UAE: Daily Market Trading Report - 24 February

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1. 24 February 2021 Morning Report # Market Stats Indices # UAE Trading Summary Close 1M 3M Change Change Change 1Y Change AEDm Buy Sell Net ADX 5,671 0.2% 1.1% 14.0% 12.5% ADX DFM 2,547 0.2% -6.9% 8.2% -6.3% Local 61% 47% 15% TASI 9,152 0.8% 3.1% 6.3% 14.6% Foreign 39% 53% -15% BHSEASI 1,460 -1.8% 0.5% 0.0% -12.5% Institutional 88% 90% -3% EGX 11,417 -1.2% -2.0% 4.9% -16.6% Retail 12% 10% 3% Dow Jones 1,087 1,087 - 31,537 0.0% 1.7% 6.6% 8.8% DFM 244 244 S&P 500 3,881 0.1% 1.0% 8.5% 16.3% Local 46% 40% 6% Nasdaq 13,465 -0.5% -0.6% 13.3% 40.6% Foreign 54% 60% -6% FTSE 100 - 6,626 0.2% -1.0% 4.6% -10.5% Institutional 60% 55% 5% 13,865 -0.6% -0.1% 5.6% 2.1% Retail 40% 45% -5% 5,780 0.2% 4.0% 5.2% -4.1% Total Nikkei225 30,156 0.5% 5.3% 18.1% 28.9% Local 59% 45% 13% HIS 30,046 1.0% 4.0% 15.7% 12.2% Foreign 41% 55% -13% 1,398 0.0% 0.4% 14.6% 29.0% 217 0.2% 1.7% 14.4% 30.2% US Futures 3,876 -0.1% 0.7% 6.8% 23.7% Europe Futures 3,685 0.1% 3.9% 4.8% 3.0% DAX CAC40 MSCI EM MSCI Asia 1,332 1,332 - # Last trading day's short sell positions Company Short Volume (shrs.) Short Volume (%) ALDAR (163,742) 0.2% 72.8 265.3 ADNOC (133,391) 0.8% 16.3 65.1 ADCB (117,915) 4.9% 2.4 15.6 Dana (104,501) 2.8% 3.7 2.6 ADIB (80,000) 3.1% 2.6 12.5 # Upcoming Corporate Actions & Events Date Company Event 24-Feb ENBD AGM 24-Feb EIB AGM 28-Feb FAB AGM 1-Mar MSCI 1Q21 Index Effective Date 9-Mar DXBE GM/shares conversion 15-Mar REEM AGM Volume (m) Turnover (AEDm)
2. # Key Stories DU has raised the foreign ownership limit up to a maximum of 49% of its share capital Agthia Group is looking into making more acquisitions to turn the company into one of the region's top players in the food and beverage industry – CEO GFH Financial Group has acquired a mission-critical distribution facility in Chicago, Illinois. The transaction valued at over c.USD 135mln United Foods seeks shareholders’ approval on FY cash dividend of 65 fils per share ADX has listed of Chimera S&P UAE UCITS ETF under the trading symbol (CHAEIN) UAE Armed Forces sign AED 17.913bln worth of deals in three days at IDEX and NAVDEX Over 3.48mln people in UAE vaccinated against COVID-19 - UAE Government Media Briefing UAE on February 23 announced 3,005 new COVID-19 cases and 3,515 recoveries. The tally takes total cases in UAE to 375,535 with 366,567 recoveries and 1,145 deaths Saudi Arabia has hired banks to arrange an investor call ahead of a planned sale of eurodenominated bonds split into tranches of three and nine years Saudi’s Najran Cement posted FY net profit after zakat and tax SAR 204.3mln, up 282% YoY. FY sales SAR 623.2mln, up 50% YoY Qatar Islamic Bank assembly approved increase of limit for QIB’s usd sukuk program to USD 5bln from USD 4bln Qatar’s Aamal Company posted FY net profit QAR 121.7mln versus QAR 322.1mln year ago. Proposed cash dividend of 4% (QAR 0.04 a share) Kuwait said on Tuesday it was confident parliament would cooperate to find solutions and implement financial reforms to cover its deficit Kuwait’s Zain posted Q4 2020 net income KWD 54mln, down 16% YoY. Board recommends cash dividend of 33 fils per share Vodafone Egypt has signed a MoU to buy 20% stakes in two digital payment companies, Bee and Masary # Key Global Trends/ Market Clues Bond markets steadied, the U.S. dollar fell and stocks edged ahead on Wednesday after central banks from Washington to Wellington vowed to keep monetary policy loose for a long time, giving investors enough confidence to seek out riskier assets. U.S. Federal Reserve Chair Jerome Powell told Congress on Tuesday the economy remained "a long way" from employment and inflation goals and that rates would stay low and bond buying proceed apace until there was "substantial further progress". MSCI's broadest index of Asia-Pacific shares outside Japan, which has drifted 1.2% lower over the week as rising yields pressured valuations, rose 0.3%. Benchmark 10-year U.S. Treasury yields, which fall when prices rise, were steady at 1.3480% after closing 2.4 basis points lower following Powell's testimony to Congress. His comments reversed a morning sell off on Wall Street, and the S&P 500 closed 0.1% higher, although the Nasdaq, which is full of growth stocks more sensitive to higher yields, finished Tuesday down 0.5%. Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. U.S. West Texas Intermediate crude futures were down 55 cents or 0.9% at
3. USD 61 .12 a barrel at 0136 GMT, after slipping 3 cents on Tuesday. Brent crude futures fell 38 cents, or 0.6%, to USD 64.99 a barrel, erasing Tuesday's 13 cents gain. # UAE Stories DU has raised the foreign ownership limit up to a maximum of 49% of its share capital. The UAE nationals and wholly-owned UAE establishments, companies, and authorities are also allowed to hold shares in the company up to a maximum of 100%, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday. Meanwhile, telecommunication companies are not permitted to own shares in DU. Agthia Group is looking into making more acquisitions to turn the company into one of the region's top players in the food and beverage industry, its chief executive said on Tuesday. After doing a number of deals already Agthia has a "pipeline of ideas" for additional targets to strengthen its position at home and abroad. He said Agthia has had conversations with Israeli parties on potential cooperation, but no agreements have been finalised. Smith also said Agthia had some sub-scale assets that the company was currently reviewing. GFH Financial Group has acquired a mission-critical distribution facility in Chicago, Illinois, which has been leased since November 2015 to blue chip tenant, Michelin North America, an international tire brand. The transaction, valued at over c.USD 135mln. The transaction was undertaken in partnership with Silver Creek Commercial Development, a US based asset manager with a track record of over USD 2bln in logistics transactions. United Foods seeks shareholders’ approval on FY cash dividend of 65 fils per share. ADX has listed of Chimera S&P UAE UCITS ETF under the trading symbol (CHAEIN), a liquid, fully fungible, fully tradeable, and transparent exchange-traded fund (ETF), a sub-fund of the recently launched Chimera UCITS ICAV. The latest exchange-traded-fund (ETF) from Chimera Capital complements the Shariah- tracker version of the ETF listed on ADX in July. The third day of the International Defence Exhibition (IDEX) and the Naval Defence Exhibition (NAVDEX) 2021 has seen the UAE Armed Forces sign 12 new deals, worth AED 5.589bln, with local and international companies. The cumulative value of deals signed at IDEX and NAVDEX 2021 is now AED 17.913bln. Dr. Farida Al Hosani, Spokesperson for the UAE Health Sector, revealed that the Ministry of Health and Prevention (MoHAP) has already vaccinated 3,480,415 people against COVID-19, which accounts for 44.89pct of the target segment of UAE population. She added that 57.66pct of the total population above 60 years have been inoculated against the virus. The United Arab Emirates on February 23 announced 3,005 new Covid-19 cases, bringing the total confirmed cases in the country to 375,535. At the same time, 3,515 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 366,567. UAE's Ministry of Health and Prevention said. It has reported 5 deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 1,145. # GCC/MENA Saudi Arabia has hired banks to arrange an investor call ahead of a planned sale of euro-denominated bonds split into tranches of three and nine years, a document showed on Tuesday. BNP Paribas, Goldman Sachs, and HSBC were mandated as global coordinators for the potential debt sale, which is subject to market conditions, according to the document issued by one of the banks leading the deal and seen by Reuters. Saudi’s Najran Cement posted FY net profit after zakat and tax SAR 204.3mln, up 282% YoY. FY sales SAR 623.2mln, up 50% YoY. FY saw positive impact of finalizing zakat assessments for the years 2014 to 2018. Qatar Islamic Bank assembly approved increase of limit for QIB’s usd sukuk program to USD 5bln from USD 4bln.
4. Qatar ’s Aamal Company posted FY net profit QAR 121.7mln versus QAR 322.1mln year ago. FY revenue QAR 1.31bln versus QAR 1.29bln year ago. Proposed cash dividend of 4% (QAR 0.04 a share). Kuwait said on Tuesday it was confident parliament would cooperate to find solutions and implement financial reforms to cover its deficit, the finance ministry said in a statement. It said the oil-rich Gulf state expects a budget deficit of KWD 55.4bln from fiscal year 2020/21 to fiscal year 2024/25, but that the country's finances remained "strong" due to the Future Generations Fund, Kuwait's largest state fund. Kuwait’s Zain posted Q4 2020 net income KWD 54mln, down 16% YoY. Q4 2020 revenues KWD 432mln, down 2% YoY. Board recommends cash dividend of 33 fils per share. Vodafone Egypt has signed a memorandum of understanding (MoU) to buy 20% stakes in two digital payment companies, Bee and Masary, it said in a statement on Tuesday. Both companies are owned by Ebtikar, a subsidiary of Egypt’s MM Group. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)
5. # UAE Focus list MCAP PRICE Company (AEDm) (AED) ADCB 45,361 ADIB ADNIC HIGH-LOW 52WH 52WL 6.52 7.62 17,578 4.84 2,953 5.18 ADNOC Dist 50,124 Agthia Air Arabia VALUATION Div. HISTORICAL RETURN PE PB (%)^ 1M% 3.82 11.92 0.80 4.1% (0.8) 5.59 3.19 13.31 0.92 5.7% 5.24 2.95 7.96 1.18 6.8% 4.01 4.02 2.40 20.61 14.42 5.1% 4,500 6.25 6.27 2.50 126.44 2.01 5,833 1.25 1.47 0.87 NA 1.29 Ajman Bank 1,604 0.76 0.84 0.50 30.76 Al Waha 2,411 1.24 1.30 0.62 9.87 Aldar 28,698 3.65 3.88 1.35 Amanat 2,000 0.80 0.92 331 0.22 0.43 Aramex 5,768 3.94 BOS 1,361 DAMAC 6,957 Dana Gas 3M% 6M% 12M% 6.5 13.4 (7.9) (3.4) 3.6 21.0 (6.0) 2.2 15.1 47.2 40.0 2.3 13.3 30.3 41.0 2.4% 20.2 43.7 100.3 119.3 0.0% (8.1) 5.9 5.9 (4.8) 0.64 0.0% (3.3) 9.8 7.6 (9.0) 0.75 NA 13.8 17.0 26.9 45.9 14.85 1.12 4.0% 4.3 23.7 72.2 81.6 0.56 136.05 0.80 2.8% (1.8) (3.1) (7.0) 5.4 0.20 NA 0.67 0.0% (13.3) (13.3) (34.0) (47.4) 4.49 2.00 16.00 2.25 4.2% (10.7) (1.3) 6.8 20.6 0.65 0.78 0.50 NA 0.42 0.0% (2.6) (3.3) 22.3 (16.4) 1.15 1.75 0.36 NA 0.53 NA (17.9) 2.7 36.9 79.1 4,960 0.71 0.90 0.53 NA 0.63 7.8% 1.1 5.8 (0.3) (14.4) Deyaar 1,572 0.27 0.33 0.18 50.64 0.36 0.0% (11.7) (2.9) (7.2) (14.7) DFM 8,240 1.03 1.29 0.50 59.74 1.06 0.0% (18.3) 19.6 18.4 23.8 Dubai Inv. 6,250 1.47 1.72 0.98 10.13 0.52 NA (12.0) 19.5 21.5 21.1 DIB Amlak 34,537 4.77 5.65 3.04 12.56 0.85 4.2% (5.2) 9.9 17.5 (7.0) DXBE 608 0.08 0.18 0.07 NA 2.75 0.0% (7.3) (36.1) (37.7) (58.2) Easy Lease 712 23.74 24.50 10.00 28.98 14.99 NA 14.1 - - - Emaar Dev 10,640 2.66 3.82 1.79 5.35 0.97 0.0% (13.6) 3.5 22.0 (29.1) Emaar Malls 21,863 1.68 1.99 0.98 31.05 1.15 0.0% (12.5) (8.7) 17.5 1.8 Emaar Pro. 25,631 3.58 4.22 1.90 6.11 0.45 0.0% (10.9) 15.5 23.0 (2.2) Emirates Tele 30,052 6.63 6.88 4.33 20.83 3.51 4.2% 2.0 19.2 30.0 13.4 Emirates NBD 71,691 11.35 13.10 6.33 11.35 0.85 3.5% (2.2) 8.1 6.6 (8.3) Eshraq 686 0.30 0.46 0.16 NA 0.48 NA (10.1) (8.4) (30.9) (4.8) Etisalat 173,409 19.94 20.98 11.02 19.39 3.70 6.0% 2.3 17.0 17.7 31.9 FAB 163,796 15.00 15.10 7.78 15.52 1.50 4.9% 0.4 16.3 31.6 11.3 GFH 2,339 0.65 0.88 0.45 12.82 0.64 2.6% (3.9) 10.1 4.2 (21.9) 352 0.35 0.55 0.28 NA 0.67 0.0% (15.9) (13.8) (30.7) (24.2) 85,241 46.80 47.96 13.00 28.23 10.90 NA 4.0 15.6 29.1 246.2 Gulf Navigation IHC Julphar 1,733 1.50 1.65 0.54 NA 1.58 0.0% 7.1 10.3 24.0 79.7 Mashreqbank 11,539 65.00 72.00 62.00 NA 0.59 6.2% (3.6) 0.7 (4.4) (9.7) NBF 9,535 4.98 4.98 4.98 NA NA 1.9% NA NA NA 3.3 Tabreed 7,603 2.80 2.95 1.67 14.06 1.47 2.1% (0.4) 6.5 35.9 35.9 RAK Bank 6,536 3.90 4.80 3.33 12.98 0.84 3.8% (3.2) 8.3 10.8 (12.3) RAK Properties 1,074 0.54 0.64 0.33 9.46 0.27 7.4% (12.0) 26.7 36.6 34.5 RAK Ceramics 1,719 1.73 1.84 1.24 NA 0.80 4.3% 1.8 26.3 36.2 6.3 992 0.82 0.92 0.30 6.36 1.14 NA (1.1) 3.8 33.3 62.8 SIB 4,314 1.40 1.43 0.95 10.63 0.56 5.7% 1.4 17.6 18.6 16.7 SHUAA 1,714 0.68 0.83 0.40 16.09 1.20 NA (9.3) 11.4 8.2 (16.5) SALAMA Takaful E. Ins. 234 1.56 1.60 1.18 NA 1.87 5.3% 2.0 (2.5) 6.8 20.0 155,155 1.38 1.78 0.50 100.55 2.50 1.8% (5.5) (6.4) (9.5) 105.1 Union Pro. 1,137 0.27 0.39 0.15 3.94 0.37 0.0% (8.0) (0.7) (15.9) 29.3 UAB 1,664 0.81 0.90 0.81 NA 1.00 0.0% (4.9) (9.7) (9.7) (9.9) TAQA Source: Bloomberg. ^ Current dividend yield based on latest dividend declaration
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