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MENA Markets Daily Report - 19 December

Adnan Borras
By Adnan Borras
6 years ago
MENA Markets Daily Report - 19 December

Ard, Islam, Mal, Salam , Takaful , Commenda


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  1. KAMCO Research MENA Markets Daily Report Country December 19 , 2017 Index Value Benchmark DTD Change YTD 2017 FY 2016 MENA Countries Kuwait Price Index ▲ 6,370.24 0.2% 10.8% 2.4% Kuwait …………………………………. 2 Kuwait Weighted Index ▼ 399.77 (0.1%) 5.2% (0.4%) Saudi Arabia ………………………. 3 Kuwait KSX 15 Index ▼ 908.09 (0.2%) 2.6% (1.7%) UAE - Dubai …………………………. 4 Saudi Arabia TADAWUL All Share Index ▲ 7,191.58 1.4% (0.3%) 4.3% UAE - Nasdaq Dubai……… 5 UAE - Dubai DFM General Index ▲ 3,371.78 0.2% (4.5%) 12.1% UAE - Abu Dhabi …………………… 6 UAE - Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ▲ 3,293.16 0.8% (0.0%) 7.5% Oman …………………………………… 7 UAE - Abu Dhabi ADX General Index ▲ 4,397.38 1.1% (3.3%) 5.6% Egypt …………………………………. 8 Qatar QE 20 Index ═ 8,211.94 0.0% (21.3%) 0.1% Jordan…………………………… 9 Bahrain Bahrain All Share ═ 1,265.59 0.0% 3.7% 0.4% Tunisia …………………………………. 10 Oman MSM 30 Index ▲ 5,087.84 0.2% (12.0%) 7.0% Lebanon ………………………………. 11 Egypt EGX 30 ▲ 14,721.45 0.0% 19.3% 76.2% Morocco……………………….. 12 Jordan ASE Index ▼ 2,129.00 (0.5%) (1.9%) 1.6% Syria ……………………………… 13 Lebanon Blom Stock Index ▼ 1,135.70 (0.1%) (6.4%) 3.7% In this Report… Tunisia Tunisia Index ▼ 6,142.25 (0.1%) 11.9% 8.9% Morocco MASI ▼ 12,334.29 (0.4%) 5.9% 30.5% Syria DSE Weighted Index ▲ 5,542.60 1.4% 242.7% 31.7% 3,288.36 0.6% 6.0% (12.3%) Emerging Markets China SSE Composite Index ▲ Russia RUSSIAN RTS INDEX ($) ▼ 1,147.91 (0.0%) (0.4%) 52.2% India SENSEX ▲ 33,699.71 0.3% 26.6% 1.9% Brazil BOVESPA Stock Index ▲ 73,115.45 0.7% 21.4% 38.9% Mexico BOLSA Index ▲ 48,634.54 1.2% 6.6% 6.2% Korea KOSPI Index ▼ 2,476.37 (0.2%) 22.2% 3.3% Taiwan TAIEX Index ▼ 10,471.05 (0.3%) 13.2% 11.0% Global Markets Investment Research Department Kamcoird@kamconline.com P.O.Box 28873,Safat 13149 Kuwait Tel: (965) 1852626, Extn: 1153 / 1146 Fax: (965) 22492395 http://www.kamconline.com KAMCO Investment Company - K.S.C (Public) World MSCI World Index ▲ 2,104.02 0.9% 20.1% 5.3% Asia MSCI Asia Pacific ▲ 171.68 1.0% 27.1% 2.3% Europe DJ Stoxx 600 ▲ 392.66 1.2% 8.6% (1.2%) Europe FTSEurofirst 300 ▲ 1,546.24 1.2% 8.2% (0.6%) Emerging Markets MSCI EM Index ▲ 1,130.39 1.1% 31.1% 8.6% U.S.A S&P 500 ▲ 2,690.16 0.5% 20.2% 9.5% U.S.A DJIA ▲ 24,792.20 0.6% 25.5% 13.4% U.S.A NASDAQ Composite ▲ 6,994.76 0.8% 29.9% 7.5% UK FTSE 100 ▲ 7,537.01 0.6% 5.5% 14.4% Germany DAX ▲ 13,312.30 1.6% 16.0% 6.9% Japan NIKKEI 225 ▼ 22,893.62 (0.0%) 19.8% 0.4% Hong Kong HANG SENG INDEX ▲ 29,280.50 0.8% 33.1% 0.4% Oil OPEC Crude ▲ 61.48 1.0% 15.4% 67.1% Oil Brent ▲ 63.50 0.1% 11.8% 52.4% Oil Kuwait ▲ 60.88 0.8% 14.1% 85.5% Natural Gas NYMEX Natural Gas (USD/MMBtu) ▼ 2.74 (0.0%) (27.4%) 30.0% Gold Gold Spot $/Oz ▲ 1,263.22 0.1% 10.1% 8.1% Commodities Source: Bloomberg & KAMCO Research
  2. KAMCO Research Boursa Kuwait Daily Report December 19 , 2017 Sector Weight by Market Cap Market Capitalization - Sector Returns Financial Services Technology 8% 0.1% Real Estate 7% ▼ (0.1%) 0.3% 3.8% ▼ (0.1%) 6.4% (9.1%) 789.5 ▲ 0.1% (0.0%) 29.0% ▼ (0.2%) 1.5% 20.7% Consumer Goods 766.8 ▼ (0.3%) (11.9%) (46.6%) Health Care 196.8 ═ 0.0% 0.0% (14.0%) Consumer Services Telecom 10% Consumer Services 3% 659.7 ▲ 0.1% 0.2% 4.1% 2,770.4 ▼ (1.4%) (3.8%) (3.8%) 13,901.7 ▲ 0.1% 1.6% 12.2% 311.0 ▼ (0.2%) (1.9%) (4.0%) Real Estate 2,014.1 ▲ 0.6% 1.0% (8.5%) Financial Services 2,208.5 ▼ (0.5%) (0.5%) (9.7%) 24.6 ═ 0.0% 7.9% (21.5%) Telecommunications Banks Insurance Health Care 0.7% Technology Top 10 Companies by Market Capitalization 41 Market Breadth Company Name Market Cap. P/E ROE* (Mn KWD) (X) (%) Benchmark Return Closing Value Price Index 4,254.6 13.8 10.7% 2- Kuwait Finance House 3,372.9 19.2 9.8% 3- Zain 1,839.0 11.7 13.3% 4- Ahli United Bank - Bahrain 1,549.7 8.8 16.5% 5- Agility (PWC Logistics) 1,057.1 17.0 6.6% 6- Boubyan Bank 966.8 22.0 12.5% 7- Gulf Bank 734.6 16.3 7.8% 8- Mabanee Co. 674.4 13.8 13.6% 9- Commercial Bank of Kuwait 658.5 16.1 6.9% 10- Burgan Bank 654.2 8.6 11.3% 15,762 13.89 10.9% Total 50 66 DTD DTD MTD YTD Chg % Chg % Chg % Chg 6,370.24 14.3 0.2% 2.8% 10.8% 5.2% Weighted Index 399.77 (0.6) (0.1%) 0.2% Kuwait 15 Index 908.09 (1.6) (0.2%) (0.0%) 2.6% Market Cap (KWD Mn) 27,120 (32.7) (0.1%) 0.3% 3.8% Index Performance relative to Volume 450 Weighted Index 1- National Bank of Kuwait YTD % Chg 3,268.5 Industrials Consumer Goods 3% MTD % Chg 208.0 Basic Materials Industrials 12% DTD % Chg 27,119.6 Oil & Gas Basic Materials 3% DTD (KWD Mn) Boursa Kuwait Oil & Gas 1% Banks 51% Market Cap. 1,200 1,100 1,000 420 900 800 700 600 390 500 400 300 360 200 100 Real Estate Asset Management Co. Kuwait Real Estate Holding Co. 0.033 0.004 13.6% Wethaq Takaful Insurance Co. 0.044 0.005 11.5% Kuwait Remal Real Estate Co. 0.039 0.004 11.4% Arab Real Estate Co. 0.032 0.002 7.0% Close Change Percent (KWD) (KWD) Change 0.034 (0.003) (8.5%) National Industries Co. 0.202 (0.011) (5.2%) Kuwait Resorts Co. 0.072 (0.003) (4.0%) Heavy Eng'g Ind. & Shipbuilding Co. 0.225 (0.009) (3.8%) Warba Insurance Co. 0.065 (0.003) (3.7%) Al Madina For Finance & Investment Co. Dec-17 Nov-17 Oct-17 0 Market Trading Data and Volatility Trading Indicators Volume (Shrs Mn) Value Traded (KWD Mn) Today's Top % Losers Sep-17 20.0% Aug-17 0.050 Jul-17 Change 0.300 Jun-17 Percent May-17 (KWD) Apr-17 Change Mar-17 Close (KWD) Feb-17 330 Jan-17 Top Movers and Most Active Stocks Dec-16 *: ROE is calculated based on TTM 1H-2017 net profit & shareholders' equity as of 30-June-17 Today's Top % Gainers Volume traded (shr. mil.) Insurance 1% No. of Trades Today's DTD DTD Value Chg % Chg 51.6 (36.3) 7.3 2,552 Market Volatility** Price Index Weighted Index Average Daily YTD 2017 YTD 2016 (41.3%) 204.3 121.1 (4.0) (35.4%) 23.3 11.5 (563) (18.1%) 4,794 2,853 Volatility Since January: 2016 2015 2014 2013 2012 9.7% 9.2% 9.6% 10.1% 9.7% 11.0% 10.4% 10.4% 9.9% 9.6% **: Annualized Standard Deviation of Daily Returns Close Percent Volume (KWD) Change (Shares) Zain 0.425 (1.8%) 5,300,505 A'ayan Leasing & Investment Co. 0.037 0.0% 4,845,179 Today's Most Active by Volume Close Percent Value (KWD) Change (KWD) Zain 0.425 (1.8%) 2,264,513 National Bank of Kuwait 0.719 (0.4%) 1,336,355 Today's Most Active by Value Jiyad Holding Co. 0.072 0.7% 4,335,626 Kuwait Finance House 0.585 0.7% 455,510 Kuwait Remal Real Estate Co. 0.039 11.4% 3,739,303 Jiyad Holding Co. 0.072 0.7% 307,306 Investors Holding Group Co. 0.018 0.6% 3,421,760 Ahli United Bank - Bahrain 0.206 1.0% 223,387 Source: Boursa Kuwait, KAMCO Research 2
  3. KAMCO Research Saudi Tadawul Daily Report December 19 , 2017 Sector Returns Index Performance relative to Volume 8,500 500 450 8,300 Saudi Stock Exchange Energy 350 TASI Value 7,900 300 7,700 Vol. Traded (Mln. Shares) 400 8,100 250 Materials Capital Goods Commercial & Professional Svc 200 DTD MTD YTD (SAR Mn) % Chg % Chg % Chg 1,685,158 1.2% 1.5% 0.2% 24,983 1.7% 6.8% (4.4%) 546,597 0.9% 1.6% 6.8% 9,058 0.3% 8.7% (63.3%) 7,575 1.0% 3.3% (21.6%) 13,853 3.0% 4.8% (22.3%) 3,258 (0.2%) 4.6% (12.2%) 12,966 1.5% 1.9% (23.5%) 5,218 3.0% 10.1% 62.1% 31,850 0.0% (0.7%) 12.2% 7,094 (0.1%) (2.3%) 7.5% Food & Beverages 90,526 0.9% 0.8% 2.6% Health Care Equipment & Svc 27,073 1.7% 0.6% (2.2%) 3,588 1.2% 5.0% (26.8%) Transportation Consumer Durables & Apparel Consumer Services Media Retailing 7,500 Market Cap. Food & Staples Retailing 7,300 150 Pharma, Biotech & Life Science 7,100 100 Banks Diversified Financials 6,900 50 Insurance Telecommunication Services 0 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 6,700 Utilities REITs Real Estate Mgmt & Dev't 465,330 2.1% 2.3% 8.4% 34,684 0.5% 5.3% (27.1%) 39,462 0.5% 0.5% (7.1%) 153,744 0.9% 1.2% (9.0%) 94,151 0.3% (8.0%) (2.5%) 3,134 0.7% 2.4% 464.7% 111,016 0.3% 4.7% (12.7%) YTD-17 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Price Daily Trading Indicators Value Market Return (SAR) % Chg (SAR 000's) Saudi Cement Co. 46.90 10.0% 43,769 Tadawul All Share Index Yanbu Cement Co. 32.00 10.0% 45,579 Market Cap (SAR Mn) Tabuk Cement Co. 13.90 7.4% 55,889 Eastern Province Cement Co. 25.63 5.7% 16,567 Tihama Advertising & Public Relations Co. * 47.08 5.7% 69,186 Worst Return Performers Anaam International Holding Grp. Abdullah A. M. Al-Khodari Sons Co. Qassim Agriculture Co. Price Daily Value Trading Indicators % Chg (SAR 000's) Value Traded (SAR Mn) 15.51 (3.1%) 14,427 No. of Trades 9.60 (2.9%) 52,965 21,395 12.80 (2.1%) 8.09 (1.2%) 6,353 Saudi Arabian Amintit Co. 8.11 (1.0%) 22,250 DTD MTD Chg % Chg % Chg % Chg 7,191.58 98.37 1.4% 2.7% (0.3%) 1,685,158 19,754.8 1.2% 1.5% 0.2% Average Daily Today's DTD DTD Value Chg % Chg YTD-17 YTD-16 242 36.2 17.5% 174 281 4,467 965.9 27.6% 3,317 8,581 124,208 19,203 18.3% 182,490 143,065 Market Breadth 141 Price Daily Volume (SAR) % Chg ('000 Shrs) Dar Al Arkan Real Estate Development Co. 13.11 (0.7%) 47,679 Alinma Bank 19.26 4.0% 30,650 Saudi Kayan 10.89 1.8% 25,949 Saudi Basic Industries Corp Najran Cement Co. 10.61 5.7% 6,015 Al Jouf Cement co. 9.86 5.3% 5,844 Most Active Stocks By Volume DTD Value Volume (Mn Shares) (SAR) Al Sorayai Trading and Industrial Group Co. Closing 33 5 Price Daily Value (SAR) % Chg (SAR Mn) Dar Al Arkan Real Estate Development Co. 13.11 (0.7%) 624.3 Alinma Bank 19.26 4.0% 579.4 101.71 0.4% 331.5 Saudi Kayan 10.89 1.8% 280.4 Al-Rajhi Bank 64.86 1.2% 210.5 Most Active Stocks By Value Source: KAMCO Research 3
  4. KAMCO Research Dubai Financial Market Daily Report December 19 , 2017 Sector Returns Index Performance relative to Volume 3,800 2,000 Market Cap. DTD MTD YTD (AED Mn) % Chg % Chg % Chg 3,750 3,650 1,500 Banking 3,600 Consumer Staples 3,550 3,500 1,000 3,450 3,400 3,350 3,300 Vol. Traded (Mln. Shares) DFM General Index Value 3,700 500 368,737 0.2% (1.4%) 11.0% 148,667 (0.1%) 0.4% 23.6% 7,508 0.5% (2.2%) (46.0%) 22,327 0.1% 0.1% (4.2%) Insurance 5,581 0.0% (0.1%) 5.6% Industrial 3,719 0.0% 0.0% 1.5% Investment & Financial Real Estate & Construction 129,594 0.4% (3.8%) 14.2% Telecommunication 23,410 1.0% 1.2% (18.5%) Transportation 23,337 (0.1%) (3.1%) 5.8% 4,594 0.4% 2.5% 21.6% YTD-17 3,250 Services 3,200 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 3,150 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 3,100 Top Movers and Most Active Stocks Best Return Performers Price YTD-2017 Top Movers and Most Active Stocks Daily Value Traded (AED) % Chg Int'l Financial Advisors Co. 0.396 3.9% (AED) 86,285 SHUAA Capital 1.210 1.7% 747,350 National General Cooling Co. (Tabreed) 1.850 1.6% 2,111,558 Ekttitab Holding Co. 0.390 1.3% 302,478 Al Salam Bank - Bahrain 0.930 1.1% 123,926 Worst Return Performers Price Daily Value Traded (AED) % Chg 0.650 (3.0%) Gulf Navigation Holding 1.320 (2.2%) 812,582 Amlak Finance 1.030 (1.9%) 5,839,599 Arabtec Holding P.J.S.C. 2.410 (1.6%) 1,529,904 Marka 0.570 (1.6%) 644,075 Al Salam Group Holding (AED) 1,471,718 Market Return DFM General Index Market Cap (AED Mn) Trading Indicators Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 3,371.78 5.89 0.2% (1.4%) (4.5%) 368,737 575 0.2% (1.4%) 11.0% Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 Volume (Mn Shares) 191.4 31.8 19.9% 324 Value Traded (AED Mn) 356.8 75.1 26.6% 459 538 No. of Trades 2,800 157 5.9% 4,313 5,268 Market Breadth 16 10 430 34 Price Daily Volume (AED) % Chg ('000 Shrs) Drake and Scull International 2.230 0.0% 58,628 Drake and Scull International 2.230 0.0% Gulf Finance House 1.610 0.6% 34,572 Gulf Finance House 1.610 0.6% 56.1 Amanat Holdings 1.350 0.0% 18,952 EMAAR Properties 7.030 0.9% 31.4 Islamic Arab Insurance Co. 0.515 0.4% 13,908 Amanat Holdings 1.350 0.0% 25.6 Deyaar Development 0.493 (0.2%) 8,185 DAMAC Properties Dubai 3.320 0.0% 23.6 Most Active Stocks by Volume Most Active Stocks by Value Price Daily Value (AED) % Chg (AED Mn) 129.4 Source: KAMCO Research 4
  5. KAMCO Research as as Nasdaq Dubai Daily Report December 19 , 2017 Stock Returns Index Performance relative to Volume 3,800 25 Market Cap. 20 FTSE Nasdaq DubaiI UAE 20 Index 3,600 3,500 15 3,400 3,300 10 3,200 3,100 Vol. Traded (Mln. Shares) 3,700 DTD YTD (USD Mn) % Chg Nasdaq Dubai 42,203 (0.25%) DP World 20,227 (0.5%) Nasdaq, Inc. 12,912 0.0% 15.4% 6,867 0.0% (35.6%) Orascom Construction Limited 922 0.3% 49.4% Al Baraka Banking Group 446 0.0% (17.3%) Emirates REIT (CEIC) Limited 303 1.0% (12.2%) ENBD REIT (CEIC) Limited 240 0.0% (11.7%) DEPA Limited 188 (5.8%) (11.4%) 98 0.0% (25.4%) Hikma Pharmaceuticals GDR % Chg 9.6% 39.2% 5 3,000 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 0 Dec-16 2,900 BLME Holdings plc Top Movers and Most Active Stocks Trading Indicators Price Daily Value (USD) % Chg (USD) Emirates REIT (CEIC) Limited 1.01 1.0% 461,233 Orascom Construction Limited 7.83 0.3% 4,161 Best Return Performers Market Return FTSE Nasdaq Dubai UAE 20 Market Cap (USD Mn) Trading Indicators Worst Return Performers DEPA Limited DP World Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 0.8% 0.1% (0.0%) (0.3%) 1.0% 9.6% 3,293.16 42,203 25.85 (105.8) Today's DTD DTD Value Chg % Chg YTD-17 Average Daily YTD-17 YTD-16 Price Daily Value Volume (Mn Shares) 0.54 0.48 795.8% 1.12 0.57 (USD) % Chg (USD) Value Traded (USD Mn) 2.33 1.5 166.4% 5.41 5.09 0.31 (5.8%) 465 94 66 235.7% 118 92 24.37 (0.5%) 1,863,585 No. of Trades Market Breadth 2 Most Active Stocks by Volume Emirates REIT (CEIC) Limited Price Daily Volume (USD) % Chg ('000 Shrs) 1.01 1.0% 460,000 24.37 (0.5%) 76,768 DEPA Limited 0.31 (5.8%) 1,500 Orascom Construction Limited 7.83 0.3% 527 DP World Most Active Stocks by Value DP World 2 5 Price Daily Value (USD) % Chg (USD) 24.37 (0.5%) 1,863,585 Emirates REIT (CEIC) Limited 1.01 1.0% 461,233 Orascom Construction Limited 7.83 0.3% 4,161 DEPA Limited 0.31 (5.8%) 465 Source: KAMCO Research 5
  6. KAMCO Research Abu Dhabi Securities Exchange Daily Report December 19 , 2017 Sector Returns Index Performance relative to Volume 4,800 900 Market Cap. DTD MTD YTD 800 (AED Mn) % Chg % Chg % Chg 3.8% 4,700 ADX General Index Value 4,650 700 4,600 600 4,550 4,500 500 4,450 400 4,400 4,350 300 Vol. Traded (Mln. Shares) 4,750 4,300 4,250 4,200 10.7% 1.1% 1.3% 2.5% 3,467 0.0% (0.6%) (11.0%) Real Estate 20,510 0.0% 0.4% (16.4%) Energy 42,613 1.8% 410.0% 520.9% 4,680 (2.7%) (4.2%) (23.3%) (2.5%) Inv. & Financial Services Consumer Staples 10,555 0.3% 1.8% 100 Insurance 9,390 (1.7%) (2.5%) 12.0% 178,482 2.0% 5.7% (8.4%) 8,616 (2.5%) 4.7% (13.1%) Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 1.2% Industrial 0 Dec-16 485,476 207,162 200 4,150 4,100 ADX Banks Telecommunication Services Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Trading Indicators Price Daily Value (AED) % Chg (AED) National Bank of Umm Al-Qaiwain 3.00 7.1% 68,748 Gulf Cement Co. 0.95 3.3% 157,483 Ras Al Khaimah Ceramic Co. 2.60 3.2% 164,883 2.74 2.6% 43,649,653 17.50 2.3% 17,548,074 Best Return Performers ADNOC Distribution Emirates Telecom. Co. Market Return ADX General Index Value Volume (Mn Shares) (AED) % Chg (AED) Value Traded (AED Mn) National Takaful Co. (Watania) 0.45 (10.0%) 69,888 Emirates Insurance Co. 6.00 (7.7%) 949,980 Abu Dhabi National Hotels 2.70 (6.9%) 284 Abu Dhabi National Insurance Co. 3.40 (5.6%) 69,000 Abu Dhabi Ship Building Co. 2.00 (5.2%) 228,518 Worst Return Performers MTD % Chg % Chg YTD-17 % Chg 1.1% 2.7% (3.3%) 485,476 5,944 1.2% 10.7% 3.8% No. of Trades Market Breadth Price Daily Volume (AED) % Chg ('000 Shrs) ADNOC Distribution 2.74 2.6% 15,974 Abu Dhabi Commercial Bank AL DAR Properties Co. 2.20 0.0% 12,352 First Abu Dhabi Bank Most Active Stocks by Volume DTD Chg 48.64 Trading Indicators Daily DTD Value 4,397.38 Market Cap (AED Mn) Price Closing Most Active Stocks by Value Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 63 29.8 90.0% 102 102.5 215 158.4 280.5% 187 584.7 1,524 801 110.8% 1,343 1,464 8 12 46 Price Daily Value (AED) % Chg (AED) 6.90 0.7% 51,614,119 10.35 1.5% 44,994,549 Abu Dhabi Commercial Bank 6.90 0.7% 7,586 ADNOC Distribution 2.74 2.6% 43,649,653 Dana Gas 0.72 0.0% 7,521 AL DAR Properties Co. 2.20 0.0% 27,044,655 10.35 1.5% 4,374 Emirates Telecom. Co. 17.50 2.3% 17,548,074 First Abu Dhabi Bank Source: KAMCO Research 6
  7. KAMCO Research Muscat Securities Market Daily Report December 19 , 2017 Sector Returns 6,600 200 6,400 180 160 6,200 140 6,000 120 5,800 100 5,600 Vol. Traded (Mln. Shares) MSM 30 Index Value Index Performance relative to Volume 80 Market Cap. DTD MTD YTD (OMR Mn) % Chg % Chg % Chg Muscat Securities Mkt 4,477 0.1% (0.9%) (30.4%) Financial 2,238 0.2% (0.1%) (20.9%) 375 0.1% (0.6%) (60.3%) 1,864 0.0% (1.9%) (29.9%) Industrial Services Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 5,400 60 5,200 40 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Feb-17 Apr-17 0 Mar-17 4,800 Jan-17 20 Dec-16 5,000 Top Movers and Most Active Stocks Trading Indicators Market Return Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 12.00 0.2% (0.4%) (12.0%) 5.39 0.1% (0.9%) (30.4%) Price Daily Value (OMR) % Chg (OMR) Al Maha Ceramics 0.275 1.9% 2,817,429 MSM 30 Index 5,087.84 Al Sharqia Inv. Holding 0.109 0.9% 4,528,530 Market Cap (OMR Mn) 4,476.59 Oman Investment & Finance Co. 0.140 0.7% 13,003,527 Bank Muscat 0.396 0.5% 100,499,688 Best Return Performers Trading Indicators Worst Return Performers Al Anwar Holding Price Daily Value (OMR) % Chg (OMR) 0.147 (0.7%) 31,197,111 Today's DTD DTD Value Chg % Chg 2,264 (4,859) Value Traded (OMR '000) 543 (1,930) No. of Trades 112 Volume ('000 Shares) 42 Average Daily YTD-17 YTD-16 (68.2%) 10,438 13,378 (78.0%) 2,840 3,295 60.0% 402 662 Market Breadth 4 1 Price Daily Volume (OMR) % Chg (Shares) Bank Sohar 0.157 0.0% 637,678,613 Bank Sohar 0.157 0.0% 105,247.0 Al Madina Takaful 0.099 0.0% 395,927,977 Bank Muscat 0.396 0.5% 100,499.7 Al Madina Investment company 0.055 0.0% 260,741,790 OMINVEST 0.466 0.0% 87,174.9 Bank Muscat 0.396 0.5% 245,203,127 Oman Telecom Co. 1.210 0.0% 78,923.6 OMINVEST 0.466 0.0% 179,455,307 Ooredoo 0.516 0.0% 67,837.8 Most Active Stocks by Volume Most Active Stocks by Value Price 40 (OMR) Daily Volume % Chg (OMR'000) Source: KAMCO Research 7
  8. KAMCO Research The Egyptian Exchange Daily Report December 19 , 2017 (The bulletin covers the top 60 companies by Mkt. Cap out of 336 listed companies) Index Performance relative to Volume Sector Returns 500 Market Cap. (EGP Mn) 15,500 DTD % Chg MTD % Chg YTD % Chg 40.4% 450 400 The Egyptian Exchange 539,175 0.4% (1.2%) Banking & Finance 133,191 (0.3%) (1.6%) 6.8% Basic Resources 44,268 1.1% 6.0% 109.9% Chemical 15,019 6.1% (48.1%) (18.4%) Construction & Material 46,661 0.4% (1.7%) 251.3% Financial Services 30,628 0.8% (1.5%) 5.5% Food & Beverage 14,941 2.7% 7.9% 91.7% Healthcare & Pharma. 10,235 3.2% 6.6% 47.4% Ind. Goods,Services, Auto. 41,503 2.0% 11.1% 92.1% 1,225 (1.2%) 3.2% 93.4% Oil & Gas 11,649 3.4% 2.0% 82.9% Personal & Household 52,079 1.1% 6.4% 125.5% Real Estate 45,756 (1.1%) 0.1% 15.0% Telecommunication 84,862 (0.9%) (2.4%) 24.9% 7,158 (1.2%) 12.9% 121.2% EGX 30 Index 350 300 13,500 250 200 Volume Traded (Mn Shrs) 14,500 12,500 Media 150 100 11,500 50 Travel & Leisure 0 Dec-17 Nov-17 Oct-17 Sep-17 Jul-17 Aug-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 10,500 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Sidi Kerir Petrochemicals Aluminium Co. of Egypt Alexandria Mineral Oils Co. Egyptian Int'l Pharmaceutical Juhayna Food Industries Trading Indicators Price Daily (EGP) % Chg 22.61 7.8% EGX 30 Index 128.45 3.5% Market Cap (EGP Mn) 13.53 3.4% 129.01 3.2% 11.39 3.1% MTD YTD-17 % Chg % Chg % Chg 14,721.45 4.79 0.0% 1.0% 19.3% 539,175 2,356 0.4% (1.2%) 40.4% Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 115 (60.05) (34.4%) 167 791 (191.4) (19.5%) 817 530 13.0% 17,399 14,316 Daily % Chg Value Traded (EGP Mn) Heliopolis Housing 32.84 (3.0%) No. of Trades Medinet Nasr Housing 10.65 (3.0%) Alexandria Spinning & Weaving (SPINALEX) 2.08 (2.8%) Maridive & Oil Services 0.35 (2.8%) 13.43 (2.6%) Price Volume Most Active Stocks By Volume DTD Chg Volume (Mn Shares) Price Telecom Egypt DTD Value Trading Indicators (EGP) Worst Return Performers Closing Market Return 17,524 2,011 128 Market Breadth 25 Most Active Stocks By Value (EGP) ('000 Shrs) 25 Price (EGP) 10 Daily Value % Chg (EGP Mn) Citadel Capital 1.33 28,535 Alexandria Mineral Oils Co. 13.53 3.44% 7881.43 Egyptian Resorts Co. 1.55 19,284 Commercial Int'l Bank (Egypt) 73.01 (0.95%) 6873.49 Arab Cotton Ginning 6.09 7,775 Sidi Kerir Petrochemicals 22.61 7.77% 6180.02 GB AUTO S.A.E 4.06 7,200 Arab Cotton Ginning 6.09 1.33% 4731.25 13.53 5,824 T M G Holding 9.95 (0.50%) 3889.70 Alexandria Mineral Oils Co. Source: KAMCO Research 8
  9. KAMCO Research Amman Stock Exchange Daily Report (1st Market) December 19, 2017 Sector Returns 3 1,925 0 Feb-17 Vol. Traded (Mln. Shares) 1,975 Market Cap. (JD Mn) Dec-17 6 Nov-17 2,025 Oct-17 9 Sep-17 2,075 Aug-17 12 Jul-17 2,125 Jun-17 15 May-17 2,175 Apr-17 18 Mar-17 2,225 Jan-17 21 Dec-16 ASE Index Value Index Performance relative to Volume 2,275 Amman Stock Exchange Banks Insurance Diversified Financial Services Real Estate Health Care Services Educational Services Hotels and Tourism Transportation Technology & Communications Media Utilities & Energy Commercial Services Pharmaceutical & Medical Ind. Chemical Industries Paper & Cardboard Industries Printing & Packaging Food & Beverages Tobacco & Cigarettes Mining & Extraction Industries 12,524 8,842 108 166 243 23 253 115 106 462 6 503 67 66 15 8 16 57 979 347 DTD % Chg MTD % Chg YTD % Chg (0.7%) (0.9%) (0.3%) 0.2% (0.3%) (1.9%) (1.6%) 0.6% 0.0% 1.6% (3.2%) (0.9%) 0.1% 0.0% (1.1%) 0.0% 0.0% 0.0% 0.1% (0.9%) 0.7% 0.7% (0.6%) (1.5%) 2.9% (1.9%) (0.6%) (0.3%) 6.0% 0.6% (4.7%) (2.0%) 0.9% (3.6%) (2.0%) 0.0% 0.0% (1.3%) 2.9% 0.8% (6.0%) (8.6%) (3.6%) (0.5%) 0.6% (9.9%) (9.2%) (11.8%) 16.4% (1.6%) (33.7%) (17.7%) 1.1% (16.3%) (22.2%) 0.0% 20.4% (14.3%) 25.9% 12.3% Engineering & Construction 47 0.0% (0.5%) 0.3% Electrical Industries 12 (2.6%) 1.0% (24.2%) Textiles , Leathers & Clothings 77 (0.4%) (1.3%) (22.9%) 6 0.0% 0.0% 0.0% YTD-17 Glass & Ceramic Industries Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Trading Indicators Price Daily (JD) % Chg SPECIALIZED INVESTMENT COMPOUNDS 0.85 4.9% ASE Index NATIONAL STEEL INDUSTRY 1.55 4.7% Market Cap (JD Mn) JORDAN INVESTMENT TRUST 0.71 4.4% SPECIALIZED JORDANIAN INVESTMENT 0.24 4.3% UNION TOBACCO & CIGARETTE INDUSTRIES 3.26 2.5% Best Return Performers Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 2,129.00 (10.89) (0.5%) 0.3% (1.9%) 12,523.74 (82.10) (0.7%) 0.7% (6.0%) Market Return Today's DTD DTD Value Chg % Chg Average Daily Trading Indicators Price Daily (JD) % Chg ARAB ELECTRICAL INDUSTRIES 0.41 (4.7%) ARAB UNION INTERNATIONAL INSURANCE 1.33 (4.3%) JORDAN PRESS FOUNDATION/AL-RA'I 0.47 (4.1%) COMPREHENSIVE MULTIPLE PROJECT CO. 0.71 (4.1%) AL-FARIS NATIONAL CO. FOR INV. & EXPORT 1.46 (3.9%) Worst Return Performers Most Active Stocks By Volume Price Volume (JD) ('000 Shrs) YTD-17 YTD-16 Volume ('000 Shares) 2,530 (1,940) (43.4%) 3,325 4,094 Value Traded (JD '000) 2,983 (2229) (42.8%) 4,584 12,528 No. of Trades 1,527 (786) (34.0%) 6 2,018 25 82 Price Daily Value (JD) % Chg (JD) 5.39 (2.0%) 535,155 Market Breadth Most Active Stocks By Value 12 SPECIALIZED INVESTMENT COMPOUNDS 0.85 411 ARAB BANK $USD ALIA- THE ROYAL JORDANIAN AIRLINES 0.46 329 UNION INVESTMENT CORPORATION 1.18 0.0% 379,001 UNION INVESTMENT CORPORATION 1.18 321 SPECIALIZED INVESTMENT COMPOUNDS 0.85 4.9% 343,228 ARAB EAST INVESTMENT 0.58 213 UNION LAND DEVELOPMENT CORP. 2.22 0.0% 264,486 COMPREHENSIVE MULTIPLE PROJECT CO. 0.71 147 ALIA- THE ROYAL JORDANIAN AIRLINES 0.46 0.0% 153,554 Source: KAMCO Research 9
  10. KAMCO Research Tunisia Stock Exchange Daily Report December 19 , 2017 Index Performance relative to Volume Sector Returns 2,000 6,500 6,400 Market Cap. DTD MTD YTD (DT Mn) % Chg % Chg % Chg 1,800 1,600 6,200 Tunisia Index 6,100 1,400 6,000 1,200 5,900 1,000 5,800 5,700 Vol. Traded ('000. Shares) 6,300 800 Tunis Stock Exchange 18,893 (0.4%) (1.8%) 9.2% 8,397 (0.6%) (1.9%) 11.2% Insurance 594 (0.1%) (1.9%) (9.3%) Leasing 605 (9.6%) (9.0%) (10.9%) Financial Services 2,056 0.0% 1.6% 33.9% Industrial 1,311 0.4% (3.3%) 5.5% 363 (0.0%) (1.3%) (21.4%) Food & Beverage 2,727 0.8% (2.3%) 4.2% Retailing 1,440 0.1% (1.6%) 0.3% Others 1,398 0.2% 0.2% 24.6% Banking Chemical Industry 5,600 600 5,500 400 5,400 Dec/17 Nov/17 Oct/17 Sep/17 Aug/17 Jul/17 Jun/17 May/17 Apr/17 Mar/17 Feb/17 Jan/17 200 Dec/16 5,300 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Universal Auto Distributors Holding Trading Indicators Price Daily (DT) % Chg Market Return 2.67 4.3% Tunisia Index 42.69 3.0% Market Cap (DT Mln) SOTIPAPIER 3.19 2.9% Tunisie Profilés Aluminium 3.02 2.4% Société Tunisienne de Verreries 4.85 2.1% Société Immobilière et de Participation Trading Indicators Daily (DT) % Chg Value Traded ('000 DT) Banque de Tunisie et des Emirats 16.39 (3.0%) No. of Trades Compagnie Internationale de Leasing 15.82 (2.9%) CELLCOM 2.00 (2.9%) City Cars 10.14 (2.9%) 5.79 (2.4%) TelNet Holding DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 6,142.25 (7.01) (0.1%) (1.3%) 11.9% 18,893 (81.42) (0.4%) (1.8%) 9.2% DTD DTD Value Chg % Chg 694 (606.3) (46.6%) 399 555 7,910 (2,208) (21.8%) 3,064 3,881 809 (79.0) (8.9%) 969 1,192 Market Breadth Price Volume (DT) (Shares) 15.82 201,020 Poulina Group Holding Société Moderne de Céramique 1.10 151,840 Compagnie Internationale de Leasing Tunisie Profilés Aluminium 3.02 149,591 Banque Internationale Arabe de Tunisie Société Tunisienne de Verreries 4.85 53,104 118.01 20,616 Most Active Stocks By Volume Compagnie Internationale de Leasing Banque Internationale Arabe de Tunisie Average Daily Today's Volume ('000 Shares) Price Worst Return Performers Closing Most Active Stocks By Value 13 YTD-17 22 YTD-16 31 Price Daily Value (DT) % Chg (DT '000) 9.88 0.0% 3,289 15.82 (2.9%) 3,275 118.01 (0.8%) 2,453 Tunisie Profilés Aluminium 3.02 2.4% 442 Société Tunisienne de Verreries 4.85 2.1% 253 Source: KAMCO Research 10
  11. KAMCO Research Beirut Stock Exchange Daily Report December 19 , 2017 Sector Returns Index Performance relative to Volume 1,280 7,500 Market Cap. DTD MTD YTD (USD Mn) % Chg % Chg % Chg 11,255 0.1% 1.9% (5.2%) 9,583 0.2% 2.4% (2.8%) 310 0.0% (1.2%) 22.3% 35 0.0% 0.0% 0.0% 1,327 0.1% (0.6%) (22.9%) 1,240 4,500 1,160 1,120 3,000 1,080 Beirut Stock Exchange Vol. Traded ('000. Shares) Blom Stock Index 6,000 1,200 Banking Industrial Trading Real Estate & Construction Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 1,500 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Jan-17 Feb-17 1,000 Dec-16 1,040 0 Trading Indicators Top Movers and Most Active Stocks Best Return Performers Solidere B Price Daily (USD) % Chg Market Return 8.09 2.0% Blom Stock Index BLOM Bank GDR 12.39 0.7% Market Cap (USD Mn) BLOM Bank 11.35 0.4% Trading Indicators Worst Return Performers Solidere A Price Daily (USD) % Chg 8.01 (1.1%) Volume ('000s shares) Value Traded ('000s USD) Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 1,135.70 (0.70) (0.1%) 1.6% (6.4%) 11,255.31 16.65 0.1% 1.9% (5.2%) Average Daily Today's DTD DTD Value Chg % Chg 37.37 (33) (47.2%) 343 662 357.12 (468) (56.7%) 3,088 2,878 YTD-17 YTD-16 Market Breadth 3 Most Active Stocks by Volume Solidere A Price Volume (USD) (Shares) Most Active Stocks by Value 1 31 Price Daily Value (USD) % Chg (USD) 11.35 0.4% 113,500 8.01 (1.1%) 113,230 12.39 0.7% 96,600 Solidere B 8.09 2.0% 31,442 Byblos Bank 1.56 0.0% 2,351 8.01 14,125 BLOM Bank BLOM Bank 11.35 10,000 Solidere A BLOM Bank GDR 12.39 7,800 BLOM Bank GDR Solidere B 8.09 3,934 Byblos Bank 1.56 1,507 Source: KAMCO Research 11
  12. KAMCO Research Casablanca Stock Exchange Daily Report December 19 , 2017 (The Bulletin covers the 41 Stocks listed on the Main Market) Index Performance relative to Volume Sector Returns MASI Index 13,000 20000 12,750 18000 12,500 16000 12,250 14000 12000 12,000 Volume Traded ('ooo shares) 22000 13,250 10000 11,750 Market Cap. DTD MTD YTD (MAD Mn) % Chg % Chg % Chg Casablanca Stock Exchange 559,971 (0.4%) (0.4%) 4.1% Banking 214,552 (0.4%) 0.4% 8.7% Beverages 3,350 0.0% (11.4%) 16.7% Chemicals 1,416 (0.0%) (8.1%) 260.7% Construction & Bldg. Material 71,221 (0.1%) (0.9%) (8.2%) Distributors 10,885 1.7% (0.7%) 2.1% 337 0.0% 4.2% 1.4% Electricity 21,277 (1.8%) 3.7% 16% Food Producers & Processors 17,099 0.5% 0.1% (5.6%) Electrical & Electronic Equip. Holding Companies 2,891 (0.2%) 3.4% 13.8% 27,227 (0.1%) 0.1% 13.5% Investment & other Finance 3,985 0.0% 0.4% 9.0% Leisures & Hotel 2,034 (0.1%) 5.2% 20.5% Insurance 8000 11,500 6000 11,250 4000 11,000 2000 10,750 Materials, Software & Computer 1,901 0.0% (1.0%) 56.8% Mining 23,260 0.2% (0.3%) 46.8% Oil & Gas 11,318 2.0% 2.7% 6.6% Real Estate 21,991 (2.5%) (12.1%) (3.6%) 119,425 (0.8%) 0.4% (4.3%) 919 0.0% (13.3%) 23.2% 4,800 0.0% (4.1%) 11.1% 83 (3.6%) (8.4%) 27.7% Telecommunications Transport 0 Utilities Dec/17 Nov/17 Oct/17 Sep/17 Aug/17 Jul/17 Jun/17 May/17 Apr/17 Mar/17 Feb/17 Jan/17 Dec/16 10,500 Forestry & Paper Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Top Movers and Most Active Stocks Best Return Performers Societe Metallurgique D'Imiter Trading Indicators Price Daily (MAD) % Chg Market Return Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 3,393.00 6.0% MASI Index 12,334.29 (49.75) (0.4%) (1.9%) 5.9% 94.00 4.3% MADEX Index 10,062.88 (51.56) (0.5%) (1.9%) 5.4% 2,850.00 2.3% Market Cap (MAD Mn) 559,971 (2.49) (0.4%) (0.4%) 4.1% Fenie Brossette 164.95 1.8% Comp Suc Maroc Et De Raff 294.00 0.7% Auto Hall Afriquia Gaz Trading Indicators Price Daily (MAD) % Chg Volume ('000 Shares) 34.51 (3.9%) Value Traded (MAD Mn) Alliances Developpement Immobilier 242.95 (3.7%) Societe Nationale de Siderurgie 684.00 (3.6%) 32.25 (3.6%) 284.20 (2.0%) Worst Return Performers Douja Prom Addoha Med Paper Credit Immobilier Et Hotelier Most Active Stocks By Volume Douja Prom Addoha Price Volume (MAD) (Shrs) Average Daily Today's DTD DTD Value Chg % Chg 476.71 (382.3) (44.5%) 880 516 27.14 (133.05) (83.1%) 65 70 Market Breadth Most Active Stocks By Value Banque Centrale Populaire 5 YTD-17 17 Price YTD-16 19 Daily Value (MAD) % Chg (MAD Mn) 295.10 (0.3%) 9.46 34.51 (3.9%) 4.77 34.51 271,120 Banque Centrale Populaire 295.10 64,023 Douja Prom Addoha Itissalat Al-Maghrib 135.85 45,506 Alliances Developpement Immobilier 242.95 (3.7%) 3.97 Alliances Developpement Immobilier 242.95 32,864 Itissalat Al-Maghrib 135.85 (0.8%) 3.09 Banque Marocaine Du Commerce Exterieur 208.00 16,223 Banque Marocaine Du Commerce Exterieur 208.00 (0.2%) 1.69 Source: KAMCO Research 12
  13. KAMCO Research Damascus Securities Exchange Daily Report December 19 , 2017 Index Performance relative to Volume Sector Returns 5,800 700 Market Cap. DTD MTD MTD (SRY Mn) % Chg % Chg % Chg 582,592 1.0% 18.5% 231.8% 551,337 1.0% 19.5% 249.1% 5,500 5,200 600 Damascus SE 4,900 DSE TRW Index 500 4,300 4,000 400 3,700 3,400 3,100 300 2,800 Vol. Traded ('000. Shares) 4,600 2,500 200 Banking Services 2,104 0.0% 2.6% 42.5% Industrial 8,550 0.0% 5.0% 17.1% Insurance 20,072 0.1% 2.5% 140.0% 528 0.0% 0.0% 0.0% Agricultural Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 2,200 1,900 100 1,600 1,300 Dec-17 Oct-17 Nov-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 0 Dec-16 1,000 Trading Indicators Top Movers and Most Active Stocks Closing DTD DTD MTD Value Chg. % Chg. % Chg. % Chg. 76.34 1.4% 19.0% 242.7% 5,649.5 1.0% 18.5% 231.8% Best Return Performers Price (SRY) Daily % Chg The Int'l Bank For Trade & Finance 609.27 4.95% DSE Weighted Index 5,542.60 Market Cap (SRY Mn) 582,592 Syria International Islamic Bank 1246.78 4.23% Fransabank Syria 487.96 2.13% Syria Gulf Bank 300.53 1.37% Al-Aqeelah Takaful Insurance 366.85 0.38% Market Return Trading Indicators Worst Return Performers Al Baraka Bank - Syria Cham Bank Price (SRY) Daily % Chg 1558.02 (1.1%) 788.01 (0.9%) Syria International Islamic Bank Price (SRY) Volume (Shrs) DTD DTD Value Chg. % Chg. Average Daily YTD-17 YTD-16 Volume (Shrs) 122,588 (98,075) (44.4%) 121,715 722 Value Traded ('000 SRY) 122,136 (41,446) (25.3%) 51,369 13,154 206 (32.0) (13.4%) 101 42.7 No. of Trades Market Breadth Most Active Stocks by Volume Today's YTD-17 Most Active Stocks by Value 6 2 Price (SRY) 16 Daily % Chg Value (SRY) 1246.78 40,194 Syria International Islamic Bank 1,246.78 4.2% 50,112,912 788.01 25,107 Al Baraka Bank - Syria 1,558.02 (1.1%) 34,588,111 1558.02 22,200 Cham Bank 788.01 (0.9%) 19,784,504 Qatar National Bank Syria 604.69 13,646 Qatar National Bank Syria 604.69 0.1% 8,251,595 Al-Aqeelah Takaful Insurance 366.85 8,520 The Int'l Bank For Trade & Finance 609.27 4.9% 3,403,983 Cham Bank Al Baraka Bank - Syria Source: KAMCO Research 13
  14. Disclaimer & Important Disclosures KAMCO is authorized and fully regulated by the Capital Markets Authority ("CMA, Kuwait") and partially regulated by the Central Bank of Kuwait (“CBK”). This document is provided for informational purposes only. Nothing contained in this document constitutes investment, an offer to invest , legal, tax or other advice or guidance and should be disregarded when considering or making investment decisions. In preparing this document, KAMCO did not take into account the investment objectives, financial situation and particular needs of any particular person. Accordingly, before acting on this document, investors should independently evaluate the investments and strategies referred to herein and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives. The entire content of this document is subject to copyright with all rights reserved. This research and the information contained herein may not be reproduced, distributed or transmitted in Kuwait or in any other jurisdiction to any other person or incorporated in any way into another document or other material without our prior written consent. Analyst Certification Each of the analysts identified in this report certifies, with respect to the sector, companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. KAMCO Ratings KAMCO investment research is based on the analysis of regional and country economics, industries and company fundamentals. KAMCO company research reflects a long-term (12-month) target price for a company or stock. The ratings bands are:    Outperform: Target Price represents expected returns >= 10% in the next 12 months Neutral: Target Price represents expected returns between -10% and +10% in the next 12 months Underperform: Target Price represents an expected return of <-10% in the next 12 months In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above. KAMCO policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any material changes to the analyst’s outlook on a company. Share price volatility may cause a stock to move outside the rating range implied by KAMCO’s fair value target. Analysts may not necessarily change their ratings if this happens, but are expected to disclose the rationale behind their view to KAMCO clients. 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  15. KAMCO Investment Company - K .S.C. (Public) Al-Shaheed Tower, Khalid Bin Al-Waleed Street- Sharq P.O. BOX : 28873, Safat 13149, State of Kuwait Tel: (+965) 1852626 Fax: (+965) 22492395 Email : Kamcoird@kamconline.com Website : http://www.kamconline.com KAMCO Investment Company