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UAE: Daily Market Trading Report - 24 November

IM Insights
By IM Insights
5 days ago
UAE: Daily Market Trading Report - 24 November

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  1. Morning Report 24 November 2022 Market Stats UAE Trading Summary Indices Close Chg . 1M Chg. ADX 10,508 1.3% 4% 5% 24% 25% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS MSCI EM MSCI Asia US Fut. 3,326 10,965 11,897 5,659 4,544 1,864 12,600 34,194 4,027 11,285 7,465 14,428 6,679 28,116 17,569 932 152 4,043 3,952 -0.1% 0.0% 0.6% 0.1% 0.9% 0.0% -0.2% 0.3% 0.6% 1.0% 0.2% 0.0% 0.3% 0.6% 0.3% 0.5% 0.9% 0.3% 0.1% -2% -8% -6% 4% 3% 0% 23% 10% 7% 3% 7% 13% 11% 5% 8% 7% 11% 5% 10% -2% -13% -12% -4% -1% -2% 24% 3% -3% -10% 0% 9% 5% -2% -10% -7% -5% 0% 8% 4% -3% 2% -4% 10% 4% 5% -6% -16% -29% 1% -9% -7% -2% -25% -25% -22% -15% -8% 6% -2% 1% -6% 12% 4% 11% -4% -15% -30% 3% -9% -5% -6% -29% -26% -24% -14% -8% EU Fut. 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell ADX 3,090 3,090 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 87% 13% 40% 60% 248 49% 51% 47% 53% 3,338 84% 16% 86% 14% 36% 64% 248 57% 43% 55% 45% 3,338 84% 16% 1% -1% 4% -4% -7% 7% -8% 8% 0% 0% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HSI (Hong Kong). Last Trading Day's Top Short Positions Company Short Interest (Short shares/Out. shares) Close (AED) Change (%) 52WH High – Low 52WL 0.035% 0.031% 0.023% 0.93 0.50 4.55 1.9 (0.4) 2.0 1.26 0.88 5.79 0.90 0.43 3.92 Dana Eshraq Aldar Upcoming Corporates Actions & Events Date Company Event 24-Nov 24-Nov 24-Nov 28-Nov 28-Nov 29-Nov 1-Dec 06-Dec 12-Dec 15-Dec 19-Dec DEWA Drive BOS Salik Union Coop Orient MSCI Rebalancing Fidelity United DEWA AAN FTSE Rebalancing BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General Effective Date General Assembly General Assembly General Assembly Effective Date Net
  2. # KEY STORIES Aldar has entered a strategic collaboration with the ADGMA, the knowledge arm of ADGM, to develop a range of talent development programmes for Emirati graduates KEZAD Group breaks ground on the UAE’s largest e-commerce fulfilment centre for noon.com to support anchor investments in the ecommerce space Al Salam Bank and Visa sign exclusive partnership agreement aimed to provide enhanced banking experience for existing visa cardholders EIB and MedinCell Sign a new EUR 40mln loan agreement to support development of innovative treatments based on long-acting injectable technology Al Fujairah National Insurance received the revised outlook to negative from stable and was affirmed the Financial Strength Rating of B++ (Good) by AM Best UAE employees Emiratis working in the private and banking sectors earning less than USD 8,000 to receive extra salary support UAE on Nov 22 announced 200 new Covid-19 cases and 239 recoveries. The tally takes total cases in UAE to 1,043,166 with 1,022,349 recoveries and 2,348 deaths Saudi Sumou Real Estate announced a SAR 377mln development project with the National Housing Company on an area of 88,569 square metres to build residential units Saudi Salama Cooperative Insurance Company has obtained the Central Bank of Saudi Arabia’s (SAMA) approval to increase the capital by SAR 100mln Saudi’s Arabia Insurance Cooperative EGM greenlighted the board’s recommendation to increase the capital by 100% to SAR 530mln from SAR 265mln Kuwait’s Arkan Al Kuwait Real Estate reported 4Q22 net profit attributable of KWD 212,473 versus KWD 572,991 year ago Kuwait Projects Company completes share swap with Qurain Petrochemical Industries shareholders Egyptian exchange approves to list Lotus for Agricultural investments and Development shares on SME market with issued capital of EGP 56mln Egypt Free Shops reported 1Q FY23 consolidated net profit attributable of EGP 48.9mln versus EGP 46.6mln in the same period last year Egyptian Resorts reported 3Q22 consolidated net profit attributable of EGP 12.9mln vs EGP 7.9 mln in the same period last year # Key Global Trends/ Market Clues World equities rose while U.S. Treasury yields retreated after minutes of the Federal Reserve's latest policy meeting showed U.S. central bankers looking to soon moderate the pace of interest rate hikes. A substantial majority of Fed policymakers agreed it would likely soon be appropriate to slow the pace of interest rate hikes, the meeting minutes showed. Traders had expected the Fed minutes would affirm officials softening stance after recent data showed a moderation in economic conditions. U.S. Labor Department data showed jobless claims increased more than expected last week. U.S. business activity contracted for a fifth month in November, according to the S&P Global flash U.S. Composite PMI Output Index. The MSCI All Country stock index was up 0.85%, while European shares rose 0.6%. U.S. Treasury yields traded lower after the Fed minutes. Benchmark 10-year notes were down to 3.6908% while the yields on two-year notes dropped to 4.4773%. On Wall Street, all three major indexes closed higher, led by gains in technology, consumer discretionary, communications, healthcare and industrial stocks. The Dow
  3. Jones Industrial Average rose 0 .28%, the S&P 500 gained 0.59% and the Nasdaq Composite added 0.99%. Oil prices fell more than 3%, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts expected. Brent futures for January delivery fell USD 2.95, or 3.3%, to settle at USD 85.41 a barrel. U.S. crude fell USD 3.01, or 3.7%, to USD 77.94 per barrel. Prices were hit further by reports that the G7 price cap on Russian oil could be above the level it is trading. G7 nations are looking at a price cap on Russian seaborne oil in the range of USD 65-70/bbl, according to a European official. Meanwhile, Urals crude delivered to northwest Europe is trading around USD 62-63/bbl, although it is higher in the Mediterranean at around USD67-68/bbl, Refinitiv data shows. Because production costs are estimated at around USD 20 per barrel, the cap would still make it profitable for Russia to sell its oil and in this way prevent a supply shortage on the global market. # UAE Stories Aldar has entered a strategic collaboration with the ADGMA, the knowledge arm of ADGM, to develop a range of talent development programmes for Emirati graduates amid the company’s ambitious drive to create 1,000 job opportunities for UAE nationals by 2026. Since the introduction of the NAFIS programme in September 2021, Aldar has hired more than 260 Emiratis across the group. KEZAD Group and noon.com broke ground on the UAE’s largest fulfilment centre in Abu Dhabi, which will form part of an anchor investment by noon into the emirate’s fast-growing e-commerce space. Al Salam Bank and Visa sign exclusive partnership agreement which aims to provide enhanced banking experience and diversified payment methods for existing visa cardholders. This follows Al Salam Bank’s acquisition of select assets from Ithamaar Holding, including the consumer banking business of its wholly owned subsidiary Ithamaar Bank. EIB and MedinCell Sign a new EUR 40mln loan agreement to support development of innovative treatments. The EUR 40mln loan is intended for the development of treatments based on MedinCell’s proprietary long-acting injectable technology aiming at significantly enhance patient care and quality of life. This EIB investment is guaranteed by the European Fund for Strategic Investments. Al Fujairah National Insurance received the revised outlook to negative from stable and was affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) by AM Best. UAE employees earning less than USD 8,000 to receive extra salary support. As part of the scheme all Emiratis working in the private and banking sectors who receive a salary of less than AED 30,000 will be given a financial allowance. The support is designed to boost the government’s campaign to integrate Emirati employees into the private and banking sectors workforce and includes allowances, bonuses, and other monetary incentives for UAE nationals. UAE on Nov 22 announced 200 new Covid-19 cases, bringing the total confirmed cases in the country to 1,043,166. At the same time, 239 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 1,022,349, UAE's Ministry of Health and Prevention said. It has reported 0 death from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,348.
  4. # GCC/MENA Saudi Sumou Real Estate announced a SAR 377mln development project with the National Housing Company on an area of 88,569 square metres. Located in Makkah, residential units will be built on the lands allocated to the Tadawul-listed firm in area no 8 within Makkah Gate project. The two parties signed the 42-month contract on 20 November 2022. Sumou Real Estate pointed out that the scheme will be financed based on off-plan sales and equity, projecting that it will reflect positively on its income statements once sales and execution of the project commence. Saudi Salama Cooperative Insurance Company has obtained the Central Bank of Saudi Arabia’s (SAMA) approval to increase the capital by SAR 100mln.The insurer will offer primary rights shares to raise the capital from SAR 100mln to SAR 200mln, according to a bourse disclosure. Salama Cooperative will still make an announcement when submitting its capital increase application file to the Capital Market Authority (CMA) for approval. Saudi’s Arabia Insurance Cooperative EGM greenlighted the board’s recommendation to increase the capital by 100% to SAR 530mln from SAR 265mln.The capital hike will be carried out by issuing and listing 26.50mln rights shares at a nominal price of SAR 10 per share. Following the transaction, the new capital will be distributed over 53mln shares. Kuwait’s Arkan al Kuwait Real Estate reported 4Q22 net profit attributable of KWD 212,473 versus KWD 572,991 year ago. 4Q22 total operating revenue recorded KWD 1.9mln versus KWD 1.4mln in the same period last year. The board also proposes 6 fils per share FY cash dividend. Kuwait Projects Company completes share swap with Qurain Petrochemical Industries shareholders. The merger is completed by way of amalgamation between KIPCO and QPIC/ Egyptian exchange listing committee approves to list Lotus for Agricultural investments and Development shares on SME market. Initial listing with issued capital of EGP 56mln, distributed over 560mln shares, with nominal value of EGP 0.10 per share. Egypt Free Shops reported 1Q FY23 consolidated net profit attributable of EGP 48.9mln versus EGP 46.6mln in the same period last year. 1Q FY23 consolidated total revenue recorded EGP 232.8mln versus EGP 237mln in the same period last year. Egyptian Resorts reported 3Q22 consolidated net profit attributable of EGP 12.9mln vs EGP 7.9 mln in the same period last year. Egyptian resorts recorded 3Q22 consolidated total revenue of EGP 33.4mln vs EGP 61.9mln in the same period last year. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
  5. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 64,425 9.26 11.30 8.10 12.29 1.21 4.0% 1.5 0.3 12.4 16.5 ADIB 34,504 9.50 10.46 5.92 11.79 1.63 3.3% 3.6 4.3 43.0 55.0 3,369 5.91 7.63 5.70 10.03 1.30 6.8% (1.0) (3.1) (6.8) 7.8 ADNOC Dist. 54,500 4.36 4.88 3.80 18.79 18.02 4.7% (0.9) (3.4) 7.1 9.2 ADNOC Drill* 53,440 3.34 3.92 2.97 20.44 5.39 4.5% (0.9) (7.7) 2.5 - AD Ports Company ADNIC HIGH-LOW VALUATION Div. TOTAL RETURN ** 29,624 5.82 6.87 3.22 35.05 1.55 - 3.4 14.6 - - Agthia 3,435 4.34 5.67 4.20 NM 1.24 3.8% 0.2 (11.0) (11.9) (19.0) Air Arabia 9,567 2.05 2.36 1.36 7.17 1.40 4.1% 0.5 (7.7) 48.9 40.2 Ajman Bank Aldar Alpha Dhabi 1,745 0.83 0.86 0.66 12.59 0.70 - 13.8 13.9 2.1 1.4 35,775 4.55 5.79 3.92 12.74 1.22 3.3% 3.4 (5.8) 17.4 14.5 275,000 27.50 30.50 23.78 NA NA - 13.2 14.4 0.7 (1.6) Amanat 2,073 0.83 1.21 0.81 32.74 0.77 7.2% (8.8) (14.2) (24.1) (23.4) Aramex 5,329 3.64 4.45 3.52 30.47 2.09 3.6% (1.4) (8.1) (8.9) (8.4) ASM 9,870 9.87 15.00 8.89 NM 1.45 - 5.3 5.0 (29.0) (29.5) 81,456 2.71 3.27 2.63 14.5 4.47 - (0.4) (9.3) - - BOS 1,098 0.50 0.64 0.45 - - - - - (19.5) (14.0) Dana Gas 6,471 0.93 1.26 0.90 8.85 0.74 8.6% 0.3 0.1 (5.1) (2.8) 118,500 2.37 3.05 2.34 19.35 1.30 5.2% (4.4) (5.5) - - Borouge* DEWA* Deyaar 2,232 0.51 0.70 0.44 17.21 0.50 - (1.0) (9.1) (20.8) (20.3) DFM 12,640 1.58 2.95 1.36 NM 1.60 1.9% 9.0 (14.2) (44.3) (39.6) DIC 9,567 2.25 2.64 1.80 5.79 0.75 5.3% 0.4 (5.0) 25.8 25.8 DIB 41,489 5.73 6.63 5.02 8.37 1.02 4.4% (5.9) (1.2) 11.3 12.7 DU 25,792 5.69 7.28 5.63 20.57 3.05 3.7% (1.7) (7.3) (11.6) (3.6) Easy Lease 1,170 39.00 61.90 24.00 26.45 10.26 - 2.6 (1.5) 34.5 28.5 Emaar Dev. 17,400 4.35 5.32 4.02 4.70 1.00 - (4.8) (6.3) (0.5) (2.5) Emaar Pro. 49,569 6.06 6.60 4.45 6.98 0.76 2.5% (2.9) 6.0 28.3 29.1 ENBD 83,695 13.25 15.50 11.80 7.91 0.95 3.8% 1.5 (2.9) 0.6 2.5 1,775 7.10 8.90 5.30 NM 2.83 - 21.8 16.4 (11.3) (11.3) Etisalat 218,984 25.18 39.06 22.66 23.46 5.35 3.2% 3.2 (4.0) (18.6) (13.9) FAB 198,857 18.00 24.06 17.02 14.30 1.77 2.7% 0.6 (8.8) (1.2) (2.0) 38,684 4.66 6.11 3.40 7.29 5.65 8.5% (9.5) (11.9) 45.8 - 3,801 0.99 1.34 0.88 10.25 0.98 4.4% 9.0 (10.9) (12.5) (7.8) ESG Fertiglobe* GFH Ghitha 17,021 70.45 123.00 24.00 NA 8.23 - 0.6 (17.4) 156.2 158.4 739,864 406.20 410.00 150.20 55.05 17.64 - 4.9 18.3 167.2 166.4 Invictus 4,603 4.11 6.50 3.50 - - - 17.1 - - - Julphar 1,329 1.15 1.91 1.14 - 1.38 - (8.0) (11.5) (37.5) (34.3) Mashreq 20,061 100.00 119.00 62.10 6.05 0.91 1.0% (3.4) 26.5 25.8 33.3 Multiply 53,984 4.82 4.94 1.51 NA 2.73 - 35.8 135.1 162.0 NA NMDC IHC 21,038 25.50 34.96 12.36 17.47 3.51 - (2.8) (6.2) 95.6 95.9 Palms Sports 1,602 10.68 14.94 8.64 13.06 3.92 - (2.7) (2.9) (12.6) (10.3) RAK Bank 7,711 4.60 5.40 4.19 6.96 0.89 4.9% (4.2) (4.2) 2.2 1.1 RAK Pro. 1,466 0.73 0.97 0.56 47.14 0.36 - (0.7) (1.3) (4.9) (5.2) RAK Cer. 2,723 2.74 3.38 2.68 NM 1.29 7.3% (5.5) (8.1) 2.9 2.9 RPM 1,126 5.63 12.68 5.57 15.40 4.26 - (12.0) (27.1) (41.7) NA SIB 6,102 1.98 2.12 1.65 9.77 0.80 4.0% 0.5 1.0 5.6 12.5 Shuaa 1,093 0.43 0.81 0.35 - 0.90 - 6.9 (10.8) (37.1) (45.7) Tabreed 8,394 2.95 3.52 2.27 13.96 1.34 2.0% (11.9) 6.9 22.4 21.4 TAQA 421,628 3.75 4.17 1.13 53.53 6.10 1.3% 43.9 202.9 194.5 224.0 Waha 2,664 1.37 1.81 1.24 10.19 0.77 5.5% (0.7) 3.8 (13.9) (16.3) Yahsat * 6,441 2.64 2.92 2.51 28.46 2.14 6.1% 0.8 1.9 2.2 (1.1) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
  6. Disclaimer This report has been issued by International Securities for informational purposes only . This report is not and should not be construed as an offer or the solicitation of an offer to purchase or subscribe or sell any investment or subscribe to any investment management or advisory service. Recipients should not base their investment decisions on this report and should make their own investigations, and obtain independent advice, as appropriate. International Securities has based this document on information obtained from publicly available information, and sources it believes to be reliable without being independently verified for their accuracy or completeness. It makes no guarantee, representation or warranty as to its accuracy or completeness and accepts no responsibility or liability in respect thereof or for any reliance placed by any person on such information. All opinions expressed herein are subject to change without notice. This report may not be reproduced or circulated without the prior written consent of International Securities. International Securities owns the intellectual property rights and any other material contained in this report. International Securities is regulated by the United Arab Emirates Securities and Commodities Authority under license number 20200000017. International Securities is a member of the Abu Dhabi Securities Exchange, Dubai Financial Market and NASDAQ Dubai.