MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , August 27, 2017 Economic & Market News Reuters: According to the IHS Markit, US PMI manufacturing index declined slightly to 52.5 for August from 53.3 and was below estimate s of an unchanged reading on the month, while the services-sector index rose firmly to 56.9 from 54.7 previously and the latest figure was well above consensus forecasts of 54.9 and the strongest reading for 28 months. The overall composite output index strengthened to 56.0 from 54.6 previously, the strongest reading for 27 months. Manufacturing was held back by weakness in exports which declined for the second successive month, although the dollar retreat should start to improve conditions within the next few months. The data will reinforce expectations of strong growth in the services sector and the inflation data should lessen concerns within the Federal Reserve that inflation will remain significantly below target. Meanwhile, Japanese manufacturing activity expanded at the fastest pace in three months in August as domestic and export orders rebounded, highlighting that global demand remains buoyant. The Nikkei-Markit Japan flash manufacturing PMI rose to 52.8 in August on a seasonally adjusted basis from a final 52.1 in July. Growth in output, new orders and employment all accelerated in the first three weeks of the month, with a preliminary gauge of manufacturing output rising 1.7 points to 53.1, the highest level in three months. Zawya: According to the BMI Research, the UAE's economy will expand by 2.9% in 2018 as oil production returns to growth. The economy will expand after curbs in oil production are expected to slow down the economy to 2.2% growth this year, from a previous forecast of 2.8%, and slower than the 3% expansion seen in 2016. The firm forecasted that production will fall by 0.1% in 2017, compared to a 2.2% expansion in 2016. An easing of the production curb in 2018 will see production return to growth at 2.1% in 2018, contributing to the pick-up in the economy. The growth rates will be uneven across the emirates, given the greater importance of the oil sector in Abu Dhabi’s economy than Dubai’s. More-diversified Dubai’s economy will expand by 3.2%, while Abu Dhabi will weigh on the headline UAE figure with a fairly tepid expansion rate of 1.8%. Meanwhile, the BMI forecast growth in the country’s non-oil sector on the heels of increased trade activity at Port Khalifa, Abu Dhabi International Airport, Jebel Ali, and at Dubai International and Al-Maktoum International airports as a result of an upswing in global trade while tourism and the construction sectors are expected to perform strongly on the back of infrastructure spending on Expo 2020 and a hike in investments. The firm also downgraded its 2017 real GDP growth forecast for the UAE since its last quarterly report, in line with most of the GCC member states. Al Masah Capital: Lack of catalysts coupled with the summer lull and the approaching Eid break dominated trading activities across the regional markets. Along with the end of earnings season, regional markets have been in a very thin range, trading volumes declining and no major macro or micro news affecting stocks’ prices. Over the previous week, four out of the eight indices were modestly up with Oman coming out as the best performer with +1.4%, however this didn’t change the fact that it is still one of the worst performers among its peers on a YTD basis with a negative performance of -14.5%. Saudi Arabia, Dubai and Bahrain joined the gainers over the week with each advancing by +0.9%, +0.6% and +0.2%, respectively. Qatar remains the worst performer among its peers, continuing its slide from the repercussions of the geopolitical situation, losing -1.7% on the week and extending its YTD losses to -14.2%. Egypt lost -1.5% over the week which was expected given the recent euphoria that drove it close to the 14,000 level, the index all-time high, with the market retreating back to its support level at 13,000. Abu Dhabi and Kuwait remained unchanged with Kuwait still maintaining its position as the best performer among its peers on a YTD basis, with upward performa nce of +19.8%. Only 4 trading days left in August for some of the regional indices and with Eid looming towards the end of the week, subdued trading volumes and minimal market activity may well be on the cards. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,624.49 0.65% -0.24% 2.65% Oil (Brent) 52.41 -0.59% -0.46% 40.58% Abu Dhabi (ADSMI) 4,493.81 0.03% -1.58% -1.16% Natural Gas 2.89 -0.03% 3.51% 23.75% Saudi (SASEIDX) 7,245.66 0.92% 2.14% 0.49% Gold 1291.03 0.54% 1.73% 21.69% Kuwait (KWSE) 6,885.17 -0.01% 0.49% 19.78% Silver 17.05 0.69% 1.55% 23.28% 1.19 1.39% 0.71% 9.80% Indexes Egypt (EGX30) 12,926.40 -1.47% -3.67% 4.71% EURUSD Qatar (DSM) 8,951.82 -1.70% -4.83% -14.23% GBPUSD 1.29 0.10% -2.48% -12.58% Bahrain (BHSEIDX) 1,302.13 0.25% -1.93% 6.69% USDJPY 109.34 0.16% -0.83% -9.11% Oman (MSM30) 4,946.89 1.18% -1.54% -14.45% USDCHF 0.96 -0.85% -1.01% -4.51% TR GCC (Reuters) 198.60 -0.09% -1.63% -1.97% AUDUSD 0.79 0.08% -0.86% 9.04% DJ MENA 527.40 0.53% 0.54% 5.92% USDCAD 1.25 -0.83% 0.02% -9.83% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 21,813.67 0.64% -0.35% 10.38% 1 Month 1.271 0.56% -0.387 0.04% S&P 500 2,443.05 0.72% -1.10% 9.12% 2 Month 1.318 0.21% -0.374 -1.06% NASDAQ 5,822.53 0.55% -0.98% 19.72% 3 Month 1.455 -0.07% -0.307 0.99% 374.07 -0.03% -1.00% 3.50% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,401.46 1.06% 0.40% 3.62% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,167.94 0.02% 0.41% 5.98% CAC 40 5,104.33 -0.19% 0.21% 4.98% Nikkei 225 19,452.61 -0.09% -2.37% 1.77% SENSEX 31,596.06 0.23% -2.83% 18.66% Shanghai Composite 3,331.52 1.92% 1.79% 7.34% Hang Seng 27,848.16 2.96% 1.92% 26.58% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , August 27, 2017 Economic & Market News (continued) Zawya: According to a survey by Bloomberg, Qatar’s economy will grow this year at the slowest pace since 1995, as the impact of the Arab boycott is felt on trade and investor confidence. The country's GDP is expected to grow 2.5% in 2017 and 3.2% next year compared with 3.1% and 3.2%, respectively, in the previous survey conducted in June. Economists now expect a budget deficit of 5.1% of GDP this year, up from 4.6%, while the forecast for inflation dropped to 2.2% from 2.5%. Imports and foreign deposits have plummeted and interest rates soared, exacerbating a broader slowdown due to lower global energy prices. The country has been forced to tap into its foreign currency reserves and borrow from debt markets to support its economy, which is facing the prospect of posting a fiscal deficit. Its sovereign wealth fund has been compelled recently to reduce its stake in Credit Suisse to 4.94%. While global credit rating agency S&P’s has downgraded the sovereign ratings of Qatar and changed the outlook of some of the leading corporate entities with negative implications, other rating agencies have warned of potential rating downgrade and or change in outlook to negative. Moody's Investors Service has recently changed the outlook on Qatar's rating to negative from stable, saying the key driver for the outlook change to negative is the economic and financial risks arising from the Arab boycott. Reuters: According to the IHS Markit, the Eurozone PMI manufacturing index strengthened to 57.4 for August from 56.6 the previous month, above expectations of 56.3 and the strongest reading for two months with the index very close to 6-year highs, while the services-sector reading declined to 54.9 from 55.4 which was below consensus expectations of 55.4 and the lowest reading for 7 months. The composite output index strengthened to a 2-month high of 55.8 from 55.7 previously. There was further strong growth in manufacturing orders and order backlogs increased at the fastest pace in over 11 years, but growth in new services-sector business was the weakest since January. Meanwhile, according to the CBI Industrial Trends survey, confidence in the UK manufacturing sector continued to be positive in August, with the output index dropping slightly from its record reading of 31% in July to 30%. Manufacturers showed another solid rise in demand as the index for total orders indicated an eighth consecutive rise and reached 13%, which is the joint second-highest level since 1988. Manufacturing output in the first half of 2017 failed to record a single monthly rise, and the average rate of rise in the past three months compared to a year ago was the lowest level since April 2016. Zawya: The Egyptian central bank kept its key interest rates unchanged at a meeting of its monetary policy committee, after it had raised them by a total of 400 bps in the previous two meetings. The bank has raised key interest rates by a total of 700 bps, or 7 pp, since it floated the pound in November as part of a USD 12 billion IMF loan programme aimed at boosting the economy. The Bank kept the overnight deposit rate at 18.75% and the overnight lending rate at 19.75%, in line with the expectations of all 11 economists polled by Reuters this week. Inflation has been climbing up since the float in November. Key inflation rates soared to multi-decade highs last week on the back of energy subsidy cuts agreed with the IMF. Annual urban inflation for July hit a high of 33.0% from 29.8% in June, the highest since June 1986, and the second highest since Reuters data began in 1958. Core inflation rose to 35.3% Y-o-Y in July from 31.95% in June. With growth in GDP reaching 4.9% in the last quarter, unemployment falling and consumption slowing, the central bank is predicting inflation will fall. The monetary policy committee sees that interest rates are currently in line with targeted inflation of 13% (+/- 3%) in Q4 2018 and single digits going forward. US Government Bonds - Yield to Maturity (%) 4 2.777 3 2.194 1.762 2 1.124 1.021 1.014 0.984 0.956 1.233 1.114 2.171 1.758 1.334 1.314 1.233 2.752 1 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 S&P 500 STOXX Europe 600 TR MENA 12 Jul-17 Jun-17 Aug-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 Oct-15 Dec-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 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 5-Year CDS Rates (basis points) PB 600 14.1 11.3 11.3 12.3 12.1 379.2 9.7 8.3 300 8 234.4 162.0 4 1.2 1.6 2.0 1.7 - - 1.3 - 0.9 0.9 119.4 1.5 56.5 93.3 89.2 - 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 , August 27, 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 1.84 1.84 Aa2 107.73 107.80 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.43 1.43 AAA 100.18 100.20 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.15 0.14 AAA 111.59 111.62 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.92 103.25 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.64 2.67 115.10 115.70 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.06 2.06 AAA 100.47 100.49 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.85 3.85 Aa3 159.11 160.11 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.12 7.14 B3 97.21 97.83 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.74 2.74 AAA 105.09 105.13 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.07 7.06 BB+ 87.14 87.96 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 2.67 2.67 BBB+ 104.13 104.17 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.59 2.59 BBB+ 107.25 107.35 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.66 2.65 A1 108.24 108.35 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.43 3.42 Baa3 99.38 99.48 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.82 2.82 Aa3 106.00 106.75 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.45 2.45 AA 102.38 103.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.04 3.04 A1 103.50 103.58 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.14 1.15 A+ 102.69 103.39 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.87 2.85 A 105.74 106.49 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.74 3.77 Baa2 104.92 105.58 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.17 3.15 BBB+ 103.73 104.05 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.87 3.87 A1 112.44 112.79 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.01 4.01 A1 117.65 118.13 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.94 4.94 BBB+ 123.94 124.94 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.08 6.99 102.26 102.99 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.56 5.86 105.13 106.13 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , August 27, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.0617 1.2942 N/A 1.5367 1.7572 2.1262 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.09 0.35 1.18 1.20 1.29 1.36 1.46 1.75 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.73 1.97 2.20 2.43 2.68 3.20 3.72 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 0.45 1.19 1.22 1.49 1.74 1.84 2.40 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.00 2.28 2.51 2.72 2.94 3.25 3.58 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 1.50 1.80 0.37 0.37 1.14 1.21 1.23 1.31 1.40 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.69 1.87 2.03 0.00 2.16 2.2800 2.4700 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 1.11 1.11 1.40 1.20 1.23 1.60 1.43 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 2.25 2.30 2.45 2.60 2.80 3.08 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 2.56 2.65 2.73 2.80 2.94 3.10 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , August 27, 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 0.78 -4.29% -40.00% 6,240 750 UNION PROPERTIES PJSC 0.90 -3.23% -13.98% 3,861 -8.64% 576 UNION PROPERTIES PJSC 0.86 -2.16% -17.71% 3,693 -7.39% 2,000 DUBAI FINANCIAL MARKET PJSC 1.15 -1.71% -8.00% 9,200 4.99% -13.60% 3,878 DRAKE AND SCULL INTERNATIONAL 0.39 -1.28% -19.58% 882 Close * WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) SHARJAH CEMENT AND INDUSTRIAL 1.15 9.52% 6.48% 636 GULF MEDICAL PROJECTS CO PSC 2.00 -16.67% -37.30% 1,398 DANA GAS PJSC 0.65 8.33% 20.37% 4,535 ABU DHABI SHIP BUILDING PJSC 2.07 -10.00% -26.86% 439 METHAQ TAKAFUL INSURANCE CO 0.90 5.88% 0.00% 135 NATIONAL BANK OF FUJAIRAH PJSC 2.99 -9.94% -32.76% 4,086 UNION NATIONAL BANK PJSC 4.58 4.09% 0.88% 12,601 UNITED ARAB BANK PJSC 1.45 -9.94% -9.38% 1,994 GULF CEMENT CO PSC 1.02 3.03% 2.00% 838 INSURANCE HOUSE PSC 0.75 -9.64% 1.35% 90 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) SAUDI PRINTING AND PACKAGING CO 23.06 24.92% 14.44% 1,383 AL ALAMIYA FOR COOPERATIVE 22.50 -13.13% -8.54% 900 SAUDI ARABIAN MINING CO SJSC 49.10 22.75% 25.90% 57,385 UNITED COOPERATIVE ASSURANCE 12.50 -11.35% -4.21% 612 MIDDLE EAST SPECIALIZED CABLES CO 7.35 15.02% -10.37% 441 MEDITERRANEAN GULF COOPERATIVE 19.75 -11.04% -26.85% 1,975 AMANA COOPERATIVE INSURANCE CO 26.70 14.59% 38.24% 374 ARABIAN SHIELD COOPERATIVE 42.70 -9.15% 5.96% 854 BURUJ COOPERATIVE INSURANCE CO 35.00 11.82% 45.83% 875 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 41.40 -9.11% 12.50% 8,694 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) AMAR FINANCE AND LEASING CO 49.50 30.26% -8.33% 10 GULF FRANCHISING HOLDING CO KSCP 60.10 -19.76% 100.33% 2 GULF INSURANCE GROUP KSCP 950.00 20.25% 41.79% 178 KUWAIT REMAL REAL ESTATE CO KPSC 69.00 -15.85% 2.99% 21 LIVESTOCK TRANSPORT AND TRADING 295.00 18.00% 37.85% 64 OSOS HOLDING GROUP CO KSCP 123.00 -12.77% -5.38% 12 KUWAIT COFOR PROCESS PLANT 165.00 17.02% -4.07% 17 ASIYA CAPITAL INVESTMENTS CO KSC 39.00 -11.36% 23.81% 31 FUTURE KID ENTERTAINMENT 123.00 16.04% 16.04% 14 FIRST DUBAI FOR REAL ESTATE DEV 58.00 -10.77% -7.94% 58 Top Gainers Close WTD % YTD % Mkt. Cap. Close * WTD % YTD % Mkt. Cap. (EGP mln) REACAP FINANCIAL INVESTMENTS SAE 6.17 38.65% 105.67% 655 EGYPT FREE SHOPS CO SAE 4.51 -15.86% 8.41% 423 UNIVERSAL CO FOR PACKAGING 15.96 38.06% 89.77% 128 MARSA MARSA ALAM FOR DEV 0.88 -14.56% -28.46% 44 ALEXANDRIA FLOUR MILLS BAKERIES 19.26 31.52% 257.65% 633 BELTONE FINANCIAL HOLDING SAE 11.68 -13.29% 4.29% 1,973 MIDDLE WEST DELTA FLOUR MILLS 106.98 15.03% 70.54% 802 UPPER EGYPT FLOUR MILLS SAE 109.76 -12.34% 46.21% 768 0.92 15.00% -10.68% 3,312 EGYPTIAN TOURAH PORTLAND 12.26 -12.30% 9.56% 876 Close WTD % YTD % Mkt. Cap. Close * WTD % YTD % Mkt. Cap. (QAR mln) QATAR GENERAL INSURANCE 34.00 10.39% -27.66% 2,975 INVESTMENT HOLDING GROUP 7.35 -9.37% 0.00% 610 ZAD HOLDING CO SAQ 74.50 9.40% -16.48% 1,608 MEDICARE GROUP QSC 72.10 -8.04% 14.63% 2,029 QATAR ISLAMIC BANK QPSC 95.50 8.28% -8.08% 22,405 EZDAN HOLDING GROUP QSC 11.09 -7.58% -26.60% 29,416 AL MEERA CONSUMER GOODS 151.70 7.82% -13.56% 3,034 OOREDOO QSC 95.70 -6.08% -5.99% 30,624 1,053 GULF WAREHOUSING CO QSC 45.00 -5.46% -19.64% 2,637 Close * WTD % YTD % Mkt. Cap. (AED mln) DUBAI NATIONAL INSURANCE 2.95 9.26% 18.00% 341 GULF NAVIGATION HOLDING PJSC 1.36 7.94% -15.53% ISLAMIC ARAB INSURANCE CO PSC 0.48 6.01% AJMAN BANK PJSC 1.19 5.31% UNION PROPERTIES PJSC 0.90 Top Gainers Egypt Kuwait Saudi Abu Dhabi Dubai Top Gainers QALAA HOLDINGS SAE Qatar Top Gainers WIDAM FOOD CO QSC 58.90 Data and News Source: Thomson Reuters 7.09% -13.38% Top Losers Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , August 27, 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 78,880 98.60 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,505 17.95 1.3% 7.8% 105.40 76.00 15.9 1.9 6.1% -4.3% -4.5% 20.00 17.10 18.1 3.6 4.5% 3 SAUDI TELECOM COMPANY SJSC SA 39,893 74.80 0.8% 3.2% 78.90 51.00 16.3 2.5 5.3% 4 QATAR NATIONAL BANK SAQ QA 33,093 131.00 -5.1% -11.5% 157.27 121.70 9.5 1.7 2.4% 5 FIRST ABU DHABI BANK PJSC AE 6 AL RAJHI BANKING & INVESTMENT SA 31,452 10.60 -0.5% 6.1% 11.55 8.30 13.2 1.2 4.2% 28,730 66.30 6.9% 5.2% 71.70 48.60 12.7 2.0 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 28,267 53.00 7.0% 24.4% 58.00 32.00 11.3 1.8 3.0% 8 SAUDI ELECTRICITY COMPANY SJSC SA 25,777 23.20 -2.7% 3.6% 26.05 14.30 10.5 1.3 3.0% 9 DP WORLD LTD AE 17,970 21.65 -5.9% 23.6% 23.85 15.53 18.5 2.0 1.8% 10 ALMARAI CO SJSC SA 17,280 81.00 1.9% 18.2% 98.30 51.50 31.4 4.8 1.1% 11 JABAL OMAR DEVELOPMENT CO SJSC SA 16,680 67.30 -0.9% -10.0% 76.00 46.00 71.9 6.1 0.0% 12 EMAAR PROPERTIES PJSC AE 16,629 8.53 3.5% 19.6% 8.59 6.37 10.9 1.4 1.8% 13 SAUDI ARABIAN MINING CO SJSC SA 15,736 50.50 5.5% 29.5% 53.80 27.80 230.7 2.3 0.0% 14 INDUSTRIES QATAR QSC QA 15,306 92.50 -3.9% -21.3% 122.00 90.50 21.5 1.7 4.3% 15 NATIONAL BANK OF KUWAIT SAKP KW 14,524 740.00 6.2% 19.5% 747.00 533.33 14.6 1.4 3.9% 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 12,560 8.30 2.0% -2.2% 9.00 7.60 6.8 0.8 4.8% 18 KUWAIT FINANCE HOUSE KSCP KW 11,187 585.00 9.3% 19.2% 588.00 413.64 17.5 1.9 2.6% 19 SAUDI BRITISH BANK SJSC SA 10,440 26.10 2.4% 4.4% 28.40 16.40 10.4 1.2 2.7% 20 ABU DHABI COMMERCIAL BANK PJSC AE 10,375 7.33 1.1% 6.2% 7.68 5.66 9.7 1.2 5.5% 21 KINGDOM HOLDING CO SA 10,179 10.30 1.4% -13.8% 12.95 9.80 67.5 1.3 4.9% 22 BANQUE SAUDI FRANSI SJSC SA 9,948 30.95 1.5% 18.6% 33.20 18.00 10.7 1.2 3.4% 23 RIYAD BANK SJSC SA 8,944 11.18 5.7% -3.2% 11.80 8.55 11.5 0.9 5.8% 24 EMIRATES ISLAMIC BANK PJSC AE 8,872 6.00 0.0% 0.0% 11.95 1.57 93.9 4.6 0.0% 25 EMAAR MALLS GROUP PJSC AE 8,717 2.46 -0.8% -6.1% 2.85 2.38 16.8 1.9 4.1% 26 YANBU NATIONAL PETROCHEMICALS SA 8,370 55.80 1.5% 3.3% 61.75 39.90 14.5 2.0 5.4% 27 MASRAF AL RAYAN QSC QA 8,092 39.45 -5.6% 4.9% 45.40 33.05 14.5 2.4 5.1% 28 DUBAI ISLAMIC BANK PJSC AE 8,087 6.01 -1.2% 7.9% 6.29 5.01 9.5 1.2 7.5% 29 EZDAN HOLDING GROUP QSC QA 8,045 11.09 -15.0% -26.6% 19.59 10.72 14.4 1.0 4.5% 30 OOREDOO QSC QA 7,753 88.50 -7.6% -13.1% 116.10 88.00 15.5 1.3 4.0% 31 MOBILE TELECOMMUNICATIONS CO KW 7,205 502.00 13.1% 22.4% 520.00 320.00 12.5 1.7 7.0% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,944 62.50 2.5% 0.0% 82.00 59.00 24.1 3.8 0.0% 33 EMIRATES INTEGRATED TELECOM AE 6,908 5.55 -5.8% -10.5% 6.69 5.20 15.4 3.3 6.1% 34 ALINMA BANK SJSC SA 6,760 16.90 5.8% 11.9% 17.06 10.75 15.6 1.3 3.0% 35 ARAB NATIONAL BANK SA 6,667 25.00 10.6% 12.9% 25.50 14.25 8.6 1.1 3.6% Company Name Data and News Source: Thomson Reuters MTD % 6
7. Weekly Investment Report Sunday , August 27, 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 SAVOLA GROUP COMPANY SJSC SA 6,664 46.80 4.3% 16.7% 51.00 27.80 NULL 3.0 0.0% 37 DAMAC PROPERTIES DUBAI CO PSC AE 6,457 3.92 -2.0% 54.9% 4.57 1.91 7.1 1.9 6.4% 38 QATAR ISLAMIC BANK QPSC QA 6,172 95.50 -1.0% -8.1% 114.30 86.90 0.0 1.2 0.0% 39 QATAR ELECTRICITY AND WATER CO QSC QA 5,701 189.50 -3.9% -16.5% 247.90 180.00 13.4 2.6 4.0% 40 AHLI UNITED BANK BSC BA 5,403 0.72 0.7% 22.9% 0.79 0.57 9.8 1.3 5.7% 41 COMMERCIAL INTERNATIONAL BANK EG 5,341 81.33 -3.1% 11.3% 88.80 47.66 16.6 3.9 0.6% 42 QATAR INSURANCE CO SAQ QA 5,157 68.00 -2.9% -7.8% 79.13 61.00 19.4 1.9 1.9% 43 ALDAR PROPERTIES PJSC AE 5,010 2.34 0.0% -11.0% 2.81 2.10 6.7 0.8 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 4,491 13.07 -0.5% -17.3% 19.10 12.00 16.9 1.2 4.6% 45 MAKKAH CONSTRUCTION AND DEV SA 4,013 91.30 3.2% 0.9% 123.50 81.00 50.0 1.8 2.7% 46 ALAWWAL BANK SA 3,944 12.94 8.7% -7.2% 14.20 8.25 0.0 1.1 0.0% 47 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,860 873.00 3.9% 54.9% 882.00 404.55 18.5 1.2 0.0% 48 JARIR MARKETING CO SJSC SA 3,634 151.40 -0.7% 30.8% 158.80 81.00 16.9 9.2 4.8% 49 ETIHAD ETISALAT CO SJSC SA 3,585 17.46 -3.4% -27.3% 25.50 16.40 NULL 0.9 0.0% 50 MASHREQBANK PSC AE 3,577 74.00 4.2% 19.4% 100.05 59.95 6.7 0.7 5.4% Company Name Total MCap; Weighted Avg Div Yield 674,796 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