MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , March 05, 2017 Economic & Market News Reuters: According to the US Department of labor, the number of Americans filing for unemployment benefits fell to near a 44-year low last week, pointing to further tightening of the labor market even as economic growth appears to have remained moderate in the first quarter. The stronger labor market and rising inflation could push the Federal Reserve to raise interest rates this month. Several Fed officials have in recent days suggested the US central bank could increase borrowing costs soon. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 223,000 for the week ended Feb. 25, the lowest level since March 1973. It was the 104th straight week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller. It is now at or close to full employment, with an unemployment rate of 4.8%. Economists had forecast new claims for unemployment benefits dipping to 243,000 in the latest week. The government reported that the personal consumption expenditures price index jumped 1.9% in the 12 months through January, the biggest gain since October 2012. The PCE price index increased 1.6% in December. Zawya: As per the recent data released by the Saudi central bank, Saudi Arabia's economy is still struggling to gain momentum amid low oil prices. The IMF in January slashed its forecast for Saudi economic growth this year to 0.4% from 2%. The government says gross domestic product will likely expand by more than 1%. The Net foreign assets, though still above USD 500 billion, are shrinking as the government uses savings to plug a budget deficit that reached USD 79 billion last year, USD 107 billion if delayed payments to contractors are included. With reserves falling by as much as 3% a month during the worst of the oil rout, the government turned to domestic and then international bond markets to slow the pace. Amid the economic uncertainty, demand for imports financed by commercial lenders is also falling. The value of new letters of credit opened to bring in items including food, cars, clothing and building materials dropped by more than 20% in January compared to a year earlier. Al Masah Capital: Global markets started March in an upbeat mood, US markets reaching all-time highs with the Dow breaking the 21,000 points and the S&P500 slightly under the 2,400 level, all affected by President Trump's speech to the Congress. Signals released at the end of the week from the Fed indicate that a rate hike by mid-march is to be expected. Oil continues to consolidate in its current trading range, ending the week just below the USD 56 mark. Regional markets will be looking to put a tepid February behind them and go back to the buying enthusiasm of January, however for the first few trading days of March, the main regional indices had a negative performance with only Egypt ending in the green by + 0.57%. Qatar was the worst performer with a 1.9% slide, followed by UAE markets with Dubai witnessing a negative performance of 1.4% and Abu Dhabi by 1.2% respectively over the week. Kuwait, Bahrain, and Oman all went down by 0.6% each, while Saudi market was almost flat with a modest 0.4% down over the week. Cautiousness may remain a key sentiment for investors this coming week, with regional markets possibly witnessing a range bound trading week with thin volumes. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,583.66 -1.38% -1.29% 1.49% Oil (Brent) 55.90 -0.16% 0.56% 49.95% Abu Dhabi (ADSMI) 4,596.39 -1.22% 0.97% 1.10% Natural Gas 2.83 7.61% 1.91% 20.97% Saudi (SASEIDX) 7,016.66 -0.42% 0.63% -2.69% Gold 1234.22 -1.78% -1.15% 16.34% Kuwait (KWSE) 6,767.04 -0.63% -0.24% 17.73% Silver 17.96 -2.12% -1.88% 29.87% Egypt (EGX30) 12,310.49 0.57% 3.12% -0.28% EURUSD 1.06 0.57% 0.43% -2.21% Qatar (DSM) 10,721.15 -1.87% 0.18% 2.72% GBPUSD 1.23 -1.40% -0.73% -16.61% Bahrain (BHSEIDX) 1,341.54 -0.58% -0.60% 9.92% USDJPY 113.99 1.61% 1.10% -5.25% Oman (MSM30) 5,815.06 -0.59% 0.61% 0.56% USDCHF 1.01 0.02% 0.19% 0.57% TR GCC (Reuters) 210.22 -1.40% 0.05% 3.76% AUDUSD 0.76 -0.98% -0.82% 4.38% DJ MENA 527.98 -0.88% 0.29% 6.03% USDCAD 1.34 2.18% 0.57% -3.35% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 21,005.71 0.88% 0.93% 6.29% 1 Month 0.830 6.27% -0.394 -0.18% S&P 500 2,383.12 0.67% 0.82% 6.44% 2 Month 0.905 6.22% -0.369 0.08% NASDAQ 5,373.48 0.56% 0.81% 10.48% 3 Month 1.100 4.36% -0.355 1.14% 375.23 1.41% 1.35% 3.82% 6 Month 1.416 4.04% -0.247 0.12% FTSE 100 7,374.26 1.80% 1.53% 3.24% 12 Month 1.798 3.34% -0.116 3.70% DAX 12,027.36 1.89% 1.63% 4.76% CAC 40 4,995.13 3.09% 2.81% 2.73% Nikkei 225 19,469.17 0.96% 1.83% 1.86% SENSEX 28,832.45 -0.21% 0.31% 8.28% Shanghai Composite 3,218.31 -1.08% -0.72% 3.69% Hang Seng 23,552.72 -1.72% -0.79% 7.06% Indexes Indexes STOXX Europe 600 Data and News Source: Thomson Reuters Commodities & FX LIBOR 1
2. Weekly Investment Report Sunday , March 05, 2017 Economic & Market News (continued) Zawya: According to the Strategy&, formerly Booz & Company, GCC healthcare spending is expected to reach USD 69 billion by 2020, offering significant potential for R&D, thus requiring enhanced research funding from sovereigns and strengthened linkage between the private sector and governments. Although the GCC governments and private companies are making significant investments in the sector to improve the range of medical offerings and services available, the region’s R&D in the healthcare market is currently below international levels due to myriad reasons. There are insufficient number of healthcare researchers due to the limited number of post-graduate medical education institutions and consequently not enough researchers being produced or receiving training on the ground. The demand for new hospitals, clinics and medical services is growing, and the GCC governments are expected to spend and invest significantly more in the sector by 2020, accompanied by governments enhancing research funding and a strengthening of linkages between universities, the private sector and governments. The report highlighted the increasing number of healthcare research institutions being established in the GCC, such as the Al Jalila Foundation Research Center in the UAE, King Faisal Specialist Hospital and Research Center in Saudi Arabia, and Sidra Hospital and Research Center in Qatar. Last month, Kuwait-based economic think-tank Global had said the GCC offers immense opportunities, especially under public private partnership model, in the healthcare sector, which is slated to grow at a compound annual growth rate of 12.5% up to 2020. Reuters: According to a UK-based financial service company IHS Markit, Euro-area output rose to the highest level in almost six years in February as growth in the region’s top four economies accelerated. A composite PMI climbed to 56.0 from 54.4 in January, putting the currency bloc on track for quarterly growth of 0.6%. The reading is in line with economist forecasts and a previous flash estimate. Output was led by manufacturing. A gauge for services activity also strengthened. The final PMI numbers paint a bright picture of a euro-zone economy starting to fire on all cylinders. Strengthening growth in Germany, France, Italy and Spain suggest an increasingly sustainable and robust-looking upturn. The ECB has decided to continue buying assets until at least the end of 2017, supporting the region’s firming recovery amid political risks. While inflation, currently at 2%, and a slew of economic indicators have signaled the economy might be more robust than projected, ECB President has pointed to underlying weakness as evidence that stimulus is still necessary. Reuters: According to the latest data compiled by Euromonitor International, the UAE consumers spent a staggering USD 75.8 billion (AED 278 billion) on housing in 2016, which is roughly twice the project cost of Dubai’s Business Bay, a bustling district envisioned to have more than 200 towers. The accommodation spend, which also covers housing maintenance, repair and utility costs, constitutes nearly half (41%) of consumers’ total expenditures for the year, which reached USD 182.7 billion (AED 670 billion), up by 14.8% from 2015. With the UAE population estimated to be at 9.2 million in 2015, each person in the UAE spends a little over AED 30,000 a year on rent. By the end of 2017, the total figure is forecast to grow by an additional AED 8 billion. The cost of renting apartments and villas in some parts of the UAE, particularly Dubai, has been on a decline as a result of dampened demand amid low oil prices. US Government Bonds - Yield to Maturity (%) 2.953 3 2.317 2.492 2.017 1.803 2 1 0.393 0.832 0.706 0.548 0.775 0.653 0.515 1.305 1.145 0.968 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 12 13.7 PE 13.3 8.8 2.1 1.6 - - Jan-17 Feb-17 Mar-17 Dec-16 Oct-16 Nov-16 Jul-16 Sep-16 226.7 150.0 133.2 1.5 Jun-16 319.9 300 1.4 Aug-16 Apr-16 12.3 9.5 1.2 May-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Nov-15 5-Year CDS Rates (basis points) PB 8 4 Jul-15 Mar-17 600 11.6 11.3 Jan-17 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Nov-16 Sep-15 TR MENA Sep-16 Aug-15 Jul-16 Jun-15 STOXX Europe 600 Mar-16 May-16 Apr-15 Jan-16 Mar-15 Nov-15 May-15 S&P 500 Sep-15 Jan-15 Jul-15 Feb-15 Mar-15 May-15 Dec-14 Dec-14 Oct-14 Oct-14 Nov-14 0 60 - 0.9 1.1 1.5 99.0 71.4 49.8 - 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 05, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 100.52 100.73 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 1.46 1.59 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.77 1.77 AA 110.15 110.23 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.69 1.69 AAA 99.41 99.44 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.11 0.11 AAA 113.90 113.94 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.33 103.70 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.86 2.83 116.50 117.50 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.44 2.45 AAA 97.69 97.72 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.10 4.10 AA 157.33 158.33 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.47 7.47 B 93.50 94.50 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.09 3.10 AAA 98.31 98.38 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.21 7.20 BB+ 85.63 86.15 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 2.03 2.03 A3 107.15 107.22 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.19 2.19 A3 109.92 110.05 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.33 2.37 A+ 110.92 111.02 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.31 3.34 Baa2 99.55 99.67 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.55 2.55 AA 107.88 108.63 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.55 2.55 AA 102.50 103.25 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.61 2.61 A+ 104.79 104.86 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.25 1.25 A+ 102.44 103.14 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.97 3.00 A+ 105.80 106.55 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.00 3.95 Baa2 103.50 104.00 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.35 3.43 BBB+ 102.72 103.06 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.10 4.10 A+ 111.47 111.62 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.25 4.25 A+ 115.91 116.11 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.71 5.71 Baa2 113.56 114.56 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.50 7.30 101.75 102.75 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.35 6.25 103.25 104.25 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , March 05, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.7407 0.9650 N/A 1.4050 1.6496 2.1360 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.77 0.69 0.69 0.78 0.96 1.41 1.61 1.81 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.71 2.10 2.50 2.82 3.10 3.59 4.14 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.38 2.03 1.77 2.01 2.39 2.21 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 0.52 1.07 1.27 1.47 1.29 1.63 1.90 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.03 2.54 2.90 3.23 3.45 3.71 4.06 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.19 1.44 1.75 2.06 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.60 1.82 0.12 0.12 0.67 0.68 0.77 0.95 1.39 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 0.68 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 0.74 0.74 0.30 0.71 0.80 0.99 1.44 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 0.83 1.00 1.58 1.80 2.08 2.20 2.38 2.58 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.60 0.22 2.75 2.75 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.37 2.64 2.84 2.99 3.11 3.28 3.45 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , March 05, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) DXB ENTERTAINMENTS PJSC 1.02 -10.53% -21.54% 8,160 1,872 DUBAI ISLAMIC BANK PJSC 5.59 -9.84% 0.36% 27,627 6.90% 1,112 AL RAMZ CORPORATION INVESTMENT 1.50 -6.25% -3.23% 825 -1.18% 899 ARABTEC HOLDING PJSC 0.90 -5.76% -31.30% 4,154 GULF NAVIGATION HOLDING PJSC 1.50 -4.46% -6.83% 827 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) 101 ABU DHABI NATIONAL INSURANCE CO 2.79 -10.00% 8.14% 1,046 195 FUJAIRAH CEMENT INDUSTRIES CO 0.99 -10.00% -10.81% 352 12.16% 100 AXA GREEN CRESCENT INSURANCE CO 0.72 -10.00% 2.86% 144 1.77% 3,653 UNITED ARAB BANK PJSC 1.67 -9.73% 4.38% 2,296 9.05% 9.32% 790 UMM AL QAIWAIN CEMENT 1.05 -8.70% 16.67% 381 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) 21.90 12.89% 0.00% 0 NATIONAL INDUSTRIALIZATION CO 17.35 -8.20% -0.57% 11,606 ETIHAD ATHEEB TELECOMM 3.75 8.70% 27.12% 591 SAUDI RESEARCH AND MARKETING 28.80 -7.10% -15.04% 2,304 AL AHSA DEVELOPMENT CO SJSC 16.10 7.33% 38.20% 789 AL RAJHI COMPANY FOR COOP 47.40 -7.06% 22.80% 1,896 BURUJ COOPERATIVE INSURANCE CO 32.60 7.24% 35.83% 815 ALLIANZ SAUDI FRANSI COOP 44.90 -6.46% 37.73% 898 NATIONAL AGRICULTURE DEV 23.80 5.08% -0.63% 2,016 TIHAMA ADVERTISING & PR 23.45 -6.01% -30.83% 352 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) NATIONAL PETROLEUM SERVICES 1,240.00 34.78% 51.22% 71 WETHAQ TAKAFUL INSURANCE CO 48.50 -21.77% 56.45% 5 REAL ESTATE ASSET MANAGEMENT 475.00 26.67% 142.35% 50 KUWAIT CABLE VISION COMPANY 24.00 -20.00% -52.00% 1 GULF NORTH AFRICA HOLDING CO 50.00 20.48% 38.89% 7 GULF FRANCHISING HOLDING CO KSCP 51.00 -16.39% 70.00% 2 AL MOWASAT HEALTHCARE CO KSCC 350.00 16.67% 40.00% 36 ALSHAMEL INTERNATIONAL HOLDING 385.00 -16.30% -16.30% 26 INJAZZAT REAL ESTATE DEV 92.00 10.84% 24.32% 32 FIRST DUBAI FOR REAL ESTATE DEV 59.00 -15.71% -6.35% 59 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) SHARKIA NATIONAL COMPANY FOR 4.95 27.25% 51.84% 81 EGYPTIAN MODERN EDUCATION 8.25 -14.60% -21.28% 73 EGYPT ALUMINUM CO SAE 19.69 23.68% 43.41% 2,461 ARABIA COTTON GINNING CO SAE 4.42 -14.34% -7.53% 1,170 NATIONAL COMPANY FOR HOUSING 20.37 20.96% 44.16% 326 GULF ARAB INVESTMENT CO SAE 0.18 -14.29% -33.33% 6 ARAB ENGINEERING INDUSTRIES SAE 5.45 19.78% 6.65% 33 MARSA MARSA ALAM FOR DEV 1.21 -14.18% -1.63% 61 SABAA INTERNATIONAL FOR PHARMA 4.07 16.62% 19.71% 122 SOUHAG NATIONAL COMPANY FOOD 39.50 -11.16% -15.81% 0 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) ALIJARAH HOLDING CO QSC 16.90 10.75% 10.31% 836 SALAM INTERNATIONAL INVESTMENT 10.99 -7.80% -0.54% 1,256 QATAR CINEMA 29.70 10.00% 8.20% 187 QATAR NAVIGATION QSC 86.00 -6.62% -10.04% 9,849 AL KHALEEJ TAKAFUL GROUP QSC 20.85 4.25% -1.18% 532 INDUSTRIES QATAR QSC 115.40 -4.63% -1.79% 69,815 DLALA BROKERAGE AND INVESTMENT 20.75 3.75% -3.44% 590 QATAR GENERAL INSURANCE 41.00 -4.21% -12.77% 3,588 353 MEDICARE GROUP QSC 82.40 -4.19% 31.00% 2,319 Close * WTD % YTD % Mkt. Cap. (AED mln) EMIRATES ISLAMIC BANK PJSC 11.50 10.58% 0.00% 62,450 DUBAI REFRESHMENTS PJSC 20.80 10.34% -10.34% NATIONAL CEMENT CO PSC 3.10 6.90% GULF GENERAL INVESTMENT CO PSC 0.50 4.58% AIR ARABIA PJSC 1.26 4.13% -5.26% 5,880 Close * WTD % YTD % Mkt. Cap. (AED mln) NATIONAL TAKAFUL CO PJSC 0.67 21.82% -17.28% ABU DHABI NATIONAL FOR BUILDING 0.65 20.37% 0.00% INSURANCE HOUSE PSC 0.83 12.16% INVEST BANK PSC 2.30 11.11% EMIRATES DRIVING CO PJSC 8.80 Top Gainers AL JAZIRA MAWTEN REIT Dubai Top Gainers Saudi Abu Dhabi Top Gainers Kuwait Top Gainers Qatar Egypt Top Gainers ISLAMIC HOLDING GROUP QSC 62.30 Data and News Source: Thomson Reuters 2.98% 2.13% Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , March 05, 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 78,223 97.75 2 EMIRATES TELECOMMUNICATIONS GROUP AE 41,802 17.65 0.8% 6.8% 98.50 73.25 16.4 1.8 4.1% 0.3% -6.1% 20.20 17.15 16.8 3.6 4.5% 3 QATAR NATIONAL BANK SAQ QA 38,229 150.70 -0.2% 1.8% 157.27 121.36 11.3 2.0 1.9% 4 SAUDI TELECOM COMPANY SJSC SA 35,077 65.75 0.4% -9.3% 74.00 51.00 15.4 2.2 6.1% 5 AL RAJHI BANKING & INVESTMENT CORP 6 SAUDI ELECTRICITY CO SJSC SA 27,741 64.00 -0.4% 1.6% 67.50 48.60 12.8 2.0 3.5% SA 27,230 24.50 2.1% 9.4% 25.30 14.30 48.5 1.6 2.9% 7 NATIONAL COMMERCIAL BANK SJSC SA 21,873 41.00 1.5% -3.8% 46.30 32.00 8.8 1.4 3.9% 8 INDUSTRIES QATAR QSC QA 19,175 115.40 -3.4% -1.8% 122.00 94.50 23.6 2.1 3.5% 9 DP WORLD LTD AE 17,762 21.40 1.1% 22.2% 21.50 15.53 17.9 2.1 1.4% 10 FIRST GULF BANK PJSC AE 17,034 13.90 1.8% 8.2% 13.95 10.50 10.5 1.7 7.2% 11 EMIRATES ISLAMIC BANK PJSC AE 17,007 11.50 -3.8% 0.0% 11.95 1.57 472.9 9.3 0.0% 12 JABAL OMAR DEVELOPMENT CO SJSC SA 16,610 67.00 1.5% -10.4% 76.00 46.00 81.5 6.1 0.0% 13 NATIONAL BANK OF ABU DHABI PJSC AE 15,313 10.70 1.9% 7.1% 10.90 7.60 11.3 1.2 4.2% 14 EMAAR PROPERTIES PJSC AE 14,858 7.62 2.3% 6.9% 7.79 5.66 11.7 1.3 2.0% 15 ALMARAI CO SJSC SA 14,671 68.75 0.7% 0.4% 70.00 49.31 27.3 4.2 1.3% 16 NATIONAL BANK OF KUWAIT SAKP KW 14,039 760.00 2.7% 16.9% 760.00 550.00 14.7 1.4 3.9% 17 SAUDI ARABIAN MINING CO SJSC SA 12,654 40.60 0.2% 4.1% 43.80 27.80 118.4 1.7 0.0% 18 EMIRATES NBD BANK PJSC AE 12,563 8.30 0.7% -2.2% 9.00 7.26 6.9 0.8 4.8% 19 SAMBA FINANCIAL GROUP SJSC SA 11,443 21.45 0.2% -11.9% 25.20 15.90 8.6 1.0 4.4% 20 EZDAN HOLDING GROUP QSC QA 11,350 15.58 2.4% 3.1% 20.24 14.63 22.8 1.4 3.2% 21 KINGDOM HOLDING CO SA 10,973 11.10 -0.9% -7.1% 13.15 9.90 80.7 1.4 0.0% 22 KUWAIT FINANCE HOUSE KSCP KW 10,480 610.00 0.0% 13.0% 630.00 431.82 15.5 1.7 2.8% 23 ABU DHABI COMMERCIAL BANK PJSC AE 10,320 7.29 2.8% 5.7% 7.68 5.66 9.4 1.2 5.5% 24 EMAAR MALLS GROUP PJSC AE 9,498 2.68 2.3% 2.3% 3.10 2.48 18.6 2.2 3.7% 25 OOREDOO QSC QA 9,484 107.80 1.7% 5.9% 116.10 81.50 15.7 1.6 3.2% 26 RIYAD BANK SJSC SA 8,563 10.70 0.5% -7.4% 11.80 8.55 9.6 0.8 6.1% 27 YANBU NATIONAL PETROCHEMICALS CO SA 8,477 56.50 0.9% 4.6% 59.75 35.30 13.8 2.0 5.3% 28 MASRAF AL RAYAN QSC QA 8,394 40.75 1.6% 8.4% 43.35 32.10 14.7 2.4 4.9% 29 SAUDI BRITISH BANK SJSC SA 8,322 20.80 1.0% -16.8% 25.90 16.40 8.0 1.0 3.4% 30 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,891 71.00 1.1% -5.3% 82.00 58.00 28.0 4.2 3.5% 31 BANQUE SAUDI FRANSI SJSC SA 7,714 24.00 0.0% -8.0% 27.80 18.00 7.1 1.0 4.4% 32 DUBAI ISLAMIC BANK PJSC AE 7,524 5.59 -10.6% 0.4% 6.29 4.90 8.3 1.1 8.1% 33 EMIRATES INTEGRATED TELECOMM AE 7,470 6.00 0.0% -3.2% 6.99 5.56 15.6 3.5 5.7% 34 QATAR ELECTRICITY AND WATER CO QSC QA 6,946 229.90 2.2% 1.3% 247.90 192.00 16.4 3.1 3.3% 35 MOBILE TELECOMMUNICATIONS CO KW 6,737 475.00 -1.0% 15.9% 520.00 320.00 11.5 1.2 6.3% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , March 05, 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 QATAR ISLAMIC BANK SAQ QA 6,613 101.90 -0.1% -1.9% 117.00 91.00 11.9 1.3 4.7% 37 ALINMA BANK SJSC SA 5,862 14.65 -0.7% -3.0% 15.50 10.75 14.5 1.1 3.4% 38 QATAR INSURANCE CO SAQ QA 5,636 74.00 1.9% 0.4% 79.74 60.87 19.0 2.5 1.8% 39 MESAIEED PETROCHEMICAL HOLDING CO QA 5,434 15.75 0.8% -0.3% 21.00 14.50 19.9 1.4 3.8% 40 ARAB NATIONAL BANK SA 5,402 20.25 0.2% -8.6% 22.50 14.25 7.1 0.9 4.4% 41 SAVOLA GROUP COMPANY SJSC SA 5,341 37.50 0.5% -6.5% 44.90 27.80 0.0 2.4 0.0% 42 AHLI UNITED BANK BSC BA 5,327 0.78 -0.6% 21.9% 0.80 0.60 9.3 1.3 5.8% 43 COMMERCIAL INTERNATIONAL BANK EG 5,278 73.87 2.8% 1.1% 82.29 32.61 16.9 4.0 0.7% 44 ALDAR PROPERTIES PJSC AE 5,139 2.40 0.0% -8.7% 2.99 2.39 6.8 0.8 4.6% 45 DAMAC PROPERTIES DUBAI CO PSC AE 4,844 2.94 0.0% 16.2% 2.97 1.91 4.8 1.4 8.5% 46 ETIHAD ETISALAT CO SJSC SA 4,519 22.00 3.0% -8.3% 32.20 16.40 0.0 1.1 0.0% 47 EMAAR THE ECONOMIC CITY SJSC SA 4,421 19.50 -1.3% 13.7% 20.25 10.90 173.1 1.9 0.0% 48 BARWA REAL ESTATE CO QSC QA 4,243 39.70 -0.4% 19.4% 41.80 29.00 9.6 0.8 6.3% 49 MAKKAH CONSTRUCTION AND DEV SA 4,045 92.00 0.3% 1.7% 99.00 78.50 50.8 1.7 2.7% 50 DAMAC PROPERTIES DUBAI CO PSC AE 4,844 2.94 0.0% 16.2% 2.97 1.91 4.8 1.4 8.5% Company Name Total MCap; Weighted Avg Div Yield 670,394 3.6% 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