UAE: Daily Market Trading Report - 13 December

Transcription

1. Morning Report 13 December 2021 UAE Trading Summary Market Stats Close Chg . 1M Chg. ADX DFM TASI BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI 8,971 3,231 10,969 1,786 11,708 35,971 4,712 15,631 7,292 15,623 6,992 28,438 24,230 1.0% 0.2% 0.3% 0.0% 1.5% 0.6% 1.0% 0.7% -0.4% -0.1% -0.2% 1.0% 1.1% 8% 3% -8% 0% 1% 0% 1% 0% -1% -3% -1% -2% -4% 15% 12% -3% 7% 6% 4% 6% 3% 4% 0% 5% -6% -8% 78% 30% 26% 20% 8% 18% 25% 21% 13% 14% 26% 4% -12% 76% 27% 27% 20% 7% 20% 28% 26% 10% 18% 26% 6% -9% MSCI EM MSCI Asia 1,239 194 0.8% -0.7% -3% -2% -5% -6% -4% -3% -1% 0% US Fut. EU Fut. 4,728 4,224 0.4% 0.6% 1% -4% 6% 0% 26% 18% 29% 20% Indices 3M Chg. YTD Chg. 1Y Chg. AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,558 77% 23% 86% 14% 324 62% 38% 14% 86% 1,883 75% 25% Last Trading Day's Top Short Positions Company RAK Pro. Aldar Manazel Short Interest (Short shares/Out. shares) 0.041% 0.029% 0.027% Close (AED) 0.78 4.11 0.58 Change (%) 1.7 0.2 (0.3) Upcoming Corporates Actions & Events Date 13-Dec 14-Dec 15-Dec 15-Dec 15-Dec 16-Dec 19-Dec 20-Dec 26-Dec Company Event Etisalat BoD/General ADNOC Dist. BoD/General Alpha Dhabi BoD/General Aldar BoD/General ENBD BoD/General DFM AGM CBI BoD/Capital Increase FTSE 4Q EM Index Effective Date RAK Cement GM/Acquisition 52WH 0.81 4.38 0.64 High - Low 52WL 0.45 3.09 0.33 Sell 1,558 87% 13% 85% 15% 324 64% 36% 26% 74% 1,883 83% 17% Net -10% 10% 1% -1% -2% 2% -12% 12% -8% 8%
2. # KEY STORIES IHC has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding Al Qudra Holdings has approved a new foreign ownership limit of 30% of outstanding shares, subject to regulatory approvals ADNOC Distribution signs exclusive deal to provide fuel and lubricants to more than 3,000 Cars Taxi fleet Commercial Bank International board scheduled to meet on December 19 to discuss capital increase proposal. Flydubai will restart flights to Hargeisa in Somaliland from December 18 Dubai November IHS Markit Dubai PMI stayed stable at 54.5 Mubadala has invested in the ecosystem around cryptocurrencies, such as block-chain technology, given the increase in the digital currency's market value - CEO UAE on Dec 12 announced 83 new Covid-19 cases and 75 recoveries. The tally takes total cases in UAE to 742,802 with 737,896 recoveries and 2,151 deaths Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year Saudi economy will grow next year by a staggering 7.4pct on the back of improved oil prices the minister of finance told reporters Saudi’s Yanbu Cement board decided to distribute a cash dividend of SAR 1 per share for the second half of 2021 Saudi Exchange announces beginning of subscription period and tradable rights trading for Batic Investments and Logistics Company Kuwait’s Jazeera Airways took delivery of its ninth Airbus A320neo aircraft from Airbus in Toulouse over the weekend, bringing the airline’s fleet to a total of 17 aircraft Oman said it expects its budget deficit to reach 5% of GDP in 2022 Egypt’s Al Ezz Dekheila Steel board approves to buy 18% stake in Egyptian Steel from Ahmed Hamdy Abou Hashima for EGP 2.50bln # Key Global Trends/ Market Clues Asian stocks pushed ahead on Monday with investors seemingly confident markets can weather whatever comes from a host of central bank meetings this week, including the likely early end to U.S. policy stimulus. Omicron remained a concern with British Prime Minster Boris Johnson warning of a "tidal wave" of new cases of the variant, but again markets are counting on vaccines to limit the economic fallout. The Federal Reserve is widely expected to signal a faster tapering of asset buying this week, and thus an earlier start to rate hikes. It will also update the dot plots for rates over the next couple of years. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.8%, after bouncing 1.7% last week. Japan's Nikkei rose 1.0%, as a survey of large manufacturers found sentiment was the best since late 2018. Chinese stocks added 1.4% to last week's 3.1% jump amid hopes for more stimulus after Beijing's recent loosening of bank reserve requirements. Wall Street also looked to extend its gains with Nasdaq futures and S&P 500 futures both up 0.4%. EUROSTOXX 50 futures rose 0.6% and FTSE futures 0.3%.
3. Oil prices rose on Monday , extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant's impact will be limited on global economic growth and fuel demand. Brent futures climbed 53 cents, or 0.7%, to USD 75.68 a barrel by 0100 GMT, after rising 1% on Friday. U.S. West Texas Intermediate (WTI) gained 69 cents, or 1.0%, to USD 72.36 a barrel, following a 1% increase in the previous session. Both benchmarks posted gains of about 8% last week, their first weekly gain in seven. They have recovered more than half the losses suffered since the Omicron outbreak on Nov. 25. # UAE Stories International Holding Company (IHC) has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding. The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding. Al Qudra Holdings has approved a new foreign ownership limit of 30% of outstanding shares, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company. ADNOC Distribution signs exclusive deal to provide fuel and lubricants to more than 3,000 cars taxi fleet. Company to supply fuel and ADNOC Voyager lubricant to full fleet of more than 3,000 vehicles. Five-year deal sees ADNOC Distribution as only supplier of fuel and lubricants for Cars Taxi’s 3,000+ strong fleet in UAE. Commercial Bank International board scheduled to meet on December 19 to discuss capital increase proposal. Flydubai will restart flights to Hargeisa in Somaliland from December 18. Will operate a three-time weekly service to Hargeisa. Dubai November IHS Markit Dubai Purchasing Managers' Index (PMI) stayed stable at 54.5. Mubadala has invested in the ecosystem around cryptocurrencies, such as block-chain technology, given the increase in the digital currency's market value, its CEO Khaldoon al-Mubarak told CNBC in an interview. UAE on Dec 12 announced 83 new Covid-19 cases, bringing the total confirmed cases in the country to 742,802. At the same time, 75 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 737,896, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,151. # GCC/MENA Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic. After an expected fiscal deficit of 2.7% of gross domestic product this year, Riyadh estimates it will achieve a surplus of SAR 90bln, or 2.5% of GDP, next year - its first surplus since it went into a deficit after oil prices crashed in 2014. "The surpluses will be used to increase government reserves, to meet the coronavirus pandemic needs, strengthen the kingdom's financial position, and raise its capabilities to face global shocks and crises," Crown Prince Mohammed bin Salman was quoted as saying by Saudi state press agency SPA. Saudi economy will grow next year by a staggering 7.4pct on the back of improved oil prices the minister of finance told reporters in Riyadh. The Kingdom might see its GDP reaching SAR 3.62trn, which is almost USD 1trn, up from SAR 3.2trn it is expected to record this year, Mohammed Al-Jadaan said. Saudi’s Yanbu Cement board decided to distribute a cash dividend of SAR 1 per share for the second half (H2) of 2021. The cement firm will pay a total amount of SAR 157.5mln, representing 10% of the capital, for the eligible shareholders, according to a bourse filing on Sunday. Saudi Exchange announces beginning of subscription period and tradable rights trading for Batic Investments and Logistics Company.
4. Kuwait ’s Jazeera Airways took delivery of its ninth Airbus A320neo aircraft from Airbus in Toulouse over the weekend, bringing the airline’s fleet to a total of 17 aircraft. Oman said on Sunday it expects its budget deficit to reach 5% of gross domestic product (GDP) in 2022, well within the limits of a medium-term fiscal plan launched by the Gulf state last year to fix its heavilyindebted finances. A relatively small crude producer, Oman is more sensitive than its hydrocarbon-rich Gulf neighbours to oil price swings, meaning it was hit especially hard by the price crash in 2020 amid the COVID19 pandemic and worldwide economic lockdowns. Egypt’s Al Ezz Dekheila Steel board approves to buy 18% stake in Egyptian Steel from Ahmed Hamdy Abou Hashima for EGP 2.50bln. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus list Company MCAP PRICE HIGH-LOW VALUATION Div. HISTORICAL RETURN (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 60,599 8.71 9.00 5.97 12.99 1.04 3.1% 5.3 12.5 46.7 46.2 ADIB 25,315 6.97 6.98 4.59 13.94 1.27 2.9% 15.0 24.0 54.5 52.9 ADNIC 3,602 6.32 6.49 4.63 8.54 1.33 5.5% 6.9 19.2 32.9 31.6 ADNOC Dist. 53,000 4.24 5.01 3.54 20.93 20.02 4.9% (0.9) (2.4) 18.6 24.9 ADNOC Drill.* 56,000 3.50 3.60 2.77 25.12 5.75 4.3% 5.7 NA NA NA Agthia 4,275 5.40 7.32 4.03 NM 1.61 3.1% (6.9) (10.5) 32.2 29.4 Air Arabia 6,907 1.48 1.58 1.17 NM 1.25 0.0% (3.3) 8.0 15.6 14.7 Ajman Bank 1,745 0.83 0.91 0.64 20.19 0.67 0.0% 8.9 16.2 6.5 7.9 32,315 4.11 4.38 3.09 14.31 1.24 3.5% (1.9) (2.1) 35.6 31.4 280,000 28.00 30.20 15.00 NA NA NA 6.4 0.7 NA NA Amanat 2,925 1.17 1.27 0.78 9.88 1.05 1.9% (4.1) 1.7 42.7 37.6 Aramex 6,076 4.15 4.80 3.50 35.89 2.19 3.1% (0.0) 8.1 (2.1) 0.7 ASM 13,840 13.84 16.94 13.00 NM 3.75 NA (8.5) (14.0) NA NA BOS 1,318 0.60 0.76 0.50 NA 0.35 0.0% (6.4) 7.0 (0.4) (11.6) Dana Gas 7,625 1.09 1.27 0.67 7.41 0.89 5.0% (5.2) 3.8 63.5 59.3 Aldar Alpha Dhabi Deyaar 2,802 0.49 0.55 0.25 NA 0.65 0.0% 37.0 47.0 72.6 64.4 DFM 21,520 2.69 3.05 0.87 NM 2.75 0.0% 37.9 142.3 189.2 187.7 DIC 8,121 1.91 2.08 1.39 21.09 0.68 NA (0.5) 4.9 38.5 42.4 DIB 39,317 5.43 5.59 4.44 14.48 1.03 3.7% 0.7 7.7 22.9 21.1 DU 31,821 7.02 7.28 5.62 38.40 3.87 3.6% 10.2 6.2 26.5 26.1 Easy Lease 812 27.08 66.85 10.00 25.94 11.61 NA (29.6) (51.6) 53.9 - Emaar Dev. 18,000 4.50 4.75 2.45 6.71 1.32 0.0% 4.9 13.9 63.6 59.6 Emaar Pro. 40,081 4.90 5.33 3.35 12.72 0.61 2.0% 1.4 17.5 42.5 39.7 ENBD 87,485 13.85 14.35 10.25 10.96 1.02 2.9% (2.8) (1.4) 39.3 32.9 ESG 1,890 7.56 11.80 3.01 NM 5.19 NA (20.3) 0.8 NA NA Eshraq 918 0.40 0.48 0.29 NA 0.67 NA 6.5 18.3 24.2 9.7 Etisalat 311,345 35.80 37.00 16.88 33.73 6.76 3.4% 28.8 47.1 123.6 119.5 FAB 223,860 20.50 21.00 12.90 18.42 2.05 3.6% 7.2 12.3 67.2 61.0 28,723 3.46 4.02 2.92 20.51 4.70 5.1% (1.1) - - - Fertiglobe* GFH 4,715 1.24 1.33 0.57 13.69 1.31 1.4% 12.7 66.9 115.1 112.6 275,335 151.20 165.00 40.00 46.82 13.43 NA (1.8) 3.5 260.0 272.4 2,172 1.88 2.32 1.20 NA 2.18 NA (3.1) (2.6) 41.4 29.7 Mashreq 15,948 79.50 79.50 53.10 NA 0.82 0.0% 12.3 30.2 32.3 32.3 Multiply 22,736 2.03 2.35 1.60 NA 2.28 NA NA NA NA NA Palms Sports 1,746 11.64 21.48 4.30 21.54 6.10 NA (9.8) (18.6) (11.8) NA RAK Bank 7,358 4.39 4.72 3.63 12.26 0.91 3.4% 8.4 9.8 12.6 16.4 RAK Pro. 1,558 0.78 0.81 0.45 5.76 0.38 5.1% 4.0 8.2 62.3 64.0 RAK Cer. 2,862 2.88 3.08 1.41 NM 1.25 2.6% 3.6 4.7 107.9 113.6 RPM 1,960 9.80 20.00 9.43 48.83 8.74 NA (14.9) (21.6) NA NA 979 0.81 0.97 0.73 15.91 1.25 10.2% (0.9) (1.1) 5.3 6.0 SIB 5,793 1.88 1.94 1.26 11.35 0.75 4.3% 3.3 7.4 50.9 53.2 Shuaa 1,851 0.73 0.83 0.59 10.22 1.19 4.1% (2.4) 3.5 12.5 9.3 Tabreed 7,489 2.70 3.15 2.39 15.72 1.37 2.1% (1.5) (3.6) 6.3 7.5 TAQA 158,532 1.41 1.59 1.15 27.18 2.45 1.8% 10.6 8.9 (0.1) (6.2) Waha 3,422 1.76 1.96 1.07 6.90 1.01 3.4% 0.6 (4.3) 54.3 59.6 Yahsat * 6,758 2.77 3.10 2.46 30.44 2.26 5.7% (0.0) 7.4 NA NA Zee Store 2,880 28.80 53.00 7.95 NM 13.93 NA (17.6) (37.7) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 174.3 NA IHC Julphar Salama
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