MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , July 30, 2017 Economic & Market News Reuters: The US Fed kept its benchmark interest rate unchanged, but gave no clear signal about the chances for another increase this year or about any concerns about low inflation. However, the central bank did confirm that it plans to begin to reduce its massive bond holdings relatively soon in a sign of confidence in the US economy. After the ending of its latest policy meeting, the central bank decided to leave its key rate unchanged in a range of 1.0% to 1.25%, after having raised rates twice this year in March and June, and said it was continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015. The Fed noted that inflation has stayed undesirably low even though the job market keeps strengthening, with the unemployment rate just 4.4%. But the Fed's preferred gauge of inflation has moved further below its 2% target in recent months. The statement cemented expectations the Fed will announce at its next policy meeting in September the start of its balance sheet reduction plan, marking the end of a controversial tool that drew criticism from Republican lawmakers in Congress. Most analysts expect the process to start in September but once it begins it will run in the background, on a set course with very gradual moves, and will not require further announcements from the FOMC. Zawya: According to the IMF, economic growth in the MENA region (including Afghanistan and Pakistan) is projected to slow considerably in 2017, reflecting primarily a slowdown in activity in oil exporters, before recovering in 2018. The recent decline in oil prices, if sustained, could weigh further on the outlook for the region’s oil exporters. The IMF forecast for 2018 showed the regional GDP growth rebounding to 3.3%, largely driven by turnaround in key regional economies such as the UAE, Saudi Arabia and Kuwait. Saudi Arabia’s real GDP growth is expected to be close to zero (0.1%) as oil GDP declines in line with Saudi Arabia’s commitments under the OPEC agreement. Saudi non-oil growth is projected to pick up to 1.7% in 2017 with further uptick in 2018 with a projected overall GDP growth of 1.1%. The IMF has projected a 1.3% growth in the UAE’s real GDP in 2017, which it expects to surge to 3.4% in 2018. The IMF has projected the non-oil growth to rise to 3.3% in 2017 from 2.7% in 2016, reflecting increased domestic public investment and a pickup in global trade. Over the medium term, non-oil growth is expected to remain above 3%, supported by accelerating investment in the run up to the Expo 2020. The planned VAT introduction in 2018 is not expected to have a significant adverse impact on growth. AL Masah Capital: Regional markets witnessed sideways, range bound trading activity over the past week, which can be mainly attributed to summer vacations and concerns regarding the geopolitical scene. The weekly performance for regional markets did however shift towards gainers, with six out of the eight indices ended the week positively while only two were in the negative territory. Dubai and Abu Dhabi indices both ended the week up by 0.9% and 0.3% respectively, while Saudi and Egypt were both down by 1.2% and 0.8% respectively over the same period. Oil was the star of the week, with weekly gains exceeding +9%, recording the best performance week for the commodity since the beginning of 2017 and breaking the USD 50 mark to reach USD 52.52 per barrel on Friday. On the fundamental side, the earnings season is still on, with investors waiting for big caps results to be out soon - Emaar and SABIC being on top of the list. The Arab bloc is to meet today in Manama to further discuss the geopolitical situation in the region and if any solution is to be reached, it should have an effect on all the eight main regional indices and put an end to the summer dodrums. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,606.17 0.91% 6.31% 2.13% Oil (Brent) 52.52 9.28% 9.60% 40.88% Abu Dhabi (ADSMI) 4,568.28 0.35% 3.23% 0.48% Natural Gas 2.94 -0.98% -3.10% 25.85% Saudi (SASEIDX) 7,175.17 -1.18% -3.37% -0.49% Gold 1268.75 1.14% 2.22% 19.59% Kuwait (KWSE) 6,805.31 0.36% 0.63% 18.39% Silver 16.66 1.15% 0.54% 20.46% 1.18 0.76% 2.86% 8.20% Indexes Egypt (EGX30) 13,609.22 -0.77% 1.59% 10.24% EURUSD Qatar (DSM) 9,563.08 0.22% 5.90% -8.37% GBPUSD 1.31 1.07% 0.81% -10.90% Bahrain (BHSEIDX) 1,335.48 1.14% 1.94% 9.43% USDJPY 110.65 -0.41% -1.51% -8.02% Oman (MSM30) 5,047.59 0.96% -1.38% -12.71% USDCHF 0.97 2.44% 1.10% -3.31% 0.95% 3.90% 9.77% -0.84% -4.09% -10.17% TR GCC (Reuters) 203.20 1.29% 6.19% 0.30% AUDUSD 0.80 DJ MENA 529.62 0.08% 0.76% 6.36% USDCAD 1.24 Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 21,830.31 1.16% 2.25% 10.46% 1 Month 1.258 2.14% -0.386 -3.87% S&P 500 2,472.10 -0.02% 2.01% 10.42% 2 Month 1.311 3.93% -0.377 -2.76% NASDAQ 5,908.92 -0.21% 4.64% 21.49% 3 Month 1.455 10.73% -0.299 -20.48% 378.34 -0.48% -0.27% 4.68% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,368.37 -1.13% 0.76% 3.16% 12 Month 1.736 2.46% -0.187 0.16% DAX 12,162.70 -0.63% -1.32% 5.94% CAC 40 5,131.39 0.27% 0.21% 5.53% Nikkei 225 19,959.84 -0.70% -0.37% 4.42% SENSEX 32,309.88 0.88% 4.49% 21.35% Shanghai Composite 3,253.24 0.47% 1.90% 4.82% Hang Seng 26,979.39 1.02% 4.72% 22.63% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , July 30, 2017 Economic & Market News (continued) Zawya: According to a report ‘Economic Insight: Middle East Q2 2017’ from the ICAEW, the acceleration of global trade in H1 2017 is expected to be felt unevenly across GCC economies and will probably see the region’s GDP growth easing to just short of 1% in 2017. The report also anticipates non-oil sector growth across the GCC to reach 2.6% in 2017, this will be offset by a further 3% contraction in the oil-producing sectors. Although the broad-based pick up in the world economy is providing a useful tailwind to some GCC economies, others are likely to benefit far less from this rebound due to a range of structural reasons. The three main limitations are: heavy reliance on commodity exports and low non-oil exports; the strengthening US dollar in a longer-term context which undermines the export competitiveness of dollar-pegged economies; and a lack of readiness to operate as key East-West trading hubs. However, the 2018 outlook is likely to be more positive. Oil output is expected to rise 1% complementing momentum in the non-oil sector (which is expected to grow by 4%) resulting in overall GDP growth of 2.7%. Particularly, the UAE is benefitting more from the rebound in world trade flows than other GCC economies, thanks to its status as the world’s third-busiest airport (Dubai International Airport) and its position as the ninth-busiest container port (DP World). Reuters: According to its updated World Economic Outlook, IMF kept its growth forecasts for the world economy unchanged for this year and next, although it revised up growth expectations for the Eurozone and China. The firm’s global GDP would grow 3.5% in 2017 and 3.6% in 2018, unchanged from estimates issued in April. The IMF lowered its forecasts for US growth to 2.1% for 2017 and 2018, slightly down from projections of 2.3% and 2.5%, respectively, just three months ago. The solid momentum in the Euro zone and some emerging economies is expected to support global growth. The Eurozone growth is expected to be 1.9% in 2017, up 0.2 pp from April, and the growth would be slightly stronger at 1.7% in 2018, a 0.1-point change from just three months ago. UK’s GDP growth is forecasted to increase by 1.7%, citing weaker-than-expected activity in the Q1 and left its 2018 forecast unchanged at 1.5%. Meanwhile, China’s growth is expected to strengthen to 6.7% in 2017, up 0.1 pp from the April forecast, and would still moderate in 2018 to 6.4%, up 0.2 pp from the April forecast. However, China's economic expansion to slow over the H2 2017 as Chinese authorities looked to manage rapid credit growth and non-performing loans. The IMF expected slightly higher growth in Japan this year of 1.3%, revised up from a forecast of 1.2% in April and kept forecast for 2018 unchanged at 0.6%. Zawya: According to the Reuters poll, Egypt's economy is expected to grow by 4% this fiscal year, in line with government forecasts, before picking up to 4.3% in 2018/2019. The poll's median forecast for annual core inflation was 17.2% for the current fiscal year, up from a previous forecast of 13%. It is predicted to drop to 12.2% in the 2018/2019 fiscal year. Inflation has surged since the central bank floated the currency in November as part of the IMF deal, reaching 32% in June. Egypt raised fuel prices by up to 50% last month and electricity prices by up to 42% earlier this month, in an effort to cut the budget deficit. Since floating the Egyptian pound in November, it has also raised key interest rates by 700 bps in a bid to curb inflation. Economists, however, saw these rates coming back down. They forecast the overnight lending rate to drop to 16.5% by the end of this fiscal year from 19.75% currently. The rate is forecast to end the following fiscal year at 13.5% US Government Bonds - Yield to Maturity (%) 4 2.803 2.890 3 2.232 2.287 1.800 1.829 2 0.979 0.994 1.169 1.080 1.114 1.134 1M 3M 6M 1.344 1.351 1.220 1.217 1 0 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 S&P 500 STOXX Europe 600 TR MENA Jul-17 Jun-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 Oct-16 Dec-16 Nov-16 Jul-16 Sep-16 Aug-16 Jun-16 Apr-16 May-16 Jan-16 Feb-16 Mar-16 Dec-15 Oct-15 Nov-15 Jul-15 Sep-15 Jun-15 Aug-15 Apr-15 May-15 Jan-15 Feb-15 Mar-15 Oct-14 MSCI Asia ex. Japan PE MENA Market - Price Ratios 5-Year CDS Rates (basis points) PB 600 16 12 Dec-14 Oct-14 Dec-14Mar-15May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Nov-14 0 60 14.0 12.0 11.3 12.8 12.3 393.7 9.6 8.6 300 8 4 1.2 1.5 2.1 1.7 231.2 168.0 132.9 1.4 - - - 0.9 0.9 98.0 96.1 1.5 56.0 - 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 30, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.82 1.82 Aa2 108.14 108.21 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.49 1.49 AAA 100.03 100.06 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.21 0.21 AAA 111.78 111.80 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.97 103.31 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.71 2.67 115.25 115.85 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.18 2.17 AAA 99.63 99.66 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.79 3.79 Aa3 160.25 161.25 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.25 7.26 B 95.81 97.00 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.89 2.89 AAA 102.11 102.14 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.10 7.07 BB+ 86.82 88.24 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.15 2.15 BBB+ 105.00 105.05 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.53 2.53 BBB+ 107.65 107.75 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.73 2.72 A1 108.39 108.50 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.40 3.40 Baa2 99.42 99.52 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.92 2.92 Aa3 105.88 106.63 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.51 2.51 AA 102.38 103.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.90 2.90 A1 103.90 103.98 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.18 1.19 A+ 102.55 103.25 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.93 2.93 A 105.55 106.30 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.96 3.96 Baa2 103.63 104.13 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.22 3.21 BBB+ 103.43 103.75 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.03 4.03 A1 111.49 111.83 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.21 4.21 A1 115.85 116.33 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.11 5.11 BBB+ 121.58 122.58 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.06 7.07 102.38 103.38 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.79 5.95 104.55 105.42 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , July 30, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.1073 1.3067 N/A 1.5223 1.7523 2.1323 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.28 0.75 1.17 1.19 1.22 1.34 1.51 1.67 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.74 2.02 2.28 2.57 2.86 3.35 3.90 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.46 2.03 1.80 2.05 2.39 2.24 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 0.40 1.19 1.21 1.79 1.75 1.55 1.94 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.02 2.34 2.65 2.93 3.17 3.50 3.84 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.56 1.75 2.00 2.31 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.55 1.72 0.37 0.37 1.08 1.21 1.22 1.24 1.38 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.83 1.98 2.10 0.00 2.30 2.4400 2.6200 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 0.80 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 1.24 1.23 1.80 1.20 1.22 1.24 1.39 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 1.38 1.65 2.20 2.25 2.38 2.55 2.78 3.05 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.10 1.40 3.25 3.25 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.45 2.58 2.70 2.80 2.90 3.06 3.24 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , July 30, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Dubai Abu Dhabi Saudi Kuwait YTD % Mkt. Cap. (AED mln) NATIONAL GENERAL INSURANCE CO 2.16 -9.62% 16.76% 324 SHUAA CAPITAL PSC 1.33 -4.32% -10.14% 1,416 4,118 DUBAI REFRESHMENTS PJSC 17.35 -3.34% -25.22% 1,562 10,247 UNION PROPERTIES PJSC 0.90 -3.23% -13.98% 3,861 ARABTEC HOLDING PJSC 3.45 -2.82% -40.28% 5,175 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) AL KHAZNA INSURANCE COMPANY 0.35 -14.63% -2.78% 147 ABU DHABI AVIATION 2.60 -13.04% -13.33% 1,156 GULF MEDICAL PROJECTS CO PSC 3.70 -9.98% 15.99% 2,586 NATIONAL BANK OF FUJAIRAH PJSC 2.99 -9.94% -32.76% 4,086 603 AXA GREEN CRESCENT INSURANCE CO 0.68 -9.33% -2.86% 136 YTD % Mkt. Cap. (SAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (SAR mln) 98.53% 5,384 AL ALAMIYA FOR COOPERATIVE 22.50 -13.13% -8.54% 900 UNITED COOPERATIVE ASSURANCE 12.50 -11.35% -4.21% 612 MEDITERRANEAN AND GULF 19.75 -11.04% -26.85% 1,975 ETIHAD ETISALAT CO SJSC 18.18 -10.62% -24.25% 13,999 AL HASSAN GHAZI IBRAHIM SHAKER 12.44 -9.06% -25.73% 784 Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 112 SANAM REAL ESTATE COMPANY KSCP 36.00 -21.74% 20.00% 4 103.57% 42 PALMS AGRO PRODUCTION CO KSCP 80.00 -20.00% -15.79% 4 2.38% 146 AFAQ EDUCATIONAL SERVICES COM 105.00 -19.23% -35.19% 6 9.86% 1.30% 4 AMAR FINANCE AND LEASING 38.20 -18.72% -29.26% 8 350.00 9.38% -6.10% 576 EKTTITAB HOLDING CO KSCP 35.10 -18.37% -5.14% 11 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) 40.23 43.32% 84.71% 438 ORANGE EGYPT FOR TELECOM 111.04 -15.26% 9.01% 11,104 YTD % Mkt. Cap. (AED mln) DUBAI ISLAMIC INSURANCE 1.00 10.14% 58.57% 226 ISLAMIC ARAB INSURANCE CO PSC 0.45 5.95% -14.59% 538 UNION PROPERTIES PJSC 0.96 4.92% -8.25% DUBAI INVESTMENTS PJSC 2.41 4.33% 6.32% DUBAI NATIONAL INSURANCE 2.70 3.45% 8.00% 312 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) RAS AL KHAIMAH FOR WHITE CEMENT 1.06 12.77% -13.82% 530 UNITED ARAB BANK PJSC 1.61 11.03% 0.63% 2,214 EMIRATES DRIVING CO PJSC 8.00 6.67% -0.62% 718 ABU DHABI NATIONAL HOTELS 3.20 6.67% 0.95% 3,200 SHARJAH CEMENT AND INDUSTRIAL 1.09 5.83% 0.93% Close * WTD % SAUDI RESEARCH AND MARKETING 67.30 26.50% MALATH COOPERATIVE INSURANCE 23.68 25.69% 8.87% 284 SAUDI ARABIAN MINING CO SJSC 49.10 22.75% 25.90% 57,385 UNITED ELECTRONICS COMPANY JSC 43.65 18.13% 93.63% 1,833 ARAB SEA INFORMATION SYSTEMS CO 13.90 15.83% #VALUE! 139 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) GULF INSURANCE GROUP KSCP 600.00 17.65% -10.45% REAL ESTATE ASSET MANAGEMENT 399.00 14.00% COMMERCIAL REAL ESTATE CO KPSC 81.90 11.73% AL MUDON INTERNATIONAL 39.00 COMMERCIAL BANK OF KUWAIT KPSC Top Gainers SUEZ BAGS CO SAE Egypt WTD % WTD % Top Gainers Qatar Close * Close * Top Gainers Top Losers Top Losers 5.79 28.67% 47.70% 462 MIDDLE AND WEST DELTA FLOUR 91.52 -12.09% 45.90% 684 MIDDLE AND WEST DELTA 116.34 27.12% 85.46% 870 ZAHRAA MAADI INVESTMENT 22.12 -11.38% 0.55% 1,220 SAUDI EGYPTIAN INVESTMENT 66.75 20.36% 25.94% 166 QALAA HOLDINGS SAE 0.84 -10.64% -18.45% 3,199 ASEC CO FOR MINING SAE 14.21 18.52% 168.11% 666 CAIRO NATIONAL CO FOR 3.92 -7.33% 20.62% 41 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) QATAR ISLAMIC BANK QPSC 95.50 8.28% -8.08% 22,405 AL MEERA CONSUMER GOODS CO 135.00 -12.28% -23.08% 2,697 AL MEERA CONSUMER GOODS CO 151.70 7.82% -13.56% 3,034 GULF INTERNATIONAL SERVICES QSC 20.37 -12.20% -34.50% 3,782 WIDAM FOOD CO QSC 58.90 7.09% -13.38% 1,053 ALIJARAH HOLDING CO QSC 14.36 -11.85% -6.27% 710 BARWA REAL ESTATE CO QSC 34.00 7.09% 2.26% 13,136 AAMAL CO QSC 11.59 -11.19% -14.97% 7,294 ZAD HOLDING CO SAQ 68.10 -10.98% -23.65% 1,467 LECICO EGYPT SAE QATAR OMAN INVESTMENT CO QSC 8.60 Data and News Source: Thomson Reuters 5.91% -13.57% 269 Top Losers 5
6. Weekly Investment Report Sunday , July 30, 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 80,166 100.20 -1.8% 9.5% 105.40 76.00 15.3 1.8 6.0% 2 EMIRATES TELECOMMUNICATIONS GROUP AE 44,635 18.85 9.0% 0.3% 20.20 17.10 18.3 3.6 4.2% 3 SAUDI TELECOM COMPANY SJSC SA 39,470 74.00 -3.9% 2.1% 78.90 51.00 17.0 2.4 5.4% 4 QATAR NATIONAL BANK SAQ QA 35,665 140.80 10.9% -4.9% 157.27 121.70 10.2 1.8 2.3% 5 FIRST ABU DHABI BANK PJSC AE 31,600 10.65 1.4% 6.6% 11.55 8.30 13.2 1.2 4.2% 6 AL RAJHI BANKING & INVESTMENT CORP SA 27,171 62.70 -9.5% -0.5% 71.70 48.60 12.2 2.0 0.0% 7 SAUDI ELECTRICITY COMPANY SJSC SA 26,779 24.10 -5.5% 7.6% 26.05 14.30 10.9 1.4 2.9% 8 NATIONAL COMMERCIAL BANK SJSC SA 26,642 49.95 -5.2% 17.3% 58.00 32.00 10.7 1.7 3.2% 9 DP WORLD LTD AE 19,206 23.14 10.6% 32.2% 23.85 15.53 19.8 2.2 1.6% 10 ALMARAI CO SJSC SA 17,047 79.90 -15.9% 16.6% 98.30 51.50 31.0 4.8 1.1% 11 JABAL OMAR DEVELOPMENT CO SJSC SA 16,928 68.30 -7.7% -8.6% 76.00 46.00 72.9 6.2 0.0% 12 INDUSTRIES QATAR QSC QA 16,741 100.90 5.7% -14.1% 122.00 91.10 19.2 1.9 4.0% 13 EMAAR PROPERTIES PJSC AE 15,868 8.14 4.6% 14.2% 8.20 6.37 10.8 1.4 1.8% 14 SAUDI ARABIAN MINING CO SJSC SA 14,895 47.80 -2.6% 22.6% 53.80 27.80 791.5 2.2 0.0% 15 NATIONAL BANK OF KUWAIT SAKP KW 13,779 703.00 4.1% 13.6% 723.81 533.33 13.8 1.3 4.1% 16 SAMBA FINANCIAL GROUP SJSC SA 13,734 25.75 -0.8% 5.7% 27.10 15.90 10.4 1.2 3.7% 17 EMIRATES NBD BANK PJSC AE 12,333 8.15 0.1% -4.0% 9.00 7.60 6.6 0.8 4.9% 18 SAUDI BRITISH BANK SJSC SA 10,601 26.50 1.5% 6.0% 28.40 16.40 10.5 1.2 2.6% 19 KUWAIT FINANCE HOUSE KSCP KW 10,504 550.00 13.9% 12.0% 572.73 404.55 16.4 1.7 2.8% 20 ABU DHABI COMMERCIAL BANK PJSC AE 10,304 7.28 3.9% 5.5% 7.68 5.66 9.6 1.2 5.5% 21 KINGDOM HOLDING CO SA 10,061 10.18 3.4% -14.8% 12.95 9.80 70.5 1.3 4.9% 22 BANQUE SAUDI FRANSI SJSC SA 9,708 30.20 -1.0% 15.7% 33.20 18.00 10.4 1.2 3.5% 23 EZDAN HOLDING GROUP QSC QA 9,529 13.10 4.1% -13.3% 20.24 10.72 16.0 1.1 3.8% 24 EMIRATES ISLAMIC BANK PJSC AE 8,871 6.00 3.4% 0.0% 11.95 1.57 93.9 4.6 0.0% 25 EMAAR MALLS GROUP PJSC AE 8,752 2.47 -2.0% -5.7% 3.00 2.38 17.1 1.9 4.0% 26 OOREDOO QSC QA 8,609 98.00 6.6% -3.7% 116.10 88.20 16.5 1.4 3.6% 27 RIYAD BANK SJSC SA 8,593 10.74 -1.5% -7.0% 11.80 8.55 11.0 0.9 6.1% 28 MASRAF AL RAYAN QSC QA 8,587 41.75 5.7% 11.0% 45.40 33.05 15.3 2.6 4.8% 29 YANBU NATIONAL PETROCHEMICALS CO SA 8,281 55.20 -0.7% 2.2% 61.75 39.90 14.3 2.0 5.4% 30 DUBAI ISLAMIC BANK PJSC AE 7,966 5.92 3.9% 6.3% 6.29 5.01 9.3 1.2 7.6% 31 EMIRATES INTEGRATED TELECOM AE 7,095 5.70 6.5% -8.1% 6.90 5.20 15.8 3.4 6.0% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,800 61.20 -2.5% 0.0% 82.00 59.00 23.6 3.7 0.0% 33 SAVOLA GROUP COMPANY SJSC SA 6,650 46.70 -7.5% 16.5% 51.00 27.80 NULL 3.0 0.0% 34 DAMAC PROPERTIES DUBAI CO PSC AE 6,573 3.99 26.3% 57.7% 4.57 1.91 6.8 1.8 6.3% 35 MOBILE TELECOMMUNICATIONS CO KW 6,550 457.00 8.8% 11.5% 520.00 320.00 11.3 1.5 7.7% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , July 30, 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 ALINMA BANK SJSC SA 6,329 15.82 4.2% 4.8% 16.50 10.75 14.6 1.2 3.2% 37 QATAR ISLAMIC BANK QPSC QA 6,312 97.40 5.3% -6.3% 117.00 86.90 11.1 1.3 4.9% 38 QATAR ELECTRICITY AND WATER CO QSC QA 6,139 203.50 7.2% -10.4% 247.90 180.00 0.0 2.8 0.0% 39 ARAB NATIONAL BANK SA 6,128 22.98 3.4% 3.7% 23.48 14.25 7.9 1.0 3.9% 40 EGYPT COMMERCIAL INTERNATIONAL EG 5,532 85.19 6.5% 16.6% 88.80 45.28 17.4 4.1 0.6% 41 AHLI UNITED BANK BSC BA 5,479 0.73 5.1% 24.6% 0.79 0.57 9.5 1.4 5.1% 42 QATAR INSURANCE CO SAQ QA 5,362 70.50 4.6% -4.4% 79.74 61.00 20.1 2.0 1.9% 43 ALDAR PROPERTIES PJSC AE 5,009 2.34 1.7% -11.0% 2.91 2.10 6.6 0.8 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 4,517 13.11 -1.9% -17.0% 19.87 12.00 16.6 1.2 4.6% 45 MAKKAH CONSTRUCTION AND DEV SA 3,912 89.00 -11.4% -1.7% 123.50 81.00 48.7 1.7 2.8% 46 ALAWWAL BANK SA 3,841 12.60 10.9% -9.7% 14.20 8.25 0.0 1.1 0.0% 47 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,758 851.00 14.2% 51.0% 856.00 404.55 17.8 1.2 0.0% 48 ETIHAD ETISALAT CO SJSC SA 3,733 18.18 -11.3% -24.3% 26.00 16.40 NULL 1.0 0.0% 49 JARIR MARKETING CO SJSC SA 3,696 154.00 4.8% 33.0% 155.00 81.00 17.6 9.1 4.7% 50 BARWA REAL ESTATE COMPANY QPSC QA 3,591 33.65 4.2% 1.2% 41.80 29.00 9.9 0.7 7.4% Company Name Total MCap; Weighted Avg Div Yield 680,031 3.5% 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