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MENA Market Report - 5 September

IB Insights
By IB Insights
6 years ago
MENA Market Report - 5 September

Ard, Islam, Takaful


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  1. MENA Morning Report Tuesday , September 05, 2017 Overview Regional Markets: UAE was the only market to open on Monday, while the rest of the MENA markets remained closed for Eid. The week is expected to witness lackluster performance as most of the investors are expected to be away coupled with the lull summer period. The year 2017 has been volatile for the regional markets as investors are concerned about the economic growth outlook coupled with the movement in oil prices. For the day, UAE markets closed on a mixed note as Dubai was down by 0.1%, while Abu Dhabi was up by 0.3%. The market breadth in Dubai was skewed towards losers as 16 stocks declined, while 12 stocks advanced and 7 remained unchanged for the day. In Abu Dhabi, the market was skewed towards gainers as 9 stocks advanced compared to 6 decliners, while 8 remained unchanged for the day. Dana Gas hogged the limelight as the stock was up by 14.1%, reaching a high since July 2017. The stock accounted for around half of the total traded volume of the index, which has helped driving the overall trading activity of the index. Iraqi Kurdistan agreed to immediately pay Dana Gas's production consortium USD 1 billion, including USD 400 million that will be used for investment in the region. Eshraq was another stock that remained in the limelight as it gained by 6.9% after the merger news with Reem investments, which will create the second largest listed real estate firm in Abu Dhabi. International Markets: US markets were closed for labor day. European markets ended on a negative note as FTSE, DAX and CAC were all down by 0.4%, 0.3% and 0.4% respectively. At the time of writing this report, Asian markets have opened on a mixed note as Hang Seng is up by 0.2%, while Nikkei is down by 0.5% and Shanghai is flat. Headlines (WW) Financial firms raising alarm over US debt ceiling (GCC) VAT could mean higher costs for banking services (WW) China August data to show economy solidly poised before key Party congress (GCC) Expats in Gulf mull future with taxes (WW) China pledges new funding for BRICS as group opposes protectionism (SA) Rising cost of living in Saudi bothers expatriates (WW) Consumer inflation fears hit 3-year high as confidence in UK economy wanes (SA) Saudi Arabia seeks Islamic tourism boost in test for heritage (WW) UK construction growth hits one-year low as Brexit worries build (AE) UAE's IPO drought is likely to ease from this year (WW) Low skills and poor infrastructure blamed for UK productivity gap (AE) Robust growth in Dubai economy maintained in July (WW) Euro zone investor morale improves unexpectedly in September (AE) UAE to maintain interest rates until 2018 (WW) Euro zone producer prices rise slower than expected in July (AE) VAT to further diversify UAE GDP growth (WW) Flaws in India's economic growth model are becoming clear (AE) Job vacancies open in UAE this month (CMD) US gasoline price sink as Harvey subsides (AE) UAE plans to unify education sector (CMD) Gold hits 10-mth high in wake of N. Korea nuclear test (KW) Regional developments open new horizons for Kuwait-US partnership (FX) Sterling slips against euro as political risks weigh (OM) Oman economy posts strong growth (FX) China's yuan advances on dollar to hit its strongest in 15-1/2 months (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,635.00 -0.1% -0.1% Abu Dhabi (ADSMI) 4,481.28 0.3% 0.3% -0.1% 2.9% ˅ ˄ ˄ 0.3% -1.4% ˅ ˄ ˅ Saudi (SASEIDX) Closed Closed 0.2% 2.3% 0.7% ˄ ˄ ˄ Kuwait (KWSE) Closed Closed Egypt (EGX30) Closed Closed 0.1% 0.6% 19.9% ˄ ˄ ˄ 3.8% -0.0% 8.7% ˅ ˄ ˄ Qatar (DSM) Closed Bahrain (BHSEIDX) Closed Closed -1.7% -6.4% -15.7% ˅ ˅ ˅ Closed 0.0% -1.9% 6.7% ˅ ˅ ˄ Oman (MSM30) Closed Closed 2.1% 0.6% -12.6% ˄ ˅ ˅ 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) 116 245 256 59 89 94 85,755 Abu Dhabi (ADSMI) 53 108 93 32 42 45 132,608 Saudi (SASEIDX) Closed 147 160 Closed 794 809 457,610 Kuwait (KWSE) Closed 69 178 Closed 57 68 75,578 Egypt (EGX30) Closed 269 274 Closed 55 70 19,572 Qatar (DSM) Closed 10 11 Closed 82 84 104,104 Bahrain (BHSEIDX) Closed 2 3 Closed 1 2 20,710 Oman (MSM30) Closed 14 16 Closed 7 8 14,109 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 Tuesday , September 05, 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 11.7 11.2 11.9 11.2 386.2 9.7 8.5 300 8 239.3 188.3 4 1.2 1.6 2.1 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% 6.0% 9% 4.5% 4.3% 4% Bahrain Oman Average 3.5% 3.1% 19.9% 18% 5.4% 4.8% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt 8.7% 6.7% 2.9% 0.7% 0% -1.4% -9% 2% -12.6% -18% 0.0% -15.7% 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 Tuesday , September 05, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) AL SALAM BANK SUDAN PLC 2.00 -2.50% 613 1,241 691 DUBAI ISLAMIC INSURANCE 0.95 -1.58% 1,293 1,234 435 294 DAMAC PROPERTIES DUBAI CO PSC 4.04 -1.49% 1,476 6,008 1.31% 43,067 16,388 GULF GENERAL INVESTMENT CO PSC 0.37 -1.36% 1,811 673 1.27% 20,867 16,277 EMIRATES INTEGRATED TELECOMM 5.62 -1.25% 41 230 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) DANA GAS PJSC 0.64 14.06% 100,727 60,491 NATIONAL TAKAFUL CO PJSC 0.70 -10.00% 64 47 ESHRAQ PROPERTIES COMPANY PJSC 0.87 6.90% 38,807 32,673 AXA GREEN CRESCENT INSURANCE CO 0.62 -9.68% 0 0 RAK PROPERTIES PJSC 0.67 4.48% 12,224 8,015 COMMERCIAL BANK INTERNATIONAL 1.06 -5.66% 0 0 ABU DHABI NATIONAL ENERGY CO 0.64 3.13% 10,445 6,583 AGTHIA GROUP PJSC 5.50 -3.82% 8 45 INTERNATIONAL HOLDING COMPANY 1.46 2.74% 24 35 METHAQ TAKAFUL INSURANCE CO 0.87 -1.15% 845 739 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) Close (fils) * DoD % Volume ('000) Value (KWD 000) Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) AL RAMZ CORPORATION INVESTMENT 1.24 14.52% 0 8 GULF NAVIGATION HOLDING PJSC 1.30 1.54% 0 MARKA PJSC 0.68 1.32% DRAKE AND SCULL INTERNATIONAL 0.38 DXB ENTERTAINMENTS PJSC 0.79 Saudi Arabia Abu Dhabi Top Gainers Market Remained Closed Kuwait Top Gainers Top Losers Top Losers Market Remained Closed Close (fils) * DoD % Volume ('000) Value (KWD 000) Market Remained Closed Top Gainers Top Losers Top Losers Market Remained Closed Close * DoD % Volume ('000) Value (EGP ‘000) Market Remained Closed Egypt Market Remained Closed Top Losers Top Gainers DoD % Volume ('000) Value (QAR ‘000) Top Losers Market Remained Closed Qatar Market Remained Closed Close * Data & Charts Source: Thomson Reuters 3
  4. MENA Morning Report Tuesday , September 05, 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 79,198 99.00 -0.1% 8.2% 2,645 69,828 105.40 76.00 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,622 18.00 0.0% -4.3% 1,770 8,672 20.00 17.10 18 3.6 4.4% 3 Saudi Telecom Company SJSC SA 40,052 75.10 0.0% 0.0% 335 6,707 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 32,812 130.60 -0.2% -11.8% 320 11,339 157.27 121.70 9 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 30,858 10.40 0.0% 4.1% 2,138 6,054 11.55 8.30 13 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 28,859 66.60 -0.1% 5.7% 2,141 38,022 71.70 48.60 13 2.0 3.4% 7 National Commercial Bank SJSC SA 27,946 52.40 -1.1% 23.0% 345 4,818 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,266 23.64 -0.2% 5.5% 1,297 8,175 26.05 14.30 11 1.4 3.0% 9 DP World Ltd AE 19,090 23.00 0.3% 31.4% 226 1,417 23.85 15.53 19 1.9 1.7% 10 Almarai Co SJSC SA 17,472 81.90 1.7% 19.6% 77 1,674 98.30 51.50 32 4.9 1.1% 11 Jabal Omar Development Co SJSC SA 16,853 68.00 0.6% -9.0% 141 2,558 76.00 46.00 73 6.2 0.0% 12 Emaar Properties PJSC AE 16,570 8.50 0.0% 19.2% 5,278 12,215 8.59 6.37 11 1.4 0.0% 13 Saudi Arabian Mining Co SJSC SA 15,735 50.50 1.0% 29.5% 460 6,188 53.80 27.80 231 2.3 0.0% 14 Industries Qatar QSC QA 14,976 91.00 0.0% -22.6% 143 3,528 122.00 90.00 21 1.7 4.4% 15 National Bank of Kuwait SAKP KW 14,572 741.00 -0.5% 19.7% 1,858 4,570 747.00 533.33 15 1.4 3.9% 16 Samba Financial Group SJSC SA 12,960 24.30 -0.3% -0.2% 1,239 8,029 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,862 8.50 0.0% 0.1% 101 233 9.00 7.60 7 0.8 4.7% 18 Kuwait Finance House KSCP KW 11,324 591.00 -0.5% 20.4% 3,006 5,895 595.00 413.64 18 1.9 2.6% 19 Saudi British Bank SJSC SA 10,360 25.90 -0.4% 0.0% 225 1,555 28.40 16.40 10 1.2 2.7% 20 Abu Dhabi Commercial Bank PJSC AE 10,304 7.28 -0.3% 5.5% 997 1,977 7.68 5.66 10 1.2 5.5% 21 Kingdom Holding Co SA 10,159 10.28 -0.2% -14.0% 25 67 12.95 9.80 67 1.3 4.9% 22 Banque Saudi Fransi SJSC SA 9,996 31.10 -0.3% 19.2% 96 800 33.20 18.00 11 1.2 0.0% 23 Riyad Bank SJSC SA 8,960 11.20 -0.4% -3.0% 1,042 3,113 11.80 8.55 12 0.9 5.8% 24 Emirates Islamic Bank PJSC AE 8,871 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,611 2.43 -1.2% 0.0% 1,909 1,263 2.83 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,460 56.40 -0.4% 0.0% 169 2,547 61.75 39.90 15 2.1 0.0% 27 Dubai Islamic Bank PJSC AE 8,235 6.12 0.5% 9.9% 2,399 3,998 6.29 5.01 10 1.2 7.4% 28 Ezdan Holding Group QSC QA 8,110 11.24 -5.5% -25.6% 407 1,240 19.31 10.72 15 1.0 4.4% 29 Masraf Al Rayan QSC QA 7,783 38.15 -1.7% 1.5% 310 3,206 45.40 33.05 14 2.3 5.2% 30 Ooredoo QSC QA 7,632 87.59 -0.4% -14.0% 56 1,338 116.10 87.00 15 1.3 4.0% Company Name Total M-Cap; W. Avg Yield 568,506 3.2% 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, and as such should not be relied upon by or distributed to “Retail Clients”. 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