MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , August 13, 2017 Economic & Market News Reuters: According to a poll by Thomson Reuters, the US economic expansion will last at least another two years, and growth will not accelerate the way the Trump administration has predicted. US President Donald Trump's administration aims to boost annual growth to 3%, mainly through sweeping tax cuts but with the failure to repeal and replace the Affordable Care Act, significant fiscal stimulus appears less likely and the economy has shown no signs of accelerating to meet that target. GDP likely grew at a 2.6% annualized pace in Q2, down from 2.7% in the July poll. But the trend has yet to break away from roughly 2%. The latest poll suggests 2.1% to 2.5% growth each quarter to the end of next year, slightly down from the 2.2% to 2.5% predicted the previous month. The modest outlook was still broadly explained by slower spending due to sluggish wage growth even though the economy is close to full employment. Inflation forecasts have remained lukewarm, with the Fed preferred gauge, the core PCE price index, not expected to reach the central bank's 2% target until the Q4 2018. Core PCE inflation was forecast to average 1.5% to 1.6% each quarter from here until the end of 2017. The poll also predicted the Fed would raise interest rates by 25 bps in October or December, taking the fed funds rate to a range of 1.25% to 1.50%. The Fed is expected to follow up with three more rate hikes of the same amount in 2018. Zawya: According to latest monthly report, OPEC forecasts higher demand for its crude in 2018 due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply. The deal is aimed at getting rid of excess stocks and in a sign it is working, OPEC said inventories in developed economies declined in June and have fallen by 87 mb compared to the five-year average since the cut started in Jan. OPEC also raised its forecasts for global oil demand growth in 2017 and 2018, saying consumption would rise by 1.28 mbpd in 2018, along with being upbeat about the global economy. The report showed the group's oil output in July came in above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cuts. OPEC said its oil output rose by 173,000 bpd in July to 32.87 mbpd, led by the exempt producers plus top exporter Saudi Arabia. The Kingdom told OPEC it cut output to 10.01 mbpd last month, from 10.07 mbpd in June, meaning its production fell back below its OPEC target of 10.06 mbpd. The figures mean OPEC has complied 86% with its output-cutting pledge, down from 96% initially reported for June but still high by OPEC standards. Supply is rising outside the group as well, although not quite as fast as OPEC thought. OPEC estimated supply from non-OPEC in 2018 would rise by 1.10 mbpd, down 40,000 bpd from the previous forecast, citing downward revisions to the US and Canada. Al Masah Capital: A set of disappointing regional earnings for the 2Q coupled with negativity on the global scene had its effect with a subdued performance in the markets last week. Four out of the eight regional indices ended the week up while the other four were down with the selling picking up speed towards the end of the week. Saudi Arabia came out on top of the gainers with a weekly rise of + 1.1%, followed by Egypt + 0.4%, Kuwait + 0.3% and Bahrain + 0.1%. Qatar was the worst performer of the week losing – 1.7%, followed by Oman – 1.3%, Abu Dhabi – 1.0% and Dubai – 0.8%. Crude oil is still maintaining its position around the USD 50 mark, with a modest decline of 0.6% over the week, yet it feels like a prolonged consolidation around these levels could be starting to take hold. With global risk spiking and regional markets falling in step, investors moved towards Gold as a safe haven, the commodity rising by 2.4% over the week and allowing its YTD positive performance to reach + 12.36%. The coming week will witness more earnings releases from companies in the region with EMAAR and Damac on tap, the global picture will be followed intently and thin volumes might exacerbate market swings. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,647.33 -0.76% 0.39% 3.30% Oil (Brent) 52.10 -0.61% -1.04% 39.75% Abu Dhabi (ADSMI) 4,550.93 -0.98% -0.33% 0.10% Natural Gas 2.98 7.53% 6.76% 27.64% Saudi (SASEIDX) 7,164.64 1.12% 0.99% -0.64% Gold 1288.81 2.46% 1.56% 21.48% Kuwait (KWSE) 6,845.01 0.28% -0.10% 19.08% Silver 17.06 5.13% 1.63% 23.38% Egypt (EGX30) 13,462.38 0.37% 0.32% 9.05% EURUSD 1.18 0.44% -0.17% 8.84% Qatar (DSM) 9,242.82 -1.65% -1.74% -11.44% GBPUSD 1.30 -0.18% -1.52% -11.72% Bahrain (BHSEIDX) 1,324.28 0.13% -0.27% 8.51% USDJPY 109.15 -1.37% -1.00% -9.27% Oman (MSM30) 4,991.51 -1.31% -0.65% -13.68% USDCHF 0.96 -1.13% -0.49% -4.00% TR GCC (Reuters) 201.01 -0.59% -0.44% -0.78% AUDUSD 0.79 -0.42% -1.41% 8.44% DJ MENA 527.39 0.44% 0.54% 5.91% USDCAD 1.27 0.25% 1.64% -8.37% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 21,858.32 -1.06% -0.15% 10.60% 1 Month 1.261 0.17% -0.384 0.08% S&P 500 2,441.32 -1.43% -1.17% 9.04% 2 Month 1.315 0.23% -0.378 1.26% NASDAQ 5,831.53 -1.16% -0.83% 19.90% 3 Month 1.456 0.47% -0.303 0.86% 372.14 -2.72% -1.51% 2.97% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,309.96 -2.69% -0.84% 2.34% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,014.06 -2.31% -0.86% 4.64% CAC 40 5,060.92 -2.74% -0.64% 4.08% Nikkei 225 19,729.74 -1.12% -0.98% 3.22% SENSEX 31,213.59 -3.44% -4.00% 17.23% Shanghai Composite 3,208.54 -1.64% -1.97% 3.38% Hang Seng 26,883.51 -2.46% -1.61% 22.19% Indexes Indexes STOXX Europe 600 Data and News Source: Thomson Reuters Commodities & FX LIBOR 1
2. Weekly Investment Report Sunday , August 13, 2017 Economic & Market News (continued) Zawya: Moody's changed the outlook on Qatar's banking system to negative from stable due to the weakening operating conditions and continued funding pressures facing Qatari banks, amid a continuing blockade of the country by its neighbors. The outlook also captures the potential weakening capacity of the Qatar government to support the country's banks. Moody's expects Qatar's GDP growth to slow to 2.4% in 2017 from exceptionally high rates of around 13.3% recorded during the 2006-2014 period; however, it remains the highest in the GCC, driven by high levels of government spending in preparation for the FIFA World Cup in 2022. As a result, domestic credit growth will also slow to the 5%-7% range for 2017 and 2018, down from 15% in 2015. The gradual economic slowdown, combined with Qatar's ongoing dispute with some neighboring countries and continued challenges in the construction and contracting sector, will lead asset quality to dip slightly. Despite this increase, the NPL ratio will remain among the lowest in the GCC heading into 2018. Nonetheless, capitalization will continue to remain strong providing Qatari banks with substantial cushions to absorb losses. Moody's expects tangible common equity to increase to around 15.5% of risk-weighted assets by end 2018 from 14.4%, as of December 2016, driven by slower-than-normal credit growth and higher profit retention. Reuters: According to PBOC, China's forex reserves rose for a sixth straight month in July, underscoring Beijing's success in keeping money from moving offshore with some help from a weaker US dollar. Reserves rose USD 23.93 billion from the previous month to USD 3.081 trillion in July, the highest level in nine months, higher than economists' median forecast of a USD 15 billion gain and was the sixth month in a row of increases, the longest stretch in three years. Factoring in China's usual trade surplus, economists' estimate that some USD 18 billion to USD 27 billion of money left the country last month. Since persisting weakness in the Yuan caused a gush of outflows and a plummet in reserves starting two years ago, the central bank has been battling to turn the tide. It has tightened scrutiny of companies and individuals moving money out of the country and introduced a new "countercyclical" factor to confound market expectations in determining the Yuan's exchange rate. With the steady yuan exchange rate, purchases of forex by households and companies have become more rational. China's Finance Ministry last week unveiled new measures to better scrutinize overseas investment made by state-owned companies. Zawya: According to the Emirates NBD Dubai Economy Tracker Index (DETI), Dubai’s non-oil private sector continued to expand in July with output (61.0) and new orders (62.0) increased sharply in July, although the output index was slightly lower than in June. The DETI was broadly unchanged in July at 56.3, still signaling robust overall expansion. The latest index reading was above the long-run trend (55.2). By sector, the wholesale & retail industry (index at 57.9) was once again the best performing category, followed by travel & tourism (56.3) and the construction sector (54.8). Firms attributed the rise in business activity to favorable economic conditions and more projects. Employment growth was marginal however, despite the strong rise in output and new work. Market conditions remained competitive and firms reduced selling prices on average in July, although the decline was marginal with the output price index only a touch below the neutral 50 level at 49.6. The inability of firms to pass on rising input costs to consumers is likely a key factor behind sluggish employment growth. Business confidence increased from June’s 10-month low, but remained weaker than the overall level of positive sentiment recorded on average in the series history. US Government Bonds - Yield to Maturity (%) 4 2.844 2.787 3 2.269 2.187 1.822 1.741 2 0.992 0.992 1.077 1.039 1.142 1.142 1M 3M 6M 1.359 1.294 1.227 1.201 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 12 14.0 11.7 11.4 PE Jul-17 Jun-17 Aug-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 Oct-16 Dec-16 Sep-16 600 12.4 12.3 381.5 9.7 8.5 300 1.2 Nov-16 Jul-16 Jun-16 Aug-16 Apr-16 May-16 Jan-16 Feb-16 Mar-16 Oct-15 Dec-15 Sep-15 Nov-15 Jul-15 Jun-15 Aug-15 Apr-15 May-15 Jan-15 Feb-15 Mar-15 5-Year CDS Rates (basis points) PB 8 4 Oct-14 MSCI Asia ex. Japan MENA Market - Price Ratios 16 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 1.6 2.1 1.7 - - 1.3 - 0.9 0.9 232.7 163.2 121.3 1.5 56.3 95.3 92.1 - 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 , August 13, 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 1.92 1.92 Aa2 107.78 107.85 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.42 1.41 AAA 100.23 100.25 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.17 0.17 AAA 111.71 111.74 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.95 103.28 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.67 2.69 115.20 115.80 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.08 2.07 AAA 100.35 100.38 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.95 3.95 Aa3 157.97 158.97 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.29 7.27 B 95.44 96.62 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.77 2.77 AAA 104.38 104.41 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.17 7.16 BB+ 86.13 87.45 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 2.06 2.06 BBB+ 104.89 104.94 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.58 2.58 BBB+ 107.40 107.51 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.71 2.71 A1 108.28 108.39 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.41 3.41 Baa3 99.42 99.53 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.94 2.94 Aa3 105.75 106.50 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.48 2.48 AA 102.38 103.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.91 2.91 A1 103.80 103.88 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.16 1.17 A+ 102.63 103.33 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.93 2.88 A 105.51 106.26 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.91 3.89 Baa2 103.88 104.38 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.19 3.16 BBB+ 103.61 103.93 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.94 3.94 A1 112.05 112.39 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.11 4.11 A1 116.78 117.26 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.08 5.08 BBB+ 122.02 123.02 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.38 7.00 101.70 103.05 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.53 5.90 105.25 106.25 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , August 13, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.1102 1.3163 N/A 1.5270 1.7485 2.1333 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.09 0.75 1.20 1.22 1.28 1.44 1.60 1.73 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.72 1.96 2.22 2.46 2.74 3.23 3.77 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.45 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 1.09 1.22 1.25 1.49 1.75 1.64 1.94 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.01 2.42 2.67 2.94 3.14 3.37 3.69 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 1.56 1.75 2.00 2.31 1.88 2.13 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.64 1.78 0.37 1.09 1.23 1.25 1.30 1.48 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.97 2.07 0.00 2.23 2.3600 2.5200 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 1.06 1.06 1.00 1.20 1.24 1.75 1.49 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 1.15 1.40 3.25 3.25 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.44 2.55 2.65 2.74 2.82 2.97 3.14 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , August 13, 2017 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 2.11 -9.05% -16.93% 317 13,137 DXB ENTERTAINMENTS PJSC 0.81 -5.37% -37.69% 6,480 -8.25% 4,118 SHUAA CAPITAL PSC 1.24 -5.34% -16.22% 1,321 -13.53% 5,367 AMLAK FINANCE PJSC 1.09 -5.22% -13.49% 1,635 GULF NAVIGATION HOLDING PJSC 1.30 -5.11% -19.25% 717 Close * WTD % YTD % Mkt. Cap. (AED mln) NATIONAL MARINE DREDGING PSC 3.73 -18.91% -13.26% 933 NATIONAL BANK OF FUJAIRAH PJSC 2.99 -9.94% -32.76% 4,086 2,180 AXA GREEN CRESCENT INSURANCE CO 0.68 -9.33% -2.86% 136 1,330 GULF MEDICAL PROJECTS CO PSC 2.21 -9.05% -30.72% 1,545 Close * WTD % YTD % Mkt. Cap. (SAR mln) AL ALAMIYA FOR COOPERATIVE 22.50 -13.13% -8.54% 900 RAYDAN COMPANY CJSC 20.22 -12.09% 0.00% 455 UNITED COOPERATIVE ASSURANCE 12.50 -11.35% -4.21% 612 MEDITERRANEAN AND GCC 19.75 -11.04% -26.85% 1,975 MALATH COOPERATIVE INSURANCE 22.24 -10.54% 2.25% 267 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 90.00 -17.43% 2.27% 43 KUWAIT REMAL REAL ESTATE CO KPSC 69.00 -15.85% 2.99% 21 OSOS HOLDING GROUP CO KSCP 123.00 -12.77% -5.38% 12 102 AL MADINA FOR FINANCE 42.70 -12.32% -1.84% 17 -23.77% 117 GULF FRANCHISING HOLDING CO 66.00 -12.00% 120.00% 2 WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) 15.96 38.06% 89.77% 128 GENIAL TOURS CO SAE 2.74 -17.96% 56.61% 13 NORTH AFRICA CO FOR REAL ESTATE 1.11 15.63% 1.83% 189 MIDDLE AND WEST DELTA FLOUR 91.52 -12.09% 45.90% 684 EGYPTIAN ARABIAN COMPANY 1.21 15.24% 35.96% 76 ZAHRAA MAADI INVESTMENT 22.12 -11.38% 0.55% 1,220 EGYPTIANS ABROAD INVESTMENT 4.11 15.13% 25.30% 165 QALAA HOLDINGS SAE 0.84 -10.64% -18.45% 3,199 MIDDLE AND WEST DELTA FLOUR 106.98 15.03% 70.54% 802 WADI KOM OMBO FOR LAND 8.00 -8.88% 34.23% 45 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) MESAIEED PETROCHEMICAL HOLDING 13.16 0.08% -16.71% 16,629 MAZAYA QATAR REAL ESTATE DEVEL 10.87 -3.21% -20.68% 1,266 QATAR GENERAL INSURANCE 33.85 13.97% -27.98% 2,979 QATAR FIRST BANK LLC 7.54 -0.66% -26.80% 1,517 QATAR CINEMA FILM DISTRIBUTION 27.00 2.86% -1.64% 170 QATAR ISLAMIC INSURANCE CO QSC 58.00 -1.69% 14.62% 870 QATARI INVESTORS GROUP QSC 47.70 0.63% -18.46% 5,965 SALAM INTERNATIONAL INVESTMENT 9.00 -3.74% -18.55% 1,035 1,222 MEDICARE GROUP QSC 81.20 -3.10% 29.09% 2,299 Close * WTD % YTD % Mkt. Cap. (AED mln) ISLAMIC ARAB INSURANCE CO PSC 0.45 5.95% -14.59% 538 MASHREQBANK PSC 74.00 5.71% 19.35% UNION PROPERTIES PJSC 0.96 4.92% AIR ARABIA PJSC 1.15 3.60% TAKAFUL EMARAT INSURANCE PJSC 2.28 0.88% -10.24% 342 Close * WTD % YTD % Mkt. Cap. (AED mln) SHARJAH CEMENT AND INDUSTRIAL 1.05 6.06% -2.78% 581 METHAQ TAKAFUL INSURANCE CO 0.90 5.88% 0.00% 135 RAS AL KHAIMAH CERAMICS PSC 2.54 5.83% 3.67% ABU DHABI AVIATION 2.99 4.91% -0.33% ABU DHABI SHIP BUILDING PJSC 2.35 4.44% -16.96% 498 Close * WTD % YTD % Mkt. Cap. (SAR mln) 51.30 26.35% -24.34% 385 SAUDI ARABIAN AMIANTIT CO SJSC 6.72 25.84% -19.04% 776 SAUDI PRINTING AND PACKAGING CO 23.06 24.92% 14.44% 1,383 SAUDI ARABIAN MINING CO SJSC 49.10 22.75% 25.90% 57,385 AL BAHA INVESTMENT 28.00 19.15% #VALUE! 496 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 185.00 15.63% 11.45% 49 KUWAIT FINANCIAL CENTRE KPSC ARABI GROUP HOLDINGS KSCP 93.90 14.51% 44.46% 16 REAL ESTATE ASSET MANAGEMENT 399.00 14.00% 103.57% 42 GULF CABLE AND ELECTRICAL 488.00 13.75% 30.13% JAZEERA AIRWAYS CO KSCP 587.00 10.75% Close * UNIVERSAL CO FOR PACKAGING Dubai Top Gainers Abu Dhabi Top Gainers Top Gainers Saudi TIHAMA ADVERTISING AND PR Kuwait Top Gainers AL ARGAN INTERNATIONAL Qatar Egypt Top Gainers WIDAM FOOD CO QSC 67.50 Data and News Source: Thomson Reuters 2.43% -0.74% Top Losers Top Losers Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , August 13, 2017 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 78,638 98.30 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,978 18.15 1.0% 7.4% 105.40 76.00 15.8 1.9 6.1% -3.2% -3.5% 20.00 17.10 18.3 3.6 4.4% 3 SAUDI TELECOM COMPANY SJSC SA 38,772 72.70 -2.0% 0.3% 78.90 51.00 15.8 2.4 5.5% 4 QATAR NATIONAL BANK SAQ QA 34,552 136.50 -1.1% -7.8% 157.27 121.70 9.9 1.7 2.3% 5 FIRST ABU DHABI BANK PJSC AE 6 AL RAJHI BANKING & INVESTMENT CORP SA 31,749 10.70 0.5% 7.1% 11.55 8.30 13.3 1.2 4.2% 27,516 63.50 2.4% 0.8% 71.70 48.60 12.2 1.9 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 26,773 50.20 1.3% 17.8% 58.00 32.00 10.7 1.7 3.2% 8 SAUDI ELECTRICITY COMPANY SJSC SA 26,554 23.90 0.3% 6.7% 26.05 14.30 10.8 1.4 2.9% 9 DP WORLD LTD AE 18,592 22.40 -2.6% 27.9% 23.85 15.53 19.1 2.1 1.7% 10 ALMARAI CO SJSC SA 16,917 79.30 -0.3% 15.8% 98.30 51.50 30.8 4.7 1.1% 11 JABAL OMAR DEVELOPMENT CO SJSC SA 16,530 66.70 -1.8% -10.8% 76.00 46.00 71.2 6.0 0.0% 12 EMAAR PROPERTIES PJSC AE 16,414 8.42 2.2% 18.1% 8.53 6.37 11.1 1.4 1.8% 13 INDUSTRIES QATAR QSC QA 15,397 93.40 -3.0% -20.5% 122.00 91.10 21.7 1.7 4.3% 14 SAUDI ARABIAN MINING CO SJSC SA 15,159 48.65 1.7% 24.7% 53.80 27.80 222.2 2.2 0.0% 15 NATIONAL BANK OF KUWAIT SAKP KW 14,105 719.00 3.2% 16.1% 723.81 533.33 14.2 1.4 4.0% 16 SAMBA FINANCIAL GROUP SJSC SA 13,013 24.40 -2.6% 0.2% 27.10 15.90 9.9 1.1 3.9% 17 EMIRATES NBD BANK PJSC AE 12,318 8.14 0.0% -4.1% 9.00 7.60 6.6 0.8 4.9% 18 KUWAIT FINANCE HOUSE KSCP KW 10,570 553.00 3.4% 12.6% 572.73 413.64 16.5 1.7 2.8% 19 ABU DHABI COMMERCIAL BANK PJSC AE 10,545 7.45 2.8% 8.0% 7.68 5.66 9.8 1.3 5.4% 20 SAUDI BRITISH BANK SJSC SA 10,400 26.00 2.0% 4.0% 28.40 16.40 10.4 1.2 2.7% 21 KINGDOM HOLDING CO SA 10,179 10.30 1.4% -13.8% 12.95 9.80 71.3 1.3 4.9% 22 BANQUE SAUDI FRANSI SJSC SA 9,691 30.15 -1.1% 15.5% 33.20 18.00 10.4 1.1 3.5% 23 EZDAN HOLDING GROUP QSC QA 9,297 12.79 -2.0% -15.4% 20.24 10.72 16.6 1.1 3.9% 24 EMIRATES ISLAMIC BANK PJSC AE 8,945 6.05 0.8% 0.0% 11.95 1.57 94.6 4.7 0.0% 25 RIYAD BANK SJSC SA 8,624 10.78 1.9% -6.7% 11.80 8.55 11.1 0.9 6.0% 26 EMAAR MALLS GROUP PJSC AE 8,575 2.42 -2.4% -7.6% 2.97 2.38 16.5 1.9 4.1% 27 MASRAF AL RAYAN QSC QA 8,448 41.10 -1.7% 9.3% 45.40 33.05 15.1 2.5 4.9% 28 DUBAI ISLAMIC BANK PJSC AE 8,235 6.12 0.7% 9.9% 6.29 5.01 9.6 1.2 7.4% 29 YANBU NATIONAL PETROCHEMICALS CO SA 8,220 54.80 -0.4% 1.5% 61.75 39.90 14.2 2.0 5.5% 30 OOREDOO QSC QA 8,120 92.50 -3.4% -9.1% 116.10 88.20 16.2 1.3 3.8% 31 EMIRATES INTEGRATED TELECOM AE 7,132 5.73 -2.7% -7.6% 6.72 5.20 15.9 3.4 5.9% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,966 62.70 2.8% 0.0% 82.00 59.00 24.2 3.8 0.0% 33 SAVOLA GROUP COMPANY SJSC SA 6,863 48.20 7.5% 20.2% 51.00 27.80 0.0 3.1 0.0% 34 MOBILE TELECOMMUNICATIONS CO KW 6,756 471.00 6.1% 14.9% 520.00 320.00 11.7 1.6 7.4% 35 ALINMA BANK SJSC SA 6,544 16.36 2.4% 8.3% 16.52 10.75 15.1 1.3 3.1% Company Name Data and News Source: Thomson Reuters MTD % 6
7. Weekly Investment Report Sunday , August 13, 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 DAMAC PROPERTIES DUBAI CO PSC AE 6,523 3.96 -1.0% 56.5% 4.57 1.91 6.8 1.8 6.3% 37 ARAB NATIONAL BANK SA 6,346 23.80 5.3% 7.4% 23.90 14.25 8.2 1.0 3.8% 38 QATAR ISLAMIC BANK QPSC QA 6,145 94.90 -1.7% -8.7% 115.60 86.90 0.0 1.2 0.0% 39 QATAR ELECTRICITY AND WATER CO QSC QA 5,842 193.80 -1.7% -14.6% 247.90 180.00 13.7 2.6 3.9% 40 COMMERCIAL INTERNATIONAL BANK EG 5,484 83.78 -0.1% 14.6% 88.80 47.66 17.1 4.0 0.6% 41 AHLI UNITED BANK BSC BA 5,403 0.72 0.7% 22.9% 0.79 0.57 9.8 1.3 5.7% 42 QATAR INSURANCE CO SAQ QA 5,297 69.70 -0.4% -5.5% 79.74 61.00 19.9 2.0 1.9% 43 ALDAR PROPERTIES PJSC AE 5,117 2.39 2.1% -9.1% 2.90 2.10 6.9 0.8 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 4,531 13.16 0.2% -16.7% 19.68 12.00 17.0 1.2 4.6% 45 MAKKAH CONSTRUCTION AND DEV SA 3,745 85.20 -3.7% -5.9% 123.50 81.00 46.6 1.7 2.9% 46 ALAWWAL BANK SA 3,737 12.26 3.0% -12.1% 14.20 8.25 0.0 1.1 0.0% 47 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,731 845.00 0.6% 49.9% 857.00 404.55 17.9 1.1 0.0% 48 ETIHAD ETISALAT CO SJSC SA 3,704 18.04 -0.2% -24.8% 25.50 16.40 0.0 1.0 0.0% 49 JARIR MARKETING CO SJSC SA 3,687 153.60 0.8% 32.7% 158.80 81.00 17.2 9.4 4.8% 50 BARWA REAL ESTATE COMPANY QPSC QA 3,604 33.80 1.0% 1.7% 41.80 29.00 10.0 0.7 7.4% Company Name Total MCap; Weighted Avg Div Yield 672,985 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