2,975 20.20 17.30 17 3.4 4.6% 3 Qatar National Bank SAQ QA 37,265 146.90 -0.7% 0.0% 260 10,495 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,799 69.00 0.4% -4.8% 48 884 74.00 51.00 16 2.3 5.8% 5 First Abu Dhabi Bank PJSC AE 32,491 10.95 -0.5% 9.6% 1,059 3,157 11.55 7.60 11 1.2 4.1% 6 Al Rajhi Banking & Investment Corp SA 26,866 62.00 0.0% -1.6% 2,256 37,298 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Company SJSC SA 25,554 23.00 0.4% 2.7% 480 2,942 25.80 14.30 11 1.4 3.0% 8 National Commercial Bank SJSC SA 22,026 41.30 2.0% -3.1% 425 4,679 45.00 32.00 9 1.4 3.9% 9 DP World Ltd AE 18,966 22.85 0.0% 30.5% 541 3,363 22.90 15.53 20 2.2 1.7% 10 Industries Qatar QSC QA 17,530 105.50 0.0% -10.2% 109 3,171 122.00 94.50 20 2.0 3.8% 11 Almarai Co SJSC SA 17,173 80.50 2.9% 17.5% 343 7,372 82.00 51.50 32 5.0 1.1% 12 Jabal Omar Development Co SJSC SA 16,729 67.50 -0.7% -9.7% 98 1,763 76.00 46.00 72 6.1 0.0% 13 Emaar Properties PJSC AE 13,997 7.18 0.0% 0.7% 3,685 7,204 7.79 6.07 9 1.2 2.1% 14 National Bank of Kuwait SAKP KW 13,273 680.00 0.0% 9.8% 577 1,295 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,900 41.40 0.0% 6.2% 60 658 44.00 27.80 686 1.9 0.0% 16 Emirates NBD Bank PJSC AE 12,106 8.00 0.0% -5.8% 2,340 5,097 9.00 7.60 7 0.8 5.0% 17 Samba Financial Group SJSC SA 11,706 21.95 1.2% -9.9% 285 1,669 25.20 15.90 9 1.0 4.3% 18 Abu Dhabi Commercial Bank PJSC AE 10,389 7.34 0.4% 6.4% 3,651 7,296 7.68 5.66 9 1.3 5.4% 19 Kingdom Holding Co SA 10,080 10.20 0.5% 0.0% 25 69 12.95 9.90 71 1.3 4.9% 20 Masraf Al Rayan QSC QA 9,331 45.30 0.0% 20.5% 565 7,027 45.40 32.50 17 2.9 4.4% 21 Kuwait Finance House KSCP KW 9,281 488.00 0.0% -0.6% 697 1,122 572.73 400.00 13 1.6 3.2% 22 Ooredoo QSC QA 9,237 105.00 -0.9% 3.1% 96 2,769 116.10 81.60 18 1.5 0.0% 23 Emaar Malls Group PJSC AE 9,072 2.56 0.8% -2.3% 626 436 3.00 2.47 18 2.0 3.9% 24 Emirates Islamic Bank PJSC AE 8,990 6.08 0.0% 0.0% 0 0 11.95 1.57 111 4.8 0.0% 25 Saudi British Bank SJSC SA 8,920 22.30 -1.3% 0.0% 111 661 25.90 16.40 9 1.0 0.0% 26 Ezdan Holding Group QSC QA 8,779 12.05 -9.9% -20.3% 3,261 10,792 20.24 12.05 15 1.0 4.1% 27 Banque Saudi Fransi SJSC SA 8,676 27.00 3.4% 3.4% 247 1,776 27.50 18.00 9 1.1 3.9% 28 Yanbu National Petrochemicals Co SJSC SA 8,400 56.00 0.9% 3.7% 155 2,322 61.75 37.00 13 2.0 5.4% 29 Riyad Bank SJSC SA 8,200 10.25 0.5% -11.3% 278 759 11.80 8.55 10 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,818 5.81 1.0% 4.3% 649 1,027 6.29 4.90 9 1.2 7.7% Company Name Total M-Cap; W. Avg Yield 552,993 3.4% 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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