MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , October 29, 2017 Economic & Market News Reuters: Britain’s sluggish economy perked up slightly during the past three months, an unexpected boost that clears the way for the Bank of England to raise interest rates next week for the first time in a decade. While falling short of the strong growth rates enjoyed by Eurozone countries earlier this year, British economic growth picked up to 0.4% in the July-September period from 0.3% in the second quarter, according to official data. UK performed much better than most economists expected immediately after last year’s vote to leave the European Union, and it was one of the fastest-growing major advanced economies in 2016. However, it slipped to the bottom of the pack earlier this year, posting its worst first-half performance since 2012, largely due to higher inflation caused by the pound’s fall after the Brexit vote, at a time when its peers have enjoyed robust growth. While these figures are a small boost for under-pressure Chancellor Philip Hammond ahead of his November budget, they do not alter the broad picture of an economy dogged by poor productivity and squeezed living standards. Zawya: Saudi Arabia's Public Investment Fund (PIF) aims to increase its AUM to SAR 1.5 trillion (USD 400 billion) by 2020 as part of the country's Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries. PIF is expected to receive proceeds from the planned sale of 5% of state oil company Saudi Aramco's shares, has currently around USD 230 billion worth of AUM. PIF plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIF's contribution to Saudi Arabia's GDP from 4.4% to 6.3%, during a huge investment conference in Riyadh arranged by the fund. Investments will be in sectors such as real estate and infrastructure, as well as in new areas of activity in the Saudi economy through the establishment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company. One of the biggest tasks under PIF's responsibility is the delivery of a USD 500 billion plan to build a business and industrial zone extending into Jordan and Egypt. PIF will also seek to maximise value in the fund's existing assets, and has set a new target to increase total shareholder return to 4-5% from 3%. Outside of Saudi Arabia, PIF's investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds. Al Masah Capital: October is looking to close out with a wave of optimism. Global markets ended the week on a positive note led by US equity markets, which all cheered last Friday, reaching their all-time highs on the back of blockbuster earnings from Amazon, Google and Microsoft defying street expectations. Crude oil joined the parade reaching USD 60.44 per barrel which is the highest level for the black gold since November 2015. Regional markets matched the optimistic moves as well, led by Dubai which has advanced +2.4% MtD, followed by Abu Dhabi and Egypt gaining +1.6% and +0.5%, respective ly, for the same period. On the macro picture, regional markets are eagerly anticipating catalysts that will back their positive performance going forward: UAE markets are waiting for the Emaar Development IPO to inject liquidity and optimism; Saudi Arabia’s grand announcements that include NEOM (USD500 billion city-project by the Red Sea), ARAMCO IPO staying on track, and the expansionary budget announcement for 2018; and in Egypt the stock market is trading near its all times highs proving investors’ confidence in the economy remains strong. Positive global outlook coupled with higher oil prices and investors’ regaining their confidence in regional markets should maintain a positive outlook on trading activities for the coming period. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,651.10 -0.59% 2.44% 3.40% Oil (Brent) 60.44 4.66% 5.04% 62.12% Abu Dhabi (ADSMI) 4,467.72 -0.83% 1.60% -1.73% Natural Gas 2.75 -5.59% -8.48% 17.76% Saudi (SASEIDX) 6,910.65 -1.43% -5.11% -4.16% Gold 1272.60 -0.60% -0.51% 19.95% Kuwait (KWSE) 6,623.49 -0.14% -0.84% 15.23% Silver 16.81 -1.07% 1.24% 21.55% 1.16 -1.49% -1.73% 6.89% Indexes Commodities & FX Egypt (EGX30) 13,955.47 1.76% 0.48% 13.05% EURUSD Qatar (DSM) 8,128.25 -0.54% -2.22% -22.12% GBPUSD 1.31 -0.46% -2.01% -10.93% Bahrain (BHSEIDX) 1,277.38 -0.12% -0.47% 4.66% USDJPY 113.67 0.15% 1.07% -5.51% Oman (MSM30) 4,958.57 -2.14% -3.48% -14.25% USDCHF 1.00 1.36% 3.05% -0.43% -1.82% -2.00% 5.51% 1.43% 2.71% -7.47% TR GCC (Reuters) 194.51 -0.70% -0.08% -3.99% AUDUSD 0.77 DJ MENA 526.67 0.00% 0.26% 5.77% USDCAD 1.28 Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 23,434.19 0.45% 4.59% 18.58% 1 Month 1.312 1.32% -0.393 0.99% S&P 500 2,581.07 0.23% 2.45% 15.29% 2 Month 1.378 2.15% -0.381 1.44% NASDAQ 6,213.47 1.71% 3.92% 27.75% 3 Month 1.564 0.61% -0.322 2.74% 393.43 0.85% 1.36% 8.86% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,505.03 -0.24% 1.79% 5.07% 12 Month 1.736 -0.02% -0.187 0.16% DAX 13,217.54 1.74% 3.03% 15.12% CAC 40 5,494.13 2.27% 3.08% 12.99% Nikkei 225 22,008.45 2.57% 8.12% 15.14% SENSEX 33,157.22 1.79% 5.99% 24.53% Shanghai Composite 3,416.81 1.13% 2.03% 10.09% Hang Seng 28,438.85 -0.17% 3.21% 29.26% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , October 29, 2017 Economic & Market News (continued) Zawya: Overall property transactions in Dubai totalled AED 204 bn in the first nine months of 2017, according to the Dubai Land Department (DLD), which was done through 52,170 transactions. This compares to AED 259 bn worth of property deals achieved for the full year 2016 and AED 132 bn in the first half of 2017. By August of this year, the number of off-plan transactions had already exceeded the total amount of off-plan sales in 2016. Land sales accounted for the lion's share of transactions at AED 143.4 bn from 11,169 transactions, while deals involving entire buildings were 5,014 transactions for AED 12.7 billion. Residential units accounted for AED 48.7 bn through 36,000 transactions. Suggesting more end-user activity in the market, there were 11,699 transactions that were financed through mortgages, valued at AED 102 bn. Palm Jumeirah accounted for most mortgages with 578 transactions exceeding AED 11.4 bn, followed by Business Bay with 596 transactions worth AED 4.6 bn. Dubai Marina ranked third with 777 transactions worth over AED 3 bn. Business Bay and Dubai Marina remained top investor picks, accounting for 2,754 and 2,596 transactions respectively. But in terms of value, the Burj Khalifa district reigned, with 1,650 transactions accounting for a sizeable AED 6.2 bn. Business Bay was placed second with AED 5.6 bn worth of transactions, and AED 5.4 billion for Dubai Marina. Reuters: Japan’s government maintained its moderately optimistic view on economic growth in October, indicating that a recovery remains on track due to increased consumer spending and capital expenditure. In its monthly economic report for October, the government also maintained its optimism that exports and industrial output will continue to drive growth in the world’s third-largest economy. The government kept intact its view that consumption is “picking up moderately” as shoppers continue to buy new cars, clothes, and luxury goods. The capital expenditure is “picking up”, unchanged from the wording it used a month earlier, reflecting gains in machinery orders and shipments of capital goods. The exports and output are “picking up”, again the same assessment as last month, as demand from overseas economies remained firm. Currently, the BOJ predicts that consumer inflation will hit its 2% target by March 2020, but this is looking increasingly unlikely. Despite four years of massive quantitative easing, core consumer prices are forecast to have risen only 0.8% in September from a year ago, less than half the BOJ’s inflation target. Reuters: Gulf states are ramping up plans to raise syndicated loans for state-owned firms in a fundraising drive designed to offset the effects of low oil prices that also includes privatisations, financial restructurings and IPOs of state assets. Abu Dhabi National Oil Company (ADNOC) is in the market for a USD 6 bn loan and a USD 3 bn bond as it plans to float stakes in some of its services businesses as part of a major shakeup. Oman Electricity Hol ding Co is in the process of raising a USD 2 bn capital expenditure programme that includes two syndicated loans, a USD 165 mn loan for one of its distribution companies and a USD 200 mn deal for a second subsidiary. Oman Oil Exploration and Production, the exploration arm of state-owned Oman Oil has already raised a USD 1 bn, five-year pre-export financing loan that was coordinated by Natixis and Societe Generale in September. Last year saw a first phase of government borrowing as sovereigns, including Saudi Arabia, Oman and Qatar, raised syndicated loans. The deals were strongly supported by international banks that were anticipating a second wave of privatisation and IPO deals. US Government Bonds - Yield to Maturity (%) 4 2.894 2.937 3 2.381 2.428 2.020 2.043 2 0.992 0.977 1.103 1.100 1M 3M 1.576 1.603 1.419 1.418 1.265 1.270 1 0 6M 12M 2Y 5Y Last Week 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 50 120 40 110 100 30 90 20 80 10 70 S&P 500 STOXX Europe 600 TR MENA 12 PE 11.4 11.1 9.3 1.3 2.1 1.6 - - Oct-17 Jul-17 Sep-17 Jun-17 Aug-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 Oct-16 237.9 161.6 131.9 1.1 Dec-16 350.3 300 1.6 Nov-16 Jul-16 Sep-16 Jun-16 Aug-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 12.3 11.5 8 4 5-Year CDS Rates (basis points) PB 600 13.5 10.3 Oct-14 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Dec-14 Oct-14 Dec-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-14 0 60 - 0.8 0.9 1.5 63.2 102.1 84.3 - 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 , October 29, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 106.87 106.93 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.87 1.87 Aa2 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.70 1.70 AAA 99.51 99.53 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.46 0.46 AA 110.03 110.06 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.82 103.13 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.65 2.66 114.30 114.95 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.31 2.32 AAA 98.75 98.78 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.07 4.07 Aa3 155.64 156.64 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.08 7.08 B3 97.69 98.56 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.91 2.92 AAA 101.67 101.70 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.29 7.26 BB+ 84.88 85.51 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 2.33 2.33 BBB+ 103.62 103.66 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.60 2.60 BBB+ 106.62 106.71 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.76 2.72 A 107.39 107.49 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.30 3.30 Baa3 99.67 99.77 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.02 3.02 Aa3 105.13 105.88 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.45 2.45 AA 102.13 102.88 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.13 3.13 A 103.51 103.59 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.08 1.08 A+ 102.88 103.58 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.98 2.96 A 105.05 105.80 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.83 3.83 Baa2 104.25 104.69 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.26 3.22 BBB+ 103.11 103.42 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.65 3.65 A 113.70 114.04 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.08 4.08 A 116.81 117.28 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.95 4.95 BBB+ 123.73 124.73 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.08 7.28 102.09 102.80 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.78 6.13 104.25 105.25 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , October 29, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.1318 1.3180 N/A 1.5713 1.8113 2.2065 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.11 0.75 1.22 1.25 1.31 1.49 1.64 1.78 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.86 2.15 2.42 2.64 2.85 3.27 3.73 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 1.05 1.53 1.25 1.50 2.01 2.21 2.45 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.10 2.44 2.69 2.89 3.07 3.39 3.76 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.56 1.81 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 1.67 2.70 0.37 0.37 0.87 1.24 1.27 1.33 1.52 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.97 2.18 2.31 0.00 2.49 2.6000 2.7500 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 1.10 1.21 1.15 1.24 1.26 1.33 1.53 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 3.10 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 2.61 2.87 2.99 3.07 3.14 3.27 3.42 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , October 29, 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) EMIRATES ISLAMIC BANK PJSC 6.75 -10.00% 0.00% 36,653 297 DXB ENTERTAINMENTS PJSC 0.75 -3.99% -42.62% 5,968 -7.45% 822 DUBAI ISLAMIC INSURANCE & REINS 0.90 -3.64% 42.70% 203 -54.38% 349 EMAAR PROPERTIES PJSC 8.47 -3.20% 18.79% 60,640 COMMERCIAL BANK OF DUBAI PSC 3.90 -2.50% -25.00% 10,930 Close * WTD % YTD % Mkt. Cap. (AED mln) AL KHALEEJ INVESTMENT CO PJSC 3.11 -18.80% 176.74% 327 ABU DHABI NATIONAL TAKAFUL CO 4.50 -10.18% 5.88% 450 INVEST BANK PSC 2.20 -8.33% -2.65% 3,494 RAS AL KHAIMAH POULTRY AND 3.06 -8.11% -11.30% 264 ABU DHABI AVIATION 2.80 -6.35% -6.67% 1,245 Close * WTD % YTD % Mkt. Cap. (SAR mln) MOBILE TELECOMMUNICATIONS CO 6.37 -19.16% -23.25% 3,718 MIDDLE EAST HEALTHCARE CO CJSC 52.10 -15.97% -29.12% 4,795 ETIHAD ETISALAT CO SJSC 13.02 -15.23% -45.75% 10,025 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 37.30 -10.77% 1.36% 7,833 SALAMA COOPERATIVE INSURANCE 23.40 -10.00% 90.24% 585 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 180.00 -28.00% -32.08% 10 YTD % Mkt. Cap. (AED mln) ISLAMIC ARAB INSURANCE CO PSC 0.57 4.80% 9.02% 687 TAKAFUL EMARAT INSURANCE PJSC 1.98 4.21% -22.05% GULF NAVIGATION HOLDING PJSC 1.49 4.20% MARKA PJSC 0.70 3.87% DUBAI INVESTMENTS PJSC 2.60 3.59% 14.71% 11,055 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) AXA GREEN CRESCENT INSURANCE CO 0.69 25.45% -1.43% 138 GULF PHARMACEUTICAL INDUSTRIES 2.45 6.52% 16.29% 2,756 AL KHALEEJ INVESTMENT CO PJSC 3.83 3.51% 240.81% 402 RAS AL KHAIMAH CERAMICS PSC 2.49 3.32% 1.63% 2,137 NATIONAL MARINE DREDGING PSC 3.70 2.78% -13.95% 925 Close * WTD % YTD % Mkt. Cap. (SAR mln) TABUK CEMENT CO SJSC 12.94 23.47% 1.49% 1,165 ARAB SEA INFORMATION SYSTEMS CO 12.84 16.52% 0.00% 128 MEDITERRANEAN AND GULF COOP 31.45 14.36% -53.41% 1,258 AL JOUF CEMENT CO SJSC 8.12 13.41% -0.76% 1,161 MALATH COOPERATIVE INSURANCE 15.50 13.30% 14.16% 775 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 17.02% 7 Top Gainers KUWAIT AND MIDDLE EAST FINAN Top Losers Top Losers Top Losers Top Losers KUWAIT HOTELS CO KPSC 27.50 12.24% 1,340.00 11.67% 8.06% 136 SENERGY HOLDING COMPANY KSCP 43.00 10.82% 24.64% 9 KUWAIT FOOD COMPANY KSCP JIYAD HOLDING CO KSCP 55.00 9.56% 29.41% 19 GULF FRANCHISING HOLDING CO 70.00 9.20% 133.33% 2 Close * WTD % YTD % Mkt. Cap. (EGP mln) 57.62 60.90% 0.00% 346 CLEOPATRA HOSPITAL AL FANAR CONTRACTING CONSTR 1.22 24.49% -7.58% 10 UNIVERSAL CO FOR PACKAGING 25.54 19.07% 203.69% 204 ALEXANDRIA NATIONAL COMPANY 5.08 17.87% 35.47% CAIRO NATIONAL CO FOR INVEST 4.73 15.65% Close DOHA BANK QPSC QATAR ISLAMIC INSURANCE CO QPSC 27.00 -14.29% -37.21% 4 1,750.00 -11.62% -32.69% 704 BOUBYAN INTERNATIONAL INDUST 40.70 -9.56% -18.60% 6 BURGAN FOR WELL DRILLING TRAD 70.00 -9.09% -25.76% 16 Close * WTD % YTD % Mkt. Cap. (EGP mln) 24.57 -20.41% 40.32% 4,913 GENIAL TOURS CO SAE 2.39 -14.03% 36.60% 11 EL NASR TRANSFORMERS AND ELECTR 12.93 -13.10% 134.66% 515 27 ALEXANDRIA CO FOR PHARMA 75.30 -12.96% 37.03% 376 45.54% 50 EGYPTIAN IRON AND STEEL CO SAE 8.68 -11.43% 98.22% 8,477 WTD % YTD % Mkt. Cap. Close * WTD % YTD % Mkt. Cap. (QAR mln) 29.00 5.92% -13.95% 8,994 AL KHALEEJ TAKAFUL GROUP QPSC 11.81 -7.73% -44.03% 302 51.09 2.80% 0.97% 766 ISLAMIC HOLDING GROUP QPSC 34.60 -7.73% -43.28% 196 QATAR ELECTRICITY AND WATER CO 182.00 2.25% -19.82% 20,020 QATARI INVESTORS GROUP QSC 28.66 -7.58% -51.01% 3,564 QATAR ISLAMIC BANK QPSC 96.30 1.90% -7.31% 22,762 AAMAL CO QPSC 7.45 -7.11% -45.34% 4,877 ALIJARAH HOLDING CO QPSC 9.90 -7.04% -35.38% 490 KUWAIT NATIONAL CINEMA CO Top Gainers OCTOBER PHARMA FOR PHARMA Egypt WTD % WTD % Top Gainers Top Gainers Qatar Close * Close * Top Gainers DOHA INSURANCE CO QSC 14.21 Data and News Source: Thomson Reuters 1.50% -21.92% 711 CREDIT RATING AND COLLECTION CO Top Losers Top Losers 5
6. Weekly Investment Report Sunday , October 29, 2017 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 78,798 98.50 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,506 17.95 -4.4% 7.7% 105.40 83.25 15.9 1.9 6.1% 3.8% -4.5% 19.45 17.10 18.1 3.6 4.5% 3 SAUDI TELECOM COMPANY SJSC SA 34,772 65.20 -7.9% -10.1% 78.90 57.00 14.2 2.1 6.1% 4 FIRST ABU DHABI BANK PJSC AE 30,561 10.30 1.0% 3.1% 11.55 8.50 11.0 1.2 4.4% 5 QATAR NATIONAL BANK QPSC 6 AL RAJHI BANKING & INVESTMENT CORP QA 29,880 121.80 -0.2% -17.8% 157.27 118.50 8.7 1.5 2.6% SA 27,993 64.60 -2.3% 2.5% 71.70 55.00 12.0 2.0 0.0% 7 SAUDI ELECTRICITY COMPANY SJSC SA 26,221 23.60 -1.4% 5.4% 26.05 17.60 10.7 1.4 3.0% 8 NATIONAL COMMERCIAL BANK SJSC SA 24,905 46.70 -9.1% 9.6% 58.00 37.00 9.8 1.5 3.4% 9 DP WORLD LTD AE 19,530 23.53 4.8% 34.4% 24.60 15.53 19.0 2.0 1.6% 10 EMAAR PROPERTIES PJSC AE 16,511 8.47 -0.2% 18.8% 8.95 6.37 10.8 1.4 1.8% 11 SAUDI ARABIAN MINING CO SJSC SA 15,610 50.10 -4.2% 28.5% 54.00 36.70 228.8 2.3 0.0% 12 JABAL OMAR DEVELOPMENT CO SJSC SA 15,390 62.10 -7.7% -16.9% 76.00 59.00 66.3 5.6 0.0% 13 NATIONAL BANK OF KUWAIT SAKP KW 15,288 780.00 2.5% 26.0% 800.00 561.90 15.1 1.4 3.7% 14 INDUSTRIES QATAR QSC QA 15,266 95.00 3.6% -19.1% 122.00 85.00 22.2 1.7 4.2% 15 ALMARAI CO SJSC SA 14,986 56.20 -1.5% 2.6% 78.64 45.80 27.1 4.0 1.3% 16 EMIRATES NBD BANK PJSC AE 12,333 8.15 -2.7% -4.0% 9.00 7.60 6.6 0.8 4.9% 17 SAMBA FINANCIAL GROUP SJSC SA 11,946 22.40 -6.7% -8.0% 27.10 18.70 9.1 1.0 4.2% 18 KUWAIT FINANCE HOUSE KSCP KW 11,458 600.00 -0.2% 22.2% 650.00 431.82 17.7 1.9 2.6% 19 ABU DHABI COMMERCIAL BANK PJSC AE 10,120 7.15 0.7% 3.6% 7.68 5.66 9.3 1.2 5.6% 20 SAUDI BRITISH BANK SJSC SA 10,060 25.15 -7.2% 0.6% 28.55 18.40 10.0 1.2 2.8% 21 KINGDOM HOLDING CO SA 10,001 10.12 -3.6% -15.3% 12.95 9.80 66.3 1.3 4.9% 22 EMIRATES ISLAMIC BANK PJSC AE 9,980 6.75 -14.9% 0.0% 11.95 1.57 105.6 5.2 0.0% 23 RIYAD BANK SJSC SA 9,488 11.86 0.7% 2.7% 12.06 9.65 10.9 0.9 5.5% 24 BANQUE SAUDI FRANSI SJSC SA 9,321 29.00 -4.0% 11.1% 33.40 21.50 10.0 1.1 3.6% 25 YANBU NATIONAL PETROCHEMICALS CO SA 8,280 55.20 -6.9% 2.2% 61.75 44.00 14.3 2.0 5.4% 26 EMAAR MALLS PJSC AE 8,256 2.33 0.0% -11.1% 2.80 2.25 15.9 1.8 4.3% 27 DUBAI ISLAMIC BANK PJSC AE 8,195 6.09 0.7% 9.3% 6.29 5.01 8.4 1.2 7.4% 28 MOBILE TELECOMMUNICATIONS CO KW 7,395 516.00 0.8% 25.9% 570.00 385.00 12.8 1.7 6.8% 29 OOREDOO QSC QA 7,283 85.60 3.4% -15.9% 116.10 80.00 15.0 1.2 4.1% 30 ALINMA BANK SJSC SA 7,024 17.56 0.5% 16.3% 18.46 13.10 14.2 1.3 2.8% 31 MASRAF AL RAYAN QPSC QA 7,012 35.20 -5.2% -6.4% 45.40 33.05 12.7 2.1 5.7% 32 EMIRATES INTEGRATED TELECOMM AE 6,709 5.39 0.7% 0.0% 6.49 5.20 15.0 3.2 0.0% 33 DAMAC PROPERTIES DUBAI CO PSC AE 6,507 3.95 3.9% 56.1% 4.57 1.91 7.6 1.8 6.3% 34 EZDAN HOLDING GROUP QSC QA 6,482 9.20 -12.4% -39.1% 16.74 8.88 12.0 0.8 5.4% 35 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,444 58.00 -5.4% -22.7% 82.00 57.50 22.3 3.6 4.3% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , October 29, 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 6,085 22.82 -5.1% 3.0% 25.50 15.45 7.9 1.0 3.9% 37 QATAR ISLAMIC BANK QPSC QA 6,044 96.30 5.7% -7.3% 110.50 86.90 10.0 1.2 4.9% 38 SAVOLA GROUP COMPANY SJSC SA 5,532 38.85 -14.6% -3.1% 51.00 30.30 0.0 2.5 0.0% 39 QATAR ELECTRICITY AND WATER CO QSC QA 5,316 182.00 4.1% -19.8% 247.90 171.52 12.8 2.5 4.1% 40 AHLI UNITED BANK BSC BA 5,139 0.68 -3.5% 16.9% 0.79 0.57 9.3 1.2 6.0% 41 ALDAR PROPERTIES PJSC AE 5,095 2.38 2.1% -9.5% 2.78 2.10 6.8 0.8 4.6% 42 COMMERCIAL INTERNATIONAL BANK EGP EG 5,026 76.34 -6.5% 4.5% 88.80 51.19 15.6 3.7 0.7% 43 MESAIEED PETROCHEMICAL HOLDING CO QA 4,098 12.28 -5.7% -22.3% 16.50 12.00 15.8 1.1 0.0% 44 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,713 841.00 -5.2% 49.2% 984.00 431.82 17.8 1.1 1.5% 45 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 3,588 8.97 -0.8% 1.4% 9.85 6.45 13.7 1.0 0.0% 46 MASHREQBANK PSC AE 3,577 74.00 0.0% 19.4% 100.05 59.95 0.0 0.7 5.4% 47 ALAWWAL BANK SA 3,487 11.44 -7.4% -18.0% 14.20 9.40 19.8 1.0 0.0% 48 BOUBYAN BANK KSCP KW 3,451 458.00 4.1% 21.7% 476.00 361.90 24.2 2.4 1.2% 49 JARIR MARKETING CO SJSC SA 3,360 140.00 -9.1% 21.0% 158.80 88.75 15.7 8.5 5.2% 50 MAKKAH CONSTRUCTION AND DEVELOP SA 3,301 75.10 -12.6% -17.0% 123.50 71.00 42.3 1.5 3.3% Company Name Total MCap; Weighted Avg Div Yield 649,323 3.7% 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