MENA Markets Daily Report - 24 April

Transcription

1. KAMCO Research MENA Markets Daily Report Country April 24 , 2017 Index Value Benchmark DTD Change YTD 2017 FY 2016 MENA Countries Kuwait Price Index ▲ 6,819.04 0.1% 18.6% 2.4% Kuwait …………………………………. 2 Kuwait Weighted Index ▼ 405.84 (0.7%) 6.8% (0.4%) Saudi Arabia ………………………. 3 Kuwait KSX 15 Index ▼ 915.29 (0.9%) 3.4% (1.7%) Qatar …………………………………… 4 Saudi Arabia TADAWUL All Share Index ▲ 6,968.75 1.0% (3.4%) 4.3% Bahrain ………………………………… 5 UAE - Dubai DFM General Index ═ 3,469.82 0.0% (1.7%) 12.1% Oman …………………………………… 6 UAE - Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ═ 3,329.95 0.0% 1.1% 7.5% Egypt …………………………………. 7 UAE - Abu Dhabi ADX General Index ═ 4,521.63 0.0% (0.5%) 5.6% Jordan…………………………… 8 Qatar QE 20 Index ▼ 10,197.33 (0.4%) (2.3%) 0.1% Tunisia …………………………………. 9 Bahrain Bahrain All Share ▲ 1,336.65 0.2% 9.5% 0.4% Lebanon ………………………………. 10 Oman MSM 30 Index ▲ 5,474.54 0.0% (5.3%) 7.0% Morocco……………………….. 11 Egypt EGX 30 ▼ 12,544.92 (2.8%) 1.6% 76.2% Syria ……………………………… 12 Jordan ASE Index ▼ 2,209.13 (0.5%) 1.8% 1.6% Lebanon Blom Stock Index ▼ 1,170.00 (0.1%) (3.5%) 3.7% Tunisia Tunisia Index ▲ 5,641.88 0.4% 2.8% 8.9% Morocco MASI ▲ 11,330.13 0.1% (2.7%) 30.5% Syria DSE Weighted Index ▼ 3,107.25 (0.3%) 92.1% 31.7% 3,121.12 (1.6%) 0.6% (12.3%) In this Report… Emerging Markets China SSE Composite Index ▼ Russia RUSSIAN RTS INDEX ($) ▲ 1,084.17 0.1% (5.9%) 52.2% India SENSEX ▲ 29,490.95 0.4% 10.8% 1.9% Brazil BOVESPA Stock Index ▲ 63,760.62 0.6% 5.9% 38.9% Mexico BOLSA Index ▼ 48,967.83 (0.4%) 7.3% 6.2% Korea KOSPI Index ▲ 2,171.67 0.3% 7.2% 3.3% Taiwan TAIEX Index ▲ 9,717.95 0.0% 5.0% 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 ▼ 1,842.06 (0.2%) 5.2% 5.3% Asia MSCI Asia Pacific ▲ 147.05 0.7% 8.9% 2.3% Europe DJ Stoxx 600 ▲ 378.12 0.0% 4.6% (1.2%) Europe FTSEurofirst 300 ▲ 1,484.34 0.0% 3.9% (0.6%) Emerging Markets MSCI EM Index ▲ 961.78 0.3% 11.5% 8.6% U.S.A S&P 500 ▼ 2,348.69 (0.3%) 4.9% 9.5% U.S.A DJIA ▼ 20,547.76 (0.2%) 4.0% 13.4% U.S.A NASDAQ Composite ▼ 5,910.52 (0.1%) 9.8% 7.5% UK FTSE 100 ▼ 7,114.55 (0.1%) (0.4%) 14.4% Germany DAX ▲ 12,048.57 0.2% 4.9% 6.9% Japan NIKKEI 225 ▲ 18,895.69 1.5% (1.1%) 0.4% Hong Kong HANG SENG INDEX ▲ 24,053.52 0.0% 9.3% 0.4% Oil OPEC Crude ▼ 50.48 (2.7%) (5.3%) 67.1% Oil Brent ▲ 52.24 0.5% (8.1%) 52.4% Oil Kuwait ▼ 49.46 (1.4%) (7.3%) 85.5% Natural Gas NYMEX Natural Gas (USD/MMBtu) ▲ 3.12 0.7% (11.9%) 30.0% Gold Gold Spot $/Oz ▼ 1,269.87 (1.1%) 10.7% 8.1% Commodities Source: Bloomberg & KAMCO Research
2. KAMCO Research Boursa Kuwait Daily Report April 24 , 2017 Sector Weight by Market Cap Insurance 1% Real Estate 8% Market Capitalization - Sector Returns Financial Services Technology 9% 0.1% Market Cap. Boursa Kuwait Oil & Gas 1% Consumer Goods 5% Telecom 11% ▼ (0.7%) (1.8%) 6.0% ▲ 0.9% 7.8% 5.5% 30.5% 799.0 ═ 0.0% 0.3% 2,942.7 ▼ (0.2%) 1.0% 8.2% Consumer Goods 1,356.4 ▼ (0.6%) (3.1%) (5.8%) Health Care 232.2 ═ 0.0% (4.7%) 1.4% Consumer Services 656.6 ▼ (1.9%) 0.0% 0.9% 4.2% 3,001.9 ▼ (0.8%) (2.4%) 13,428.3 ▼ (1.0%) (0.8%) 8.4% 335.0 ▼ (0.2%) (0.8%) (4.1%) Real Estate 2,218.4 ▼ (0.6%) (3.9%) 0.8% Financial Services 2,591.4 ▼ (0.4%) (7.7%) 3.0% 41.0 ▼ (4.2%) (11.5%) 14.1% Telecommunications Insurance Health Care 0.8% Technology Top 10 Companies by Market Capitalization 34 Market Breadth Company Name Market Cap. P/E ROE* (Mn KWD) (X) (%) YTD % Chg Industrials Banks Consumer Services 2% MTD % Chg 241.5 Basic Materials Industrials 11% DTD % Chg 27,844.2 Oil & Gas Basic Materials 3% Banks 48% DTD (KWD Mn) Benchmark Return Price Index 57 Closing DTD DTD Value 87 MTD YTD Chg % Chg % Chg % Chg 6,819.04 5.5 0.1% (3.0%) 18.6% 1- National Bank of Kuwait 4,023.9 13.6 10.9% Weighted Index 405.84 (3.0) (0.7%) (1.8%) 6.8% 2- Kuwait Finance House 2,854.0 17.3 9.1% Kuwait 15 Index 915.29 (8.1) (0.9%) (2.0%) 3.4% 3- Zain 1,947.2 12.4 12.4% Market Cap (KWD Mn) 27,844 (207.7) (0.7%) (1.8%) 6.0% 4- Ahli United Bank - Bahrain 1,624.9 9.4 16.1% 964.8 20.5 19.4% 932.6 22.7 11.9% 7- Ahli United Bank - Kuwait 767.1 19.0 10.5% 8- Gulf Bank 755.9 17.6 7.5% 9- Agility (PWC Logistics) 739.2 12.5 6.4% 10- Mabanee Co. 722.6 14.8 14.2% 15,332 14.35 11.0% 1,200 1,100 1,000 420 900 800 700 600 390 500 400 Total 360 300 200 100 Hayat Communications Co. 0.091 0.005 5.8% Ras-Al-Khaimah for White Cement Co. 0.098 0.004 4.3% Real Estate Asset Management Co. 0.250 0.010 4.2% Today's Top % Losers Change Percent Trading Indicators Volume (Shrs Mn) No. of Trades (KWD) (KWD) Change 0.255 (0.025) (8.9%) Al Massaleh Real Estate Co. 0.053 (0.004) (7.0%) First Takaful Insurance Co. 0.055 (0.004) (6.8%) Kuwait National Cinema Co. 1.400 (0.100) (6.7%) Price Index Gulf Franchising Co. 0.059 (0.004) (6.3%) Weighted Index Close Percent Volume (KWD) Change (Shares) Automated Systems Co. 0 Market Trading Data and Volatility Value Traded (KWD Mn) Close Apr-17 6.3% Mar-17 0.005 Feb-17 0.085 Jan-17 7.6% Umm Al-Qaiwain Cement Industries Co. Dec-16 0.100 Nov-16 1.420 Oct-16 Change National Petroleum Services Co. Sep-16 Percent (KWD) Aug-16 Change Jul-16 Close (KWD) Jun-16 330 May-16 Top Movers and Most Active Stocks Apr-16 *: ROE is calculated based on FY2016 net profit & shareholders' equity as of 31-December-16 Today's Top % Gainers Volume traded (shr. mil.) 6- Boubyan Bank 450 Weighted Index 5- Kuwait Food Co. (Americana) Index Performance relative to Volume Average Daily Today's DTD DTD Value Chg % Chg 123.8 (162.5) (56.8%) 442.3 15.8 (10.9) (40.9%) 39.7 13.4 3,494 (2,260) (39.3%) 8,204 3,582 Market Volatility** YTD 2017 YTD 2016 161.4 Volatility Since January: 2016 2015 2014 2013 2012 9.7% 9.1% 9.5% 10.1% 9.8% 11.0% 10.2% 10.3% 9.7% 9.4% **: Annualized Standard Deviation of Daily Returns Today's Most Active by Volume Today's Most Active by Value Close Percent Value (KWD) Change (KWD) Alimtiaz Investment Group 0.176 (1.1%) 14,789,681 Kuwait Finance House 0.495 (2.9%) 2,689,708 Ithmaar Bank 0.049 2.1% 11,490,141 Alimtiaz Investment Group 0.176 (1.1%) 2,643,473 Kuwait Finance House 0.495 (2.9%) 5,380,068 National Bank of Kuwait 0.680 0.0% 1,339,783 Abyaar Real Estate Development Co. 0.027 0.0% 4,955,210 National Petroleum Services Co. 1.420 7.6% 973,545 First Investment Co. 0.049 2.1% 4,653,982 Combined Group Contracting Co. 0.580 0.0% 595,276 Source: Boursa Kuwait, KAMCO Research 2
3. KAMCO Research Saudi Tadawul Daily Report April 24 , 2017 Sector Returns Index Performance relative to Volume 8,000 650 Market Cap. DTD MTD YTD (SAR Mn) % Chg % Chg % Chg 1,637,552 0.9% (0.1%) (2.7%) 24,889 1.1% 2.6% (4.7%) 600 Saudi Stock Exchange 550 500 450 TASI Value 7,000 400 350 Energy Vol. Traded (Mln. Shares) 7,500 Materials Capital Goods Commercial & Professional Svc Transportation Consumer Durables & Apparel Consumer Services Media 6,500 300 250 517,673 0.8% 0.1% 1.1% 23,457 2.1% (3.0%) (5.0%) 8,398 1.6% 0.1% (13.1%) 14,274 1.1% (2.1%) (19.9%) 3,631 0.6% (5.4%) (2.1%) 15,158 3.6% (0.9%) (10.5%) 2,781 2.9% 7.3% (13.6%) 30,274 5.9% (0.2%) 6.7% 7,018 5.5% (0.6%) 6.4% Food & Beverages 94,576 1.9% 4.4% 7.2% Health Care Equipment & Svc 27,694 0.3% 1.7% 0.0% 4,192 1.7% (3.5%) (14.5%) 396,324 0.5% (2.1%) (7.7%) 41,149 1.4% (3.7%) (13.5%) Retailing Food & Staples Retailing 6,000 200 Pharma, Biotech & Life Science 150 5,500 100 Banks Diversified Financials Insurance 50 5,000 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 0 Telecommunication Services Utilities 42,220 1.6% (2.9%) (0.6%) 161,238 0.1% 2.8% (4.5%) 98,798 0.6% (0.2%) 2.4% 932 1.1% 5.9% 68.0% 122,875 1.3% 0.5% (3.4%) YTD-17 REITs Real Estate Mgmt & Dev't 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 ACE Arabia Cooperative Insurance Co. Saudi Marketing Company Price Daily Trading Indicators Value (SAR) % Chg (SAR 000's) 45.50 10.0% 5,227 30.50 9.7% 48,340 Saudi Company for Hardware 103.73 8.8% 18,274 Jarir Marketing Co. 137.01 8.2% 57,976 19.51 8.0% 38,247 Amana Cooperative Insurance Worst Return Performers Price (SAR) Daily Value Trading Indicators (9.9%) 24,856 (8.0%) 9,886 Ash-Sharqiyah Development Co. 31.17 (5.9%) 18,893 ZAIN KSA 10.18 (5.5%) 111,243 6.50 (4.8%) 15,829 Price Daily Volume (SAR) % Chg ('000 Shrs) Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 6,968.75 69.8 1.0% (0.5%) (3.4%) 1,637,552 15,203.2 0.9% (0.1%) (2.7%) Average Daily Today's DTD DTD Value Chg % Chg YTD-17 Volume (Mn Shares) No. of Trades 8.30 9.10 Dar Al Arkan Real Estate Development Co. Market Cap (SAR Mn) Value Traded (SAR Mn) Al Sorayai Trading and Industrial Group Co. Most Active Stocks By Volume Tadawul All Share Index % Chg (SAR 000's) Saudi Paper Manufacturing Co. Middle East Specialised Cables Market Return YTD-16 207 21.9 11.8% 197 281 3,418 272.5 8.7% 3,694 8,581 101,662 16,125 18.9% 135,753 143,065 Market Breadth 140 Most Active Stocks By Value 29 6 Price Daily Value (SAR) % Chg (SAR Mn) 6.20 3.7% 65,832 Dar Al Arkan Real Estate Development Co. 6.20 3.7% Alinma Bank 14.49 0.3% 25,691 Alinma Bank 14.49 0.3% 404.0 374.8 Saudi Kayan 8.79 0.5% 11,753 Al-Tayyar Travel Group Co. 31.46 4.9% 293.5 ZAIN KSA 10.18 (5.5%) 10,676 Al-Tayyar Travel Group Co. 31.46 4.9% 9,340 Saudi Basic Industries Corp 97.67 0.6% 268.0 Al-Rajhi Bank 63.25 (0.6%) 189.5 Source: KAMCO Research 3
4. KAMCO Research Qatar Exchange Daily Report April 24 , 2017 Index Performance relative to Volume Sector Returns 50 11,700 Market Cap. DTD MTD YTD (QAR Mn) % Chg % Chg % Chg QE 20 Index Value 11,200 40 35 10,700 30 25 Vol. Traded (Mln Shares) 45 20 10,200 15 9,700 10 Qatar Exchange 549,608 (0.5%) (1.2%) (2.4%) Banking & Finance 236,565 (0.4%) (0.8%) 0.1% 23,226 (0.2%) (0.9%) 3.3% Industrial 137,666 (0.8%) (3.4%) (7.2%) Insurance 25,215 (0.5%) (0.2%) (5.8%) Real Estate 62,464 (0.4%) (3.0%) 0.9% Telecom 41,850 (0.2%) 7.8% 3.3% Transport 22,621 (0.1%) (4.2%) (14.8%) YTD-17 Goods & Consumer 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 0 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 9,200 Top Movers and Most Active Stocks Trading Indicators Price Daily Value (QAR) % Chg (QAR) Zad Holding Co. 88.60 3.9% Qatar National Cement 78.70 Widam(Qatar Meat & Livestock Co.) 65.40 Doha Insurance Co. 17.39 1.1% 21,927 Qatari Investors Group 60.00 0.7% 2,471,845 Best Return Performers Worst Return Performers Qatar First Bank Al Khaleej Takaful Group 917,552 QE 20 Index 2.1% 356,667 Market Cap (QAR Mn) 1.4% 6,959,849 Daily Value Volume ('000 Shares) (QAR) % Chg (QAR) Value Traded (QAR Mn) 8.57 (2.3%) 19.15 (1.8%) 5,823 Industries Qatar 106.60 (1.8%) 10,141,817 Medicare Group 100.00 (1.6%) 8,587,614 59.00 (1.3%) 145,977 Qatar Islamic Insurance Most Active Stocks by Volume Vodafone Qatar Price Daily Volume (QAR) % Chg (Shares) DTD DTD MTD Value Chg % Chg % Chg % Chg 10,197.33 (44.28) (0.4%) (1.9%) (2.3%) 549,608 (2,614) (0.5%) (1.2%) (2.4%) Trading Indicators Price 4,167,175 Closing Market Return No. of Trades Market Breadth Most Active Stocks by Value DTD DTD Value Chg % Chg 6,798 (4,774) (41.3%) 10,354 153 (121) (44.0%) 341 335 2,299 (1,231) (34.9%) 4,014 5,021 11 YTD-17 26 Price (QAR) YTD-16 9,894 7 Daily Value % Chg (QAR Mn) 9.53 (1.2%) 2,513,248 9.53 (1.2%) 24.1 15.34 (0.3%) 960,050 Ezdan Holding Group Co. 15.34 (0.3%) 14.7 8.57 (2.3%) 484,467 The Commercial Bank of Qatar 29.70 (0.7%) 11.6 The Commercial Bank of Qatar 29.70 (0.7%) 386,047 Qatar Navigation 71.90 (0.3%) 10.6 Mazaya Qatar R.E Development Co. 13.46 (0.2%) 302,906 Industries Qatar 106.60 (1.8%) 10.1 Ezdan Holding Group Co. Qatar First Bank Vodafone Qatar Average Daily Today's Source: KAMCO Research 4
5. KAMCO Research Bahrain Bourse Daily Report April 24 , 2017 Sector Returns Index Performance relative to Volume 200 1,500 160 Bahrain All Share Index 1,400 140 1,300 120 100 80 1,200 Vol. Traded (Mln. Shares) 180 60 40 1,100 20 DTD MTD YTD (BHD Mn) % Chg % Chg % Chg 0.1% (1.3%) 5.0% Bahrain Bourse 7,581 Commercial Banks 3,518 0.5% 0.1% 4.4% Investment 2,156 (0.3%) (6.2%) 4.8% Insurance 142 0.0% (2.2%) 1.1% Service 975 (0.1%) 1.1% (3.0%) Hotel & Tourism 157 0.0% (3.7%) (9.2%) Industrial 633 0.0% 6.2% 33.6% Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 0 Apr-16 1,000 Market Cap. Top Movers and Most Active Stocks Trading Indicators Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 2.22 0.2% (1.4%) 9.5% 11.11 0.1% (1.3%) 5.0% Price Daily Value (BHD) % Chg (BHD) Ahli United Bank (USD) 0.710 1.4% 83,606 Bahrain All Share Index 1,336.65 BMMI 0.820 1.2% 41,000 Market Cap (BHD Mln) 7,581.41 Seef Properties 0.236 0.9% 23,600 Bahrain Islamic Bank 0.150 0.7% 4,500 Bank of Bahrain and Kuwait 0.396 0.5% 54,375 Best Return Performers Market Return Trading Indicators Today's DTD Value Volume ('000 Shares) Price Daily Value (BHD) % Chg (BHD) Value Traded (BHD '000) AlKhaleeji Commercial Bank 0.116 (4.1%) 19,376 No. of Trades Worst Return Performers Arab Banking Corporation. (USD) 0.315 (1.6%) 11,876 Bahrain Telecommunications Co. 0.264 (0.8%) 42,802 National Bank of Bahrain 0.665 (0.7%) 10,671 2,117 DTD Chg % Chg YTD-17 YTD-16 (1,596) (43.0%) 5,628 1,398 19.8% 1,060 290 (11.9%) 88 38 928 153 74 (10) Market Breadth 5 Most Active Stocks by Volume Price Daily Volume (BHD) % Chg (Shares) Average Daily Most Active Stocks by Value 4 32 Price Daily Value (BHD) % Chg (BHD) 571,228 Bahrain Duty Free Complex 0.765 0.0% 746,703 Bahrain Duty Free Complex 0.765 0.0% Ahli United Bank (USD) 0.710 1.4% 313,073 Ahli United Bank (USD) 0.710 1.4% 83,606 Nass Corporation 0.145 0.0% 207,715 Bank of Bahrain and Kuwait 0.396 0.5% 54,375 AlKhaleeji Commercial Bank 0.116 (4.1%) 165,000 Bahrain Telecommunications Co. 0.264 (0.8%) 42,802 Bahrain Telecommunications Co. 0.264 (0.8%) 162,129 BMMI 0.820 1.2% 41,000 Source: KAMCO Research 5
6. KAMCO Research Muscat Securities Market Daily Report April 24 , 2017 Sector Returns 6,600 200 Market Cap. DTD MTD YTD 6,400 180 (OMR Mn) % Chg % Chg % Chg (2.1%) (7.4%) (5.9%) 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 Muscat Securities Mkt 5,957 (0.0%) Financial 2,661 (0.5%) 2.4% 869 (0.7%) (6.6%) (7.9%) 2,427 0.7% (4.9%) (8.8%) 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 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Jun-16 Aug-16 0 Jul-16 4,800 May-16 20 Apr-16 5,000 Top Movers and Most Active Stocks Trading Indicators Price Daily Value (OMR) % Chg (OMR) Ooredoo 0.512 2.0% 152,609 Phoenix Power 0.135 1.5% 4,347 Al Anwar Holding 0.204 1.0% 395,797 Oman Telecom Co. 1.300 0.8% 122,719 Al Anwar Ceramic Tiles Co. 0.143 0.7% 21,139 Best Return Performers Market Return DTD MTD YTD-17 Chg % Chg % Chg % Chg 0.0% (1.4%) (5.3%) (0.0%) (2.1%) (7.4%) MSM 30 Index 5,474.54 0.12 5,956.84 (1.18) Trading Indicators Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 Volume ('000 Shares) 9,467 142 1.5% 9,758 16,788 2,192 61 2.9% 3,191 3,916 383 83 27.7% 558 841 Price Daily Value % Chg (OMR) Value Traded (OMR '000) Raysut Cement 1.150 (2.5%) 92,000 No. of Trades Al Madina Investment company 0.067 (1.5%) 20,034 OMINVEST 0.506 (1.2%) 132,838 Al Madina Takaful 0.096 (1.0%) 47,007 0.4 (1.0%) 489,172 Bank Muscat DTD Value Market Cap (OMR Mn) (OMR) Worst Return Performers Closing Market Breadth 5 6 Price Daily Volume (OMR) % Chg (Shares) Bank Sohar 0.144 0.7% 4,045,184 Bank Sohar 0.144 0.7% 583.2 Al Anwar Holding 0.204 1.0% 1,944,627 Bank Muscat 0.400 (1.0%) 489.2 Bank Muscat 0.400 (1.0%) 1,221,598 Al Anwar Holding 0.204 1.0% 395.8 Al Madina Takaful 0.096 (1.0%) 487,323 Ooredoo 0.512 2.0% 152.6 Ooredoo 0.512 2.0% 297,893 OMINVEST 0.506 (1.2%) 132.8 Most Active Stocks by Volume Most Active Stocks by Value Price 30 (OMR) Daily Volume % Chg (OMR'000) Source: KAMCO Research 6
7. KAMCO Research The Egyptian Exchange Daily Report April 24 , 2017 (The bulletin covers the top 60 companies by Mkt. Cap out of 336 listed companies) Index Performance relative to Volume Sector Returns 14,000 500 Market Cap. (EGP Mn) 13,500 13,000 12,500 400 12,000 350 11,000 10,500 300 10,000 9,500 250 9,000 200 8,500 Volume Traded (Mn Shrs) 11,500 EGX 30 Index DTD % Chg MTD % Chg YTD % Chg 450 The Egyptian Exchange 416,483 (2.0%) (3.0%) 2.6% Banking & Finance 131,858 (1.7%) (0.3%) 5.8% Basic Resources 24,126 (1.7%) (4.6%) 14.4% Chemical 24,598 (1.5%) 10.4% 33.7% Construction & Material 37,753 (1.3%) 6.8% 15.2% Financial Services 28,473 (2.5%) (5.5%) (2.0%) Food & Beverage 10,494 (0.3%) 7.4% 34.6% 8,806 0.0% 4.7% 26.9% 21,872 (1.1%) (7.6%) 1.2% 738 2.1% 34.1% 16.5% Healthcare & Pharma. Ind. Goods,Services, Auto. Media 8,000 150 7,500 Oil & Gas 783 (6.1%) (91.3%) (87.7%) 7,000 Personal & Household 21,774 (3.4%) 1.3% (5.7%) Real Estate 37,499 (3.8%) (9.9%) (5.7%) Telecommunication 64,195 (2.0%) 0.0% (5.5%) 3,515 (3.7%) 8.7% 8.6% 100 6,500 6,000 50 Travel & Leisure 5,500 0 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 5,000 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 (EGP) % Chg Tourah cement Co. 14.64 8.8% EGX 30 Index Delta Sugar Co. 16.44 6.5% Market Cap (EGP Mn) Misr Cement Co. Best Return Performers 91.88 2.8% Egyptian Media Production City 3.89 2.1% Egyptian Iron & Steel Co. 4.82 1.3% Volume (3.0%) 2.6% Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 406 1,379 8.4% 20,285 14,085 (5.9%) Price (2.0%) 17,709 9.19 Most Active Stocks By Volume (8,014) 999 Pioneers Holding Co. (4.8%) 1.6% 416,483 15.7% No. of Trades (5.1%) (3.5%) 95.2 (6.1%) 2.97 (2.8%) 703 9.09 Palm Hills Developments (360.93) 169 Alexandria Mineral Oils Co. (5.8%) % Chg 12,544.92 58.9% Value Traded (EGP Mn) 7.75 YTD-17 % Chg 50.01 Daily 21.35 MTD % Chg 135 % Chg Orascom Hotels & Development DTD Chg Volume (Mn Shares) Price Medinet Nasr Housing DTD Value Trading Indicators (EGP) Worst Return Performers Closing Market Return 120 Market Breadth 12 Most Active Stocks By Value (EGP) ('000 Shrs) 41 Price (EGP) 7 Daily Value % Chg (EGP Mn) GB AUTO S.A.E 2.39 29,954 GB AUTO S.A.E 2.39 (4.40%) 71.61 Citadel Capital 1.02 24,923 Egyptian Financial Group-Hermes Hldg Co. 24.49 (1.45%) 64.64 74.88 (2.46%) 57.85 2.97 (4.81%) 50.33 11.54 (0.52%) 45.02 Palm Hills Developments 2.97 16,958 Commercial Int'l Bank (Egypt) Amer Group Holding 0.29 15,120 Palm Hills Developments Egyptian Resorts Co. 1.08 4,852 Telecom Egypt Source: KAMCO Research 7
8. KAMCO Research Amman Stock Exchange Daily Report (1st Market) Sector Returns 1,975 3 1,925 0 May-16 Vol. Traded (Mln. Shares) 6 Market Cap. (JD Mn) Apr-17 2,025 Mar-17 9 Feb-17 2,075 Jan-17 12 Dec-16 2,125 Nov-16 15 Oct-16 2,175 Sep-16 18 Aug-16 2,225 Jul-16 21 Jun-16 2,275 Apr-16 ASE Index Value Index Performance relative to Volume April 24, 2017 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 13,882 10,095 111 201 297 25 269 121 103 469 8 622 67 76 17 8 14 65 762 395 DTD % Chg MTD % Chg YTD % Chg (0.3%) (0.2%) (0.2%) (1.2%) (2.1%) (0.7%) (4.2%) (0.8%) (0.1%) (0.1%) 0.0% (0.6%) 0.0% 0.1% 1.3% 0.0% 0.0% (1.0%) 0.7% 0.6% (2.8%) (3.9%) (0.6%) 5.6% 4.6% 1.2% (3.5%) (6.4%) 6.9% (1.0%) (2.5%) 1.1% (0.3%) (5.7%) (0.2%) 0.0% (0.4%) (3.3%) (4.0%) 12.2% 4.2% 4.3% (1.3%) 20.8% 23.3% (1.2%) (3.8%) (6.9%) 13.2% (0.1%) (16.3%) 1.6% 0.8% (3.4%) (12.7%) 0.0% 1.5% (2.1%) (2.0%) 27.9% Engineering & Construction 47 0.2% (1.5%) 1.6% Electrical Industries 15 (1.6%) 9.8% (2.8%) Textiles , Leathers & Clothings 90 (0.6%) (5.5%) (10.7%) 6 0.0% 0.0% 0.0% 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 AMAD INVESTMENT & REAL ESTATE DEVELOPMENT 1.39 4.5% ASE Index COMPREHENSIVE MULTIPLE PROJECT CO. 0.97 4.3% Market Cap (JD Mn) INVEST BANK 1.49 2.8% THE JORDAN CEMENT FACTORIES 1.98 2.6% ARAB JORDAN INVESTMENT BANK 1.76 2.3% Best Return Performers Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 2,209.13 (9.99) (0.5%) (1.8%) 1.8% 13,882.49 (35.46) (0.3%) (2.8%) 4.2% Market Return Today's DTD DTD Value Chg % Chg Average Daily Trading Indicators Price Daily (JD) % Chg ARAB INT'L FOR EDUCATION AND INVESTMENT 3.02 (7.4%) INT'L BROKERAGE & FINANCIAL MARKETS 0.16 (5.9%) Worst Return Performers AL-ZARQA EDUCATIONAL AND INVESTMENT 2.20 (5.6%) INTERNATIONAL FOR MEDICAL INVESTMENT 0.79 (4.8%) ARAB ELECTRICAL INDUSTRIES 0.80 (4.8%) Most Active Stocks By Volume Price Volume (JD) ('000 Shrs) YTD-17 YTD-16 Volume ('000 Shares) 3,827 (723) (15.9%) 4,200 5,503 Value Traded (JD '000) 4,428 (1113) (20.1%) 5,745 28,051 No. of Trades 2,255 (58) (2.5%) 29 2,501 35 74 Price Daily Value (JD) % Chg (JD) 794,362 Market Breadth Most Active Stocks By Value 10 TRANSPORT& INVESTMENT BARTER CO. 0.60 743 JORDAN PETROLEUM REFINERY 3.57 (0.6%) JORDAN STEEL 0.54 529 TRANSPORT& INVESTMENT BARTER CO. 0.60 (1.6%) 445,709 ARAB EAST INVESTMENT 0.68 299 JORDAN ISLAMIC BANK 4.44 0.7% 378,703 JORDAN PETROLEUM REFINERY 3.57 222 UNION INVESTMENT CORPORATION 1.69 (2.3%) 323,862 SPECIALIZED INVESTMENT COMPOUNDS 1.07 216 JORDAN STEEL 0.54 (3.6%) 290,618 Source: KAMCO Research 8
9. KAMCO Research Tunisia Stock Exchange Daily Report April 24 , 2017 Index Performance relative to Volume Sector Returns 5,800 4,500 Market Cap. DTD MTD YTD (DT Mn) % Chg % Chg % Chg 17,892 0.2% 1.4% 3.4% 7,699 0.0% 1.1% 1.9% 3,500 Tunisia Index 5,600 5,500 2,500 Vol. Traded ('000. Shares) 5,700 5,400 1,500 5,300 Apr/17 Mar/17 Feb/17 Jan/17 Dec/16 Nov/16 Oct/16 Sep/16 Aug/16 Jul/16 Jun/16 May/16 500 Apr/16 5,200 Tunis Stock Exchange Banking Insurance 662 0.3% (2.4%) 1.2% Leasing 639 (5.3%) (4.6%) (6.0%) Financial Services 1,683 0.2% 3.5% 9.6% Industrial 1,242 1.1% 2.7% (0.0%) (19.2%) Chemical Industry 373 0.1% (3.7%) Food & Beverage 2,842 1.4% 3.6% 8.6% Retailing 1,431 0.7% 2.2% (0.4%) Others 1,321 0.0% 1.0% 17.7% 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 (DT) % Chg Banque Nationale Agricole 8.38 2.9% Tunisia Index SOTIPAPIER 3.91 2.9% Market Cap (DT Mln) Société d’Articles Hygiéniques 13.85 2.4% Société Magasin Général 26.40 2.1% Société Frigorifique et Brasserie de Tunis 20.75 2.1% Best Return Performers Worst Return Performers CELLCOM Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 5,641.88 21.27 0.4% 1.8% 2.8% 17,892 35.82 0.2% 1.4% 3.4% Trading Indicators Average Daily Today's DTD DTD Value Chg % Chg 345 3.2 0.9% 420 709 Volume ('000 Shares) YTD-17 YTD-16 Price Daily (DT) % Chg Value Traded ('000 DT) 2,412 44 1.9% 2,947 5,325 4.38 (5.0%) No. of Trades 1,127 40.0 3.7% 990 1,448 Laboratoires Adwya 5.82 (3.0%) Electrostar 3.77 (2.8%) Manufacture de Panneaux Bois du Sud 3.20 (2.7%) Universal Auto Distributors Holding 3.30 (2.7%) Price Volume (DT) (Shares) Laboratoires Adwya 5.82 39,992 Société Tunisienne de Banque 3.70 SOTIPAPIER 3.91 Société Tunisienne de Verreries TelNet Holding Most Active Stocks By Volume Market Return Market Breadth 19 14 33 Price Daily Value (DT) % Chg (DT '000) Société Frigorifique et Brasserie de Tunis 20.75 2.1% 385 35,940 Union Internationale de Banques 18.89 0.0% 264 28,775 Laboratoires Adwya 5.82 (3.0%) 234 4.31 26,238 Euro-Cycles 34.00 0.0% 144 4.05 24,871 Société Tunisienne de Banque 3.70 0.0% 133 Most Active Stocks By Value Source: KAMCO Research 9
10. KAMCO Research Beirut Stock Exchange Daily Report April 24 , 2017 Sector Returns Index Performance relative to Volume 6,000 1,250 Market Cap. DTD MTD YTD (USD Mn) % Chg % Chg % Chg Beirut Stock Exchange 11,731 (0.2%) (6.0%) (1.2%) Banking 10,064 (0.2%) (6.1%) 2.1% 250 0.0% 0.6% (1.6%) 1,240 1,230 Blom Stock Index 1,210 1,200 1,190 3,000 1,180 1,170 1,160 Vol. Traded ('000. Shares) 4,500 1,220 Industrial Trading Real Estate & Construction 35 0.0% 0.0% 0.0% 1,382 (0.0%) (6.0%) (19.7%) 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 1,150 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Dec-16 Nov-16 Oct-16 Sep-16 Jul-16 Aug-16 Jul-16 Jun-16 Apr-16 1,130 May-16 1,140 0 Trading Indicators Top Movers and Most Active Stocks Best Return Performers Solidere B BLOM Bank GDR Bank Audi Preferred G Price Daily (USD) % Chg Market Return 8.48 1.6% Blom Stock Index 11.74 0.5% Market Cap (USD Mn) 100.20 0.2% Trading Indicators Worst Return Performers Solidere A BLOM Bank Price Daily (USD) % Chg 8.31 (1.1%) 10.52 (1.0%) Volume ('000s shares) Value Traded ('000s USD) Closing DTD DTD MTD YTD-17 Value Chg % Chg % Chg % Chg 1,170.00 (1.32) (0.1%) (5.3%) (3.5%) 11,730.85 (19.47) (0.2%) (6.0%) (1.2%) Average Daily Today's DTD DTD Value Chg % Chg 184.15 113 160.1% 189 662 2,554.59 1,730 209.7% 1,609 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 Price Daily Value (USD) % Chg (USD) 8.31 (1.1%) 754,373 0.2% 701,400 BLOM Bank 10.52 (1.0%) 412,931 BLOM Bank GDR 11.74 0.5% 401,406 103.10 0.0% 206,200 90,038 Solidere A 10.52 39,245 Bank Audi Preferred G BLOM Bank GDR 11.74 34,180 6.40 10,000 100.20 7,000 Bank Audi Preferred G 30 100.20 8.31 BLOM Bank Bank Audi 2 Byblos Bank Preferred 2008 Source: KAMCO Research 10
11. KAMCO Research Casablanca Stock Exchange Daily Report April 24 , 2017 (The Bulletin covers the 41 Stocks listed on the Main Market) Index Performance relative to Volume Sector Returns 22000 13,250 13,000 20000 Market Cap. DTD MTD YTD (MAD Mn) % Chg % Chg % Chg 12,500 18000 12,250 16000 MASI Index 12,000 11,750 14000 11,500 11,250 12000 Volume Traded ('ooo shares) 12,750 11,000 10000 10,750 Casablanca Stock Exchange 520,781 (0.0%) (0.5%) (3.2%) Banking 186,018 (0.3%) (0.7%) (5.8%) Beverages 3,170 0.0% 6.4% 10.4% Chemicals 816 (3.3%) 7.9% 108.0% Construction & Bldg. Material 70,415 (0.0%) (3.5%) (9.2%) Distributors 10,792 0.7% 1.5% 1.2% 335 0.0% 0.0% 0.8% Electricity 18,399 (2.1%) 0.6% 0% Food Producers & Processors 19,543 0.9% 3.1% 7.9% Electrical & Electronic Equip. Holding Companies 2,514 3.5% 4.4% (1.0%) 23,642 2.5% (2.5%) (1.4%) Investment & other Finance 3,940 0.0% 2.3% 7.7% Leisures & Hotel 1,547 0.8% 0.0% (8.3%) Insurance 10,500 8000 10,250 10,000 6000 9,750 4000 9,500 9,250 Materials, Software & Computer 1,325 0.2% 1.5% 9.2% Mining 18,199 (0.6%) 5.9% 14.9% Oil & Gas 10,596 0.0% (1.9%) (0.2%) Real Estate 24,251 0.7% 2.7% 6.3% 119,821 (0.1%) (0.7%) (4.0%) 19.1% 2000 Telecommunications 0 Utilities 9,000 Transport Apr/17 Mar/17 Feb/17 Jan/17 Dec/16 Nov/16 Oct/16 Sep/16 Aug/16 Jul/16 Jun/16 May/16 Apr/16 8,750 Forestry & Paper 889 0.0% (1.0%) 4,501 (0.0%) 0.3% 4.2% 68 (0.4%) (5.1%) 4.2% 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 SAHAM ASSURANCE Trading Indicators Price Daily (MAD) % Chg Market Return 1,245.00 3.8% MASI Index Delta Holding 28.70 3.5% MADEX Index Compagnie d'Assurances et de Reassurances ATLANTA 51.78 2.3% Market Cap (MAD Mn) 4,400.00 2.1% 111.00 1.4% Wafa Assurances Auto Hall Trading Indicators Worst Return Performers Price Daily (MAD) % Chg Volume ('000 Shares) Value Traded (MAD Mn) Societe Nationale d'Electrolyse et de Petrochimie 340.00 (3.3%) TAQA MOROCCO 780.00 (2.1%) Banque Centrale Populaire Managem Societe Nationale de Siderurgie Most Active Stocks By Volume 256.50 (1.3%) 1,240.00 (1.0%) 391.00 (0.8%) Price Volume (MAD) (Shrs) Market Breadth Most Active Stocks By Value Douja Prom Addoha 45.00 131,019 Itissalat Al-Maghrib 136.30 92,313 Lafarge Ciments 28.70 61,761 Attijariwafa Bank 399.00 Comp Suc Maroc Et De Raff 374.00 Delta Holding Attijariwafa Bank Closing DTD DTD MTD Value Chg % Chg % Chg % Chg 9.03 0.1% (0.4%) (2.7%) 11,330.13 9,220.34 8.06 0.1% (0.5%) (3.4%) 520,781 (0.08) (0.0%) (0.5%) (3.2%) Today's DTD DTD Value Chg % Chg Average Daily YTD-17 YTD-16 429.07 301.4 236.1% 793 516 43.11 30.73 248.2% 68 70 13 8 Price (MAD) 20 Daily Value % Chg (MAD Mn) 399.00 0.0% 2,120.00 0.0% 6.81 6.32 Itissalat Al-Maghrib 136.30 (0.1%) 6.30 34,185 Comp Suc Maroc Et De Raff 374.00 1.1% 6.07 32,511 Societe Nationale de Siderurgie 391.00 (0.8%) 3.48 Source: KAMCO Research 11
12. KAMCO Research Damascus Securities Exchange Daily Report April 24 , 2017 Index Performance relative to Volume Sector Returns 3,200 3,200 3,100 3,000 3,000 2,800 2,600 2,700 2,400 2,600 DTD MTD MTD (SRY Mn) % Chg % Chg % Chg 336,138 (0.3%) 34.9% 91.4% 2,200 2,500 2,000 2,400 312,816 (0.3%) 36.3% 98.1% 2,300 1,800 2,200 1,600 2,100 1,400 2,000 1,200 1,900 1,800 1,000 1,700 800 1,600 600 1,500 Damascus SE Vol. Traded ('000. Shares) 2,900 DSE TRW Index Market Cap. 2,800 Banking Services 1,499 0.0% 1.5% 1.5% Industrial 6,783 0.0% (12.1%) (7.1%) Insurance 14,511 0.0% 45.4% 73.5% 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 400 1,400 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 0 May-16 200 1,200 Apr-16 1,300 Trading Indicators Top Movers and Most Active Stocks Best Return Performers Price (SRY) Daily % Chg No Gainers Market Return Worst Return Performers Daily % Chg Qatar National Bank Syria 403.17 (1.8%) DTD MTD YTD-17 Chg. % Chg. % Chg. % Chg. 3,107.25 (10.10) (0.3%) 35.4% 92.1% Market Cap (SRY Mn) 336,138 (1,092) (0.3%) 34.9% 91.4% Today's DTD DTD Value Chg. % Chg. Average Daily YTD-17 YTD-16 Volume (Shrs) 32,506 17,316 114.0% 169,931 12,301 Value Traded ('000 SRY) 13,157 7,709 141.5% 47,472 18,948 30 2 7.1% 110 67.9 No. of Trades Market Breadth Price (SRY) Volume (Shrs) Most Active Stocks by Value Qatar National Bank Syria 403.17 30,200 Qatar National Bank Syria Syria International Islamic Bank 442.50 1,700 Syria International Islamic Bank Fransabank Syria 401.67 606 Fransabank Syria Most Active Stocks by Volume DTD Value DSE Weighted Index Trading Indicators Price (SRY) Closing 0 1 Price (SRY) 23 Daily % Chg Value (SRY) 403.17 (1.8%) 12,175,634 442.50 0.0% 737,375 401.67 0.0% 244,218 Source: KAMCO Research 12
13. 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. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by KAMCO and shall be of no force or effect. The information contained in this document is based on current trade, statistical and other public information we consider reliable. We do not represent or warrant that such information is fair, accurate or complete and it should not be relied upon as such. KAMCO has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. The publication is provided for informational uses only and is not intended for trading purposes. The information on publications does not give rise to any legally binding obligation and/or agreement, including without limitation any obligation to update such information. You shall be responsible for conducting your own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this or other such document. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which KAMCO is a party. Nothing in this document should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service. This document is directed at Professional Clients and not Retail Clients within the meaning of CMA rules. Any other persons in receipt of this document must not rely upon or otherwise act upon it. Entities and individuals into whose possession this document comes are required to inform themselves about, and observe such restrictions and should not rely upon or otherwise act upon this document where it is unlawful to make to such person such an offer or invitation or recommendation without compliance with any authorization, registration or other legal requirements. Risk Warnings Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected. The value of an investment may go up as well as down. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.). Past performance is not indicative of future results. Any opinions, estimates, valuations or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgment. They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions. Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. This document does not propose to identify or to suggest all of the risks (direct or indirect) which may be associated with the investments and strategies referred to herein. Conflict of Interest KAMCO and its affiliates provide full investment banking services, and they and their directors, officers and employees, may take positions which conflict with the views expressed in this document. Salespeople, traders, and other professionals of KAMCO may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document. KAMCO may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document. Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other KAMCO business areas, including investment banking personnel. United Gulf Bank, Bahrain owns majority of KAMCO’s shareholding and this ownership may create, or may create the appearance of, conflicts of interest. No Liability & Warranty KAMCO makes neither implied nor expressed representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind, including, without limitation, any warranty as to accuracy, timeliness, completeness, and fitness for a particular purpose and/or non-infringement. KAMCO will accept no liability in any event including (without limitation) your reliance on the information contained in this document, any negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with your use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document. We do not exclude our duties or liabilities under binding applicable law. KAMCO Investment Company
14. 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