MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , September 24, 2017 Economic & Market News Reuters: The US Fed left interest rates unchanged but signaled it still expects one more increase by the end of the year despite a recent bout of low inflation. The Fed, as expected, also said it would begin in October to reduce its ~USD 4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis. New economic projections released after the Fed’s two-day policy meeting showed 11 of 16 officials see the 'appropriate' level for the federal funds rate, the central bank’s benchmark interest rate, to be in a range between 1.25% and 1.50% by the end of 2017, or 0.25% above the current level. While the interest rate outlook for next year remained largely unchanged in the Fed’s latest projections, with three rises envisioned in 2018 and only two increases in 2019 and one in 2020. It also lowered again its estimated long-term 'neutral' interest rate from 3.0% to 2.75%, reflecting concerns about overall economic vitality. The Fed will resume rate hikes in December and raise borrowing costs three more times in 2018, and will also reduce the size of its asset stock pile by about USD 1.4 trillion over the next several years as it seeks to restore a normal environment for monetary policy. GDP is now expected to grow at a rate of 2.4% this year, 2.1% next year and 2.0% in 2019. Inflation is expected to remain under the Fed’s 2% target through 2018 before hitting it in 2019. Zawya: According to a recent Report, curbs on spending and improved oil revenues have supported Saudi Arabia’s government finances in H1 2017, with clear indications of government achieving budget deficit targets. The report suggested that Saudi Arabia is working to redraft the NTP, and a final draft would be presented in October. Although there has been no official confirmation on the revision of NTP, analysts agree that the country fiscal reforms are gradually gaining traction and the diversification agenda may require longer deadline than originally envisaged. Spending discipline and higher oil revenues are helping the country improve the fiscal picture. The Q2 2017 fiscal deficit stood at SAR 46.5 billion (USD 12.5 billion), with the H1 deficit standing at SAR 73 billion annualizing at SAR 145 billion. Economists say there has been significant progress in implementing the Fiscal Balance Programme, reining in capital spending and gradually phasing out subsidies. The deficit is expected to narrow to 10% of GDP in 2017 from about 17% of GDP in 2016 and 1% by 2020. The increase in fiscal oil revenues in H1 2017 was higher by about 70%, largely due to a mix of higher oil prices and a higher payout ratio from Saudi Aramco. Going forward, analysts expect to see a gradual but steady increase in non-oil revenues starting from 2018 onwards as fiscal reforms kick in. Al Masah Capital: Sideways trading was the main theme for most of the regional markets last week. Five of the regional indices ended the week in the red, while three ended in black with modest gains. On a weekly basis, Kuwait was on top of the losing team with -0.9% down, followed by Dubai down by -0.7% and each of Abu Dhabi, Saudi and Qatar down by -0.6%. Oman, Egypt and Bahrain advanced week on week by 2.0%, 0.6% and 0.3%, respectively. Crude oil ended the week at USD 56.89 per barrel sustaining its upward trend that started mid of June this year. Gold is back down to USD 1,297.3 per ounce, down from its heighs that reached USD 1,349 per ounce early September. Subdued volumes in regional markets are expected for the coming period backed by global and regional uncertainties with investors’ waiting for any material catalyst to move the stagnant waters. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,632.54 -0.68% -0.14% 2.88% Oil (Brent) 56.86 2.23% 8.55% 52.52% Abu Dhabi (ADSMI) 4,455.09 -0.58% -0.30% -2.01% Natural Gas 2.96 -2.15% -2.66% 26.62% Saudi (SASEIDX) 7,326.32 -0.64% 0.93% 1.61% Gold 1296.98 -1.69% -1.86% 22.25% Kuwait (KWSE) 6,849.11 -0.94% -0.62% 19.15% Silver 16.95 -3.57% -3.50% 22.57% Egypt (EGX30) 13,695.33 0.62% 2.08% 10.94% EURUSD 1.20 0.09% 0.37% 10.06% Qatar (DSM) 8,360.77 -0.58% -5.00% -19.89% GBPUSD 1.35 -0.74% 4.35% -8.46% Bahrain (BHSEIDX) 1,307.95 0.32% 0.42% 7.17% USDJPY 111.97 1.02% 1.83% -6.92% Oman (MSM30) 5,100.44 1.96% 0.95% -11.80% USDCHF 0.97 0.97% 1.10% -3.27% TR GCC (Reuters) 197.98 0.11% -0.51% -2.28% AUDUSD 0.80 -0.49% 0.20% 9.44% DJ MENA 531.14 -0.61% 0.40% 6.67% USDCAD 1.23 1.18% -1.15% -10.86% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 22,349.59 0.36% 1.83% 13.09% 1 Month 1.272 -0.06% -0.390 0.78% S&P 500 2,502.22 0.08% 1.24% 11.76% 2 Month 1.329 0.41% -0.378 0.34% NASDAQ 5,932.32 -0.93% -0.94% 21.97% 3 Month 1.497 1.76% -0.305 0.66% 383.22 0.66% 2.50% 6.03% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,310.64 1.32% -1.61% 2.35% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,592.35 0.59% 4.45% 9.68% CAC 40 5,281.29 1.29% 3.85% 8.62% Nikkei 225 20,296.45 1.94% 3.31% 6.18% SENSEX 31,922.44 -1.09% 0.60% 19.89% Shanghai Composite 3,352.53 -0.03% -0.25% 8.02% Hang Seng 27,880.53 0.26% -0.32% 26.73% Indexes Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , September 24, 2017 Economic & Market News (continued) Zawya: Moody's has changed its credit rating outlook for Kuwait to Aa2 rating, though oil represents a mixed blessing for Kuwait, its credit rating is stable and balanced by high levels of wealth. Fiscal challenges brought on by historically low crude oil prices are balanced by sovereign wealth and a reform program meant to reduce the economy's exposure to the oil market. Kuwait’s credit profile is supported by the government’s exceptionally strong balance sheet, with assets in the Kuwait Investment Authority (KIA) estimated to exceed 550% of GDP, roughly 29 times outstanding government debt in 2016. However, the government remains highly dependent on these oil revenues, rendering it vulnerable to oil price volatility. Steady diversification of government revenues and economic activity away from the oil sector could apply upwards pressure on the rating. Additionally, sustained improvements to the institutional framework, in particular in government transparency and reporting standards, would be credit positive. Moody's cautioned that Kuwait was reforming its economy slower than its peers and additional lags would result in a negative rating action, while strains at the domestic or regional political level could make the situation even worse. Reuters: S&P downgraded China’s long-term sovereign credit rating by one notch to A+ from AA-, for the first time since 1999, citing the risks from soaring debt, and revised its outlook to stable from negative. The firm also lowered China's short-term rating to A-1 from A-1+ and said China’s attempts to reduce risks from its rapid buildup in debt are not working as quickly as expected and credit growth is still too fast. S&P's downgrade follows a similar demotion by Moody's in May and comes as the government grapples with the challenges of containing financial risks stemming from years of credit-fuelled stimulus spurred by the need to meet official growth targets. S&P’s move put its rating in line with those of Moody’s and Fitch (5 notches below triple-A), though the timing raised eyebrows as It comes less than a month ahead of a highly sensitive twice-a-decade Communist Party Congress which will see a key leadership reshuffle. Going forward, the outcome from the upcoming party congress and the government's commitments to further reforms will be the bigger drivers for both market sentiment and ratings agencies. According to the forecast by the OECD, China's growth will reach 6.8% Y-o-Y in 2017, although it may moderate next year to 6.6%, citing its brisk public infrastructure investment. Concerns about China's sustained strong credit growth appear to be increasing among Investors, even as first-half economic growth beat expectations. Zawya: According to the Ministry of Economy, the UAE’s non-oil contribution to its GDP will jump by about 14% in four years due to rapid diversification of the economy. The Ministry said efforts are being made to increase the percentage of non-oil sector to the GDP, which currently contributes 70% of the GDP, by 80% through 2021 in order to establish the base for post-oil economy. The Ministry also said the FDI in the country jumped by 10% in 2016 with USD 9 billion (AED 33 billion) coming in multiple sectors, with the UAE ranked 13th globally in terms of attracting FDI, and expects more investment growth in the coming years in infrastructure expansion, industries and Expo 2020. The UAE has been investing billions of dollars in transportation, industry and tourism to boost the economy’s non-oil sector. The move is likely to compensate for the lower growth due to lower oil prices. Currently, the ministry is considering to build strong and sustainable partnership with Iraq amid the complicated geo-political challenges and high rate of economic variable in the region over the past few years. US Government Bonds - Yield to Maturity (%) 4 2.772 2.796 3 2.202 2.262 1.804 1.871 2 0.966 0.966 1.037 1.029 1M 3M 1.384 1.443 1.297 1.300 1.173 1.185 1 0 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 PE Jul-17 Sep-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 Jun-16 Aug-16 Apr-16 May-16 Jan-16 Feb-16 5-Year CDS Rates (basis points) PB 600 14.1 10.5 11.3 11.1 12.3 11.3 350.8 8.6 8 4 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 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 60 300 1.2 1.6 2.1 1.7 - - 239.8 163.0 135.1 1.2 - 0.9 0.9 1.5 64.0 100.1 88.2 - 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 , September 24, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 107.11 107.18 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.02 2.02 Aa2 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.54 1.55 AAA 99.90 99.91 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.44 0.46 Aa2 110.49 110.53 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.90 103.22 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.53 2.64 115.13 115.63 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.15 2.16 AAA 99.80 99.82 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.90 3.90 Aa3 158.27 159.27 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.06 7.05 B3 97.90 98.47 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.77 2.78 AAA 104.44 104.47 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.24 7.23 BB+ 85.43 86.11 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 2.16 2.16 BBB+ 104.25 104.29 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.54 2.54 BBB+ 107.10 107.20 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.71 2.72 A 107.86 107.96 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.26 3.26 Baa3 99.74 99.84 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.86 2.86 Aa3 105.75 106.50 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.46 2.46 AA 102.25 103.00 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.79 2.79 A 103.73 103.81 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.13 1.12 A+ 102.72 103.42 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.85 2.86 A 105.72 106.47 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.79 3.76 Baa2 104.57 105.18 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.20 3.21 BBB+ 103.48 103.80 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.67 3.67 A 113.69 114.04 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 3.98 3.98 A 117.88 118.36 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.95 4.95 BBB+ 123.84 124.84 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.08 7.12 102.18 102.90 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.63 5.98 104.80 105.30 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , September 24, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.0865 1.3375 N/A 1.5572 1.7695 2.1517 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.16 0.75 1.21 1.23 1.28 1.42 1.57 1.69 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.84 2.12 2.35 2.57 2.81 3.30 3.76 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.46 2.03 1.79 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 1.00 1.26 1.50 1.96 1.62 2.48 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.00 2.31 2.57 2.77 2.96 3.28 3.64 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 1.61 1.72 0.62 0.5 1.27 1.25 1.28 1.31 1.46 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.85 2.06 2.16 0.00 2.31 2.4200 2.5600 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 1.18 1.22 1.10 1.23 1.25 1.75 2.25 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 1.35 3.25 3.25 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.54 2.70 2.80 2.87 2.94 3.07 3.21 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , September 24, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) MASHREQBANK PSC 74.00 -7.50% 19.35% 13,138 576 UNION PROPERTIES PJSC 0.84 -4.87% -19.72% 3,603 30.40% 359 AMLAK FINANCE PJSC 1.06 -3.64% -15.87% 1,590 -13.60% 3,878 DEYAAR DEVELOPMENT PJSC 0.50 -3.28% -18.77% 2,901 -8.25% 4,118 UNION PROPERTIES PJSC 0.90 -3.23% -13.98% 3,861 WTD % YTD % Mkt. Cap. (AED mln) Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) 3.50 44.03% 211.44% 368 NATIONAL BANK OF FUJAIRAH PJSC 2.99 -9.94% -32.76% 4,086 GULF MEDICAL PROJECTS CO PSC 2.19 9.50% -31.35% 1,531 UMM AL QAIWAIN GENERAL 1.31 -9.66% 45.56% 476 AL KHALEEJ INVESTMENT CO PJSC 1.40 6.87% 24.58% 147 AL KHAZNA INSURANCE COMPANY 0.29 -9.38% -19.44% 122 SHARJAH CEMENT AND INDUSTRIAL 1.12 6.67% 3.70% 619 AXA GREEN CRESCENT INSURANCE 0.60 -9.09% -14.29% 120 ABU DHABI NATIONAL ENERGY CO 0.64 6.67% 20.75% 3,882 NATIONAL CORP FOR TOURISM AND 2.24 -8.57% -4.00% 1,524 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) NATIONAL PETROCHEMICAL CO SJSC 18.08 9.31% -14.92% 8,680 AL ALAMIYA FOR COOPERATIVE 22.50 -13.13% -8.54% 900 NAMA CHEMICALS COMPANY SJSC 21.86 8.00% -35.48% 514 UNITED COOPERATIVE ASSURANCE 12.50 -11.35% -4.21% 612 ALJAZIRA TAKAFUL TAAWUNI CO SJSC 31.20 7.59% 4.00% 1,092 MEDITERRANEAN GULF COOPERATIVE 19.75 -11.04% -26.85% 1,975 ALLIED COOPERATIVE INSURANCE 18.00 6.89% 19.21% 360 GULF GENERAL COOPERATIVE 15.30 -8.38% -4.67% 306 GULF GENERAL COOPERATIVE 19.42 6.70% 21.00% 388 AL RAJHI CO FOR COOPERATIVE 42.60 -7.99% 10.36% 1,704 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 55.00 15.55% 29.41% 6 EYAS FOR HIGER AND TECHNICAL 545.00 -25.34% 0.00% 66 TAMKEEN HOLDING CO 32.30 15.36% 21.89% 2 REAL ESTATE TRADE CENTERS CO 37.40 -20.76% 41.13% 5 REAL ESTATE ASSET MANAGEMENT 399.00 14.00% 103.57% 42 KUWAIT REMAL REAL ESTATE CO 69.00 -15.85% 2.99% 21 KUWAIT AND MIDDLE EAST 28.50 13.55% 21.28% 8 NATIONAL INDUSTRIES COMPANY 173.00 -12.63% -17.62% 62 NATIONAL INTERNATIONAL HOLDING 76.30 11.39% 25.08% 17 INDEPENDENT PETROLEUM GROUP 345.00 -11.54% -3.05% 65 Top Gainers Close WTD % YTD % Mkt. Cap. Close * WTD % YTD % Mkt. Cap. (EGP mln) ISMAILIA DEVELOPMENT AND RE 5.30 24.71% 49.30% 195 VODAFONE EGYPT TELECOMMUNICA 54.00 -18.19% -23.42% 0 PRIME HOLDING FOR FINANCIAL 4.61 23.92% 53.67% 336 EGYPT FREE SHOPS CO SAE 4.51 -15.86% 8.41% 423 ISMAILIA NATIONAL CO FOR FOOD 9.10 20.69% 118.75% 82 BELTONE FINANCIAL HOLDING SAE 11.68 -13.29% 4.29% 1,973 SHARKIA NATIONAL COMPANY 5.31 20.68% 62.88% 87 UPPER EGYPT FLOUR MILLS SAE 109.76 -12.34% 46.21% 768 ORASCOM HOTELS AND DEV 15.91 19.89% 151.74% 3,531 EGYPTIAN TOURAH PORTLAND 12.26 -12.30% 9.56% 876 Close WTD % YTD % Mkt. Cap. Close * WTD % YTD % Mkt. Cap. (QAR mln) INVESTMENT HOLDING GROUP 7.93 10.75% 0.00% 658 AAMAL CO QPSC 8.61 -13.81% -36.83% 5,404 QATAR ISLAMIC BANK QPSC 95.50 8.28% -8.08% 22,405 QATAR INSURANCE CO SAQ 57.11 -7.14% -22.55% 15,826 WIDAM FOOD CO QSC 58.90 7.09% -13.38% 1,053 OOREDOO QSC 81.47 -6.36% -19.97% 26,000 BARWA REAL ESTATE CO QSC 34.00 7.09% 2.26% 13,136 GULF WAREHOUSING CO QPSC 45.51 -5.07% -18.73% 2,665 3,393 QATAR OMAN INVESTMENT CO QSC 8.21 -4.42% -17.49% 259 Close * WTD % YTD % Mkt. Cap. (AED mln) EMIRATES ISLAMIC BANK PJSC 7.93 14.93% 0.00% 43,064 ISLAMIC ARAB INSURANCE CO PSC 0.48 6.01% -8.64% ARAB INSURANCE GROUP BSC 1.63 5.16% UNION PROPERTIES PJSC 0.90 4.99% UNION PROPERTIES PJSC 0.96 4.92% Top Gainers Close * AL KHALEEJ INVESTMENT CO PJSC Abu Dhabi Dubai Top Gainers Saudi Top Gainers Egypt Kuwait Top Gainers JIYAD HOLDING CO KSCP Qatar Top Gainers GULF INTERNATIONAL SERVICES QSC 18.27 Data and News Source: Thomson Reuters 6.84% -41.25% Top Losers Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , September 24, 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 80,800 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,148 101.00 2.0% 10.4% 105.40 76.00 16.3 1.9 5.9% 17.80 -1.1% -5.3% 20.00 17.10 17.9 3.5 4.5% 3 SAUDI TELECOM COMPANY SJSC SA 37,973 71.20 -5.2% -1.8% 78.90 51.00 15.5 2.3 5.6% 4 FIRST ABU DHABI BANK PJSC AE 30,709 10.35 -0.5% 3.6% 11.55 8.30 12.9 1.2 4.3% 5 QATAR NATIONAL BANK QPSC QA 30,676 123.30 -5.6% -16.7% 157.27 121.70 8.9 1.6 2.6% 6 AL RAJHI BANKING & INVESTMENT CORP SA 29,467 68.00 2.1% 7.9% 71.70 48.60 13.1 2.1 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 27,360 51.30 -2.1% 20.4% 58.00 32.00 10.9 1.7 3.1% 8 SAUDI ELECTRICITY COMPANY SJSC SA 26,288 23.66 0.1% 5.6% 26.05 14.30 10.7 1.4 3.0% 9 DP WORLD LTD AE 19,256 23.20 1.1% 32.5% 23.85 15.53 18.8 1.9 1.6% 10 EMAAR PROPERTIES PJSC AE 17,155 8.80 3.5% 23.4% 8.95 6.37 11.3 1.5 1.7% 11 JABAL OMAR DEVELOPMENT CO SJSC SA 16,729 67.50 -0.7% -9.7% 76.00 46.00 72.1 6.1 0.0% 12 SAUDI ARABIAN MINING CO SJSC SA 16,203 52.00 3.0% 33.3% 54.00 27.80 237.5 2.3 0.0% 13 ALMARAI CO SJSC SA 15,403 72.20 -11.8% 5.4% 98.30 51.50 28.0 4.3 1.2% 14 NATIONAL BANK OF KUWAIT SAKP KW 15,310 779.00 5.1% 25.8% 800.00 533.33 15.3 1.5 3.7% 15 INDUSTRIES QATAR QSC QA 14,667 90.00 -1.1% -23.4% 122.00 85.00 21.0 1.7 4.4% 16 SAMBA FINANCIAL GROUP SJSC SA 12,992 24.36 0.2% 0.0% 27.10 15.90 9.9 1.1 3.9% 17 EMIRATES NBD BANK PJSC AE 12,696 8.39 -1.3% -1.2% 9.00 7.60 6.8 0.8 4.8% 18 KUWAIT FINANCE HOUSE KSCP KW 11,776 615.00 4.1% 25.3% 650.00 418.18 18.4 1.9 2.5% 19 EMIRATES ISLAMIC BANK PJSC AE 11,725 7.93 32.2% 0.0% 11.95 1.57 124.0 6.1 0.0% 20 SAUDI BRITISH BANK SJSC SA 11,060 27.65 6.8% 10.6% 28.55 16.40 11.0 1.3 2.5% 21 KINGDOM HOLDING CO SA 10,535 10.66 3.7% -10.8% 12.95 9.80 69.9 1.3 4.7% 22 BANQUE SAUDI FRANSI SJSC SA 10,141 31.55 1.4% 20.9% 33.40 18.00 10.9 1.2 3.3% 23 ABU DHABI COMMERCIAL BANK PJSC AE 10,091 7.13 -2.3% 3.3% 7.68 5.66 9.4 1.2 5.6% 24 RIYAD BANK SJSC SA 9,584 11.98 7.0% 3.7% 12.06 8.55 12.3 1.0 5.4% 25 YANBU NATIONAL PETROCHEMICALS CO SA 8,880 59.20 5.0% 9.6% 61.75 39.90 15.4 2.2 5.1% 26 EMAAR MALLS GROUP PJSC AE 8,504 2.40 -2.4% -8.4% 2.83 2.38 16.4 1.9 4.2% 27 DUBAI ISLAMIC BANK PJSC AE 8,343 6.20 1.8% 11.3% 6.29 5.01 9.8 1.3 7.3% 28 MOBILE TELECOMMUNICATIONS CO KW 7,631 531.00 6.4% 29.5% 545.00 330.00 13.2 1.8 6.6% 29 EZDAN HOLDING GROUP QSC QA 7,616 10.66 -5.2% -29.5% 17.68 10.50 13.9 1.0 4.7% 30 MASRAF AL RAYAN QPSC QA 7,436 36.81 -3.5% -2.1% 45.40 33.05 13.5 2.3 5.4% 31 ALINMA BANK SJSC SA 7,152 17.88 5.8% 18.4% 18.46 10.75 16.5 1.4 2.8% 32 OOREDOO QSC QA 7,046 81.66 -6.8% 0.0% 116.10 80.00 14.3 1.2 0.0% 33 EMIRATES INTEGRATED TELECOM AE 6,846 5.50 -2.1% -11.3% 6.55 5.20 15.3 3.2 6.2% 34 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,722 60.50 -1.1% -19.3% 82.00 59.00 23.3 3.7 4.1% 35 SAVOLA GROUP COMPANY SJSC SA 6,507 45.70 -2.4% 14.0% 51.00 27.80 0.0 2.9 0.0% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , September 24, 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 ARAB NATIONAL BANK SA 6,432 24.12 -1.1% 8.9% 25.50 14.25 8.3 1.0 3.7% 37 DAMAC PROPERTIES DUBAI CO PSC AE 6,227 3.78 -6.4% 49.4% 4.57 1.91 6.8 1.8 6.6% 38 QATAR ISLAMIC BANK QPSC QA 5,696 89.50 -3.8% -13.9% 110.50 86.90 0.0 1.2 0.0% 39 AHLI UNITED BANK BSC BA 5,479 0.73 0.0% 24.6% 0.79 0.57 9.9 1.3 5.6% 40 COMMERCIAL INTERNATIONAL BANK EG 5,425 82.23 -2.4% 12.5% 88.80 47.66 16.8 4.0 0.6% 41 QATAR ELECTRICITY AND WATER CO QSC QA 5,297 178.79 -3.9% -21.2% 247.90 175.01 12.6 2.4 4.2% 42 ALDAR PROPERTIES PJSC AE 4,924 2.30 -0.4% -12.5% 2.78 2.10 6.6 0.8 4.8% 43 MESAIEED PETROCHEMICAL HOLDING CO QA 4,433 13.10 1.6% -17.1% 17.70 12.00 16.9 1.2 0.0% 44 QATAR INSURANCE CO SAQ QA 4,266 57.11 -13.5% -22.6% 78.26 57.11 16.3 1.6 2.3% 45 AGILITY PUBLIC WAREHOUSING CO KSCP KW 4,029 910.00 4.0% 61.5% 984.00 418.18 19.3 1.2 1.4% 46 ALAWWAL BANK SA 3,938 12.92 3.0% -7.4% 14.20 8.25 0.0 1.1 0.0% 47 MAKKAH CONSTRUCTION AND DEV SA 3,771 85.80 -5.8% -5.2% 123.50 81.50 47.0 1.7 0.0% 48 JARIR MARKETING CO SJSC SA 3,696 154.00 2.7% 33.0% 158.80 81.00 17.2 9.4 4.7% 49 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 3,640 9.10 7.2% 2.8% 9.85 5.05 18.0 1.0 0.0% 50 MASHREQBANK PSC AE 3,577 74.00 0.0% 19.4% 100.05 59.95 6.7 0.7 5.4% Company Name Total MCap; Weighted Avg Div Yield 674,258 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