MENA Market Report - 6 May

Transcription

1. MENA Morning Report Sunday , May 06, 2018 Overview Regional Markets: MENA region ended the last trading session of the week on a negative note as six out of the eight indexes ended in red, while only two in green for the day. The regional markets were weighed down by concerns over Iran coupled with weak sentiments seen across the European markets. The weekly performance of the regional markets was also negative across the indexes, which was led by Dubai and Qatar with losses of 3.1% each, followed by 3.0% in Abu Dhabi, while Kuwait was the only index to end in green with gains of 0.6% and Bahrain was unchanged. For the day, Egypt was the worst performer as it was down by 1.9% during the session, which led to losses of 2.9% for the week. UAE markets also ended on a negative note as Dubai and Abu Dhabi were down by 1.8% and 1.7% respectively for the day. Dubai has witnessed down pressure in the past two months, which has led to losses of 12.5% for the year 2018 so far. Saudi Arabia managed to remain in positive territory as it was marginally up by 0.1% for the day despite the downward pressure seen across the regional peers. However the index ended the week on a negative note with losses of 1.7%, but remained one of the most preferred markets with gains of 12.2% for the year. Qatar and Kuwait were both down by 1.6% and 0.3% respectively for the day, in line with the regional sentiments. Bahrain was up by 0.2%, while Oman was down by 0.1% for the day. International Markets: US markets ended on a positive note as DJIA, S&P and Nasdaq were all up by 1.4%, 1.3% and 1.7% respectively for the day. European markets closed on a positive note as FTSE, CAC and DAX were all up by 0.9%, 0.3% and 1.0% respectively for the day. Asian markets closed on a negative note as Hang Seng and Shanghai were both down by 1.3% and 0.3%, respectively, while Nikkei was closed for the day. Headlines (WW) Unemployment rate falls to 3.9% as US economy adds 164,000 jobs (SA) Saudi Arabia PMI reaches new low as growth deteriorates (WW) US non-manufacturing pace slowed in April (SA) Saudi investments in Egypt hit USD 6.3bn in 2017 (WW) China April data to show steady economic expansion, export bounceback (SA) Job creation as important as growth says Saudi minister (WW) EU paints rosy economic picture, but warns of threats from US (SA) Cautious Saudi bankers give reality check on country's economic health (WW) BOE unlikely to raise interest rates in May after latest economic data (SA) Saudi Arabia wants higher prices to kick oil addiction (WW) UK economy fears mount amid services woes (AE) Business confidence in the UAE rises to 34-month high (WW) After 6 years of growth, Japan's economy sputters (EG) Egypt's FX reserves climbed to USD 44.029bn end-April 2018 (WW) India services growth picks up pace in April as demand improves (EG) Egypt's non-oil business activity grows in April for second time in 31 months (CMD) Venezuela’s Oil production is set to fall further (QA) Qatar’s PMI shows sustained growth in non-oil sector (CMD) Gold slips, bracing for robust US jobs data (KW) Kuwait Cabinet approves tendering waste projects (FX) Dollar set for third week of gains as Fed-ECB yield gap widens (BH) Bahrain's economy to benefit from Saudi Vision 2030 (FX) Sterling struggles after UK service sector missed forecast (BH) Bahrain GDP advances 3.9% in 2017 (FI) 10-year, 30-year government bond yields edge lower ahead of jobs report (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 2,947.99 -1.8% -3.1% -3.8% -12.5% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,556.82 -1.7% -3.0% -2.4% 3.6% ˅ ˄ ˄ Saudi (SASEIDX) 8,107.47 0.1% -1.7% -1.2% 12.2% ˄ ˄ ˄ Kuwait (KWSE) 4,815.54 -0.3% 0.6% 0.4% 0.0% ˅ ˄ ˄ Egypt (EGX30) 17,832.86 -1.9% -2.9% -2.5% 18.7% ˄ ˄ ˄ Qatar (DSM) 8,805.76 -1.6% -3.1% -3.4% 3.3% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,263.50 0.2% 0.0% 0.4% -5.1% ˅ ˅ ˄ Oman (MSM30) 4,725.63 -0.1% 0.1% -0.1% -7.3% ˅ ˅ ˅ 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) 102 156 203 51 66 90 79,397 Abu Dhabi (ADSMI) 113 70 74 50 36 37 133,020 Saudi (SASEIDX) 179 183 192 1,123 1,119 1,059 509,500 Kuwait (KWSE) 2,664 99 95 140 195 126 75,578 Egypt (EGX30) 231 372 336 84 115 101 31,227 Qatar (DSM) 6 11 11 56 81 84 104,734 Bahrain (BHSEIDX) 3 5 6 1 3 3 21,017 Oman (MSM30) 33 22 19 11 13 12 13,258 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 , May 06, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios 12.6 10.9 12 8 PE (+ve.eps) 14.8 16 PB Current 10.9 11.7 342.6 265.4 8.1 7.3 300 4 1.0 1.3 2.6 1.8 - - 162.2 119.5 1.2 0.8 0.8 Bahrain Oman - 90.7 64.7 1.3 0 90.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 25% 8% 6.0% 6% Previous 600 5.6% 5.2% 15% 5.0% 4.3% 3.8% 18.7% 20% 6.1% 4% 12.2% 10% 3.6% 5% 3.3% 0.0% 0% 2.5% -5% 2% -5.1% -10% 0.0% -15% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -7.3% -12.5% 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 , May 06, 2018 Top Performers by Country (* indicates native currency; Latest data) Dubai Abu Dhabi Saudi Arabia Kuwait Egypt DoD % Volume ('000) Value (AED ‘000) DAMAC PROPERTIES DUBAI CO PSC 2.36 -7.09% 0 10,270 67 DRAKE AND SCULL INTERNATIONAL 1.08 -5.26% 0 26,365 177 NATIONAL CEMENT CO PSC 2.70 -4.26% 6 18 5.40 -3.74% 8,846 48,696 DoD % Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 1.85 2.78% 0 10 DUBAI ISLAMIC INSURANCE & REINS 0.67 2.61% 0 AL SALAM BANK SUDAN PLC 1.48 1.37% 121 Top Losers AJMAN BANK PJSC 0.99 1.02% 417 410 EMAAR PROPERTIES PJSC GULF NAVIGATION HOLDING PJSC 1.04 0.97% 991 1,026 ARABTEC HOLDING PJSC 1.89 -3.57% 3,604 6,939 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL TAKAFUL CO 5.10 8.51% 89 435 ABU DHABI SHIP BUILDING PJSC 1.91 -9.48% 4 8 DANA GAS PJSC 1.03 6.19% 84,318 84,318 GULF PHARMACEUTICAL INDUSTRIES 2.12 -6.68% 1 2 EMIRATES INSURANCE COMPANY PSC 6.60 5.60% 10 64 INTERNATIONAL HOLDING COMPANY 1.37 -5.52% 21 30 ESHRAQ PROPERTIES COMPANY PJSC 0.72 1.41% 3,504 2,506 METHAQ TAKAFUL INSURANCE CO 0.76 -3.80% 50 39 ABU DHABI NATIONAL OIL COMPANY 2.47 1.23% 348 855 FIRST ABU DHABI BANK PJSC 11.85 -3.66% 2,064 24,928 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI STEEL PIPES CO SJSC 21.46 6.34% 1,177 24,514 COMPANY FOR COOPERATIVE INS 72.10 -10.10% 1,114 84,856 AL SAMAANI FACTORY METAL IND 50.60 5.20% 3 126 AL ALAMIYA FOR COOPERATIVE INS 27.00 -9.40% 494 14,036 ALLIED COOPERATIVE INSURANCE 21.50 4.78% 831 17,455 MOUWASAT MEDICAL SERVICES CO 177.60 -4.82% 30 5,456 DEVELOPMENT WORKS FOOD CO CJSC 77.00 4.05% 4 299 SAUDIA DAIRY AND FOODSTUFF CO 102.00 -3.59% 113 11,704 AL SORAYAI TRADING AND INDUSTRY 17.70 3.87% 1,351 23,460 BATIC INVESTMENTS AND LOGISTICS 41.05 -3.41% 241 10,063 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) EFFECT REAL ESTATE COMPANY KPSC 22.70 50.33% 0 0 AAYAN REAL ESTATE COMPANY KSCP 54.00 -10.45% 131 7 BAYAN INVESTMENT CO KSCP 43.00 11.69% 1,158 47 AMWAL INTERNATIONAL INVESTMEN 51.20 -6.91% 187 10 1078.00 -6.26% 47 52 Top Gainers Top Losers Top Losers CREDIT RATING AND COLLECTION CO 21.00 9.95% 0 0 KUWAIT PORTLAND CEMENT CO KPSC TAMKEEN HOLDING CO 16.40 9.33% 0 0 ENERGY HOUSE HOLDING COMPANY 25.00 -5.66% 107 3 INJAZZAT REAL ESTATE DEVELOPMENT 90.00 8.43% 0 0 SULTAN CENTER FOOD PRODUCTS CO 67.00 -5.63% 1,747 121 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close DoD % Volume Value ISMAILIA NATIONAL CO FOR FOOD 10.94 6.42% 0 2,007 MISR NATIONAL STEEL SAE 42.47 -6.47% 3 145 MENA FOR TOURISTIC AND REAL EST 3.07 5.86% 5,213 15,560 REACAP FINANCIAL INVESTMENTS SAE 5.61 -6.34% 30 175 ASSIUT ISLAMIC NATIONAL TRADE 6.20 5.08% 8 46 AMER GROUP HOLDING CO SAE 0.35 -5.41% 40,435 14,557 INTERNATIONAL CO FOR AGRICULTUR 3.80 4.68% 2,012 7,475 MIDDLE AND WEST DELTA FLOUR MIL 159.69 -5.37% 1 101 ARAB VALVES CO SAE 1.58 4.64% 459 709 MOHANDES INSURANCE CO SAE 10.44 -5.18% 6 64 Close DoD % Volume Value Close DoD % Volume Value ISLAMIC HOLDING GROUP QPSC 27.31 5.00% 9 250 EZDAN HOLDING GROUP QSC 9.20 -6.22% 578 5,492 QATAR OMAN INVESTMENT CO QSC 6.94 4.36% 7 48 OOREDOO QSC 70.11 -5.33% 232 16,697 QATARI GERMAN COMPANY FOR MED 5.78 2.12% 22 126 GULF INTERNATIONAL SERVICES QSC 17.40 -4.40% 225 4,005 QATAR FUEL CO QSC 139.48 0.49% 137 19,050 MANNAI CORPORATION QPSC 45.09 -3.45% 34 1,546 AAMAL CO QPSC 10.34 0.10% 29 300 GULF WAREHOUSING CO QPSC 40.55 -3.18% 35 1,428 Top Gainers Qatar Close * Close * Top Gainers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Sunday , May 06, 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 91,035 113.80 -0.2% 11.8% 6,212 188,502 123.80 94.75 18 2.0 3.7% 2 Saudi Telecom Company SJSC SA 44,584 83.60 0.5% 21.9% 388 8,648 86.00 65.10 16 2.6 4.8% 3 Emirates Telecommunications Group Co AE 40,254 17.00 -0.9% -2.9% 1,373 6,356 18.85 15.75 17 3.4 4.7% 4 Qatar National Bank QPSC QA 37,448 147.64 -1.9% 17.2% 236 9,574 159.00 115.01 10 1.9 4.1% 5 Al Rajhi Banking & Investment Corp Ltd SA 35,791 82.60 0.9% 27.9% 2,772 61,053 85.60 61.00 15 2.4 4.8% 6 National Commercial Bank SJSC SA 35,785 67.10 0.3% 21.8% 928 16,606 68.60 38.00 14 2.1 2.5% 7 First Abu Dhabi Bank PJSC AE 35,160 11.85 -3.7% 15.6% 2,064 6,661 12.65 10.05 12 1.4 5.9% 8 Saudi Electricity Company SJSC SA 25,109 22.60 2.1% 7.3% 1,425 8,591 26.05 19.76 14 1.3 3.1% 9 DP World Ltd AE 19,082 22.99 -2.2% -8.0% 128 803 27.06 20.56 16 1.8 1.8% 10 Industries Qatar QSC QA 18,442 111.00 -0.6% 14.4% 266 8,105 115.00 85.00 18 2.1 4.5% 11 Saudi Arabian Mining Co SJSC SA 17,853 57.30 2.3% 10.0% 1,100 16,811 58.70 39.50 62 2.5 0.0% 12 Almarai Co SJSC SA 15,892 59.60 1.0% 10.8% 473 7,522 78.64 50.00 28 4.0 1.3% 13 Emirates NBD Bank PJSC AE 15,889 10.50 -2.3% 28.0% 1,630 4,660 11.00 7.95 7 1.0 3.8% 14 National Bank of Kuwait SAKP KW 15,280 740.00 0.1% 6.7% 1,633 4,016 761.90 619.05 14 1.5 3.7% 15 Samba Financial Group SJSC SA 15,199 28.50 0.5% 21.2% 1,391 10,574 29.60 20.50 11 1.3 5.3% 16 Emirates Islamic Bank PJSC AE 14,046 9.50 0.0% -3.1% 1 1 10.00 4.90 75 7.9 0.0% 17 Saudi British Bank SJSC SA 12,899 32.25 0.2% 19.4% 82 706 33.50 21.55 12 1.5 4.4% 18 Jabal Omar Development Co SJSC SA 11,772 47.50 -0.4% -19.6% 440 5,576 75.60 45.00 - 4.6 0.0% 19 Riyad Bank SJSC SA 11,695 14.62 -0.8% 16.2% 670 2,610 15.36 10.10 11 1.1 5.0% 20 Kuwait Finance House KSCP KW 11,023 523.00 0.4% -0.1% 2,657 4,617 590.91 424.55 17 1.8 2.7% 21 Banque Saudi Fransi SJSC SA 10,639 33.10 2.2% 16.1% 647 5,708 33.40 25.30 11 1.3 4.2% 22 Yanbu National Petrochemicals Co SJSC SA 10,589 70.60 0.6% 19.7% 184 3,456 74.50 52.00 17 2.3 4.6% 23 Emaar Properties PJSC AE 10,527 5.40 -3.7% -15.4% 8,846 13,006 8.23 5.27 7 0.8 0.0% 24 Abu Dhabi Commercial Bank PJSC AE 9,766 6.90 -1.4% 1.5% 2,040 3,833 7.50 6.50 9 1.2 6.1% 25 Kingdom Holding Co SA 8,775 8.88 -0.8% 0.0% 144 341 11.30 7.90 50 1.0 0.0% 26 Abu Dhabi National Oil Co for Dist AE 8,406 2.47 1.2% -6.8% 348 234 2.90 2.42 17 10.8 2.4% 27 Alinma Bank SJSC SA 8,312 20.78 -0.3% 8.5% 30,019 166,348 21.58 14.00 15 1.5 3.8% 28 Arab National Bank SA 8,133 30.50 2.7% 23.2% 420 3,413 33.65 19.15 10 1.3 3.9% 29 Dubai Islamic Bank PJSC AE 7,347 5.46 -0.5% -11.8% 2,497 3,712 6.63 5.23 7 1.1 8.2% 30 Emaar Malls PJSC AE 7,299 2.06 -2.8% -3.3% 1,539 863 2.66 2.00 13 1.6 4.9% Company Name Total M-Cap; W. Avg Yield 614,033 3.7% 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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