UAE: Daily Market Trading Report - 16 December

Transcription

1. Morning Report 16 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 8,819 3,255 11,143 1,782 11,622 35,927 4,710 15,566 7,171 15,476 6,928 28,460 23,269 -0.3% -0.7% 1.1% -0.2% 0.0% 1.1% 1.6% 2.2% -0.7% 0.1% 0.5% 1.7% -0.8% 7% 0% -6% 0% 1% 0% 1% -2% -2% -4% -3% -4% -8% 13% 13% -2% 7% 4% 3% 5% 3% 2% -1% 5% -7% -6% 75% 31% 28% 20% 7% 17% 25% 21% 11% 13% 25% 4% -14% 72% 29% 29% 19% 5% 19% 27% 24% 10% 16% 25% 7% -11% MSCI EM MSCI Asia 1,214 192 -0.3% 0.3% -6% -5% -6% -6% -6% -4% -3% -1% US Fut. EU Fut. 4,713 4,220 0.1% 1.4% 0% -5% 5% 0% 26% 17% 27% 17% Indices 3M Chg. YTD Chg. 1Y Chg. AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy Sell 1,723 74% 26% 91% 9% 387 63% 37% 36% 64% 2,110 72% 28% 1,723 80% 20% 87% 13% 387 61% 39% 28% 72% 2,110 76% 24% Last Trading Day's Top Short Positions Company RAK Pro. Aldar ADCB Short Interest (Short shares/Out. shares) 0.067% 0.032% 0.027% Close (AED) 0.79 4.12 8.57 Change (%) (0.5) (0.5) (0.2) Upcoming Corporates Actions & Events Date 16-Dec 19-Dec 19-Dec 20-Dec 26-Dec Company Event DFM AGM Zee Store BoD/General CBI BoD/Capital Increase FTSE 4Q EM Index Effective Date RAK Cement GM/Acquisition 52WH 0.81 4.38 9.00 High - Low 52WL 0.45 3.09 5.97 Net -5% 5% 4% -4% 2% -2% 9% -9% -4% 4%
2. # KEY STORIES Alpha Dhabi’s board agreed on the conglomerate’s expansion plans and future strategy, targeting AED 8bln for investments in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE Dubai Investments offers to acquire all or part of shares held by shareholders of National General Insurance Company for AED 3.12 per share Union Properties elects Mohamed Fardan Ali Al Fardan as chairman of the board of directors and Amer Abdulaziz Khansaheb as managing director SODIC MD says no intention to delist SODIC from EGX after acquisition Moody's assigns Baa2 rating to Emaar Malls Management LLC; negative outlook ADNOC says that UAE investors partner with ADNOC, ADQ to develop world-scale chemicals projects in Ruwais ADQ has established a new office in Egypt to build on its commitment to investing in the country's economic growth Abu Dhabi to screen people at entry points from Sunday onwards. EDE scanners use advanced technology to rapidly detect potential COVID-19 cases UAE suspends entry for travellers from Republic of Congo; tightens entry rules with some other countries UAE on Dec 15 announced 148 new Covid-19 cases and 92 recoveries. The tally takes total cases in UAE to 743,152 with 738,141 recoveries and 2,151 deaths Saudi Arabia's consumer price index rose by 1.1pct in November compared to a year earlier due to higher transport costs Saudi Aramco, the world's biggest oil company, is looking to invest in the clean energy unit of India's Reliance Industries Ltd., news website Mint reported, citing people in the know Saudi’s Sabic board proposes SAR 2.25 per share H2 dividend Saudi's Sipchem board proposes SAR 1.5 per share H2 dividend Saudi’s Almunajem Foods successfully completed the offering to individual investors, with 11.9 times oversubscription Kuwait’s Zain says that Zain Jordan signs agreement for sale and leaseback of passive tower infrastructure and supporting facilities Egypt’s Madinet Nasr EGM approved raising the company's issued and paid-up capital to EGP 1.87bln from EGP 1.49bln, through the issuance of 374.4mln shares at EGP 1 per share # Key Global Trends/ Market Clues Asian stocks followed Wall Street higher on Thursday after the U.S. Federal Reserve said it would end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation. Bond yields rose while the dollar stabilized after slumping overnight as havens fell out of favour. Gold gained along with crude oil. "The economy no longer needs increasing amounts of policy support," Fed Chair Jerome Powell said in a news conference after the conclusion of the two-day policy meeting. Japan's Nikkei climbed 1.67% and touched a three-week intraday high, while Taiwan's benchmark gained 0.62%. Mainland China shares slipped though, with an index of blue chips losing 0.12%. MSCI's broadest index of Asia-
3. Pacific shares added 0 .26%. U.S. e-mini futures pointed to a 0.12% rise for the S&P 500, after it rallied 1.63% overnight to finish near a record high. Oil prices rose on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally. A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices. Brent crude oil futures rose by 80 cents, or 1.1%, to USD 74.68 a barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 88 cents, or 1.2%, to USD71.75. The US Federal Reserve will quicken the pace at which it is pulling back its support for the post-pandemic US economy as inflation surges and it expects to raise interest rates three times next year. In an abrupt policy shift, the Fed announced on Wednesday that it will shrink its monthly bond purchases at twice the pace it previously announced, likely ending them altogether in March. The Fed’s new forecast that it will raise its benchmark short-term rate three times next year is up from only one rate increase it had projected in September. The Fed’s key rate, now pinned near zero, influences many consumer and business loans, whose rates would also probably rise. # UAE Stories Alpha Dhabi’s board agreed on the conglomerate’s expansion plans and future strategy, targeting AED 8bln for investments in real estate, hospitality, healthcare, petrochemicals, and other promising sectors inside and outside the UAE. Dubai Investments offers to acquire all or part of shares held by shareholders of National General Insurance Company for AED 3.12 per share. Offer period is open for 15 working days commencing Dec 29. Union Properties elects Mohamed Fardan Ali Al Fardan as chairman of the board of directors and Amer Abdulaziz Khansaheb as managing director. Managing Director of SODIC, said on Tuesday that the UAE consortium of Aldar Properties and ADQ has requested the acquisition of a majority stake in SODIC, stressing that there is no intention to delist the company from the Egyptian Exchange (EGX), and that its name will remain unchanged. Last week, SODIC announced that the majority of shareholders agreed to sell their shares. The company said that after the successful closing of the binding offer of purchase, the consortium will acquire 304.628mln shares of SODIC shares at a price of EGP 20 per share, with the company's valuation of more than EGP 7.1bn, as the value of the deal reached EGP 6.1bn. Moody's assigns Baa2 rating to Emaar Malls Management LLC; negative outlook. ADNOC says in a statement leading UAE investor’s partner with ADNOC and ADQ to develop world-scale chemicals projects in Ruwais. Says local investors to take up to 20% in Ta’ziz Industrial Chemicals Zone Projects. The eight UAE investors include Al Dhafra Co-operative Society, Al Nasser Holdings, Alpha Dhabi Partners Holding, Arab Development Establishment, Buhairan Limited Company, Capital Investment, Mazrui International and Mazrui Energy Services and Riverside Investments. ADQ has established a new office in Egypt to build on its commitment to investing in the country's economic growth. The opening of ADQ's new office complements the USD 20bln strategic investment platform launched in 2019 between ADQ and The Sovereign Fund of Egypt (TSFE). Abu Dhabi to screen people at entry points from Sunday onwards. EDE scanners use advanced technology to rapidly detect potential COVID-19 cases. UAE suspends entry of travellers from Republic of Congo from Friday, December 17, effective 8.00 a.m. In addition, the two authorities have introduced new travel requirements for those coming on direct flights from the following countries: Nigeria, Kenya, Rwanda and Ethiopia. These include having a negative COVID-19 test obtained within 48 hours and a Rapid-PCR test at the airport within six hours of the departure. UAE on Dec 15 announced 148 new Covid-19 cases, bringing the total confirmed cases in the country to 743,152. At the same time, 92 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 738,141, 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.
4. # GCC/MENA Saudi Arabia's consumer price index rose by 1.1pct in November compared to a year earlier due to higher transport costs, according to government data released on Wednesday. Prices were up 0.2pct Mom from October 2021, the Saudi General Authority for Statistics said. Saudi Aramco, the world's biggest oil company, is looking to invest in the clean energy unit of India's Reliance Industries Ltd., news website Mint reported, citing people in the know. This comes weeks after both firms announced the scrapping of a USD 15-bln investment in Reliance's oil-to-chemicals (O2C) business. Saudi’s Sabic board proposes SAR 2.25 per share H2 dividend. Saudi's Sipchem board proposes SAR 1.5 per share H2 dividend. Saudi’s Almunajem Foods successfully completed the offering to individual investors, with 11.9 times oversubscription, according to a bourse filing on Tuesday. Total amount of retail subscriptions reached SAR 1.3bln, the IPO Lead Manager said in a statement on Tadawul. Each individual subscriber will receive a minimum of four shares, while the remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an allocation factor of 0.3793pct. The company offered 18mln shares, representing 30pct of the company’s capital, which was allocated 90pct to institutional investors and 10pct to individual investors, at a final offer price of SAR 60per share. Kuwait’s Zain says that Zain Jordan signs agreement for sale and leaseback of passive tower infrastructure and supporting facilities such as power generators, fuel tanks and protection kiosks in Jordan with Tasc Towers Company. Zain Jordan will sell 2,607 towers at a value of USD 88mln. Accounting gain of transaction before tax is expected to be about USD 50mln. Egypt’s Madinet Nasr extraordinary general meeting (EGM) approved raising the company's issued and paid-up capital to EGP 1.87bln from EGP 1.49bln, through the issuance of 374.4mln shares at a nominal value of EGP 1 per share. 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 59,625 8.57 9.00 5.97 12.79 1.03 3.2% 6.1 10.6 44.3 43.6 ADIB 24,988 6.88 7.00 4.59 13.76 1.25 3.0% 11.3 21.6 52.5 49.4 ADNIC 3,819 6.70 6.70 4.63 9.05 1.41 5.2% 14.7 28.1 40.9 39.5 ADNOC Dist. 53,000 4.24 5.01 3.70 20.93 20.02 4.9% 0.2 (1.5) 18.6 18.6 ADNOC Drill.* 54,080 3.38 3.60 2.77 24.26 5.55 4.4% (0.6) NA NA NA Agthia 4,156 5.25 7.32 4.03 NM 1.56 3.1% (8.4) (11.2) 28.5 26.1 Air Arabia 6,860 1.47 1.58 1.17 NM 1.24 0.0% (5.8) 7.3 14.8 14.0 Ajman Bank 1,764 0.84 0.91 0.64 20.41 0.68 0.0% 9.8 19.1 7.7 7.7 32,394 4.12 4.38 3.09 14.34 1.24 3.5% (0.0) (1.7) 35.9 32.5 257,400 25.74 30.20 15.00 NA NA NA 2.5 (5.1) NA NA Amanat 2,875 1.15 1.27 0.78 9.72 1.03 1.9% (2.5) 1.8 40.2 36.3 Aramex 6,076 4.15 4.80 3.50 35.89 2.19 3.1% (1.2) 9.5 (2.1) (1.2) ASM 13,380 13.38 16.94 13.00 NM 3.62 NA (10.8) (13.7) NA NA BOS 1,320 0.60 0.76 0.50 NA 0.35 0.0% 6.2 3.4 (0.2) (7.6) Dana Gas 7,485 1.07 1.27 0.67 7.28 0.88 5.1% (3.6) 0.9 60.5 57.8 Aldar Alpha Dhabi Deyaar 2,802 0.49 0.55 0.25 NA 0.65 0.0% 17.1 48.3 72.6 64.4 DFM 20,720 2.59 3.05 0.87 NM 2.65 0.0% 0.8 137.6 178.5 176.4 DIC 8,079 1.90 2.08 1.40 20.98 0.68 NA (6.4) 3.8 37.8 37.8 DIB 40,041 5.53 5.62 4.44 14.75 1.05 3.6% 0.4 10.4 25.2 24.1 DU 31,141 6.87 7.28 5.62 37.58 3.79 3.6% 8.4 4.1 23.8 23.4 Easy Lease 819 27.30 66.85 10.00 26.15 11.70 NA (26.2) (42.5) 55.1 - Emaar Dev. 18,120 4.53 4.75 2.45 6.75 1.33 0.0% (3.2) 15.3 64.7 63.5 Emaar Pro. 40,980 5.01 5.33 3.35 13.00 0.63 2.0% (1.8) 19.6 45.7 45.7 ENBD 88,432 14.00 14.35 10.25 11.08 1.04 2.9% (1.4) 0.7 40.8 34.9 ESG 1,988 7.95 11.80 3.01 NM 5.46 NA (11.3) 16.9 NA NA Eshraq 902 0.39 0.48 0.29 NA 0.66 NA 2.6 21.6 22.0 13.5 Etisalat 314,824 36.20 37.00 16.88 34.11 6.83 3.3% 27.0 46.2 126.1 120.9 FAB 214,469 19.64 21.00 12.90 17.65 1.96 3.8% 2.5 7.7 60.2 53.7 28,391 3.42 4.02 2.92 20.27 4.64 5.2% (8.8) - - - Fertiglobe* GFH 4,729 1.22 1.33 0.57 13.73 1.32 1.4% 8.9 69.2 111.6 108.2 275,517 151.30 165.00 40.40 46.85 13.43 NA (0.5) 3.3 260.2 271.7 2,137 1.85 2.32 1.20 NA 2.14 NA 1.1 (0.0) 39.1 27.6 Mashreq 15,948 79.50 79.50 53.10 NA 0.82 0.0% 12.3 30.2 32.3 32.3 Multiply 22,624 2.02 2.35 1.60 NA 2.27 NA NA NA NA NA Palms Sports 1,734 11.56 21.48 4.30 21.39 6.05 NA (1.5) (14.4) (12.4) NA RAK Bank 7,559 4.51 4.72 3.63 12.60 0.93 3.3% 11.4 12.8 15.6 17.1 RAK Pro. 1,570 0.79 0.81 0.45 5.80 0.38 0.0% 4.5 10.9 63.5 66.7 RAK Cer. 2,842 2.86 3.08 1.46 NM 1.25 2.6% (1.4) 4.7 106.5 107.8 RPM 1,960 9.80 20.00 9.25 48.83 8.74 NA (14.8) (29.5) NA NA 951 0.79 0.97 0.73 15.45 1.22 10.5% (0.3) (2.6) 2.3 (1.7) SIB 5,824 1.89 1.94 1.26 11.41 0.76 4.2% 3.8 8.6 51.7 56.5 Shuaa 1,803 0.71 0.83 0.59 9.95 1.16 4.2% (5.1) 4.6 9.6 8.0 Tabreed 7,489 2.70 3.15 2.39 15.72 1.37 2.1% (1.8) (3.9) 6.3 6.7 TAQA 154,035 1.37 1.59 1.15 26.41 2.38 1.8% 6.7 6.7 (2.9) (1.9) Waha 3,461 1.78 1.96 1.07 6.98 1.02 3.4% 0.6 (0.6) 56.0 67.1 Yahsat * 6,734 2.76 3.10 2.46 30.33 2.26 5.7% (1.4) 11.7 NA NA Zee Store 3,006 30.06 53.00 7.95 NM 14.54 NA (8.9) (28.1) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 186.3 NA IHC Julphar Salama
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