UAE: Daily Market Trading Report - 15 October

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1. IS Morning Report Monday , October 15, 2018 # Global & Regional Benchmarks Indices Close # UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change 9.1% (AEDm) BUY SELL NET ADX 76 76 - Local 60% 46% 13% ADX 4,931 -0.7% -0.1% 5.0% 12.1% DFM 2,714 -1.5% -3.4% -6.4% -19.5% -25.8% TASI 7,267 -3.5% -4.3% -13.5% 0.6% 4.7% Foreign 40% 54% -13% BHSEASI 1,316 0.0% -2.2% -2.1% -1.2% 3.2% Institutional 64% 60% 5% EGX 13,537 1.9% -11.6% -14.5% -9.9% -2.6% Retail 36% 40% -5% Dow Jones 25,340 1.1% -3.1% 1.3% 2.5% 10.8% DFM 244 244 - S&P 500 2,767 1.4% -4.7% -1.2% 3.5% 8.4% Local 63% 56% 7% Nasdaq 7,497 2.3% -6.4% -4.2% 8.6% 13.5% Foreign 37% 44% -7% FTSE 100 6,996 -0.2% -4.2% -8.7% -9.0% -7.2% Institutional 37% 36% 1% DAX 11,524 -0.1% -5.0% -8.1% -10.8% -11.3% Retail 63% 64% -1% CAC40 5,096 -0.2% -4.8% -6.1% -4.1% -4.8% Total 320 320 - Nikkei225 22,368 -1.4% -3.1% -1.0% -1.7% 5.7% Local 62% 54% 8% HIS 25,542 -1.0% -6.4% -10.5% -14.6% -10.3% Foreign 38% 46% -8% # Upcoming Corporate Actions & Events Date Company Event 15-Oct SALAMA Board Meeting 17-Oct Emaar Dev General Assembly 17-Oct CBD Board Meeting 21-Oct Mashreq Bank Board Meeting 07-Nov KHCB Board Meeting 11-Nov GFH Board Meeting 13-Nov ITHMR Board Meeting 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 Monday , October 15, 2018 # KEY STORIES Eshraq Properties receives SCA final approval to proceed with shares buy-back program ADNOC Distribution approves Dh735m dividend distribution ADNOC Sour Gas says sulphur pipeline work on track Etisalat to lift restrictions on voting rights of foreigners Sudatel says Guinea cancels Intercel Company License President issues federal law on netting Softbank-backed OYO Hotels to expand in UAE with 139 properties by 2020 Saudi Exchange reports 619.9 million riyals in foreigner’s net sales last week Bank Muscat 9 month profit rises Oman targets 11mln tourists by 2040 Burgan Bank completes rights issue, raises 62.6 million dinars in equity by issuing 240.6 million shares Egypt's SODIC says seeking to take over Madinet Nasr Misr Hotels Q1 profit rises Egypt's Midor Gets $1.2B in Financing for Refinery Expansion Global Telecom Releases Valuation of Pakistan, Bangladesh Assets # Key Global Trends/ Market Clues Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week. Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist critical of its policies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 percent while Shanghai shares were down 0.4 percent in early trade. Crude oil futures rose sharply on Monday as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices. Crude markets were also supported in the wake of data that showed South Korea did not import any oil from Iran in September for the first time in six years, before U.S. sanctions against the Middle East country take effect in November. Brent crude had risen 98 cents, or 1.22 percent, to 81.41 a barrel by 0124 GMT, on track for its biggest daily gain since Oct. 9. Saudi Arabia's shares plunged as much as 7 percent on Sunday as investors worried about deteriorating relations with the international community after the disappearance of Saudi journalist Jamal Khashoggi. The index suffered its biggest intraday decline since December 2014, when oil prices were crashing, with the Gulf region's biggest petrochemical producer, Saudi Basic Industries, tumbling as much as 7.9 percent. By the close, the market had recovered some of its losses, ending down 3.5 percent. Saudi Arabia's stock market is due to be reclassified by MSCI as an emerging market next year. 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 Monday , October 15, 2018 # UAE Stories Eshraq Properties receives SCA final approval to proceed with shares buy-back program. ADNOC Distribution said on Sunday its shareholders have approved the board of directors recommendation to pay an interim dividend of Dh735 million, or Dh0.0588 per share. Abu Dhabi's National Oil Company's subsidiary, ADNOC Sour Gas, is on track to construct a new Sulphur pipeline, the firm said in a statement on the state news agency on Sunday. Etisalat said on Sunday that its board has approved to lift the restrictions on voting rights of foreign shareholders on par with UAE nationals. The board authorised the management to take necessary steps to incorporate articles of association and obtain all required approvals from the competent authorities before and after the general assembly to effect these changes. Sudatel Telecom disclosed that Guinea Conakry Ministry of Telecommunications cancelled mobile operation license of intercel Co, one of Sudatel group of companies. The decision also dictates liquidation of Intercel within one month from issuance date of the decision. Decision of Ministry of Telecommunications had preceded Sudatel Group announcement of their decision not to renew its licence due to prohibitive condition. Ministry demanded a $100 million license renewal fees and a 2G network upgrade to 3G. OYO Hotels, the Softbank-backed hospitality chain, is expanding in the UAE with 139 more properties by 2020 as it seeks to capitalise on the influx of visitors to World Expo 2020, taking place in Dubai over six months. The Indiabased company is planning to grow to 12,000 rooms within two years across Dubai, Sharjah and Fujairah, up from 1100 rooms currently, OYO Hotels said in a statement on Sunday. President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued Federal Decretal Law No.10 of 2018 on Netting, Netting entails offsetting the value of multiple positions or payments due to be exchanged, between two or more parties. The provisions will apply to all qualified financial contracts, netting agreements specified under this law or collateral arrangement. # GCC/ MENA Saudi Stock Exchange in the week ended Oct 11, foreigners sold 619.9 million riyals of stocks on a net basis. Foreigners bought 995.8 million riyals of stocks and sold 1.62 billion riyals of stocks. Bank Muscat posted nine-month net profit of 134.7 million rials vs 130.3 million rials year ago. Nine-month net interest income and income from Islamic financing clocked in at 224.2 million rials vs 209 million rials year ago. Oman’s Ministry of Tourism recently concluded a series of tours and roadshows covering neighboring GCC states aiming to help realize the Sultanate’s goal of attracting 11 million visitors by 2040. Burgan Bank completes rights issue, rasies 62.6 million dinars in equity by issuing 240.6 million shares. Egypt's Sixth of October Development and Investment Co (SODIC) said on Sunday it was aiming to take over Madinet Nasr for Housing and Development in an exchange of shares. The offer is conditional on SODIC acquiring at least 51 percent of Madinet Nasr's shares, SODIC said in a statement to the stock exchange. Madinet Nasr said in a separate statement to the bourse it had received the written offer on Sunday and would study it. Misr Hotels Company posted Q1 net profit after tax EGP 54.9 million vs EGP 37.6 million year ago. Misr Hotels Company posted Q1 revenue EGP 119 million vs EGP 102.3 million year ago. 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 Monday , October 15, 2018 Middle East Oil Refinery Co., expects to sign the final contracts for the $1.2b in loans from a consortium of banks to fund expansion at the Midor refinery this week, the Cairo-based al-Mal reports citing the company’s board chairman, Mohamed Abdel-Aziz. Consortium of lenders includes Credit Agricole, BNP Paribas and CDP Reti SpA. Loan to be repaid over 5 yrs and is guaranteed by the Ministry of Finance. Global Telecom says that FinCorp Financial Advisory S.A.E. valuation of assets ranged between $2.59b and $3.32b while Lazard Freres’ valuation was between $2.1b and $3.3b. Valuations are not approved by Global Telecom and don’t represent the views of the company’s board. Board will continue to evaluate alternative financing options, including potential rights issue. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) 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