UAE: Daily Market Trading Report - 29 March

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1. IS Morning Report Thursday , March 29, 2018 Global & Regional Benchmarks Indices Close ADX UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change BUY (AEDm) SELL NET -1.3% 0.3% 3.5% 4.8% 2.6% ADX 137 137 - -0.1% -5.9% -8.3% -8.2% -10.4% Local 65% 42% 24% DFM 4,551 3,091 TASI 7,900 -0.5% 6.4% 9.3% 9.9% 13.7% Foreign 35% 58% -24% KWSEI 6,604 -0.2% -2.5% 3.1% 3.1% -5.8% Institutional 46% 57% -11% 17,306 0.2% 11.8% 15.2% 15.2% 33.2% Retail 54% 43% 11% Dow Jones 23,848 0.0% -4.7% -3.5% -3.5% 15.4% DFM 214 214 - EGX S&P 500 2,605 -0.3% -4.0% -2.6% -2.6% 10.3% Local 57% 45% 12% Nasdaq 6,949 -0.9% -4.5% 0.7% 0.7% 17.8% Foreign 43% 55% -12% FTSE 100 7,045 0.6% -2.6% -8.4% -8.4% -4.5% Institutional 58% 58% 0% 11,941 -0.3% -4.0% -7.6% -7.6% -2.1% Retail 42% 42% 0% 5,130 0.3% -3.6% -3.4% -3.4% 1.2% Total 351 351 - Nikkei225 21,073 0.2% -4.5% -7.4% -7.4% 9.7% Local 60% 44% 16% HIS 29,972 -0.2% -2.8% 0.2% 0.2% 22.9% Foreign 40% 56% -16% DAX CAC40 Upcoming Corporate Actions & Events Date Company Event 11-Apr Dana Gas Annual General Assembly Meeting 22-Apr Eshraq Properties Annual General Assembly Key Stories DP World says Djibouti has not offered to buy its Doraleh terminal stake Dubai Financial Market Shareholders nod for Restructuring Dubai's Noor Bank Is Said to Pick Citi, Deutsche Bank for Sukuk UAE's Mubadala, Greece's Taneo to invest 400 mln euros in Greece ADNOC signs two 3-year Naphtha sales deals with Asian firms Dubai Aerospace set to raise $400 million syndicated loan Saudi to join FTSE emerging index from next March, attract billions 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 Thursday , March 29, 2018 OPEC Looking for Long-Term Cooperation W/ Non-OPEC: Barkindo Saudi Aramco finalises refinery deal with Malaysia's Petronas Saudi Arabia’s Farabi Petrochemicals shortlists banks for $1 bln project SoftBank Vision Fund, Saudi Arabia to create world's biggest solar power firm FTSE to upgrade Kuwait to emerging market in two stages Kuwait's Zain waiting for approval to sell Saudi mobile towers Bahrain to raise $1 bln via sukuk after shelving conventional bond Egypt's Medinet Nasr Plans Investment to Bolster Taj City Sales Telecom Egypt Cuts Proposed Dividend On Investment Opportunity Misr Italia Targets Egypt IPO in 4Q, Co-CEO EL Assal Says Global Markets Wrap: Asian stocks sagged on Thursday after a tech-led retreat on Wall Street while the safe haven yen was broadly lower against the dollar on Thursday amid perceived progress on North Korea issues. The 10-year U.S. Treasury yield was at 2.786 percent US10YT=RR after touching a near two-month low of 2.743 percent overnight on sagging Wall Street shares. Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019. WTI crude futures were at $64.62 a barrel at 0354 GMT, up 24 cents, or 0.4 percent, from their previous settlement. Brent crude futures were at $69.81 per barrel, up 28 cents, or 0.4 percent. U.S. crude oil stockpiles rose unexpectedly last week as imports soared, while gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the week to March 23, compared with analysts' expectations for a decrease of 287,000 barrels. Saudi Arabia's stock market pulled back because of profit-taking on Wednesday ahead of a decision by index compiler FTSE Russell on whether to upgrade Riyadh to emerging market status, while most other regional bourses were also weak. UAE: DP World has not received an offer from Djibouti to buy its 33 percent stake in the Doraleh Container Terminal, a spokesman for the port operator said on Wednesday after a Djiboutian official said the stake could be bought. The DP World spokesman also said the Dubai-owned company would consider it illegal if any party entered into any agreement or arrangement with the Djiboutian government related to the terminal. Dubai Financial Market Shareholders nod for Restructuring. Shareholders nod to restructure DFM, segregating potentially conflicting activities by establishing companies based on each activity. Dubai’s Noor Bank hires Citigroup, Standard Chartered and Deutsche Bank for the sale of dollar Islamic bonds, according to 2 people with knowledge of the deal. More banks to be added as lead arrangers. Sale expected in the second quarter Mubadala Investment Company has signed a deal with Greece's New Economy Development Fund, known as Taneo, to create a 400 million euro ($496 million) co-investment platform, the Abu Dhabi state fund said on Wednesday. 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 Thursday , March 29, 2018 Under the agreement, Taneo and Mubadala will each contribute 200 million euros to invest in businesses with growth potential across key sectors of Greece's economy, Mubadala said. Abu Dhabi National Oil Co said on Wednesday it has signed two 3-year agreements with Japan's Idemitsu Kosan Co. Ltd 5019.T and Thailand's SCG Chemicals to sell a combined amount of up to 1.5 million tonnes of Naphtha per year. Dubai Aerospace Enterprise (DAE), a government-controlled company, is raising a $400 million loan arranged by Ahli Bank of Kuwait, sources familiar with the matter said. DAE has become one of the world’s largest aircraft lessors after acquiring Dublin-based last year. The acquisition tripled the Dubai aircraft leasing and maintenance company's portfolio to about 400 aircraft worth more than $14 billion. GCC/ MENA: The Saudi Arabian stock market will join FTSE Russell's emerging market index starting in March next year, the company said on Wednesday, a move expected to draw billions of dollars of fresh foreign portfolio investment to the kingdom. Many equity funds around the world benchmark themselves against the index, and they will need to buy Saudi stocks when the change takes effect. With a capitalisation of about $500 billion, Saudi Arabia is the Arab world's largest equity market. Six oil-producing countries that aren’t currently participating in global oil cuts are showing support for OPEC, nonOPEC accord to reduce output, OPEC Secretary-General Mohammad Barkindo tells reporters at conference in Baghdad, without identifying any of the countries. Iraq to decide by year-end whether to continue cutting production: Oil Minister Jabbar al-Luaibi tells reporters at conference. Some participants in the OPEC, non-OPEC output cuts suggest to extend the curbs for 3 months, others for 6 months beyond end-2018: Luaibi. Iraq could boost output capacity to 12m b/d without difficulty, but should do so in a careful way: Luaibi Saudi Aramco finalised a deal on Wednesday with Malaysian state energy company Petroliam Nasional Berhad (Petronas) to invest in a refinery project off Malaysia. Saudi Arabia's privately owned Farabi Petrochemicals Company has shortlisted a group of banks to finance the development of a new petrochemical complex worth 4 billion riyals ($1.07 billion), banking sources familiar with the matter said. The company will borrow around 3 billion riyals for the project, they said. SoftBank Group Corp's 9984.T Vision Fund will invest in creating the world's biggest solar power project in Saudi Arabia, it said on Tuesday, stepping up its involvement in the kingdom and expanding beyond technology. The project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, SoftBank Chief Executive Masayoshi Son told reporters in New York. That would add to around 400 GW of globally installed solar power capacity and is comparable to the world's total nuclear power capacity of around 390 GW as of the end of 2016. Kuwait's stock market will enter FTSE Russell's emerging market index in two equal stages in September and December this year, and 10 Kuwaiti stocks currently look likely to join the benchmark, the company said on Wednesday. FTSE announced in September that it planned to classify Kuwait as an emerging market; it released details of the transition on Wednesday. Kuwaiti stocks entering the index will be given 50 percent of their weightings in September and the remaining 50 percent in December. FTSE projected that Kuwait would have a total 0.4 percent weighting in the index. Kuwait-based telecommunications group Zain is waiting for approval from regulators in Saudi Arabia to sell its mobile towers in the kingdom, its chief executive said on Wednesday. Bader Nasser al-Kharafi told reporters in Kuwait that a timeline for the sale could not be provided before approval is obtained. Bahrain was set to raise $1 billion with an international issue of Islamic bonds on Wednesday but did not proceed with a proposed conventional bond sale because it found the pricing demands of some investors too costly, banking 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 Thursday , March 29, 2018 sources said. The deal illustrated the market pressures which Bahrain, rated junk by all three of the world's top credit rating agencies, faces as it finances itself in an era of low oil prices. Egyptian real estate developer Medinet Nasr Housing plans to invest about 700 million Egyptian pounds ($40 million) on construction this year as it begins selling the non-residential parts of its Taj City project east of Cairo. Telecom Egypt Cuts Proposed Dividend On Investment Opportunity. Company cuts proposed dividend to 0.25 Egyptian pounds/share from 1 pound per share, citing an opportunity to invest in the submarine cable industry, Telecom Egypt says in a statement. Decision is aimed at preserving the revenue stream of the cable system’ segment and making available short-term financing without incurring additional debt. Misr Italia plans to offer 20% to 30% stake on Egypt’s bourse, Co-Chief Executive Officer Mohamed El Assal says in an interview. Company will chose manager of IPO in 3Q. May consider a dual listing on another bourse. Company targeting 9b Egyptian pounds in sales this year; seeking land in New Alamein and Ain Sokhna. Egypt’s Misr Italia Plans to Raise 1.5 Billion Pounds in IPO. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Al Madina 25.32% 0.49 1,909,033 710,613 RAK Properties 29.15% 0.21 4,200,000 2,898,000 DXBE 31.27% 0.06 4,799,948 2,198,376 Union Properties 24.57% 0.04 1,715,816 1,468,739 Islamic Arab Ins. 23.41% 0.04 476,121 200,376 5.10% 0.03 126,000 32,760 Dana Gas 60.25% 0.02 1,395,325 1,227,886 Air Arabia 23.33% 0.02 933,340 1,073,341 GFH 72.81% 0.02 715,037 973,529 Agthia 13.27% 0.01 60,000 262,800 Al Khazna Ins. Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Al Salam Group KW 16.26% -0.21 (566,244) (260,711) Deyaar Dev 10.96% -0.20 (11,556,000) (5,431,320) Dar Al Takaful 22.26% -0.11 (165,000) (114,675) 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
5. IS Morning Report DSI Thursday , March 29, 2018 16.20% -0.09 (963,889) (1,667,528) Al Waha Capital 8.07% -0.07 (1,286,956) (2,926,495) Emaar Properties 37.15% -0.05 (3,579,869) (20,476,853) 7.50% -0.05 (3,997,882) (4,080,000) Amanat 21.76% -0.04 (1,000,000) (1,320,000) Eshraq 35.72% -0.04 (930,000) (651,000) 5.07% -0.03 (153,000) (224,910) DFM International Holdings (Source: ADX, DFM, Bloomberg, Reuters) Institutional Sales and Trading Team Harshjit Oza harshjit@integratedsecurities.ae Direct Line: +971 2 494 2608 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