UAE: Daily Market Trading Report - 1 April

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1. IS Morning Report Sunday , April 01, 2018 Global & Regional Benchmarks UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change BUY (AEDm) SELL NET Indices Close ADX ADX 4,585 0.8% -0.3% 4.3% 4.3% ADX 152 152 - DFM DFM 3,109 0.6% -4.2% -7.8% -7.8% Local 36% 48% -12% TASI TASI 7,871 -0.4% 6.1% 8.9% 8.9% Foreign 64% 52% 12% KWSEI KWSEI 6,633 0.5% -2.1% 3.5% 3.5% Institutional 69% 55% 14% EGX EGX 17,450 0.8% 12.8% 16.2% 16.2% Retail 31% 45% -14% Dow Jones Dow Jones 24,103 1.1% -3.7% -2.5% -2.5% DFM 295 295 - S&P 500 S&P 500 2,641 1.4% -2.7% -1.2% -1.2% Local 53% 42% 11% Nasdaq Nasdaq 7,063 1.6% -2.9% 2.3% 2.3% Foreign 47% 58% -11% 7,057 0.2% -2.4% -8.2% -8.2% Institutional 69% 73% -4% 12,097 1.3% -2.7% -6.4% -6.4% Retail 31% 27% 4% 5,167 0.7% -2.9% -2.7% -2.7% Total 447 447 - Nikkei225 Nikkei225 21,454 1.4% 1.3% -5.8% -5.8% Local 47% 44% 3% HIS 30,093 0.2% -2.4% 0.6% 0.6% Foreign 53% 56% -3% FTSE 100 FTSE 100 DAX DAX CAC40 CAC40 HIS Upcoming Corporate Actions & Events Date Company Event 11-Apr Dana Gas Annual General Assembly Meeting 22-Apr Eshraq Properties Annual General Assembly Key Stories Julphar reported profit of AED90m and sales of AED1.27bn in 2017 as against profit of AED210m and sales of AED1.45bn in 2016. Bboard recommends 10% cash dividends. Manazel real estate reported revenues of AED862m and profit of AED220.5m in 2017 as against revenues of AED748.6m and profit of AED206.5m in 2016 Dubai-based Noor Bank plans roadshows next week for sukuk Embattled Dubai Fund Abraaj Is Said to Cut About 15% of Jobs Dubai's DSI Appoints Fadi Feghali As Group CEO Saudi GDP shrinks y/y in Q4 as oil sector sags, non-oil sector also slows (down 1.2% in 4Q17) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
2. IS Morning Report Sunday , April 01, 2018 Saudi Fransi Sells 18.5% Stake in Allianz Unit for 81.4m Riyals Saudi's Kingdom Holding proposes fiscal year dividend Saudi market rules ready for Aramco IPO by end-June Egypt's Sisi heads for landslide election win with low turnout Egypt's current account deficit narrows, tourism rises, FDI slips Egypt Cuts Rates Again as Inflation Falls Egypt's M2 money supply up 25.4 pct year-on year in Feb- c.bank Bahrain says it may return to global market after calling off part of bond issue Global Markets Wrap: Prices for June Brent crude futures were up 58 cents to settle at $69.34, WTI crude futures gained 56 cents to settle at $64.94. WTI's discount to Brent has grown to more than $5 a barrel, the biggest since January, making Brentlinked crudes less attractive to refiners. Economic data on Thursday showed U.S. consumer spending rising only marginally, but the number of Americans filing for unemployment benefits dropped to a more than 45-year low last week. Monthly inflation readings moderated. Saudi Arabia's stock market fell back because of moderate profit-taking on Thursday after index compiler FTSE Russell decied to upgrade Riyadh to emerging market status, a move likely to draw billions of dollars of new foreign money. Inclusion in FTSE's emerging market index is expected to put Saudi Arabia on the map for many international fund managers. If rival index compiler MSCI also decides in June to upgrade Riyadh, over $30 billion could flow in over the next couple of years. FTSE inclusion will only take effect in stages between March and December 2019; only then will passive funds linked to the index begin flowing in. Also, the Saudi market had already risen over 9 percent this year in anticipation of FTSE's decision, leaving stocks vulnerable to profit-taking. UAE: Julphar reported profit of AED90m and sales of AED1.27bn in 2017 as against profit of AED210m and sales of AED1.45bn in 2016. Bboard recommends 10% cash dividends. Manazel real estate reported revenues of AED862m and profit of AED220.5m in 2017 as against revenues of AED748.6m and profit of AED206.5m in 2016. Dubai-based Noor Bank plans to start roadshows next week for a benchmark-sized sukuk, according to a source familiar with the matter. A benchmark issue is usually around $500 million. Citigroup, Deutsche Bank and Standard Chartered are arranging the issue, which will likely have a five year duration, the source said. Abraaj Group is cutting about 15 percent of its total workforce, according to people with knowledge of the matter, as the Middle East’s largest buyout fund seeks to trim costs, placate investors and curb the tumult that followed allegations of misused funds Dubai's DSI Appoints Fadi Feghali As Group CEO GCC/ MENA: Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
3. IS Morning Report Sunday , April 01, 2018 Saudi Arabia's gross domestic product, adjusted for inflation, shrank from a year earlier for a fourth straight quarter (down 1.2% in 4Q17) in the last quarter of 2017 because of weakness in the oil sector, though non-oil sector growth also slowed, data from the Central Department of Statistics showed on Saturday. Banque Saudi Fransi completes sale of 18.5% stake in Allianz Saudi Fransi to Allianze Europe BV at 22 riyals/shr for a total of 81.4m riyals, lender says in statement to Saudi stock exchange. Saudi Fransi achieved 97m riyal gain; sees impact in 1Q. Bank to hold 14% stake in Allianz Saudi Fransi. Saudi Arabian investment firm Kingdom Holding proposed a cash dividend of 0.50 riyals per share for 2017, the company said on Thursday. Chairman Prince Alwaleed bin Talal, who holds a 95 percent stake, waived his share of proposed dividends worth 299.2 million riyals quarterly ($79.8 million), it added in a bourse filing. Alwaleed will still receive 562.7 million riyals in dividend for the year, a company official told Reuters. The company reported FY net profit 663.6 million riyals versus loss of 350 million riyals year ago. FY total revenue 2.36 billion riyals versus 1.87 billion riyals year ago. Saudi Arabia expects to unveil by the end of June rules to prevent large share price drops in newly-listed companies, the final regulatory step for the listing of oil giant Saudi Aramco, the head of the kingdom's stock market regulator said. In Egypt, President Abdel Fattah al-Sisi cruised towards a landslide election victory against no real opposition but early results showed a lower turnout than the vote that brought him to power in 2014, despite efforts to get more Egyptians to the polls. Egypt's current account deficit narrowed to $1.8 billion in the three months to end-December from a deficit of $4.67 billion in the same period a year previously, the central bank said on Thursday. Tourism revenues jumped to $2.28 billion in the quarter from $826 million year-on-year. The trade deficit widened to $9.81 billion from $9.60 billion. Net foreign direct investment inflows declined to $2.184 billion in the quarter from $2.4 billion in the same period the previous year. Suez Canal revenues edged up to $1.386 billion in the quarter from $1.214 billion year-on-year. The overall balance of payments registered a surplus of $515 million during the quarter, which corresponds to the second quarter of the fiscal year beginning in July. Expatriate remittances rose to $7 billion in the quarter from $5.7 billion year-on-year Egypt Cuts Rates Again as Inflation Falls. Egypt’s central bank cut interest rates for the second time in six weeks after inflation slowed into its target range, shrugging off rising U.S. rates as it unwinds record-high borrowing costs. The monetary policy committee led by Governor Tarek Amer lowered the overnight deposit rate by 100 basis points to 16.75 percent. The move was predicted by all eight economists surveyed by Bloomberg. The overnight lending rate was also reduced by 100 basis points to 17.75 percent. Egypt's M2 money supply growth accelerated in February to 25.4 percent year on year, central bank data showed on Thursday. M2 had grown by 20.4 percent the previous month. The money supply at the end of February stood at 3.295 trillion Egyptian pounds ($187.22 billion), the bank said. Bahrain may return to the international debt market to raise funds later this year, its central bank said on Thursday, after investors' concern about its rising public debt level caused it to call off part of a planned bond issue this week. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
4. IS Morning Report Sunday , April 01, 2018 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Methaq Takaful Ins. 23.90% 0.25 375,000 303,750 Shuaa Capital 17.98% 0.24 2,556,000 2,683,800 Union Properties 24.70% 0.13 5,576,402 4,845,893 DXBE 31.37% 0.10 7,999,913 3,887,958 Marka 14.78% 0.10 500,000 233,000 DSI 16.27% 0.07 749,691 1,296,966 Islamic Arab Ins. 23.45% 0.04 476,121 203,764 Dana Gas 60.28% 0.03 2,092,987 1,925,548 Al Madina 25.34% 0.02 77,920 29,877 Arabtec 18.39% 0.01 150,000 334,500 Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Gulf Nav 19.87% -0.12 (1,103,051) (1,136,143) Manazel 20.16% -0.09 (2,340,000) (1,287,000) Emaar Properties 37.07% -0.08 (5,727,791) (33,221,188) RAK Properties 29.09% -0.06 (1,200,000) (816,000) Dubai Isl. Ins 12.72% -0.05 (112,875) (79,916) Eshraq 35.67% -0.05 (1,162,500) (837,000) Al Salam Group KW 16.22% -0.04 (107,856) (48,424) Amanat 21.73% -0.03 (750,000) (997,500) Dubai Investments 16.02% -0.03 (1,275,606) (2,666,016) 5.07% -0.03 (126,000) (32,760) Al Khazna Ins. (Source: ADX, DFM, Bloomberg, Reuters) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
5. IS Morning Report Sunday , April 01, 2018 Institutional Sales and Trading Team Harshjit Oza harshjit@integratedsecurities.ae Direct Line: +971 2 494 2608 Disclaimer This report was prepared by Integrated Securities (“IS”) in and for the United Arab Emirates (“U.A.E.”). IS is a securities brokerage company regulated by the Emirates Securities and Commodities Authority (and neither an investment nor a financial advisory firm). The information contained in this report is given in summary and does not purport to be complete. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Content of this report is provided solely for informational purposes and private circulation and should not be construed as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or any other financial product or instrument, or adopting any hedging or investment strategy and does not take into account your particular investment objectives, financial situation, tax implications or any other needs. Before acting on any information you should consider and confirm the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek professional financial advice. While based on information believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities markets or developments referred to in this report. The information, contained in this report are as of the date indicated and are subject to change at any time without prior notice. This report may provide the addresses of, or contain hyperlinks to, websites. IS has not reviewed any such site and takes no responsibility for the content of the same. Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or IS’s website shall be at your own risk. The stated price of any securities mentioned in this report is as of the date indicated and is not a representation made by IS that any transaction can be effected at this price. This report is for UAE distribution and only under such circumstances as may be permitted by applicable law. The information contained in this report is not intended nor can it be construed as intended to be directed to any US persons (being any US Citizens, US Green Card Holders, or Resident Aliens subject to US income taxes for IRS purposes) unless stated otherwise. Neither IS nor its officers, directors or shareholders or other persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This report is a mere update intended solely for the use by the intended recipients and the content of it may not be reproduced, redistributed or copied in whole or in part for any purpose without IS’s prior express consent. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae