MENA Morning Market Report - 28 August

Transcription

1. MENA Morning Report Sunday , August 28, 2016 Overview Regional Markets: MENA markets closed the day on a negative note as the sentiments remained subdued throughout the week. Investors were concern ed about the Fed's statement on tightening its policy going forward, which is likely to impact regional markets. Further, oil prices also witnessed marginal pressure during the latter half of the week as the supply glut increases while the hopes of producers reaching a deal fades. For the region, baring the UAE markets, rest of the indexes closed the day in red. Dubai and Abu Dhabi were up by 0.3% and 0.1% for the day, which also helped Abu Dhabi to erase the weekly losses, while Dubai was able to only marginal recover some of the weekly losses. Egypt was the worst performer as it was down by 1.1%, as Orascom Telecom, the most heavily traded stock, slipped by 1.7% as the company reported a net loss of EGP 3.635 million for the first half. Saudi was down by 0.8% for the day, fifth consecutive sessions of losses on the back of lower oil prices and weakness in the broader regional markets. Qatar was down by 0.5%, after Q1 GDP grew by 1.1% from a year earlier, the slowest growth since 2011. Kuwait, Bahrain and Oman were down by 0.1%, 0.5% and 0.5% respectively for the day. For the week, regional markets ended on a negative note with Saudi Arabia leading the losing pack with a decline of 4.0%, followed by Egypt (-2.2%) and Dubai (-2.2%), while Abu Dhabi was the only index to close flat. International Markets: US markets closed on a mixed note as Dow Jones and S&P 500 were down by 0.4% and 0.2%, while Nasdaq closed up by 0.1%. Europe an markets closed on a positive note as Stoxx 50, FTSE, DAX and CAC 40 were all up by 0.8%, 0.3%, 0.6% and 0.8% respectively. Headlines (WW) Upbeat US Factory Data Suggests Business Spending Stabilizing (ME) Industrial Companies In Middle East Facing Risk Of Cyberattacks (WW) August US Auto Sales Seen Down 5.2%; 2015 Was Peak (SA) Saudi Inflation Rate Falls To Year-Low In July (WW) Jobless Claims In US Decline To Lowest Level In Five Weeks (SA) Saudi Arabia Holds China Market Share Lead On Record Oil Output (WW) UK Consumers Recover Some Confidence After Brexit Vote Hit (SA) Rental Prices For Residential Units In Jeddah Jump By 30% (WW) British Car Output Up In July But Growth Slows (AE) UAE Companies Keen To Invest In India’s Oil And Gas Sector (WW) China Takes Aggressive Steps To Fend Off Banking, Financial Risks (AE) Growing Pressure On UAE To De-Peg Currency (WW) Japan’s CPI Falls For 5th Month, Raising Pressure On Kuroda (QA) Retail Market In Qatar Remains Stable (WW) Brexit Hits German Business Morale, IFO Index Plunges (QA) Qataris' UK Tax Free Spending Jumps Following Brexit Vote (CMD) Oil Prices Dip As Saudi Arabia Dampens Prospects Of Output Freeze (QA) Qatar Retailer Al Meera Says H1 Sales Grow By 10.6% (CMD) Gold Near One-Month Low As Investors In Waiting-For-Yellen Mode (QA) Qatar Q1 GDP Growth Slows Sharply To 1.1% Y/Y (FX) Offshore Yuan Set For Second Weekly Drop As Fed Rate Odds Climb (EG) Egypt’s OTMT Reports H1 Loss Of EGP 3.635 Million (FI) Saudi Arabia Said To Target First Dollar Bond In October After Fed Meeting (OM) Oman Government Budget Deficit Grows To USD 9.1 Billion In H1 (FI) In Euro Zone First, Finland Could Sell Syndicated Bond With Negative Yield (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,492.22 0.3% Abu Dhabi (ADSMI) 4,519.83 0.1% -2.2% 0.2% 10.8% ˅ ˄ ˄ 0.0% -1.2% 4.9% ˅ ˄ ˄ Saudi (SASEIDX) 5,976.89 -0.8% -4.0% -5.2% -13.5% ˅ ˅ ˅ Kuwait (KWSE) Egypt (EGX30) 5,428.91 -0.1% -0.8% -0.4% -3.3% ˅ ˄ ˄ 8,131.49 -1.1% -2.2% 1.9% 16.1% ˄ ˄ ˄ Qatar (DSM) 11,134.81 -0.5% -1.6% 5.0% 6.8% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,146.37 -0.5% -0.2% -0.8% -5.7% ˅ ˄ ˅ Oman (MSM30) 5,823.06 -0.5% -1.2% -0.4% 7.7% ˅ ˄ ˄ 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) 261 257 405 97 95 139 82,550 Abu Dhabi (ADSMI) 43 71 109 27 45 54 120,834 Saudi (SASEIDX) 172 209 262 814 945 1,234 373,666 Index Kuwait (KWSE) 47 84 125 19 32 38 74,878 Egypt (EGX30) 263 209 252 59 93 113 43,197 Qatar (DSM) 4 6 8 49 65 80 139,166 Bahrain (BHSEIDX) 1 3 2 13 2 1 17,846 Oman (MSM30) 11 16 20 5 8 11 17,013 * 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 , August 28, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.1 11.3 11.9 8.2 386.2 300 8 239.3 188.3 4 1.3 1.4 1.6 1.4 1.7 - - Current 489.3 11.0 10.8 9.7 Previous 600 0.8 1.1 Bahrain Oman - 178.1 106.9 87.2 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 27% 8% 6.2% 4.7% 16.1% 18% 5.5% 6% 10.8% 4.9% 4.4% 4.5% 9% 7.7% 6.8% 4.9% 3.6% 4% 0% 1.9% 2% -3.3% -9% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -5.7% -13.5% -18% Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Sunday , August 28, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) GULF GENERAL INVESTMENT CO PSC 0.55 -3.37% 15,902 8,818 NATIONAL CENTRAL COOLING CO PJSC 1.50 -1.96% 247 374 13,832 AL SALAM BANK SUDAN PLC 1.34 -1.47% 224 302 23,661 38,095 AJMAN BANK PJSC 1.56 -1.27% 2,551 4,005 209 1,384 SHUAA CAPITAL PSC 0.63 -1.11% 164 103 DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) 1.33 5.56% 1,254 1,624 WAHA CAPITAL PJSC 1.93 -2.03% 489 954 SUDATEL TELECOM GROUP LTD 0.55 3.77% 535 289 ABU DHABI COMMERCIAL BANK PJSC 6.41 -1.99% 1,692 10,957 UNION NATIONAL BANK PJSC 4.45 2.30% 2,662 11,714 ABU DHABI NATIONAL ENERGY CO 0.51 -1.92% 137 71 AGTHIA GROUP PJSC 6.05 1.85% 1 3 SHARJAH ISLAMIC BANK PJSC 1.50 -1.32% 217 328 DANA GAS PJSC 0.56 1.82% 4,031 2,237 METHAQ TAKAFUL INSURANCE CO 0.88 -1.12% 4,674 4,137 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL RAJHI CO FOR COOP INSURANCE 20.90 8.01% 1,314 26,444 MIDDLE EAST HEALTHCARE CO CJSC 52.00 -8.37% 754 41,002 SAUDI TRANSPORT & INVESTMENT CO 57.25 4.09% 354 19,888 FILING AND PACKING MATERIALS MFG 36.30 -6.68% 816 30,678 RED SEA HOUSING SERVICES CO SJSC 24.70 2.92% 157 3,830 AXA COOPERATIVE INSURANCE CO 14.10 -5.05% 254 3,680 SAUDI ARABIAN MINING CO SJSC 33.20 2.79% 1,282 41,987 SAUDI RESEARCH & MARKETING GRP 29.10 -4.90% 785 23,446 ARABIAN PIPES CO SJSC 14.50 2.11% 1,220 17,509 SAUDI MARKETING COMPANY CJSC 27.40 -4.53% 576 16,157 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 70.00 6.06% 31 2 AL MUDON INTL REAL ESTATE CO 26.00 -5.45% 3,218 86 CONTRACTING AND MARINE SERVICES 91.00 5.81% 5 0 NATIONAL INTL HOLDING CO KSCP 52.00 -3.70% 316 17 UNITED PROJECTS FOR AVIATION 720.00 4.35% 1 1 INTERNATIONAL RESORTS COMPANY 27.00 -3.57% 30 1 LIVESTOCK TRANSPORT AND TRADING 250.00 4.17% 207 51 AL EID FOOD COMPANY KSCP 90.00 -3.23% 2 0 MUSHRIF TRADING & CONTRACTING 58.00 3.57% 125 7 FIRST DUBAI FOR REAL ESTATE DEVELP 60.00 -3.23% 360 22 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) EL NASR FOR MFG AGRI CROPS SAE 8.01 5.67% 58 456 GRAND CAPITAL FOR FINANCIAL INV 3.78 -6.67% 10 39 WADI KOM OMBO FOR LAND RECLAM 4.85 4.30% 4 20 ORIENTAL WEAVERS CARPET CO SAE 6.94 -4.54% 3,100 22,027 EGYPTIAN CO FOR CONSTRUCTION 7.28 4.30% 254 1,812 UNION NATIONAL BANK EGYPT SAE 3.50 -4.37% 5 19 NORTH UPPER EGYPT DEVELOPMENT 4.81 3.89% 181 855 EGYPTIAN IRON AND STEEL CO SAE 6.95 -4.01% 2,084 14,786 PYRAMISA HOTELS AND RESORTS SAE 26.87 3.07% 1 38 EDITA FOOD INDUSTRIES SAE 10.56 -3.74% 109 1,168 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) AAMAL CO QSC 14.69 0.69% 159 2,321 QATAR ELECTRICITY AND WATER CO 222.00 -2.12% 89 19,932 SALAM INTERNATIONAL INVESTMENT 11.90 0.68% 151 1,792 ZAD HOLDING CO SAQ 85.00 -1.73% 1 59 AL MEERA CONSUMER GOODS CO 218.40 0.60% 29 6,407 AL KHALIJ COMMERCIAL BANK QSC 17.60 -1.68% 10 177 GULF WAREHOUSING CO QSC 57.80 0.52% 78 4,511 DOHA BANK QSC 38.35 -1.67% 55 2,117 QATAR GAS TRANSPORT CO LTD 24.46 0.45% 143 3,481 ISLAMIC HOLDING GROUP QSC 66.00 -1.49% 11 734 Close * DoD % Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 2.80 7.69% 452 1,219 MARKA PJSC 1.18 3.51% 21 24 AMANAT HOLDINGS PJSC 0.84 2.82% 16,696 DUBAI PARKS AND RESORTS PJSC 1.62 1.25% EMIRATES INTEGRATED TELECOM CO 6.65 1.06% Close * BANK OF SHARJAH PJSC Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers AWJ HOLDING CO KSCP Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , August 28, 2016 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 Corp SJSC SA 66,198 82.75 -1.2% 7.8% 5,274 116,414 92.75 59.50 15 1.5 6.6% 2 Emirates Telecommunications Group Co AE 47,126 19.90 -0.3% 23.6% 1,240 6,719 20.20 12.60 19 3.9 4.0% 3 Qatar National Bank SAQ QA 37,934 164.50 -0.2% 12.8% 161 7,264 169.50 122.50 12 1.9 1.5% 4 Saudi Telecom Co SJSC SA 30,666 57.50 0.0% -15.8% 795 12,191 69.75 55.50 14 1.9 7.0% 5 Al Rajhi Banking and Investment Corp SA 23,291 53.75 -2.3% 3.4% 2,916 41,801 62.75 44.70 11 1.8 2.8% 6 Saudi Electricity Co SJSC SA 20,999 18.90 -2.1% 20.0% 1,774 8,945 21.80 12.40 50 1.3 3.7% 7 Industries Qatar QSC QA 18,775 113.00 -0.9% 1.7% 100 3,116 135.00 88.00 17 2.1 4.4% 8 National Commercial Bank SJSC SA 18,666 35.00 -2.0% -31.4% 635 5,929 58.75 34.20 8 1.2 4.4% 9 DP World Ltd AE 15,189 18.30 1.7% -9.9% 268 1,333 22.77 16.05 15 1.8 1.6% 10 Jabal Omar Development Co SJSC SA 14,870 60.00 1.7% 8.1% 217 3,480 68.75 40.80 - 6.0 0.0% 11 First Gulf Bank PJSC AE 14,704 12.00 0.4% -5.1% 409 1,335 14.40 9.90 9 1.6 8.3% 12 Ezdan Holding Group QSC QA 14,169 19.45 -0.3% 22.3% 345 1,842 20.24 12.10 30 1.8 2.6% 13 Emaar Properties PJSC AE 13,725 7.04 0.0% 23.7% 7,922 15,185 7.46 4.22 12 1.3 2.1% 14 National Bank of Abu Dhabi PJSC AE 13,434 9.47 1.1% 19.0% 287 740 10.40 6.86 10 1.1 4.8% 15 Emirates NBD Bank PJSC AE 12,334 8.15 -0.6% 10.1% 221 490 9.50 6.25 7 0.9 4.9% 16 Almarai Co SJSC SA 11,253 52.75 1.0% -10.1% 279 3,927 67.69 40.88 21 3.5 1.6% 17 National Bank of Kuwait SAKP KW 11,053 590.00 0.0% -20.7% 1,131 2,219 799.36 550.00 12 1.1 4.7% 18 Kingdom Holding Co SA 10,673 10.80 -0.5% -31.2% 323 932 21.20 9.80 65 1.5 4.6% 19 Saudi Arabian Mining Co SJSC SA 10,345 33.20 2.8% 0.0% 1,282 11,354 43.20 25.70 103 1.4 0.0% 20 Emaar Malls Group PJSC AE 9,923 2.80 0.7% 1.4% 1,141 870 3.25 2.02 20 2.4 3.6% 21 Abu Dhabi Commercial Bank PJSC AE 9,767 6.41 -2.0% -2.7% 1,692 2,953 8.01 5.20 8 1.2 7.0% 22 Samba Financial Group SJSC SA 9,600 18.00 0.0% -22.9% 314 1,508 24.40 17.05 7 0.9 5.0% 23 Ooredoo QSC QA 8,911 101.30 -0.4% 35.1% 160 4,465 107.00 60.00 13 1.5 3.0% 24 Emirates Integrated Telecom Co PJSC AE 8,278 6.65 1.1% 30.4% 209 379 6.99 4.89 16 3.9 6.5% 25 Riyad Bank SJSC SA 8,240 10.30 -0.5% -16.9% 979 2,689 15.25 10.15 8 0.8 6.8% 26 Kuwait Finance House KSCP KW 8,015 460.00 -1.1% -6.3% 456 698 554.55 395.45 13 1.3 3.4% 27 Masraf Al Rayan QSC QA 7,827 38.00 -0.8% 1.1% 345 3,602 45.50 28.60 13 2.4 4.6% 28 Dubai Islamic Bank PJSC AE 7,402 5.50 0.4% -2.5% 7,341 10,994 6.71 4.51 7 1.0 7.5% 29 Qatar Islamic Bank SAQ QA 7,268 112.00 -0.7% 5.0% 35 1,090 121.00 75.10 13 1.7 3.8% 30 Saudi Arabia Fertilizers Co SJSC SA 7,083 63.75 -1.5% -23.0% 568 9,665 101.25 58.00 17 4.2 9.4% Company Name Total M-Cap; W. Avg Yield 497,718 4.4% 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. 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