UAE: Daily Market Trading Report - 4 April

Transcription

1. IS Morning Report Wednesday , April 04, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change ADX 4,585 0.1% DFM 3,100 -0.2% TASI 7,800 0.2% 5.8% 7.2% KWSEI 6,633 0.5% -2.0% 2.8% EGX 17,493 -0.4% 0.8% -3.5% -10.5% 4.2% BUY SELL NET 0.8% ADX 109 109 - -8.0% -12.9% Local 58% 50% 8% 7.9% 11.6% Foreign 42% 50% -8% 3.5% 55% 50% 5% 45% 50% -5% -5.4% Institutional -1.1% 12.7% 18.3% 16.5% 31.9% Retail Dow Jones 24,033 1.6% -2.1% -4.2% -2.8% 16.2% DFM 124 124 - S&P 500 2,614 1.3% -2.9% -4.0% -2.2% 10.8% Local 45% 35% 10% Nasdaq 6,941 1.0% -4.4% -1.9% 55% 65% -10% FTSE 100 7,030 -0.4% -0.6% -8.6% -8.6% -4.0% Institutional 47% 57% -10% 12,002 -0.8% 0.7% -8.9% -7.1% -2.3% Retail 53% 43% 10% 5,152 -0.3% 0.3% -4.8% -3.0% 1.0% Total 233 233 - Nikkei225 21,288 0.0% 0.5% -9.4% -6.5% 13.2% Local 51% 42% 9% HIS 30,157 -0.1% -1.4% -1.9% 49% 58% -9% DAX CAC40 0.5% 17.7% Foreign 0.8% 24.3% Foreign Upcoming Corporate Actions & Events Date Company Event 9-Apr UAB Board meeting 11-Apr Dana Gas Annual General Assembly Meeting 16-Apr Arabtec General Assembly 19-Apr AMAN General Assembly 22-Apr Eshraq Properties Annual General Assembly Key Stories U.A.E. Says Oil Cuts Removed `85% of the Problem' of Oversupply Investment Corp of Dubai raises $1.2 billion loan ADFG acquires strategic stake in Silicon Valley-based 500 Startups RAK Bank Sees Loan Growth Close to 10% in 2018, CEO Says 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 Wednesday , April 04, 2018 Damac's Sajwani Sees Dubai Property Mkt in Equilibrium This Year Damac Makes Tender Offer for Trust Certificates Due 2019 Sharjah Islamic Bank hires banks for dollar sukuk U.A.E.'s Ras Al Khaimah Invites Bidding on Oil, Gas Rights Austria's OMV, Abu Dhabi Are Said to Plan Oil Deal in Late April Oman central bank eases capital, lending curbs in bid to spur growth Oman Can Defend Its Currency Peg, Central Bank Governor Says Egypt to meet investors this week ahead of euro-denominated bond Amsterdam-based Veon, which owns about 57 percent of Global Telecom, withdrew its offer to buy the remaining shares Egypt Approves Engie Consortium Plan to Build 500 MW Wind Plant Global Markets Wrap: Asian share markets faltered on Wednesday as simmering fears of a Sino-U.S. trade war overshadowed a bounce on Wall Street and left investors reluctant to take positions in anything. Oil prices slipped on Wednesday on expectations for a build-up in U.S. crude inventories, but Russian government comments on prospects for stepping up cooperation with OPEC to coordinate output cuts braked steeper declines. WTI crude futures were at $63.36 a barrel at 0208 GMT, down 15 cents, or 0.24 percent, from their previous settlement. Brent crude futures dipped to $67.94 per barrel, down 18 cents, or 0.26 percent, after it rose 0.7 percent on Tuesday. Output from the 14 members of Organization of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s the lowest since last April’s 31.9 million barrels a day. Back then, Equatorial Guinea -- which pumped 130,000 barrels a day last month -- wasn’t part of OPEC. Production in Venezuela declined by 100,000 barrels a day from February to 1.51 million barrels a day, the survey showed. The International Energy Agency said in its last monthly report that the Latin American nation remains the “biggest risk factor” when it comes to supply disruption amid a “worsening economic crisis.” 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 Wednesday , April 04, 2018 UAE: The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has raised a $1.2 billion loan needed to refinance existing debt, banking sources said. The loan was led by Citi, Dubai Islamic Bank, Emirates NBD, HSBC, ICBC and Standard Chartered. The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, had assets totaling 786.8 billion dirham ($214.21 billion) as of June last year, according to its most recent financial results. ADFG acquires strategic stake in Silicon Valley-based 500 Startups. 500 Startups, a Silicon Valley venture fund with a track record of investing in young companies, said on Tuesday Abu Dhabi Financial Group (ADFG) had acquired a strategic stake in the firm. The move by ADFG, a privately owned investment company in the United Arab Emirates with more than $6 billion under management, comes as Gulf sovereign wealth funds and corporates look to invest in firms on the U.S. West Coast involved in venture capital, artificial intelligence and robotics. RAK Bank Sees Loan Growth Close to 10% in 2018, CEO Says. Overall, RAK Bank “probably will achieve roughly 10% loan growth this year, which is above what I see the industry growing,” Chief Executive Officer Peter England says on the sidelines of an event in Dubai. RAK Bank is focused on lending to small and mid-size enterprises. CEO says that expansion within wholesale segment, described as a new area to the bank, will support growth this year. On the SME side, “we should also grow about 10%”. Growth looking “a bit subdued on the consumer, individual banking side”. Says that 2015 was seen as “probably the toughest year for SME banking,” due to combination of “lack of lending and stretched borrowers”. Market has “gradually improved in 2016 and 2017. Now 2018 is looking a bit more of the same, as in gradual improvement”. “It is going to be a bit of a challenging year,” says cos. are likely to remain less leveraged and less likely to look at expansion until they see “a clearer direction”. Dubai’s property market is in equilibrium with no oversupply concern, Damac Chairman Hussain Sajwani tells Bloomberg. “I see the property market as stable, I don’t see any major surprise up or down. I see supply and demand in equilibrium” Dubai requires about 18,000-22,000 units a year. Sees stable property market this year and in 2019 after “softening of prices in last couple of years”. Has no plan to sell stake in Damac “in the near term”. 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 Wednesday , April 04, 2018 Damac Real Estate Development Ltd. makes tender offer to holders of the outstanding $650 million trust certificates due 2019 issued by Alpha Star Holding Ltd., according to a statement. Outstanding face amount: $452.3 million. Maximum acceptance amount: $250 million. Purchase price: 101.25%. Whether the company will accept for purchase certificates validly tendered is subject to the successful settlement of the issue of the new certificates. Commencement of the offer: April 3. Expiration deadline: April 10. Pricing of the new certificates: Expected on April 11. Settlement date: April 19. Sharjah Islamic Bank has hired banks to arrange a series of fixed income investor meetings ahead of a potential fiveyear senior unsecured sukuk denominated in U.S. dollars, a document from one of the banks showed. Ras Al Khaimah Petroleum Authority starts soliciting offers from intl oil cos in its first licensing round for seven contract areas, with bids expected in November, United Arab Emirates official WAM news agency reports. Areas include 4 shallow-water offshore blocks and 3 onshore blocks, including an undeveloped oil discovery and a mature gas condensate redevelopment. Austrian oil producer OMV AG and Abu Dhabi National Oil Co. are set to sign a partnership deal to produce oil from offshore fields in the Persian Gulf later this month, according to people with knowledge of the situation. The agreement after months of negotiations will be signed in Abu Dhabi, the people said, asking not to be identified because the talks are confidential. An Adnoc media official and an OMV spokesman declined to comment. GCC/ MENA: Oman's central bank announced on Tuesday its biggest package of regulatory reforms for commercial banks in years, relaxing capital and credit exposure rules in an effort to boost economic growth. Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said. Oman’s gross foreign currency reserves, which stood at $19.6 billion at the end of January, are enough to cover nearly nine months’ worth of imports, Al Amri said in an interview Tuesday at his office in the capital, Muscat. Oil remains the country’s biggest export, and most of the country’s revenue is in U.S. dollars, he added. Egypt will start meeting bond investors in Europe this week ahead of a potential euro-denominated bond issue, a document from one of the banks appointed to arrange the meetings showed on Tuesday. It has mandated Banca IMI, BNP Paribas, Deutsche Bank and Standard Chartered Bank as joint bookrunners. Investor meetings will start on April 4 ahead of a potential benchmark-sized bond, which normally means upwards of $500 million. Amsterdam-based Veon, which owns about 57 percent of Global Telecom, withdrew its offer to buy the remaining shares. Egypt cabinet approves plan by consortium of Engie, Orascom Construction Ltd and Toyota Tsusho Corp. to build a 500MW wind farm in Ras Ghareb in Egypt’s Gulf of Suez, according to an emailed statement from the government. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) 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 Wednesday , April 04, 2018 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Al Salam Group KW 15.76% 0.19 512,316 248,771 Air Arabia 23.40% 0.06 2,800,020 3,304,204 Methaq Takaful Ins. 23.95% 0.04 60,000 48,003 DXBE 31.42% 0.02 1,599,983 750,433 5.09% 0.02 84,000 20,161 RAK Properties 28.94% 0.02 400,000 272,015 FAB 11.20% 0.01 1,085,071 12,805,313 Al Khaleej Investments 66.93% 0.01 10,500 24,046 Al Madina 25.45% 0.01 38,960 14,581 Aramex 62.06% 0.01 146,410 623,741 Al Khazna Ins. Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Shuaa Capital 17.81% -0.25 (2,662,500) (2,769,151) Marka 14.36% -0.17 (850,000) (401,222) 0.70% -0.13 (325,000) (1,137,562) Dar Al Takaful 22.09% -0.06 (90,000) (62,193) Islamic Arab Ins. 23.57% -0.04 (476,121) (201,355) Manazel 19.99% -0.04 (1,040,000) (582,432) Union Properties 24.55% -0.03 (1,286,862) (1,144,083) DIB 16.72% -0.02 (986,401) (5,239,006) GFH 72.83% -0.01 (357,518) (486,764) 7.50% -0.01 (95,936) (88,000) National Marine Dredg KHCB (Source: ADX, DFM, Bloomberg, Reuters) (Source: ADX, DFM, Bloomberg, Reuters) 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
6. IS Morning Report Wednesday , April 04, 2018 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