MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , July 31, 2016 Economic & Market News Reuters: OPEC's oil output is likely in July to reach its highest in recent history, according to a Reuters survey as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations. Supply from the OPEC has risen to 33.41 million barrels per day (bpd) in July from a revised 33.31 million bpd in June, according to the survey based on shipping data and information from industry sources. The increase in OPEC production has added to downward pressure on prices. Oil has fallen from a 2016 high near USD53 a barrel in June to USD 42 as of Friday, pressured also by concern about weaker demand. OPEC's production could rise even further should talks to reopen some of Libya's oil facilities succeed. OPEC's output has climbed due to the return of former member Indonesia in 2015 and another, Gabon, this month, skewing historical comparisons. In July, the biggest increase of 90,000 bpd has come from Iraq, which has exported more barrels from its southern and northern ports despite a pipeline leak that restrained southern exports. Nigeria, where output has been hit by militant attacks on oil facilities, has nonetheless exported slightly more in July than June, the survey found, although crude exports remain significantly below the 2 million bpd seen in early 2016. Reuters: The Federal Reserve left interest rates unchanged, but said near-term risks to the US economic outlook had diminished, opening the door to a resumption of monetary policy tightening this year. The US central bank said the economy had expanded at a moderate rate and job gains were strong in June. It added that household spending also had been "growing strongly," and pointed to an increase in labour utilization. While Fed policymakers said they continued to closely monitor inflation data and global economic and financial developments, they indicated less worry about possible shocks that could push the economy off course. The Fed noted, however, that inflation expectations were on balance little changed in recent months, and gave no firm indication of whether it would raise rates at its next policy meeting in September. Most Fed policymakers had urged caution in raising rates until there was concrete progress in moving inflation towards the central bank's 2% target. The Fed's preferred inflation rate currently stands at 1.6% and has been below target for more than four years. Zawya: Qatar is estimated to run a budget deficit of USD 8 bn, equivalent to 5% of GDP in 2016, the smallest among the GCC countries. Yet, given that the country's budget planners calculated oil at USD 48, Qatar's deficit may increase further, latest World Bank report on crashing oil prices noted. The World Bank's "Mena quarterly economic brief for July" noted that the GCC countries lost USD 157 bn in oil revenues last year and is expected to lose another USD 100 bn this year. In the Mena region, Saudi Arabia has depleted USD 178 bn in reserves, followed by Algeria (USD 28 bn), and Iraq (USD 27 bn) in 2015. The World Bank report which acknowledged Qatar's ambitious reform goals noted the country was restructured in January 2016 as part of the plan to counter the impact of the oil price shock to its economy. The report predicts that the world oil market will work through its current oversupply and rebalance in early 2020 at market-clearing prices that will be in the range of USD 53 to USD 60 a barrel, close to the marginal cost of the last producer, US shale oil producers. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,519.27 -0.70% 6.29% 11.69% Oil (Brent) 42.46 -7.07% -14.53% 13.89% Abu Dhabi (ADSMI) 4,593.58 0.08% 2.13% 6.65% Natural Gas 2.88 3.56% -1.64% 23.06% Saudi (SASEIDX) 6,335.59 -4.02% -2.53% -8.34% Gold 1350.59 2.16% 2.18% 27.30% Kuwait (KWSE) 5,460.73 1.29% 1.79% -2.75% Silver 20.31 3.60% 8.67% 46.85% 1.12 1.80% 0.59% 2.85% Indexes Commodities & FX Egypt (EGX30) 8,030.85 7.99% 15.68% 14.63% EURUSD Qatar (DSM) 10,652.31 1.12% 7.76% 2.14% GBPUSD 1.32 0.92% -0.60% -10.26% Bahrain (BHSEIDX) 1,160.05 -0.03% 3.73% -4.59% USDJPY 102.05 -3.78% -1.16% -15.17% Oman (MSM30) 5,854.39 0.62% 1.33% 8.29% USDCHF 0.97 -1.83% -0.73% -3.29% 0.76 1.80% 1.95% 4.40% 1.30 -0.73% 0.81% -5.86% TR GCC (Reuters) 198.78 0.53% 4.64% 2.23% AUDUSD DJ MENA 485.37 -1.17% 1.49% -2.52% USDCAD Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 18,432.24 -0.75% 2.80% 5.78% 1 Month 0.494 1.21% -0.369 -0.12% S&P 500 2,173.60 -0.07% 3.56% 6.34% 2 Month 0.601 3.51% -0.333 -0.34% NASDAQ 4,730.23 1.38% 7.07% 2.98% 3 Month 0.757 5.80% -0.303 -0.37% 341.89 0.46% 3.64% -6.54% 6 Month 1.092 5.83% -0.191 -1.26% FTSE 100 6,724.43 -0.09% 3.38% 7.72% 12 Month 1.420 4.49% -0.064 5.39% DAX 10,337.50 1.87% 6.79% -3.77% CAC 40 4,439.81 1.34% 4.77% -4.25% Nikkei 225 16,569.27 -0.35% 6.38% -12.95% SENSEX 28,051.86 0.89% 3.90% 7.41% Shanghai Composite 2,979.34 -1.11% 1.70% -15.82% Hang Seng 21,891.37 -0.33% 5.28% -0.11% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , July 31, 2016 Economic & Market News (continued) Bloomberg: Euro-area economic confidence unexpectedly improved in July in a sign that the immediate impact on growth of Britain’s surprise vote to leave the European Union may be muted. An index of business and consumer confidence rose to 104.6 in July from 104.4 the previous month. Sentiment improved across most sectors in July, with a gauge of confidence in industry rising to the highest since December. Consumers were less optimistic than in June. Unemployment fell in both Germany and Spain. The jobless rate in Germany remained at a record low of 6.1% in July. In Spain, it fell to 20% in the second quarter, the lowest in almost six years. Euro-area economic growth probably slowed to 0.3% in the three months through June from 0.6% in the previous quarter. The U.K. economy had a stronger-than-expected performance before Britons voted to opt out, with gross domestic product rising 0.6% in the April-June period after 0.4%. The pickup may mark the end of more than three years of uninterrupted growth economists predict a mild recession in the second half of 2016. Zawya: Reforms have helped Saudi Arabia strengthen the financial system while the banking sector is well positioned to weather low oil prices and slower growth, according to IMF. The IMF welcomed the ambitious reform goals announced by the authorities in Vision 2030 and the NTP, and underscored the importance of clear prioritization and sequencing of the planned reforms to reduce implementation risks and give the economy time to adjust. They supported the authorities' plan to increase the role of the private sector in the economy by focusing on privatization and public-private partnerships, improve the business environment, develop local capital markets, encourage FDI, and support small and medium enterprises. According to the report, real GDP growth is expected to slow to 1.2% in 2016, but recover to 2% in 2017 as the pace of fiscal consolidation eases and to settle around 2.25% to 2.5% over the mediumterm. Inflation has risen in recent months to over 4% as energy and water prices have been increased, and is expected to ease to 2% in 2017, according to the IMF. Reuters: The Bank of Japan expanded stimulus by doubling purchases of exchange-traded funds (ETF), yielding to pressure from the government and financial markets for bolder action, but disappointing investors who had set their hearts on more audacious measures. The central bank, however, said it will conduct a thorough assessment of the effects of negative interest rates and its massive asset-buying program in September, suggesting that a major overhaul of its stimulus program may be forthcoming. The BOJ decided to increase ETF purchases so its total holdings increase at an annual pace of JPY 6 trillion (USD58 billion), up from the current JPY 3.3 trillion. The decision was made by a 7-2 vote. But the BOJ maintained its base money target at JPY 80 trillion, as well as keeping to the existing pace of purchasing other assets including Japanese government bonds. It left unchanged the 0.1% interest it charges on a portion of excess reserves that financial institutions park with the central bank. US Government Bonds - Yield to Maturity (%) 3 2.289 2.182 2 1.568 1.120 1 0.274 0.317 0.177 0.429 0.259 0.537 0.376 0.707 1.458 1.033 0.667 0.499 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 13.3 10.0 Jul-16 Jun-16 Apr-16 May-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Jul-15 5-Year CDS Rates (basis points) PB 600 13.2 11.5 Nov-15 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Jul-16 Sep-15 Nikkei 225 May-16 Aug-15 TR MENA Mar-16 Jun-15 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 60 489.3 12.3 10.4 386.2 8.2 300 8 239.3 188.3 4 1.3 1.4 1.5 - - 1.5 1.6 - 0.8 1.1 1.5 178.1 106.9 87.2 - 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 31, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 102.13 102.63 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 2.03 1.86 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.40 1.40 AA 114.04 114.15 United States of America US TREASURY N/B USD 31/05/2020 1.50 0.90 0.91 AAA 102.26 102.29 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.11 0.12 AA 116.65 116.68 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.72 104.14 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.89 2.83 119.00 120.00 United States of America US TREASURY N/B USD 15/05/2025 2.13 1.41 1.42 AAA 105.88 105.91 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.55 3.55 AA 167.38 168.38 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.48 7.47 B 93.28 94.53 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.17 2.18 AAA 117.72 117.77 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.51 7.48 BB+ 82.44 83.34 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 1.07 1.07 A+ 100.75 100.80 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.02 2.02 A3 110.17 110.27 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.39 2.39 A3 111.55 111.71 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 1.99 1.95 A+ 114.50 114.80 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 2.87 3.02 Baa2 100.77 101.23 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.19 2.19 AA 110.63 111.38 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 1.96 1.96 AA 104.25 105.00 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 1.75 1.75 A+ 107.63 108.00 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.66 1.67 A3 100.50 100.77 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.14 3.16 A2 105.52 106.27 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.63 3.64 Baa2 106.38 106.88 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.02 3.04 A3 105.32 105.69 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.00 4.00 A+ 113.00 113.88 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.48 4.48 A+ 114.27 114.47 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.54 5.54 BBB- 116.07 117.07 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.61 6.62 99.00 100.00 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.45 5.39 103.38 104.38 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , July 31, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.4057 0.7100 N/A 1.1501 1.4087 1.7074 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.49 0.41 0.46 0.68 0.50 1.00 1.00 1.25 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.38 1.65 1.86 2.05 2.25 2.63 3.15 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 2.09 2.23 2.32 2.38 2.48 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.55 0.47 1.80 1.90 1.89 2.09 2.10 2.20 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.60 2.80 2.94 3.25 3.21 3.34 3.91 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.25 1.50 1.81 2.19 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.12 0.35 0.41 1.00 1.12 1.25 2.25 2.50 1.60 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.54 1.55 1.61 2.00 1.73 1.8400 2.0100 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 2.03 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 0.40 0.50 0.85 0.69 1.08 1.53 1.82 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 0.45 0.24 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 1.81 1.86 1.91 1.97 2.03 2.16 2.33 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , July 31, 2016 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) TAKAFUL EMARAT INSURANCE PJSC 2.94 -8.70% 65.17% 583 1,108 NATIONAL GENERAL INSURANCE CO 1.91 -5.91% -49.74% 286 31,542 MASHREQBANK PSC 66.10 -5.50% -19.39% 11,734 6.62% 6,767 DAR AL TAKAFUL PJSC 1.10 -5.17% 160.05% 110 16.89% 48,073 DRAKE AND SCULL INTERNATIONAL 0.54 -4.26% 29.81% 1,234 Close * WTD % YTD % Mkt. Cap. (AED mln) AL KHAZNA INSURANCE CO PSC 0.39 -31.58% 34.48% 164 NATIONAL CORP FOR TOURISM 4.05 -10.00% 21.50% 2,296 602 RAS AL KHAIMAH FOR WHITE CEMENT 1.10 -5.98% -21.99% 550 690 NATIONAL BANK OF RAS AL KHAIMAH 4.90 -5.41% -21.60% 8,213 -13.02% 580 METHAQ TAKAFUL INSURANCE CO 0.89 -5.32% 48.33% 133 WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) 45.10 13.32% 44.09% 1,128 ASEER TRADING TOURISM & MFG CO 15.85 -16.58% -32.12% 2,004 SAUDI UNITED COOP INSURANCE CO 15.40 8.45% 41.94% 616 ETIHAD ETISALAT CO SJSC 24.70 -13.94% -12.41% 19,024 BURUJ COOPERATIVE INSURANCE CO 18.85 6.50% 5.01% 471 AL KHALEEJ TRAINING & EDUCATION 23.10 -12.83% -33.04% 924 CITY CEMENT CO CJSC 15.50 5.44% 3.33% 2,933 HALWANI BROTHERS CO JSC 56.25 -12.79% -19.93% 1,608 COMPANY FOR COOP INSURANCE SJSC 91.75 1.94% 16.88% 9,177 DAR AL ARKAN REAL ESTATE DEVELOP 5.95 -12.50% -4.03% 6,428 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) NATIONAL CONSUMER HOLDING CO 40.00 220.00% -59.60% 4 KUWAIT NATIONAL CINEMA CO 960.00 -30.43% 4.35% 97 GULF GLASS MANUFACTURING CO 325.00 30.00% -27.04% 17 EQUIPMENT HOLDING COMPANY 55.00 -12.70% -5.17% 7 KAMCO INVESTMENT CO KSCP 98.00 24.05% -2.00% 26 NATIONAL PETROLEUM SERVICES CO 730.00 -12.05% 12.31% 42 AWJ HOLDING CO KSCP 75.00 17.19% -27.88% 13 KGL LOGISTICS COMPANY KPSC 70.00 -11.39% 20.69% 42 ACICO INDUSTRIES COMPANY KSCP 290.00 11.54% 3.22% 83 AUTOMATED SYSTEMS CO KPSC 244.00 -9.63% 22.00% 18 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) VODAFONE EGYPT TELECOM CO SAE 76.42 28.78% 114.96% - SAUDI EGYPTIAN INVESTMENT 56.13 -17.47% -2.45% 140 REAL ESTATE EGYPTIAN CONSORTIUM 7.33 27.04% 35.99% 60 ARAB ALUMINUM CO SAE 7.57 -9.01% -17.54% 43 NATIONAL COMPANY FOR HOUSING 9.11 20.82% -18.00% 146 EL EBOUR CO FOR REAL ESTATE INVES 3.06 -8.38% -23.50% 18 SAMAD MISR SAE 5.47 16.88% 101.85% 53 EL NASR FOR MFG AGRI CROPS SAE 7.24 -7.30% 9.37% 57 EGYPTIAN IRON AND STEEL CO SAE 6.14 15.85% 42.13% 2,999 ARAB VALVES CO SAE 0.92 -7.07% 6.98% 46 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) QATAR ISLAMIC BANK SAQ 109.00 5.21% 2.16% 25,755 QATAR ISLAMIC INSURANCE CO QSC 60.80 -3.49% -15.56% 912 ZAD HOLDING CO SAQ 90.00 4.65% 6.13% 1,939 MEDICARE GROUP QSC 97.80 -2.20% -18.02% 2,752 DOHA INSURANCE CO QSC 21.10 3.89% 0.48% 1,055 QATARI GERMAN CO FOR MEDICAL 12.30 -1.99% -10.35% 142 QATAR GENERAL INSU & REINSU CO 47.90 3.46% 3.11% 4,191 AL KHALEEJ TAKAFUL GROUP QSC 24.47 -1.73% -19.77% 625 8,090 QATAR INTL ISLAMIC BANK QSC 63.40 -1.71% -1.40% 9,596 Close * WTD % YTD % Mkt. Cap. (AED mln) ARAMEX PJSC 4.00 12.68% 26.58% 5,856 NATIONAL CENTRAL COOLING CO PJSC 1.50 4.90% 25.00% EMIRATES INTEGRATED TELECOM CO 6.90 3.14% 35.29% AIR ARABIA PJSC 1.45 2.84% EMIRATES NBD BANK PJSC 8.65 0.58% Close * WTD % YTD % Mkt. Cap. (AED mln) AL BUHAIRA NATIONAL INSURANCE 2.50 11.11% 0.00% 625 ABU DHABI COMMERCIAL BANK PJSC 6.80 7.59% 3.19% 38,049 ABU DHABI SHIP BUILDING PJSC 2.84 5.97% -2.07% SUDATEL TELECOM GROUP LTD 0.57 5.56% 7.55% FINANCE HOUSE PJSC 1.87 5.06% Close * AL SAGR COOP INSURANCE CO SJSC Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Top Gainers Egypt Top Gainers Qatar Top Gainers AHLI BANK QSC 42.40 Data and News Source: Thomson Reuters 3.41% -3.32% Top Losers Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , July 31, 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 65,614 82.00 2 EMIRATES TELECOM GROUP CO PJSC AE 47,360 20.00 1.2% 6.8% 97.25 59.50 13.5 1.5 6.7% 5.5% 24.2% 20.20 11.40 19.5 4.0 4.0% 3 QATAR NATIONAL BANK SAQ QA 35,280 153.00 9.3% 4.9% 163.17 122.50 10.8 1.8 1.6% 4 SAUDI TELECOM CO SJSC SA 33,074 62.00 -3.5% -9.2% 70.00 52.75 13.6 2.1 6.5% 5 AL RAJHI BANKING AND INVESTMENT CORP 6 SAUDI ELECTRICITY CO SJSC SA 24,380 56.25 -3.4% 8.2% 65.50 44.70 12.0 1.9 2.7% SA 21,115 19.00 -2.1% 20.6% 21.80 12.40 50.6 1.3 3.7% 7 NATIONAL COMMERCIAL BANK SJSC SA 20,164 37.80 -5.5% -25.9% 65.00 36.60 8.3 1.3 4.1% 8 INDUSTRIES QATAR QSC QA 17,744 106.80 9.0% -3.9% 137.90 88.00 15.4 2.1 4.7% 9 JABAL OMAR DEVELOPMENT CO SJSC SA 15,679 63.25 0.8% 14.0% 76.00 40.80 - 6.2 0.0% 10 FIRST GULF BANK PJSC AE 14,826 12.10 -4.0% -4.3% 15.75 9.90 9.3 1.7 8.3% 11 EZDAN HOLDING GROUP QSC QA 14,386 19.75 10.2% 24.2% 20.00 12.10 30.3 1.8 2.5% 12 DP WORLD LTD AE 14,102 16.99 2.4% -16.3% 23.64 16.05 16.7 1.6 1.8% 13 NATIONAL BANK OF ABU DHABI PJSC AE 13,817 9.74 0.8% 22.4% 10.90 6.86 10.8 1.2 4.6% 14 EMAAR PROPERTIES PJSC AE 13,413 6.88 11.0% 20.9% 8.02 4.22 11.6 1.3 2.2% 15 EMIRATES NBD BANK PJSC AE 13,090 8.65 4.2% 16.9% 10.45 6.25 6.9 0.9 4.6% 16 ALMARAI CO SJSC SA 11,522 54.00 -1.4% -8.0% 73.50 40.88 21.8 3.6 1.6% 17 NATIONAL BANK OF KUWAIT SAKP KW 11,368 610.00 3.4% -18.0% 799.36 550.00 12.6 1.1 4.6% 18 SAUDI ARABIAN MINING CO SJSC SA 11,064 35.50 -3.3% 6.9% 43.20 25.70 110.4 1.5 0.0% 19 KINGDOM HOLDING CO SA 10,774 10.90 -2.2% -30.6% 21.20 9.80 60.1 1.5 4.6% 20 ABU DHABI COMMERCIAL BANK PJSC AE 10,360 6.80 12.4% 3.2% 8.91 5.20 8.0 1.2 6.6% 21 EMAAR MALLS GROUP PJSC AE 10,276 2.90 2.8% 5.1% 3.29 2.02 21.0 2.4 3.4% 22 SAMBA FINANCIAL GROUP SJSC SA 10,029 18.80 -6.0% -19.5% 27.00 17.55 7.2 0.9 4.8% 23 RIYAD BANK SJSC SA 8,682 10.85 -0.5% -12.5% 16.15 10.70 8.0 0.9 6.5% 24 EMIRATES INTEGRATED TELECOM CO PJSC AE 8,588 6.90 8.0% 35.3% 6.99 4.65 16.3 4.3 6.2% 25 OOREDOO QSC QA 8,374 95.20 7.7% 26.9% 96.10 60.00 11.8 1.4 3.2% 26 KUWAIT FINANCE HOUSE KSCP KW 7,800 450.00 -1.1% -8.3% 581.82 395.45 15.5 1.3 3.4% 27 SAUDI BRITISH BANK SJSC SA 7,522 18.80 -7.8% -24.0% 33.80 18.80 6.5 1.0 4.0% 28 MASRAF AL RAYAN QSC QA 7,415 36.00 5.9% -4.3% 45.50 28.60 12.7 2.3 4.9% 29 DUBAI ISLAMIC BANK PJSC AE 7,280 5.41 5.9% -4.1% 7.00 4.51 6.4 1.0 7.6% 30 BANQUE SAUDI FRANSI SJSC SA 7,087 22.05 -2.0% -21.3% 34.00 20.70 6.5 0.9 4.8% 31 QATAR ISLAMIC BANK SAQ QA 7,073 109.00 13.5% 2.2% 121.00 75.10 12.5 1.7 3.9% 32 QATAR ELECTRICITY AND WATER CO QSC QA 6,791 224.80 8.1% 3.9% 228.80 175.10 15.9 3.4 3.3% 33 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,668 60.00 0.8% -27.5% 117.00 58.00 16.3 3.9 10.0% 34 MESAIEED PETROCHEMICAL HOLDING CO QA 6,597 19.12 2.2% -1.4% 23.73 14.01 20.3 1.8 3.7% 35 YANBU NATIONAL PETROCHEMICALS CO SA 6,301 42.00 1.0% 29.2% 52.50 23.80 13.2 1.6 4.8% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , July 31, 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 COMMERCIAL INTL BANK EGYPT SAE EG 6,179 47.55 19.4% 24.8% 48.55 28.90 11.7 3.7 1.6% 37 ALDAR PROPERTIES PJSC AE 6,166 2.88 7.1% 24.1% 2.99 1.81 8.7 1.1 3.5% 38 QATAR INSURANCE CO SAQ QA 5,384 81.30 10.3% 16.9% 91.99 58.50 16.2 2.5 2.6% 39 UNITED INTL TRANSPORTATION CO SJSC SA 5,304 32.60 -6.1% -9.0% 49.79 23.58 10.2 21.6 3.8% 40 ALINMA BANK SJSC SA 5,261 13.15 0.8% -10.8% 22.65 11.80 12.9 1.1 3.8% 41 SAVOLA GROUP CO SJSC SA 5,127 36.00 -1.6% -27.7% 69.75 29.40 12.6 1.9 5.6% 42 ORASCOM CONSTRUCTION INDUSTRIES EG 5,117 217.47 0.0% -9.4% 270.00 195.01 - - 0.0% 43 ETIHAD ETISALAT CO SJSC SA 5,073 24.70 -9.5% -12.4% 33.40 18.85 - 1.2 0.0% 44 MOBILE TELECOMMUNICATIONS CO KW 4,794 335.00 0.0% -4.3% 420.00 320.00 8.7 0.9 9.0% 45 ARAB NATIONAL BANK SA 4,761 17.85 -7.8% -24.5% 33.50 17.75 6.1 0.8 5.6% 46 AHLI UNITED BANK BSC BA 4,411 0.65 0.8% -2.6% 0.68 0.59 7.9 1.2 6.6% 47 NATIONAL SHIPPING CO OF SAUDI ARABIA SA 4,085 38.90 0.5% -16.5% 51.50 29.70 7.2 1.5 6.4% 48 COMMERCIAL BANK OF DUBAI PSC AE 4,045 5.30 -5.4% -15.9% 7.10 4.65 15.8 1.8 3.8% 49 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 50 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% Company Name Total MCap; Weighted Avg Div Yield 609,362 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