MENA Market Report - 7 November

Transcription

1. MENA Morning Report Tuesday , November 07, 2017 Overview Regional Markets: MENA markets continued to remain under pressure as investors are worried that the corruption probe in Saudi Arabia will impact the investments across the regional markets. Further, this has resulted in oil prices climbing to two and half year high in last night's session, however this might be temporary rise, hence the markets are unlikely to have any impact going forward. The negative performance recorded during the past two sessions have deepened the losses across the region for the week and the month. For the day, six indexes closed on a negative note, while two ended in red during the session. Kuwait was the worst performer as it was down by 2.3% for the day, losing around 5% in the past three trading sessions. Qatar also closed on a negative note as it was down by 1.4% for the day, extending the losses in the previous two sessions. UAE markets closed in red as Dubai and Abu Dhabi were down by 1.2% and 0.3% respectively for the day. Saudi Arabia closed marginally up by 0.1% for the day, second consecutive session of gains despite the corruption probe initiated by the government. The index has witnessed strong buying interest especially after opening on a negative note during the past two sessions. Egypt closed lower by 0.8% for the day, extending the losses to 1.7% in two sessions. Bahrain was down by 0.9%, while Oman was up by 0.5% for the day. International Markets: US markets closed on a positive note as DJIA, Nasdaq and S&P were all up by 0.04%, 0.3% and 0.1% respectively for the day. European markets closed on a slightly negative note as DAX and CAC were both down 0.1% and 0.2% respectively, while FTSE was up by 0.03%. At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are all up by 0.8%, 0.9% and 0.6% respectively. Headlines (WW) US Monetary Policy reflecting confidence in building global growth (ME) Business confidence in Middle East continues to fall (WW) Technology a standout in positive US reporting season (GCC) GCC to set up pavilion at Expo Dubai 2020 (WW) China's central bank chief renews financial risk warnings (GCC) GCC states must add value to their oil wealth (WW) China Oct data to show economy resilient even as momentum fades slightly (GCC) Gulf investors believe VAT may raise property costs (WW) UK economy to be hit if no trade deal (SA) Saudi private sector posts sharp growth in October (WW) UK businesses are flourishing despite Brexit uncertainty (AE) UAE non-oil sector grows as morale hits five-month high (WW) Euro Zone economic growth reported above expectations (AE) UAE has the capacity to slow down pace of fiscal consolidation (WW) Surprise jump in German industrial orders bodes well for growth (AE) Sharjah to host largest entrepreneurship festival in the UAE (WW) BOJ's Kuroda says has confidence in strengthening economy (EG) Egypt’s foreign reserves jump to USD 36.7bn in October, highest in history (CMD) Oil hits highest levels since 2015 amid tightening markets (QA) Qatar boosts liquidity in construction; ups public sector investments (CMD) Gold steady, but Fed rate hike concerns weigh (KW) Kuwait plans to build USD 112.5bn gold city (FX) Dollar near three-month highs, underpinned by Fed tightening view (OM) Preparing for the new VAT regime in Oman (FX) Sterling bounce checked as Brexit, scandal in focus (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,544.08 -1.2% -2.2% -2.5% 0.4% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,435.21 -0.3% -0.7% -1.0% -2.4% ˅ ˅ ˅ Saudi (SASEIDX) 6,984.87 0.1% 0.4% 0.7% -3.1% ˅ ˅ ˄ Kuwait (KWSE) 6,319.07 -2.3% -3.5% -3.0% 9.9% ˅ ˅ ˅ Egypt (EGX30) 14,072.92 -0.8% -1.7% -1.9% 14.0% ˄ ˄ ˄ Qatar (DSM) 8,014.71 -1.4% -1.6% -1.8% -23.2% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,265.64 -0.9% -1.3% -0.9% 3.7% ˅ ˅ ˅ Oman (MSM30) 5,079.20 0.5% 0.8% 1.4% -12.2% ˅ ˄ ˅ 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) 235 484 385 119 169 137 83,454 Abu Dhabi (ADSMI) 71 125 99 36 49 45 131,944 Saudi (SASEIDX) 208 268 235 1,200 1,119 1,011 440,620 Kuwait (KWSE) 134 111 92 94 47 39 75,578 Egypt (EGX30) 442 368 291 73 84 65 21,514 Qatar (DSM) 9 7 7 275 70 72 94,402 Bahrain (BHSEIDX) 3 2 2 2 1 1 20,138 Oman (MSM30) 22 17 16 9 9 8 14,042 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 Tuesday , November 07, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.7 11.0 11.6 11.3 10.2 386.2 9.4 300 8 239.3 188.3 4 1.2 1.6 2.1 1.6 - - 1.1 0.8 0.9 Bahrain Oman - 178.1 106.9 87.2 1.3 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% Current 489.3 13.7 12 Previous 600 4.8% 5.1% 9.9% 3.7% 9% 4.4% 3.6% 3.4% 4% 14.0% 18% 6.0% 5.4% 0.4% 0% -2.4% -9% 2% -3.1% -12.2% -18% 0.0% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -23.2% -27% 0% 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 , November 07, 2017 Abu Dhabi Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DUBAI INVESTMENTS PJSC 2.57 -3.89% 33,092 86,769 213 NATIONAL CENTRAL COOLING CO PJSC 2.10 -2.86% 2,411 5,137 46 DUBAI ISLAMIC INSURANCE 0.88 -2.62% 1,030 915 1,356 DRAKE AND SCULL INTERNATIONAL 1.90 -2.11% 11,777 22,617 10,785 GULF NAVIGATION HOLDING PJSC 1.46 -2.05% 771 1,138 Close * DoD % Volume ('000) Value (AED ‘000) UMM AL QAIWAIN GENERAL INVEST 1.15 -9.57% 100 121 635 ABU DHABI AVIATION 3.00 -6.67% 195 606 100 97 NATIONAL MARINE DREDGING PSC 3.70 -5.41% 3 12 1 1 NATIONAL BANK OF RAS AL KHAIMAH 4.95 -3.03% 104 523 4.71% 44 73 UNION CEMENT CO PSC 1.29 -2.33% 70 91 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) RED SEA INTERNATIONAL CO 19.68 5.28% 594 11,389 AL TAYYAR TRAVEL GROUP HOLDING 33.35 -10.49% 1,519 53,637 NATIONAL COMMERCIAL BANK SJSC 49.00 3.67% 2,350 113,108 AL-OMRAN INDUSTRIAL AND TRADING 16.20 -9.38% 6 103 25.50 -8.16% 615 16,375 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) AMANAT HOLDINGS PJSC 1.18 1.69% 32,212 37,693 MASHREQBANK PSC 65.00 1.62% 3 AL SALAM BANK SUDAN PLC 1.86 1.61% 25 EMIRATES NBD BANK PJSC 8.15 0.61% 167 UNION PROPERTIES PJSC 0.87 0.46% 12,382 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) GULF PHARMACEUTICAL INDUSTRIES 2.31 7.79% 1 2 AL KHAZNA INSURANCE COMPANY 0.29 6.90% 2,264 GULF CEMENT CO PSC 0.99 5.05% INVEST BANK PSC 2.25 4.89% FINANCE HOUSE PJSC 1.70 Saudi Arabia Top Gainers Kuwait Top Losers SAUDI ARABIA FERTILIZERS CO SJSC 58.10 2.93% 654 37,453 AL BAHA INVESTMENT AND DEVELOP 24.48 2.53% 558 13,481 ARABIA INSURANCE COOPERATIVE CO 17.78 -6.19% 1,239 22,751 DAR AL ARKAN REAL ESTATE 7.99 2.50% 33,366 263,338 SAUDI AUTOMOTIVE SERVICES CO 20.46 -5.67% 417 8,783 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT NATIONAL CINEMA CO 1320.0 13.64% 0 0 KUWAIT AND MIDDLE EAST FINANCIAL 25.00 -20.00% 11 0 AQAR REAL ESTATE INVESTMENTS CO 66.50 6.77% 2,400 155 FIRST TAKAFUL INSURANCE CO KPSC 69.90 -19.89% 63 5 WETHAQ TAKAFUL INSURANCE CO 38.00 5.26% 0 0 CREDIT RATING AND COLLECTION CO 26.20 -19.85% 4 0 NATIONAL MOBILE TELECOMM 1109.0 4.78% 2 2 TAMKEEN HOLDING CO 24.70 -19.03% 522 14 KAMCO INVESTMENT CO KSCP 75.00 3.33% 0 0 TAAMEER REAL ESTATE INVESTMENT 32.50 -16.92% 176 6 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ARAB CO FOR LAND RECLAMATION 10.65 9.95% 24 246 ARAB ALUMINUM CO SAE 43.32 -7.04% 47 2,126 ORANGE EGYPT FOR TELECOMM 125.41 9.43% 37 4,413 ALEXANDRIA MEDICAL SERVICES CO 27.86 -6.07% 1 18 OCTOBER PHARMA FOR PHARMA 66.39 8.71% 9 553 SOCIETE ARABE INTERNATIONAL 11.65 -5.58% 3 36 ALEXANDRIA CO FOR PHARMA 75.27 8.34% 8 562 AL ARAFA FOR INVESTMENT 0.19 -5.26% 328 64 CLEOPATRA HOSPITAL 4.33 8.31% 1,389 5,785 ARAB DRUG COMPANY FOR PHARMA 27.90 -4.70% 5 135 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) WIDAM FOOD CO QSC 59.60 1.16% 0 13 ISLAMIC HOLDING GROUP QPSC 31.54 -9.99% 35 1,153 SALAM INTERNATIONAL INVESTMENT 6.93 0.87% 135 932 QATAR INSURANCE CO SAQ 44.95 -7.65% 40 1,854 MASRAF AL RAYAN QPSC 35.45 0.14% 213 7,544 MAZAYA QATAR REAL ESTATE 7.94 -7.43% 135 1,116 MEDICARE GROUP QSC 66.27 -6.44% 21 1,454 AAMAL CO QPSC 7.35 -4.76% 669 5,043 Top Gainers Egypt Top Losers ABDULMOHSEN AL HOKAIR GROUP Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Tuesday , November 07, 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 80,318 100.40 0.6% 9.7% 5,343 1,43,053 105.40 83.75 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 41,793 17.65 -0.6% -6.1% 1,230 5,910 19.00 17.10 17 3.6 4.5% 3 Saudi Telecom Company SJSC SA 36,266 68.00 0.7% 0.0% 485 8,801 78.90 60.25 0 0.0 0.0% 4 First Abu Dhabi Bank PJSC AE 30,561 10.30 0.0% 3.1% 1,495 4,194 11.55 8.50 12 1.1 4.4% 5 Qatar National Bank QPSC QA 30,437 120.00 -0.8% -19.0% 108 3,574 157.27 118.50 9 1.5 2.7% 6 Al Rajhi Banking & Investment Corp SA 27,949 64.50 -0.5% 2.4% 8,213 1,41,256 71.70 58.25 12 2.0 3.5% 7 Saudi Electricity Company SJSC SA 27,110 24.40 0.3% 8.9% 2,876 18,714 26.05 17.60 11 1.4 2.9% 8 National Commercial Bank SJSC SA 27,093 50.80 3.7% 19.2% 2,350 31,833 58.00 37.00 11 1.6 3.1% 9 DP World Ltd AE 19,837 23.90 -0.2% 36.5% 176 1,144 24.60 15.53 19 2.0 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,639 53.40 1.3% 36.9% 2,458 35,007 54.00 37.30 173 2.4 0.0% 11 Industries Qatar QSC QA 15,783 95.00 -1.0% -19.1% 113 2,940 122.00 85.00 22 1.7 4.2% 12 Emaar Properties PJSC AE 15,673 8.04 -1.8% 12.8% 11,370 24,889 8.95 6.37 10 1.3 1.9% 13 Jabal Omar Development Co SJSC SA 15,539 62.70 1.3% -16.1% 233 3,903 76.00 59.10 67 5.7 0.0% 14 Almarai Co SJSC SA 14,666 55.00 0.4% 0.4% 743 10,893 78.64 46.40 27 3.9 1.3% 15 National Bank of Kuwait SAKP KW 14,075 720.00 -4.5% 16.3% 7,266 17,283 800.00 561.90 14 1.3 4.0% 16 Emirates NBD Bank PJSC AE 12,408 8.20 0.6% -3.4% 167 373 9.00 7.60 6 0.8 4.9% 17 Samba Financial Group SJSC SA 12,213 22.90 0.9% -6.0% 3,434 20,969 27.10 19.80 9 1.0 4.1% 18 Kuwait Finance House KSCP KW 10,438 548.00 -4.0% 11.6% 13,078 23,676 650.00 445.45 16 1.7 2.8% 19 Emirates Islamic Bank PJSC AE 10,350 7.00 0.0% 0.0% 1 1 11.95 1.57 76 5.3 0.0% 20 Abu Dhabi Commercial Bank PJSC AE 10,190 7.20 -1.4% 4.3% 3,241 6,354 7.68 5.66 9 1.2 5.6% 21 Saudi British Bank SJSC SA 9,888 24.72 0.6% -1.1% 1,325 8,734 28.55 19.25 10 1.1 2.8% 22 Riyad Bank SJSC SA 9,520 11.90 0.2% 3.0% 3,189 10,119 12.06 9.90 11 0.9 0.0% 23 Banque Saudi Fransi SJSC SA 9,402 29.25 0.2% 12.1% 2,065 16,107 33.40 22.10 10 1.1 3.6% 24 Kingdom Holding Co SA 8,894 9.00 -5.3% -24.7% 949 2,278 12.95 8.96 59 1.1 5.6% 25 Yanbu National Petrochemicals Co SJSC SA 8,340 55.60 0.0% 3.0% 921 13,649 61.75 45.20 14 2.0 5.4% 26 Dubai Islamic Bank PJSC AE 8,087 6.01 -0.7% 7.9% 7,013 11,476 6.29 5.01 8 1.2 7.5% 27 Emaar Malls PJSC AE 8,079 2.28 -0.4% -13.0% 2,425 1,505 2.80 2.23 16 1.8 4.4% 28 Ooredoo QSC QA 7,574 86.10 -2.2% -15.4% 83 1,957 116.10 80.00 14 1.2 4.1% 29 Masraf Al Rayan QPSC QA 7,312 35.50 0.1% -5.6% 213 2,076 45.40 33.05 13 2.1 5.6% 30 Alinma Bank SJSC SA 7,120 17.80 0.2% 17.9% 43,118 2,04,660 18.46 13.65 14 1.3 2.8% Company Name Total M-Cap; W. Avg Yield 553,553 3.4% 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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