MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , July 10, 2016 Economic & Market News Reuters: U.S. job growth surged in June as factories and retailers boosted hiring, confirming the economy has regained speed after a fi rst-quarter lull, but tepid wage growth could see the Fed still cautious about hiking interest rates. Non-farm payrolls increased by 287,000 jobs last month, the largest gain since last October. Wage growth remains sluggish even as the labor market tightens as average hourly earnings increased only two cents or 0.1% in June. The year-on-year gain in earnings rose to 2.6% after advancing 2.5% in May. The strong rebound in June payrolls added to data on consumer spending and housing in suggesting that economic growth accelerated from the first-quarter's anemic 1.1% annualized rate. The Atlanta Fed is currently forecasting the economy growing at a 2.4% pace in the second quarter. Job gains averaged 282,000 per month in the fourth quarter, but employment has increased by an average of only 171,500 jobs per month in the first half of this year. The labor force participation rate , or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of percentage point to 62.7%. A broad measure of unemployment that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment fell to 9.6% from 9.7% in May. Reuters: Saudi Arabia's economy expanded at its slowest rate in three years during the first quarter of 2016 as low oil prices forced the government to cut spending and raise costs for industry. GDP adjusted for inflation, grew 1.5% from a year earlier between January and M arch, down from a revised growth rate of 1.8% in the fourth quarter of 2015. It was the slowest growth since 0.3% in the first quarter of 2013. The oil sector expanded 5.1% in the first quarter of this year as the world's biggest oil exporter increased its production of crude and exported more refined products. But the non-oil sector shrank 0.7%, its worst performance in at least five years. Within the non-oil part of the economy, the private sector grew just 0.2% in the first quarter while the government sector shrank 2.6%. Al Masah Capital: An abbreviated trading week as regional markets closed for the Eid holidays. Any activity in the two days that the markets we re open was done on very low volumes. This coming week will be a better indicator of what direction July will take after June en ded with Brexit and reintroduced volatility, risk aversion and heightened investor uncertainty. Regional markets will be looking for further signs as to the global impact of Brexit and its impact on regional economies. While the global world adjusts and adapts, regional investors will also look towards th e price of oil as another indicator for short term direction. Unable to settle above $50, oil has come back towards the mid 40’s so either a test of $4 0 or a move back towards $50 could have a residual impact on local markets. We remain in the middle of summer so trading volumes will continue to be below average; with uncertainty on the rise, many investors may choose to sit on the sidelines while others may take this opportunity to start building new positions. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 46.76 -7.13% -5.88% 25.43% 2.80 -6.23% -4.21% 19.85% 1.83% 3.38% 28.80% Dubai (DFMGI) 3,371.22 1.82% 1.82% 6.99% Oil (Brent) Abu Dhabi (ADSMI) 4,575.84 1.74% 1.74% 6.24% Natural Gas Saudi (SASEIDX) Closed Closed Closed -5.96% Gold 1366.40 Kuwait (KWSE) 5,389.60 0.47% 0.47% -4.02% Silver 20.26 2.66% 8.41% 46.51% Egypt (EGX30) 7,182.80 3.46% 3.46% 2.52% EURUSD 1.11 -0.75% -0.47% 1.77% Qatar (DSM) 9,980.11 0.96% 0.96% -4.31% GBPUSD 1.30 -2.32% -2.65% -12.10% Bahrain (BHSEIDX) 1,152.49 3.05% 3.05% -5.21% USDJPY 100.53 -1.93% -2.63% -16.43% Oman (MSM30) 5,811.82 0.60% 0.60% 7.50% USDCHF 0.98 1.04% 0.70% -1.91% TR GCC (Reuters) 192.15 1.15% 1.15% -1.18% AUDUSD 0.76 0.99% 1.57% 4.01% DJ MENA 481.36 0.67% 0.65% -3.33% USDCAD 1.30 0.98% 0.92% -5.76% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 18,146.74 1.10% 1.21% 4.14% 1 Month 0.474 2.00% -0.362 0.75% S&P 500 2,129.90 1.28% 1.48% 4.21% 2 Month 0.555 1.14% -0.329 1.19% NASDAQ 4,528.36 2.05% 2.51% -1.41% 3 Month 0.665 1.62% -0.304 2.95% 327.35 -1.47% -0.77% -10.51% 6 Month 0.935 1.18% -0.192 3.63% FTSE 100 6,590.64 0.19% 1.33% 5.58% 12 Month 1.247 1.34% -0.069 17.44% DAX 9,629.66 -1.50% -0.52% -10.36% CAC 40 4,190.68 -1.95% -1.10% -9.63% Nikkei 225 15,106.98 -3.67% -3.01% -20.63% SENSEX 27,126.90 -0.07% 0.47% 3.86% Shanghai Composite 2,988.09 1.90% 2.00% -15.57% Hang Seng 20,564.17 -1.11% -1.11% -6.16% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , July 10, 2016 Economic & Market News (continued) Reuters: The IMF cut its Eurozone growth outlook for the next two years over uncertainties sparked by Britain's vote to leave the Eu ropean Union, and warned that the conditions could worsen if confusion continues to reign in financial markets. In its annual policy review, the IMF said it now expects 2016 growth of 1.6%, down from the previous forecast of 1.7%, while the 2017 growth forecast will drop to 1.4% from 1.7% previously. The IMF said a further global growth slowdown could derail the euro area's domestic demand-led recovery, and further Brexit spillovers, the refugee surge, increased security concerns and banking weakness all could take their toll on growth. The IMF has not fully calculated the drag on growth that would result from a full arm's-length relationship that would revert Britain's EU status to basic World Trade Organization tariff and access rules. Reuters: Government funding support for petroleum products, notably in the form of subsidy on motor fuels, slumped 57.8% to OMR 479. 3 million last year, down from a record high of OMR 1,134.6 million in 2014, according to the Central Bank of Oman (CBO). Since February this year, fuel subsidies have been all but phased out following the government's decision to introduce a market-linked pricing mechanism for petrol and diesel. Significantly, subsidy allocations towards fuel products had been on the uptrend over the past several years in line with burgeoning demand growth. In contrast, government funding support for the electricity sector soared a hefty 42.8% to OMR 386.4 million in 2015, up from OMR 270.6 million a year earlier. Government grants surged from OMR 172.1 million in 2011 to OMR 252.6 million a year later, spiralling to OMR 320.5 million in 2013, before falling to OMR 270.6 million in 2014. In addition to rolling back fuel subsidies, the government has also affirmed its intention to increase corporate tax by three per cent, boost fees in select areas such labour clearance issuance, and also introduce Value Added Tax (VAT) and potentially excise tax as well. Reuters: China reported a surprise increase in June foreign exchange reserves on Thursday, but analysts said they could fall again in coming months if the weakening yuan triggers more capital outflows. Even as the yuan slides to 5-1/2 year lows against the dollar and the economy struggles, official data suggest speculative capital flight is under control for now, thanks to the country's capital controls. But analysts and financial markets widely expect the yuan to weaken further in coming months, risking a surge in outflows like those seen in 2015 and early this year. China's foreign exchange reserves rose USD13.4 billion in June to USD3.21 trillion, recovering from a five-year low in May, central bank data showed on Thursday. June's increase was the biggest in 14 months. Economists polled by Reuters had predicted reserves would fall USD20 billion to USD3.17 trillion, reckoning on sharp drops in the value of China's sterling and euro holdings following Britain's shock vote last month to leave the European Union. But the turmoil which followed also boosted safe-haven currencies such as the dollar and the yen. The People's Bank of China (PBOC) was willing to let the yuan fall to 6.8 to the dollar by the end of the year to support the economy. That would mark a depreciation of 4.5% in 2016, matching last year's record decline. There is little doubt that the flows remain much more manageable than in late-2015 and early-2016, when China was witnessing outflows of over USD120 billion per month. US Government Bonds - Yield to Maturity (%) 3 2.248 2.106 2 1.461 1.007 1 0.261 0.233 0.348 0.287 0.259 0.613 0.597 0.470 0.445 0.371 1.365 0.952 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 12 13.4 13.5 9.3 1.5 1.1 1.3 Jul-16 240.2 193.5 1.4 Jun-16 Apr-16 8.2 300 1.2 May-16 Mar-16 Jan-16 Feb-16 381.7 9.7 9.2 Dec-15 Oct-15 489.6 12.3 8 4 Jul-15 5-Year CDS Rates (basis points) PB 600 12.4 11.4 Nov-15 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Jul-16 Sep-15 Nikkei 225 May-16 Aug-15 Mar-16 Jun-15 TR MENA Jan-16 Apr-15 Nov-15 May-15 STOXX Europe 600 Sep-15 Mar-15 Jul-15 Jan-15 S&P 500 May-15 Feb-15 Mar-15 Dec-14 Dec-14 Oct-14 Oct-14 Nov-14 0 60 1.5 0.8 1.1 179.2 107.9 89.2 1.5 - 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 , July 10, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 102.38 102.88 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 1.91 1.98 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.51 1.51 AA 114.00 114.11 United States of America US TREASURY N/B USD 31/05/2020 1.50 0.84 0.85 AAA 102.51 102.53 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.17 0.16 AA 116.71 116.73 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.76 104.18 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.93 2.97 119.05 119.70 United States of America US TREASURY N/B USD 15/05/2025 2.13 1.31 1.32 AAA 106.76 106.79 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.53 3.53 AA 167.88 168.88 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 8.17 8.18 B 86.47 88.22 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.09 2.10 AAA 119.70 119.75 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.43 7.43 BB+ 83.16 84.14 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 1.13 1.13 A+ 101.00 101.05 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.00 2.00 A3 110.50 110.60 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.42 2.42 A3 111.64 111.80 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.07 2.06 A+ 114.49 115.24 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 2.80 2.97 Baa2 101.02 101.48 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.19 2.19 AA 110.75 111.50 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.15 2.15 AA 103.50 104.25 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 1.88 1.88 A+ 107.50 107.88 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.78 1.79 A3 99.84 100.11 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.29 3.30 A2 104.78 105.53 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.76 3.72 Baa2 105.50 107.00 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.11 3.13 A3 104.69 105.06 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.19 4.19 A+ 111.63 112.50 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.71 4.71 A+ 112.14 112.34 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.84 5.84 BBB- 112.18 113.18 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.87 6.58 98.25 99.25 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.67 5.35 102.60 103.60 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , July 10, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.4723 0.7121 N/A 1.1290 1.3467 1.6446 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.44 0.42 0.80 0.91 1.00 1.15 1.27 1.65 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.44 1.67 1.89 2.03 2.22 2.60 3.14 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 2.10 2.22 2.32 2.38 2.48 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.49 0.38 1.31 1.79 1.73 2.09 2.27 2.62 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.40 2.67 2.80 2.99 3.07 3.29 3.65 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 0.12 0.31 0.47 1.06 1.01 1.14 1.33 2.25 1.68 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.36 1.46 1.56 2.00 1.75 1.8900 2.1200 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 2.04 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 Bahrain 1.47 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.50 1.02 0.95 1.10 1.23 1.75 2.01 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.70 0.85 1.35 1.50 1.80 1.95 2.03 2.25 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.50 0.75 2.25 2.25 Interest Rates Swap Rates 12 Months 1 Week QCB Interest Rates BHIBOR 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.25 2.40 2.55 2.65 2.76 2.94 3.22 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , July 10, 2016 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Dubai Abu Dhabi Close * WTD % YTD % Mkt. Cap. (AED mln) COMMERCIAL BANK OF DUBAI PSC 5.20 -7.14% -17.46% 14,574 MARKA PJSC 1.13 -2.59% -5.83% 565 Close * WTD % YTD % Mkt. Cap. (AED mln) ABU DHABI SHIP BUILDING PJSC 2.39 -9.13% -17.59% 507 BANK OF SHARJAH PJSC 1.39 -3.47% -9.74% 2,919 3,600 RAK PROPERTIES PJSC 0.59 -1.67% 7.27% 1,180 1,005 WAHA CAPITAL PJSC 1.96 -0.51% -9.26% 3,811 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 39.00 -15.22% -22.00% 3 Close * WTD % YTD % Mkt. Cap. (AED mln) DAR AL TAKAFUL PJSC 0.99 17.50% 133.33% 99 ARABTEC HOLDING PJSC 1.43 5.15% 14.40% 6,599 DUBAI ISLAMIC BANK PJSC 5.35 4.70% -5.17% 26,440 TAKAFUL EMARAT INSURANCE PJSC 2.06 4.57% 15.73% 409 AMLAK FINANCE PJSC 1.40 4.48% -0.71% 2,100 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) ARKAN BUILDING MATERIALS CO PJSC 1.00 13.64% 11.11% 1,750 AL KHAZNA INSURANCE CO PSC 0.42 13.51% 44.83% 176 ABU DHABI NATIONAL HOTELS CO 3.60 11.11% 24.14% EMIRATES INSURANCE CO PSC 6.70 10.67% 10.67% ABU DHABI NATIONAL INSURANCE CO 2.20 10.00% -23.61% 825 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Top Gainers Top Losers Top Losers Top Losers Market Remained Closed Egypt Kuwait Saudi Market Remained Closed Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) SULTAN CENTER FOOD PRODUCTS CO 61.00 10.91% -8.96% 35 FLEX RESORTS AND REAL ESTATE CO KUWAIT REAL ESTATE HOLDING CO 24.00 9.09% -2.04% 5 KUWAIT RESORTS COMPANY KPSC 81.00 -10.00% -18.18% 16 AL MAL INVESTMENT COMPANY KPSC 29.00 7.41% -10.77% 19 UNITED FOODSTUFF INDUSTRIES GRP 130.00 -7.14% -7.14% 4 AJWAN GULF REAL ESTATE CO KSCP 31.00 6.90% 16.98% 3 AUTOMATED SYSTEMS CO KPSC 335.00 -6.94% 11.67% 17 SANAM REAL ESTATE COMPANY KSCP 32.00 6.67% -28.09% 4 CREDIT RATING AND COLLECTION CO 50.00 -5.66% 19.05% 8 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) GENERAL CO FOR SILOS AND STORAGE 31.72 18.14% 46.38% 317 EL WADI CO FOR TOURISTIC INVEST 8.54 -18.28% -5.64% 155 SOUHAG NATIONAL CO FOOD INDUST 48.94 12.30% 53.90% - GOLDEN COAST EL SOKHNA COMPANY 12.42 -12.96% -4.17% 62 EGYPTIAN MEDIA PRODUCTION CITY 2.97 10.82% 18.33% 563 ISLAMIC GHARBIA CO FOR DEVELOPED 5.29 -10.79% 17.29% 30 MINAPHARM PHARMACEUTICALS SAE 45.32 10.00% 49.28% 557 ALEXANDRIA NATIONAL COMPANY 5.95 -8.88% -47.72% 16 NOZHA INTERNATIONAL HOSPITAL 42.59 9.82% 37.65% 256 INTEGRATED ENGINEERING GROUP 0.44 -8.33% -25.71% 26 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) ISLAMIC HOLDING GROUP QSC 69.00 11.29% -12.33% 391 ZAD HOLDING CO SAQ 82.10 -9.18% -3.18% 1,769 MANNAI CORPORATION QSC 89.90 5.76% -5.67% 4,102 QATAR GENERAL INSU & REINSU CO 46.10 -5.92% -0.76% 4,035 QATARI INVESTORS GROUP QSC 48.50 5.32% 28.65% 6,030 QATAR INSURANCE CO SAQ 72.40 -1.76% 4.13% 17,458 WIDAM FOOD CO QSC 64.70 5.03% 22.54% 1,165 DOHA INSURANCE CO QSC 19.50 -0.51% -7.14% 975 QATAR OMAN INVESTMENT CO QSC 11.22 3.89% -8.78% 354 DOHA BANK QSC 35.20 -0.42% -20.90% 9,097 Qatar Top Gainers Data and News Source: Thomson Reuters Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , July 10, 2016 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 CORP SJSC SA 64,798 81.00 2 EMIRATES TELECOMMUNICATIONS GROUP AE 44,870 18.95 -1.2% 5.5% 105.75 59.50 13.3 1.5 6.8% 0.0% 17.7% 19.10 11.40 19.9 4.0 4.2% 3 SAUDI TELECOM CO SJSC SA 34,266 64.25 2.4% -5.9% 73.25 52.75 14.1 2.2 6.2% 4 QATAR NATIONAL BANK SAQ QA 32,685 141.70 1.2% -2.8% 163.17 122.50 10.4 2.0 1.7% 5 AL RAJHI BANKING AND INVESTMENT CORP SA 25,241 58.25 -0.4% 12.0% 66.25 44.70 12.4 2.0 2.6% 6 SAUDI ELECTRICITY CO SJSC SA 21,555 19.40 18.3% 23.2% 21.80 12.40 38.3 1.4 3.6% 7 NATIONAL COMMERCIAL BANK SJSC SA 21,333 40.00 -1.7% -21.6% 67.75 36.60 8.8 1.4 3.9% 8 INDUSTRIES QATAR QSC QA 16,320 98.20 0.2% -11.6% 137.90 88.00 14.2 1.9 5.1% 9 FIRST GULF BANK PJSC AE 15,743 12.85 2.0% 1.6% 15.75 9.90 9.9 1.8 7.8% 10 JABAL OMAR DEVELOPMENT CO SJSC SA 15,552 62.75 10.1% 13.1% 77.00 40.80 - 6.2 0.0% 11 NATIONAL BANK OF ABU DHABI PJSC AE 14,680 10.35 7.1% 30.0% 11.00 6.86 11.1 1.3 4.3% 12 DP WORLD LTD AE 14,110 17.00 2.5% -16.3% 23.90 16.05 16.7 1.6 1.8% 13 EZDAN HOLDING GROUP QSC QA 13,298 18.25 1.8% 14.8% 20.00 12.10 28.1 1.6 2.7% 14 EMIRATES NBD BANK PJSC AE 12,574 8.31 0.1% 12.3% 10.95 6.25 6.9 0.9 4.8% 15 EMAAR PROPERTIES PJSC AE 12,339 6.33 2.1% 11.2% 8.16 4.22 10.6 1.2 2.4% 16 ALMARAI CO SJSC SA 11,680 54.75 0.0% -6.7% 73.50 40.88 23.0 3.6 1.6% 17 SAUDI ARABIAN MINING CO SJSC SA 11,435 36.70 -4.2% 10.5% 45.20 25.70 83.6 1.6 0.0% 18 KINGDOM HOLDING CO SA 11,019 11.15 -6.3% -29.0% 21.85 9.80 61.5 1.6 4.5% 19 NATIONAL BANK OF KUWAIT SAKP KW 10,838 580.00 -1.7% -22.0% 808.65 560.00 11.9 1.1 4.8% 20 SAMBA FINANCIAL GROUP SJSC SA 10,666 20.00 -5.7% -14.3% 27.60 17.55 7.7 1.0 4.5% 21 EMAAR MALLS GROUP PJSC AE 10,169 2.87 1.8% 4.0% 3.33 2.02 21.3 2.3 3.5% 22 ABU DHABI COMMERCIAL BANK PJSC AE 9,522 6.25 3.3% -5.2% 8.91 5.20 7.1 1.2 7.2% 23 RIYAD BANK SJSC SA 8,720 10.90 -1.4% -12.1% 16.85 10.70 8.1 0.9 6.4% 24 SAUDI BRITISH BANK SJSC SA 8,160 20.40 -1.2% -17.6% 34.50 19.00 7.0 1.1 3.7% 25 EMIRATES INTEGRATED TELECOM CO PJSC AE 8,028 6.45 0.9% 26.5% 6.84 4.65 15.2 4.0 6.7% 26 KUWAIT FINANCE HOUSE KSCP KW 7,994 460.00 1.1% -6.3% 590.91 395.45 15.8 1.4 3.4% 27 OOREDOO QSC QA 7,858 89.30 1.0% 19.1% 96.10 60.00 11.5 1.3 3.4% 28 BANQUE SAUDI FRANSI SJSC SA 7,230 22.50 5.6% -19.6% 36.10 20.70 6.7 0.9 4.7% 29 DUBAI ISLAMIC BANK PJSC AE 7,199 5.35 4.7% -5.2% 7.00 4.51 6.4 1.2 7.7% 30 MASRAF AL RAYAN QSC QA 7,026 34.10 0.3% -9.3% 46.10 28.60 12.2 2.3 5.1% 31 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,611 59.50 -5.2% -28.1% 122.75 58.00 13.6 3.7 10.1% 32 MESAIEED PETROCHEMICAL HOLDING CO QA 6,454 18.70 0.0% -3.6% 24.19 14.01 19.9 1.7 3.7% 33 QATAR ELECTRICITY AND WATER CO QSC QA 6,436 213.00 2.4% -1.6% 228.80 175.10 15.6 3.4 3.5% 34 QATAR ISLAMIC BANK SAQ QA 6,296 97.00 1.0% -9.1% 121.00 75.10 11.2 1.5 4.4% 35 YANBU NATIONAL PETROCHEMICALS CO SA 6,240 41.60 -2.1% 28.0% 56.75 23.80 17.7 1.5 4.8% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , July 10, 2016 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 ALDAR PROPERTIES PJSC AE 5,758 2.69 0.0% 15.9% 2.83 1.81 8.1 1.1 3.7% 37 ETIHAD ETISALAT CO SJSC SA 5,605 27.30 0.0% -3.2% 33.40 18.85 - 1.3 0.0% 38 COMMERCIAL INTL BANK EGYPT SAE EG 5,269 40.55 1.8% 6.5% 46.70 28.90 10.0 3.2 1.8% 39 ALINMA BANK SJSC SA 5,220 13.05 -1.1% -11.5% 23.35 11.80 12.8 1.1 3.8% 40 SAVOLA GROUP CO SJSC SA 5,212 36.60 -2.4% -26.5% 76.25 29.40 12.8 1.9 5.5% 41 ARAB NATIONAL BANK SA 5,160 19.35 2.9% -18.2% 34.90 17.75 6.6 0.9 5.2% 42 ORASCOM CONSTRUCTION INDUSTRIES EG 5,117 217.47 0.0% -9.4% 270.00 195.01 - - 0.0% 43 MOBILE TELECOMMUNICATIONS CO KW 4,878 340.00 1.5% -2.9% 440.00 320.00 8.8 0.9 8.8% 44 QATAR INSURANCE CO SAQ QA 4,795 72.40 -1.8% 4.1% 91.99 58.50 14.1 3.1 2.9% 45 AHLI UNITED BANK BSC BA 4,377 0.64 0.0% -3.3% 0.68 0.59 7.8 1.2 6.7% 46 NATIONAL SHIPPING OF SAUDI ARABIA JSC SA 4,063 38.70 -5.8% -17.0% 55.00 29.70 7.2 1.5 6.5% 47 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 48 COMMERCIAL BANK OF DUBAI PSC AE 3,968 5.20 -7.1% -17.5% 7.10 4.65 14.4 1.8 3.8% 49 MAKKAH CONSTRUCTION & DEVELOPMNT SA 3,934 89.50 3.5% -3.8% 98.75 63.25 47.5 2.3 2.8% 50 QATAR FUEL QSC QA 3,874 154.60 2.3% 13.2% 162.00 100.00 11.2 2.2 4.5% Company Name Total MCap; Weighted Avg Div Yield 6,00,192 4.3% 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