MENA Weekly Investment Report - 19 March

Transcription

1. Weekly Investment Report Sunday , March 19, 2017 Economic & Market News Reuters: The US Federal Reserve raised interest rates by 25 basis points, for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target. The decision to lift the target overnight interest rate marked a convincing step in the Fed's effort to return monetary policy to a more normal footing. Fed Chair Janet Yellen pointed to growing faith in the economy's trajectory. The Fed also stuck to its outlook for two additional rate increases this year and three more in 2018. The central bank lifted rates once in 2016. Fed policymakers noted that inflation was now close to the central bank's 2% target, and that business investment had firmed somewhat after months of weakness. However, they did not flag any plan to accelerate the pace of monetary tightening, with the policy-setting committee reiterating and Yellen emphasizing that future rate increases would be gradual. At the current pace, rates would not return to a neutral level until the end of 2019. Labor groups have urged the Fed to raise rates as slowly as possible so hiring can continue and wage increases take hold. Zawya: According to the recent report issued by Moody’s Investors Service, Saudi banks are more profitable than most of their GCC peers, with an average ratio of net income-to-tangible assets of 1.9% as of 2016, on a par with Qatari banks. The agency has revised its outlook for the Saudi banking system to stable from negative. The stable outlook reflects high risk-absorption buffers and easing funding pressures, as Saudi banks’ credit profiles are expected to remain broadly stable over the next 12 to 18 months. Despite low oil prices, which we expect to fluctuate between USD 40 and USD 60 pb over the next 18 months, and cuts in oil production, the Saudi economy will gradually recover, supported by government spending, which would improve the banking sector’ liquidity and funding conditions. According to Moody’s, the operating environment for Saudi banks will recover. While it expects real GDP growth to contract by 0.2% in 2017, increased government spending and projects to diversify economic output will support a gradual recovery of the non-oil economy, which will grow by 2% in 2017 versus 0.2% in 2016. Consequently, it expects credit growth to remain low at 3% in 2017, but it is likely to gradually pick up from 2018. Al Masah Capital: Fed’s decision to increase rates was the major news trigger impacting global and regional markets last week. US markets regained their losses after the Fed action and Dow Jones and S&P500 both ended the week modestly up by .06% and 0.24% respectively. Oil managed to keep its position above the USD 50 pb, ending last week at USD51.76 pb, up 0.76% compared to the earlier week, however the supply/demand picture remains precarious for OPEC members – shale’s resilience means an extension of the production cuts for another 6 months may be on the cards. On the regional front, four out of the eight major indexes ended the week on a positive note with Bahrain coming on top with an increase of 1.6%, followed by Kuwait, Egypt, and Saudi Arabia each rising by 1.5%, 1.0% and 0.1% respectively. Oman, Qatar, and Abu Dhabi ended the week on a negative note with each going down by 2.1%, 1.0% and 0.7% respectively. Dubai was the only market ending the week on a flat note. UAE markets recovered well in the last 2 trading sessions of the week fueled in part by technical buying. Technical trading is expected to remain one of the main drivers for this coming week’s activities, with UAE and Qatar sitting around key support and reversion levels. March so far has preferred the selling of February rather than the optimistic buying of January so the last 2 weeks of this month will show if that particular trend is still intact. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,521.33 0.03% -3.00% -0.27% Oil (Brent) 109.69 0.41% 1.50% 194.23% Abu Dhabi (ADSMI) 4,424.93 -0.73% -2.79% -2.67% Natural Gas 4.55 4.45% -5.46% 94.78% Saudi (SASEIDX) 6,921.60 0.07% -0.73% -4.01% Gold 1293.80 0.08% 0.19% 21.95% Kuwait (KWSE) 6,810.71 1.48% 0.41% 18.49% Silver 19.36 -0.62% 1.31% 39.99% 1.07 0.63% 1.52% -1.14% Indexes Egypt (EGX30) 12,983.99 1.02% 8.76% 5.18% EURUSD Qatar (DSM) 10,361.03 -1.01% -3.19% -0.73% GBPUSD 1.24 1.83% 0.10% -15.92% Bahrain (BHSEIDX) 1,374.63 1.56% 1.85% 12.63% USDJPY 112.70 -1.78% -0.04% -6.32% Oman (MSM30) 5,668.33 -2.13% -1.93% -1.98% USDCHF 1.00 -1.21% -0.71% -0.33% 2.10% 0.54% 5.81% -0.90% 0.37% -3.55% TR GCC (Reuters) 204.39 -0.90% -2.72% 0.88% AUDUSD 0.77 DJ MENA 518.82 -0.36% -1.45% 4.19% USDCAD 1.33 Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 20,914.62 0.06% 0.49% 5.83% 1 Month 0.976 10.80% -0.388 -2.06% S&P 500 2,378.25 0.24% 0.62% 6.23% 2 Month 1.022 7.77% -0.369 -0.39% NASDAQ 5,408.76 0.42% 1.47% 11.21% 3 Month 1.152 2.84% -0.354 -0.76% 378.32 1.36% 2.18% 4.68% 6 Month 1.432 0.11% -0.247 -1.08% FTSE 100 7,424.96 1.12% 2.22% 3.95% 12 Month 1.813 -0.05% -0.113 -0.62% DAX 12,095.24 1.10% 2.20% 5.35% CAC 40 5,029.24 0.72% 3.51% 3.43% Nikkei 225 19,521.59 -0.42% 2.11% 2.13% SENSEX 29,648.99 2.43% 3.15% 11.35% Shanghai Composite 3,237.45 0.77% -0.13% 4.31% Hang Seng 24,309.93 3.15% 2.40% 10.50% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , March 19, 2017 Economic & Market News (continued) Zawya: According to a survey conducted by EFG Hermes, MENA financial markets are likely to outperform Emerging Markets in 2017, but political instability continues to be seen as the main source of risk for MENA markets. The survey was conducted at the opening session of the One on One 2017 conference in Dubai, and it polled numerous international fund managers and institutional investors from various institutions, and leading companies from MENA and Frontier on the outlook for the markets. Within Mena and Frontier, most voters (46%) said Egypt will be the top performing market in USD terms in 2017. Within Mena sectors, most investors (32%) continue to see healthcare as the one with greatest performance potential in 2017. Finally, on Pakistan, 54% of voters said they expect the market to be lower in USD terms one year from now, in line with trends seen in previous EM upgrades. Most participants expected oil to end 2017 at USD 50-60/bbl. The audience expected Mena earnings to rise by 0-10% in 2017, which is in line with consensus. The firm expects to see low single digit earnings growth for 2017, as it believes that Saudi Arabia earnings are unlikely to grow by 10% in aggregate for the year. Reuters: According to Ministry of Finance, China's fiscal spending surged 17.4% in the first two months of 2017 from the same period of last year, quickening from a 12% gain seen in the same period a year ago. Central government spending rose 8.1% from a year earlier, while spending by local governments jumped by 19.1%. China relied heavily on infrastructure spending to stabilize growth last year as private companies pulled back on investment. Beijing cut its growth target to around 6.5% this year, as policymakers turned to tackling a build-up in debt and containing financial risks. Spending on public housing rose the fastest with a 34.5% gain from a year ago, while social welfare and employment expenses (the biggest category by value) rose 25.9%. Fiscal revenues rose 14.9%, compared to an increase of 6.3% in the same period of 2016, due to higher commodity and producer prices, better economic fundamentals and distortions caused by an earlier Chinese new year holiday. That implied a fiscal surplus of USD 95.42 billion in the January-February period. China is aiming for a 3% fiscal deficit in 2017. Reuters: The Crown Prince of Dubai recently announced that the value of Dubai's non-oil foreign trade rose 70% from AED 754 billion in 2009 to AED 1.3 trillion (USD 347.4 billion) in 2016, despite the global slowdown. Imports were recorded to be AED 803 billion, while re-exports and exports accounted for AED 330 billion and AED 143 billion respectively. Meanwhile, China maintained its position as Dubai's leading trading partner with AED 166 billion (13%) in two-way trade, India came second at AED 94 billion (7.4), followed by US at AED 86 billion (6.7). Saudi Arabia maintained its position as the top Arab and GCC trading partner and fourth globally with AED 52 billion (4.1). Dubai was able to diversify its foreign trade despite fluctuations in international trade in 2016, the slump in global markets and the decline in basic commodity prices. Dubai saw an 8.2% surge in the total bulk weight of traded goods in 2016, rising to 92 million tons of commodities from 85 million in 2015. Direct trade amounted for AED 830 billion (65), followed by free zone trade at AED 411.44 billion (32), and customs warehouse trade at AED 34.76 (3%). Phones and communication devices represented the most traded commodity with a total value of AED 167 billion representing ~13.1% of Dubai’s total trade. Gold came second at AED 156 billion (12%), followed by diamonds at AED 97 billion (7.6%), and jewelry in fourth place at AED 63 billion (4.9%). Automobiles came fifth accounting for AED 60 billion (4.7%). US Government Bonds - Yield to Maturity (%) 4 3.170 3.111 3 2.582 2.500 2.105 2.020 2 1.359 1.317 1 0.568 0.747 0.729 0.692 1.039 0.988 0.891 0.865 0 1M 3M 6M 12M 2Y Last Week 5Y 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 40 120 30 110 100 20 90 10 80 70 PE MENA Market - Price Ratios 16 12 13.5 9.6 11.9 10.7 12.9 2.1 1.6 - - 1.4 Mar-17 Jan-17 Feb-17 Dec-16 Oct-16 Sep-16 Nov-16 Jul-16 12.3 8.6 1.3 Aug-16 600 300.4 300 1.2 Jun-16 Apr-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Sep-15 Jul-15 Aug-15 Jun-15 Apr-15 Jan-15 Feb-15 Dec-14 5-Year CDS Rates (basis points) PB 8 4 May-16 MSCI Asia ex. Japan Nov-15 TR MENA May-15 STOXX Europe 600 Mar-15 S&P 500 Oct-14 Oct-14 Dec-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 Nov-14 0 60 - 0.9 1.1 226.8 143.2 122.5 1.5 94.1 70.9 44.7 - 0 - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Data and News Source: Thomson Reuters Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Sunday , March 19, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 100.35 100.65 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 1.79 1.57 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.63 1.63 AA 110.25 110.33 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.69 1.69 AAA 99.41 99.43 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.12 0.13 AAA 113.70 113.74 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.25 103.62 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.82 2.82 116.50 117.50 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.43 2.43 AAA 97.75 97.78 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.09 4.09 AA 157.36 158.36 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.46 7.49 B 93.56 94.31 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.12 3.12 AAA 97.72 97.75 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.20 7.21 BB+ 85.69 86.31 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2016 5.83 53.84 2.53 A+ 99.88 99.91 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.00 2.00 A3 107.00 107.07 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.19 2.19 A3 109.75 109.88 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.15 2.14 A+ 111.24 111.35 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.27 3.26 Baa2 99.65 99.77 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.56 2.56 AA 107.75 108.50 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.59 2.59 AA 102.38 103.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.51 2.51 A+ 104.87 104.94 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.19 1.19 A+ 102.72 103.42 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.00 3.01 A+ 105.62 106.37 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.91 3.92 Baa2 104.08 104.70 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.40 3.39 BBB+ 102.39 102.72 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.10 4.10 A+ 111.44 111.58 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.19 4.19 A+ 116.47 116.66 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.76 5.76 Baa2 112.91 113.91 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.43 7.27 101.88 102.88 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.10 6.20 104.02 104.48 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , March 19, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.8291 1.0150 N/A 1.4620 1.6987 2.1424 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.69 0.78 0.87 1.01 1.04 1.33 1.44 1.41 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.76 2.15 2.52 2.86 3.11 3.69 4.25 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.34 2.03 1.75 2.02 2.39 2.22 Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.45 1.40 1.24 1.42 1.68 2.05 2.34 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.07 2.52 2.91 3.23 3.51 3.87 4.21 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.25 1.56 1.81 2.13 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.45 1.43 0.12 0.12 0.40 0.86 1.01 1.03 1.33 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.58 1.92 2.12 0.00 2.40 2.5500 2.7300 O/N < 1 Week 1 Week < 1 Month 1 Month > 1 Month 10.90 9.20 9.31 11.10 11.10 8.85 Re Discount Lending Benchmark 9.25 9.75 8.75 Bank Rates T-Bill Yields QIBOR Qatar T/N 0.50 Deposit Rates 1 Week 1 Month 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 10.80 11.30 11.50 11.65 11.75 11.80 12.40 12.70 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1.47 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.73 0.86 0.30 0.89 1.05 1.08 1.37 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 QCB Interest Rates Bahrain BHIBOR O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.15 1.35 1.85 2.05 2.25 2.45 2.73 2.98 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.60 1.00 3.00 3.00 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.40 2.65 2.85 3.00 3.12 3.28 3.45 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , March 19, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) ISLAMIC ARAB INSURANCE CO PSC 0.47 -14.55% -9.79% 569 310 EMIRATES REFRESHMENTS PSC 4.05 -10.00% -8.16% 122 32.80% 365 AIR ARABIA PJSC 1.09 -8.40% -18.05% 5,087 55.65% 234 DUBAI NATIONAL INSURANCE 2.75 -7.09% 10.00% 318 5.30% 2.58% 874 ARAMEX PJSC 5.14 -6.55% 26.29% 7,526 Close * WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) UNION CEMENT CO PSC 1.30 10.17% 19.27% 870 GULF MEDICAL PROJECTS CO PSC 2.79 -12.81% -12.54% 1,950 COMMERCIAL BANK INTERNATIONAL 1.98 9.39% -0.50% 3,440 NATIONAL CORP FOR TOURISM 3.00 -9.91% 7.14% 1,701 ABU DHABI SHIP BUILDING PJSC 2.70 6.30% -4.59% 572 NATIONAL MARINE DREDGING PSC 4.50 -9.82% 4.65% 1,125 NATIONAL TAKAFUL CO PJSC 0.67 4.69% -17.28% 101 AL BUHAIRA NATIONAL INSURANCE 2.16 -9.24% -8.09% 540 SHARJAH ISLAMIC BANK PJSC 1.60 3.90% 3.90% 3,881 GULF PHARMACEUTICAL INDUSTRIES 2.04 -6.85% -5.99% 2,228 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) 35.10 25.36% 33.46% 1,263 ALDREES PETROLEUM TRANSPORT 26.80 -11.38% -14.10% 1,340 ETIHAD ATHEEB TELECOMM 4.15 15.28% 40.68% 654 SAUDI ARABIAN REFINERIES CO SJSC 34.00 -10.99% -15.00% 510 AL HAMMADI COMPANY FOR DEV 37.60 13.25% -9.83% 4,512 AL SAGR COOPERATIVE INSURANCE 39.00 -8.88% -1.52% 975 BANK ALJAZIRA JSC 14.50 9.85% 2.11% 5,800 DEVELOPMENT WORKS FOOD CO 82.50 -8.08% 0.00% 103 MAKKAH CONSTRUCTION AND DEV 99.50 6.99% 9.94% 16,398 TRADE UNION COOPERATIVE INSUR 17.20 -8.02% 0.29% 473 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) EQUIPMENT HOLDING COMPANY 60.00 22.45% 3.45% 8 KUWAIT BUILDING MATERIALS MANU 96.00 -20.00% -49.47% 3 AAYAN LEASING AND INVESTMENT 52.00 16.85% 60.00% 42 OSOS HOLDING GROUP CO KSCP 160.00 -19.19% 23.08% 16 AAYAN REAL ESTATE COMPANY KSCP 94.00 16.05% 44.62% 39 KUWAIT FINANCE AND INVESTMENT 41.00 -13.68% 10.81% 13 TAAMEER REAL ESTATE INVESTMENT 33.50 15.52% 48.89% 8 YIACO MEDICAL COMPANY KPSC 246.00 -13.68% -31.67% 45 MANAZEL HOLDING CO KPSC 46.50 14.81% 66.07% 20 KUWAIT CABLE VISION COMPANY 22.50 -13.46% -55.00% 1 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) NATIONAL CO FOR MAIZE PRODUCTS 21.60 60.83% 63.14% 640 EGYPT SOUTH AFRICA FOR COMM 0.49 -14.04% -14.04% 31 EGYPT ALUMINUM CO SAE 31.74 60.47% 131.17% 3,981 UNIVERSAL CO FOR PACKAGING 8.18 -13.53% -2.73% 66 ARAB ALUMINUM CO SAE 14.86 42.47% 45.97% 84 ALEXANDRIA PORTLAND CEMENT CO 6.36 -12.03% -9.01% 1,640 SUEZ CEMENT COMPANY SAE 15.07 27.39% -4.50% 2,717 CAIRO FOR OIL AND SOAP CO SAE 21.09 -11.76% -21.25% 846 ACROWMISR FOR METALLIC 55.04 22.23% 59.44% 608 EGYPTIAN MODERN EDUCATION 3.54 -11.13% -39.20% 57 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) MEDICARE GROUP QSC 101.50 8.32% 61.37% 2,857 QATAR FIRST BANK LLC 8.54 -10.11% -17.09% 1,708 QATAR ISLAMIC INSURANCE CO QSC 71.00 6.93% 40.32% 1,065 AHLI BANK QSC 33.35 -9.86% -10.21% 6,682 ZAD HOLDING CO SAQ 89.00 4.34% -0.22% 1,918 UNITED DEVELOPMENT CO PSC 19.40 -9.77% -6.05% 6,869 DOHA INSURANCE CO QSC 17.75 3.80% -2.47% 888 QATAR CINEMA AND FILMING 24.40 -9.63% -11.11% 153 QATAR OMAN INVESTMENT CO QSC 9.66 -7.91% -2.91% 304 Close * WTD % YTD % Mkt. Cap. (AED mln) SHUAA CAPITAL PSC 1.89 15.95% 27.70% 2,013 NATIONAL GENERAL INSURANCE CO 2.07 15.00% 11.89% ARAB INSURANCE GROUP BSC 1.66 14.48% AL SALAM BANK SUDAN PLC 1.93 7.22% AL RAMZ CORPORATION INVESTMENT 1.59 Top Gainers Abu Dhabi Dubai Top Gainers Top Gainers Saudi UNITED ELECTRONICS COMPANY JSC Kuwait Top Gainers Egypt Top Gainers Qatar Top Gainers QATAR GENERAL INSURANCE 42.80 Data and News Source: Thomson Reuters 2.88% -8.94% 3,745 Top Losers Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , March 19, 2017 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 77,417 96.75 2 EMIRATES TELECOMMUNICATIONS GROUP AE 41,916 17.70 -0.3% 5.7% 98.50 73.25 16.3 1.8 4.1% 0.6% -5.9% 20.20 17.15 17.4 3.6 4.5% 3 QATAR NATIONAL BANK SAQ QA 36,986 145.80 -3.4% -1.5% 157.27 121.36 10.9 1.9 2.0% 4 SAUDI TELECOM COMPANY SJSC SA 35,874 67.25 2.7% -7.2% 74.00 51.00 15.8 2.3 0.0% 5 AL RAJHI BANKING & INVESTMENT CORP 6 SAUDI ELECTRICITY CO SJSC SA 28,064 64.75 0.8% 2.8% 67.50 48.60 0.0 2.0 3.5% SA 25,838 23.25 -3.1% 3.8% 25.80 14.30 46.0 1.6 3.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 21,231 39.80 -1.5% -6.6% 46.30 32.00 8.5 1.4 4.0% 8 INDUSTRIES QATAR QSC QA 18,693 112.50 -5.9% -4.3% 122.00 94.50 23.0 2.0 0.0% 9 DP WORLD LTD AE 18,044 21.74 2.7% 24.2% 22.25 15.53 18.2 2.1 1.4% 10 JABAL OMAR DEVELOPMENT CO SJSC SA 17,105 69.00 4.5% -7.7% 76.00 46.00 83.9 6.3 0.0% 11 EMIRATES ISLAMIC BANK PJSC AE 16,266 11.00 -7.9% 0.0% 11.95 1.57 452.3 8.9 0.0% 12 FIRST GULF BANK PJSC AE 15,501 12.65 -7.3% -1.6% 14.00 10.50 9.6 1.5 7.9% 13 ALMARAI CO SJSC SA 14,830 69.50 1.8% 1.5% 71.00 50.00 0.0 4.2 0.0% 14 EMAAR PROPERTIES PJSC AE 14,603 7.49 0.5% 5.0% 7.79 5.76 10.2 1.3 2.0% 15 NATIONAL BANK OF ABU DHABI PJSC AE 14,524 10.15 -3.3% 1.6% 10.90 7.60 10.7 1.1 4.4% 16 NATIONAL BANK OF KUWAIT SAKP KW 13,851 750.00 1.4% 15.4% 760.00 550.00 14.5 1.3 4.0% 17 EMIRATES NBD BANK PJSC AE 12,485 8.25 0.1% -2.8% 9.00 7.56 6.9 0.8 4.8% 18 SAUDI ARABIAN MINING CO SJSC SA 12,404 39.80 -1.7% 2.1% 43.80 27.80 116.1 1.7 0.0% 19 EZDAN HOLDING GROUP QSC QA 11,212 15.39 1.1% 0.0% 20.24 14.63 22.5 1.4 0.0% 20 SAMBA FINANCIAL GROUP SJSC SA 11,096 20.80 -2.8% -14.6% 25.20 15.90 8.3 1.0 4.6% 21 KINGDOM HOLDING CO SA 10,774 10.90 -2.7% -8.8% 13.15 9.90 79.2 1.4 0.0% 22 KUWAIT FINANCE HOUSE KSCP KW 10,650 620.00 1.6% 14.8% 630.00 431.82 15.7 1.8 2.7% 23 ABU DHABI COMMERCIAL BANK PJSC AE 9,682 6.84 -3.5% -0.9% 7.68 5.66 8.9 1.2 5.8% 24 EMAAR MALLS GROUP PJSC AE 9,356 2.64 0.8% 0.8% 3.10 2.48 18.3 2.1 3.8% 25 OOREDOO QSC QA 8,886 101.00 -4.7% -0.8% 116.10 81.50 14.8 1.5 3.5% 26 MASRAF AL RAYAN QSC QA 8,621 41.85 4.4% 11.3% 43.35 32.10 15.1 2.5 4.8% 27 YANBU NATIONAL PETROCHEMICALS CO SA 8,439 56.25 0.4% 4.2% 59.75 37.00 13.7 1.9 5.3% 28 RIYAD BANK SJSC SA 8,402 10.50 -1.4% -9.1% 11.80 8.55 9.4 0.8 6.2% 29 SAUDI BRITISH BANK SJSC SA 8,302 20.75 0.7% -17.0% 25.90 16.40 8.0 1.0 3.4% 30 BANQUE SAUDI FRANSI SJSC SA 7,794 24.25 1.0% -7.1% 27.80 18.00 8.3 1.0 4.3% 31 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,557 68.00 -3.2% -9.3% 82.00 58.00 26.8 4.1 3.7% 32 EMIRATES INTEGRATED TELECOMM AE 7,556 6.07 1.2% -2.1% 6.99 5.56 15.8 3.5 5.6% 33 DUBAI ISLAMIC BANK PJSC AE 7,509 5.58 -10.7% 0.2% 6.29 4.90 8.3 1.1 8.1% 34 QATAR ELECTRICITY AND WATER CO QSC QA 6,637 219.70 -2.4% -3.2% 247.90 194.20 15.7 2.9 3.4% 35 QATAR ISLAMIC BANK SAQ QA 6,620 102.00 0.0% -1.8% 117.00 91.00 11.9 1.3 4.7% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , March 19, 2017 Top 50 MENA Stocks by Market Capitalization — Continued (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 36 MOBILE TELECOMMUNICATIONS CO KW 6,168 435.00 -9.4% 6.1% 520.00 320.00 10.8 1.3 8.0% 37 ALINMA BANK SJSC SA 5,841 14.60 -1.0% -3.3% 15.50 10.75 14.5 1.1 3.4% 38 AHLI UNITED BANK BSC BA 5,530 0.81 2.5% 25.8% 0.82 0.60 9.6 1.3 5.6% 39 QATAR INSURANCE CO SAQ QA 5,522 72.50 -0.1% -1.7% 79.74 60.87 18.6 2.4 1.8% 40 SAVOLA GROUP COMPANY SJSC SA 5,468 38.40 2.9% -4.2% 44.90 27.80 NULL 2.4 0.0% 41 ARAB NATIONAL BANK SA 5,281 19.80 -2.0% -10.6% 22.50 14.25 6.9 0.9 4.5% 42 ALDAR PROPERTIES PJSC AE 5,053 2.36 -1.7% -10.3% 2.99 2.25 6.7 0.8 4.7% 43 MESAIEED PETROCHEMICAL HOLDING CO QA 5,038 14.60 -6.6% -7.6% 21.00 14.42 18.4 1.3 4.1% 44 COMMERCIAL INTERNATIONAL BANK EG 5,012 78.41 9.1% 7.3% 82.29 37.80 17.9 4.2 0.6% 45 DAMAC PROPERTIES DUBAI CO PSC AE 4,711 2.86 -2.7% 13.0% 2.97 1.91 4.7 1.4 0.0% 46 ETIHAD ETISALAT CO SJSC SA 4,457 21.70 1.6% -9.6% 32.20 16.40 NULL 1.1 0.0% 47 MAKKAH CONSTRUCTION AND DEV SA 4,374 99.50 8.4% 9.9% 100.00 78.50 54.9 1.9 2.5% 48 EMAAR THE ECONOMIC CITY SJSC SA 3,922 17.30 -12.4% 0.9% 20.25 10.90 153.6 1.7 0.0% 49 MASHREQBANK PSC AE 3,867 80.00 6.7% 29.0% 100.05 59.95 7.4 0.8 5.0% 50 NATIONAL SHIPPING COMPANY OF KSA SA 3,749 35.70 -1.9% -17.7% 48.50 28.30 8.0 1.4 7.0% Company Name Total MCap; Weighted Avg Div Yield 658,719 3.1% Data and News 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. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization's estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. Copyright © 2015 Al Masah Capital Management Limited 7