UAE: Daily Market Trading Report - 16 September

Transcription

1. Morning Report 16 September 2022 UAE Trading Summary Market Stats Close Chg . 1M Chg. ADX 10,015 0.5% -2% 5% 18% 28% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. 3,463 11,830 13,244 5,783 4,479 1,939 10,079 30,962 3,901 11,552 7,282 12,957 6,158 27,876 18,847 959 152 3,877 3,516 0.0% 0.0% 1.3% 0.5% 0.0% 0.0% -1.1% -0.6% -1.1% -1.4% 0.1% -0.5% -1.0% -1.2% -1.1% -0.3% -0.3% -0.6% -0.8% 1% -5% -3% 0% -3% 2% 2% -9% -9% -12% -3% -6% -6% -3% -6% -6% -7% -9% -6% 3% 0% 5% 0% 9% 5% 1% 1% 3% 4% 0% -4% 2% 6% -11% -6% -5% 6% 2% 7% 6% 14% -2% 9% 8% -16% -15% -18% -26% -1% -18% -14% -3% -19% -22% -21% -19% -17% 19% 4% 19% 4% 13% 16% -10% -11% -13% -24% 4% -17% -6% -9% -24% -26% -26% -13% -15% Indices 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell Net ADX 2,570 2,570 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 57% 43% 68% 32% 880 42% 58% 76% 24% 3,450 53% 47% 66% 34% 65% 35% 880 48% 52% 63% 37% 3,450 61% 39% -10% 10% 3% -3% -6% 6% 13% -13% -9% 9% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HSI (Hong Kong). Last Trading Day's Top Short Positions Company Manazel Aldar Multiply Short Interest (Short shares/Out. shares) 0.083% 0.059% 0.046% Close (AED) 0.40 4.67 2.90 Upcoming Corporates Actions & Events Date 20-Sep 21-Sep 22-Sep 28-Sep 29-Sep 29-Sep 10-Oct Company Yahsat Emaar Borouge Ithmaar Fertiglobe Salik DEWA Event BoD/Dividend General Assembly General Assembly General Assembly General Assembly DFM Listing General Assembly Change (%) 2.5 2.6 14.6 52WH 0.64 5.79 2.64 High - Low 52WL 0.36 3.92 1.51
2. # KEY STORIES Yahsat board to consider proposal for distribution of 1H22 dividend on 20th September Agthia’s shareholders approved 1H22 interim cash dividend payment of 8.25 fils per share Air Arabia Abu Dhabi adds Kuwait to its growing network Takaful Emarat board agrees USD 13.6mln capital reduction Private Department of Sheikh Mohamed Bin Khalid Al-Nahyan LLC (PD) launches USD 300mln 3-yr sukuk at 8.75% - Reuters Emirates Strategic Investments posted H1 profit of AED 115.8mln versus AED 204.5mln year ago Moody expects the UAE’s real GDP growth would reach between 6% and 7% in 2022 UAE on Sep 15 announced 434 new Covid-19 cases and 361 recoveries. The tally takes total cases in UAE to 1,021,625 with 1,001,218 recoveries and 2,342 deaths Saudi August CPI +3.0% YoY and +0.4% MoM - Govt Data Saudi National Bank has raised SAR 3.30bln in a riyal-denominated sukuk issuance that was priced at 5% Saudi Industrial Services affiliate with consortium signs contract worth SAR 400.2mln Qatar Energy has sold two cargoes of al-Shaheen crude loading in November at premiums between USD 4.50 and USD 5.50 a barrel to Dubai quotes Oman's Energy Ministry signs agreement with Shell Oman, Totalenergies, and OQ for gas exploration in Block 11 Oman’s OQ SAOC has picked banks to advise on the IPO of gas pipelines unit – sources Egypt’s Central said remittances from Egyptian's working abroad in July totalled USD 2.38bln compared to USD 2.79bln a year earlier Egypt’s EGX disclosed that Ekuity B.V. bought 53.8mln shares in Rameda for EGP 159.5mln IMF to send mission to Lebanon next week to discuss slow reform progress # Key Global Trends/ Market Clues Asian markets were weaker as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% on Friday, after U.S. stocks ended the previous session with mild losses. The index is down 4.1% so far this month. Australian shares were down 0.94% on Friday, while Japan's Nikkei stock index slipped 1.2%. Hong Kong's Hang Seng Index was down 1.1% while China's Index was 0.86% lower. The weaker session followed broad declines across the major U.S equities markets. The global economic outlook remains downbeat, and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, the IMF said on Thursday. Oil prices dipped in early trade on Friday, extending the week's losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand. Brent crude futures fell 22 cents, or 0.2%, to USD 90.62 a barrel after sliding 3.5% to a one-week low in the previous session. U.S. WTI crude futures lost 25 cents, or 0.3%, to USD 84.85 a barrel, after tumbling 3.8% in the previous session. The market was also rattled this week by the International Energy Agency's outlook for almost zero growth in oil demand in the fourth quarter due to a weaker demand outlook for China. # UAE Stories
3. Yahsat board is scheduled to meet on 20th September , to consider proposal for distribution of 1H22 dividend Agthia’s shareholders approved the board’s proposal for an interim cash dividend payment of 8.25 fils per share, with a total value of AED 65.31mln for 1H22. Air Arabia Abu Dhabi adds Kuwait to its growing network. Daily flights to Kuwait connecting both capital cities will start from October 31, 2022. Takaful Emarat board agrees USD 13.6mln capital reduction. The board has agreed to reduce the company’s issued share capital by AED 50mln to write off accumulated losses. Private Department of Sheikh Mohamed Bin Khalid Al-Nahyan LLC (PD) launches USD 300mln 3-yr sukuk at 8.75% - Reuters Emirates Strategic Investments posted H1 profit of AED 115.8mln versus AED 204.5mln year ago. H1 total revenue of AED 286.2mln versus AED 379.8mln year ago. Moody's Investors Service expected that the UAE’s real gross domestic product (GDP) growth would reach between 6% and 7% in 2022, which will back the credit quality of local real estate companies nationwide. Real estate developers in the UAE are forecast to be supported by a powerful economic recovery, driven by a hike in oil production, higher energy prices, and a rebounding services sector, according to a press release. UAE on Sep 15 announced 434 new Covid-19 cases, bringing the total confirmed cases in the country to 1,021,625. At the same time, 361 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 1,001,218, UAE's Ministry of Health and Prevention said. It has reported 0 death from Covid19 during the past 24 hours. The nationwide death toll stands at 2,342. # GCC/MENA Saudi August CPI +3.0% YoY and +0.4% MoM - Govt Data Saudi National Bank has raised SAR 3.30bln in a riyal-denominated sukuk issuance that was priced at 5%. The additional Tier 1 perpetual sukuk, which closed today had a par value of SAR 1mln, the bank said in a statement on Tadawul on Thursday. The yield on the Islamic bond is 5%. If the sukuk are not redeemed or purchased on or prior to 15 September 2027, the rate of return will then be reset on such date and every five years thereafter, according to the term sheet. Saudi Industrial Services announces signing of a contract for one of its associate companies in consortium with National Water Company. Contract duration 7 years. Financial impact of project is expected to be reflected in first quarter of 2023. Contract value SAR 400.2mln. Consortium consists of three companies (Aqualia Spain, Tawzea and Alhaj Abdullah Ali Riza Company). Qatar Energy has sold two cargoes of al-Shaheen crude loading in November at premiums between USD 4.50 and USD 5.50 a barrel to Dubai quotes via its monthly tender, two trade sources said on Friday. Oman's Energy Ministry signs agreement with Shell Oman, Totalenergies, and OQ for gas exploration in Block 11. Oman energy firm OQ SAOC has picked banks to advise on the initial public offering of its gas pipelines unit, according to people familiar with the matter, as the sultanate kickstarts its privatization program. Egypt’s Central said remittances from Egyptian's working abroad in July totalled USD 2.38bln compared to USD 2.79bln a year earlier. Egypt’s EGX disclosed that Ekuity B.V. bought 53.8mln shares in Rameda for EGP 159.5mln, raising their stake to 8.2% from 2.82%. The International Monetary Fund on Thursday said that a staff mission will visit Lebanon next week to discuss delays to implementation of agreed reforms required for an IMF loan program amid deteriorating living conditions in the country. "We are looking to support Lebanon as strongly as we can. It's a difficult situation," IMF spokesman Gerry Rice said. "There's been slow progress in implementing some of the critical actions that we think are required to move forward with a program." *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
4. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% ADCB 63,173 9.08 11.30 7.40 11.89 1.17 4.1% (3.1) (6.0) 8.8 20.2 ADIB 34,395 9.47 10.46 5.56 13.91 1.64 3.3% (0.2) 13.4 39.0 66.0 3,374 5.92 7.63 5.21 9.89 1.30 6.8% (3.9) (3.4) (7.0) 18.7 ADNOC Dist. 53,750 4.30 4.88 3.80 19.63 14.79 4.8% (10.3) 0.2 0.3 (0.7) ADNOC Drill.* 57,920 3.62 3.92 2.77 21.80 5.37 4.1% (0.1) 4.6 7.7 - AD Ports Company ADNIC HIGH-LOW VALUATION Div. TOTAL RETURN ** YTD% 12M% 26,519 5.21 5.85 3.22 31.26 1.40 - 3.2 3.8 - - Agthia 3,918 4.95 6.28 4.20 NM 1.41 3.3% (2.7) 4.4 (1.1) (15.2) Air Arabia 9,753 2.09 2.36 1.31 8.66 1.51 4.1% (6.7) (2.8) 51.8 58.4 Ajman Bank Aldar Alpha Dhabi 1,514 0.72 0.91 0.64 11.72 0.60 - 0.7 (2.7) (11.4) 2.1 36,718 4.67 5.79 3.92 13.22 1.24 3.2% (5.6) (6.0) 18.1 12.2 259,000 25.90 29.00 23.78 NA NA - 7.1 6.0 (5.6) (4.2) Amanat 2,338 0.94 1.27 0.89 20.83 0.87 6.4% 0.4 0.4 (14.4) (13.6) Aramex 5,681 3.88 4.80 3.50 33.55 2.25 3.4% 0.3 (3.3) (2.9) 6.2 ASM 9,570 9.57 16.44 9.16 NM 1.39 - (4.8) (16.9) (32.1) (38.9) 88,971 2.96 3.27 2.78 15.7 4.81 - (2.7) (5.2) - - BOS 1,166 0.53 0.76 0.49 - - - - - (14.5) (4.2) Dana Gas 6,646 0.95 1.27 0.92 6.11 0.76 8.4% (5.3) (13.4) (9.2) (5.3) 128,000 2.56 3.05 2.48 20.90 1.46 4.8% (1.6) (2.3) - - Borouge* DEWA* Deyaar 2,227 0.51 0.73 0.37 21.39 0.50 - (5.9) (1.6) (21.0) 16.5 DFM 13,840 1.73 3.05 0.98 NM 1.76 1.7% (2.3) (9.5) (39.0) 61.8 DIC 10,800 2.54 2.64 1.63 15.85 0.91 4.7% 4.9 18.1 38.4 49.2 DIB 43,734 6.04 6.63 4.90 9.13 1.11 4.1% 1.9 3.4 17.3 25.7 DU 27,197 6.00 7.28 5.67 22.33 3.15 3.5% (3.4) 2.5 (6.8) (6.4) Easy Lease 1,197 39.90 61.90 24.00 27.54 11.41 - 5.9 (5.3) 36.9 (15.4) Emaar Dev. 19,800 4.95 5.32 3.75 5.05 1.19 - 10.7 10.7 13.3 23.4 Emaar Pro. 52,269 6.39 6.47 3.91 7.07 0.82 2.3% 14.0 16.9 35.3 57.5 ENBD 81,484 12.90 15.50 11.80 8.75 0.96 3.9% (8.2) (5.9) (2.0) (6.8) 1,525 6.10 11.80 5.75 NM 2.55 - 1.0 (13.1) (24.0) (12.3) Etisalat 213,070 24.50 39.06 23.34 22.74 4.52 3.3% (11.9) (11.9) (20.8) 0.8 FAB 208,801 18.90 24.06 17.16 14.05 1.87 2.6% (7.8) (2.6) 3.8 4.5 46,902 5.65 5.95 2.92 9.76 5.47 7.0% 2.4 1.3 64.3 - 4,139 1.08 1.34 0.69 11.07 1.03 4.0% (0.9) - (4.4) 55.1 ESG Fertiglobe* GFH Ghitha 7,840 78.40 123.00 24.00 NA 9.52 - (13.0) (7.3) 177.1 97.4 652,071 358.00 360.20 143.60 71.63 26.84 - 5.3 27.3 136.2 145.6 Invictus 4,357 3.89 6.50 3.55 - - - 0.8 - - - Julphar 1,490 1.29 2.14 1.20 - 1.55 - (2.3) (1.5) (30.4) (31.9) Mashreq 19,058 95.00 95.00 61.95 8.23 0.94 1.1% 24.2 18.7 19.5 55.6 Multiply 32,480 2.90 2.64 1.51 NA 2.66 - 23.8 31.6 35.9 NA NMDC IHC 19,949 24.18 34.96 10.86 17.06 3.48 - (21.0) (10.1) 86.2 123.6 Palms Sports 1,590 10.60 17.00 9.24 15.62 4.35 - 2.8 (9.0) (10.8) (18.7) RAK Bank 8,046 4.80 5.40 3.87 8.18 0.97 4.7% - 3.2 6.7 20.0 RAK Pro. 1,580 0.79 0.97 0.56 14.64 0.38 - 9.8 20.8 1.8 12.1 RAK Cer. 2,931 2.95 3.38 2.66 NM 1.36 6.8% (1.7) 5.2 10.8 13.9 RPM 1,742 8.71 17.96 7.05 21.31 5.90 - 1.8 (15.7) (19.3) NA SIB 6,009 1.95 2.12 1.65 10.35 0.80 4.1% 4.2 11.3 5.1 17.1 Shuaa 1,116 0.44 0.83 0.43 - 0.89 - (9.8) (16.2) (35.8) (37.1) Tabreed 9,560 3.36 3.40 2.27 17.84 1.58 1.8% 20.0 23.5 39.4 25.9 TAQA 202,382 1.80 1.57 1.13 23.44 2.58 2.6% 22.8 21.8 20.8 25.1 Waha 2,606 1.34 1.82 1.24 11.13 0.73 5.6% (2.3) (11.8) (20.2) (24.2) Yahsat * 6,831 2.80 2.91 2.49 21.71 2.12 5.6% 4.5 3.7 4.4 14.9 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
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