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UAE: Daily Market Trading Report - 4 July

IM Insights
By IM Insights
1 month ago
UAE: Daily Market Trading Report - 4 July

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  1. Morning Report 04 July 2022 UAE Trading Summary Market Stats Indices ADX DFM TASI BHSEASI EGX DJI S &P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. Close Chg. 1M Chg. 9,282 3,202 11,465 1,866 9,009 31,097 3,825 11,128 7,169 12,813 5,931 25,936 21,727 993 157 3,804 3,449 -0.3% -0.7% -0.5% 1.4% -2.3% 1.0% 1.1% 0.9% 0.0% 0.2% 0.1% 0.6% -0.6% -0.8% 0.0% -0.6% 0.5% -6% -6% -9% -2% -10% -5% -7% -7% -5% -11% -8% -6% 3% -7% -7% -7% -9% 3M Chg. YTD Chg. 1Y Chg. -6% -9% -12% -10% -22% -11% -16% -22% -5% -11% -11% -6% -1% -13% -13% -16% -11% 10% 0% 2% 4% -25% -14% -20% -29% -3% -19% -17% -10% -7% -19% -19% -20% -20% 35% 14% 4% 17% -12% -10% -11% -23% 1% -18% -10% -10% -24% -27% -24% -12% -16% Close (AED) 0.66 0.35 19.82 Change (%) 6.3 0.6 0.1 AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,121 77% 23% 82% 18% 149 64% 36% 43% 57% 1,270 75% 25% Last Trading Day's Top Short Positions Company RAK Properties Eshraq Drive Short Interest (Short shares/Out. shares) 0.128% 0.025% 0.020% Upcoming Corporates Actions & Events Date 04-Jul 21-Jul 08-Aug 10-Aug Company Salama Al Firdous Ithmaar GFH Event GM AGM BoD/Result BoD/Result 52WH 0.97 0.55 23.80 High - Low 52WL 0.56 0.29 15.20 Sell 1,121 90% 10% 82% 18% 149 42% 58% 72% 28% 1,270 84% 16% Net -13% 13% 0% 0% 22% -22% -29% 29% -9% 9%
  2. # KEY STORIES Emirati supermarket chain Union Coop announced its intention to list shares on the Dubai stock market on July 18 Abu Dhabi Media Office reported that ADAFSA has launched in cooperation with al FoahAgthia new channels to market dates Ithmaar Holding and Al Salam Bank signed definitive agreements in relation to transaction under which Al Salam Bank shall acquire a group of assets from Ithmaar UAE on Jul 03 announced 1,812 new Covid-19 cases and 1,930 recoveries. The tally takes total cases in UAE to 951,196 with 931,446 recoveries and 2,319 deaths MENA region is the only one to maintain its improving outlook for the sovereign sector, which was assigned at the end of 2021 - Fitch Saudi’s Alamar Foods has set its IPO final offer price at SAR 115 per share, the top of the price range, implying a market capitalization of SAR 2.93bln Saudi’s Abdullah Al Othaim Investment company cancels IPO of 30% of its capital in main market Saudi’s Al Khaleej Training disclosed signing of a non-binding MoU with owners of AlMenhaj National Schools Company Saudi National Bank board proposes SAR 1.10 per share H1 dividend Saudi’s Al Moammar Information Systems board proposes SAR 1.2 per share H1 dividend Kuwait Finance House receives approval of CPA on request concerning examination of potential acquisition of 100% of Ahli United Bank (Bahrain) Egypt’s FRA says Expedition Investments makes mandatory offer to acquire 34% of Domty shares Egypt’s ICON shareholders approve to split company into three entities # Key Global Trends/ Market Clues Global share markets wavered on Monday as a run of soft U.S. data suggested downside risks for this week's June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds. The search for safety kept the U.S. dollar near 20-year highs, though early action was light with U.S. markets on holiday. MSCI's broadest index of Asia-Pacific shares outside Japan were flat, while Japan's Nikkei added 0.6%. Chinese blue chips were little changed as cities in eastern China tightened COVID-19 curbs on Sunday amid new coronavirus clusters. EUROSTOXX 50 futures added 0.5% and FTSE futures 0.6%. However, both S&P 500 futures and Nasdaq futures eased 0.6%, after steadying just a little on Friday. Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia. Brent crude futures for September slipped 36 cents, or 0.3%, to USD 111.27 a barrel at 0300 GMT, having jumped 2.4% on Friday. U.S. West Texas Intermediate crude futures for August delivery dropped 34 cents, or 0.3%, to USD 108.09 a barrel, after climbing 2.5% on Friday. U.S. consumer sentiment dropped to a record low in June despite a marginal improvement in the outlook for inflation, as the Federal Reserve said its commitment to reining in inflation was "unconditional" and increasing concerns of interest rate hikes. Oil supply concerns still remain, preventing steeper price falls. # UAE Stories Emirati supermarket chain Union Coop announced its intention to list shares on the Dubai stock market on July 18. The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended. The share
  3. price will be determined on the first day of trading , it said. Union Coop, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its website. Abu Dhabi Media Office reported that Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has launched in cooperation with al Foah-Agthia new channels to market dates. Ithmaar Holding and Al Salam Bank signed definitive agreements in relation to transaction under which Al Salam Bank shall acquire a group of assets from Ithmaar. CBB published its approval to request of transfer of all banking business relating to individual customers from Ithmaar Bank to al Salam Bank. UAE on Jul 03 announced 1,812 new Covid-19 cases, bringing the total confirmed cases in the country to 951,196. At the same time, 1,930 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 931,446, UAE's Ministry of Health and Prevention said. It has reported two deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,319. # GCC/MENA The Middle East and North Africa (MENA) region is the only one to maintain its improving outlook for the sovereign sector, which was assigned at the end of 2021, ratings agency Fitch said. Oil-exporting sovereigns in the region will register significantly stronger public finances and growth in 2022, although the economic picture will be much more challenging outside the GCC region, the agency said in an update on its revised sovereign sector outlook. The sovereign sector in the MENA region is supported at varying degrees by reform momentum, as well as by more constructive regional political dynamics that emerged last year, the update said. Globally, Fitch said there is a deterioration in sovereign credit conditions this year relative to expectations at the end of 2021, leading the global outlook to be revised to neutral from improving. Saudi’s Alamar Foods, the master franchise operator of Domino’s Pizza in the region, has set its IPO final offer price at SAR 115 per share, the top of the price range, implying a market capitalization of SAR 2.93bln. The IPO order book was 47.5 times oversubscribed, the company said in a statement. The subscription period for individual investor is between 20 July and 21 July 2022. The offering comprises 10.6mln shares to be sold by the US-based The Carlyle Group, which owns nearly 42pct of Alamar. The buyout firm bought the stake from the Al Jammaz Group for an undisclosed amount, according to an earlier statement issued by Carlyle. Saudi’s Abdullah Al Othaim Investment company cancels IPO of 30% of its capital in main market. Saudi’s Al Khaleej Training disclosed signing of a non-binding MoU with owners of Al-Menhaj National Schools Company. MoU to potentially acquire 51% of the ownership shares. Saudi National Bank board proposes SAR 1.10 per share H1 dividend. Saudi’s Al Moammar Information Systems board proposes SAR 1.2 per share H1 dividend. Kuwait Finance House receives approval of Competition Protection Agency (CPA) on request concerning examination of potential acquisition of 100% of Ahli United Bank (Bahrain). Egypt’s FRA says Expedition Investments makes mandatory offer to acquire 34% of Domty shares. Egypt’s ICON shareholders approve to split company into three entities. Three entities will be Industrial Engineering Company for Construction and Development, ICON Panels and ICON for Pre-Fabricated Building and Caravans. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
  4. # UAE Focus List Company MCAP PRICE HIGH-LOW VALUATION Div. HISTORICAL RETURN (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% ADCB 61,573 8.85 11.30 6.70 11.75 1.15 4.2% (10.8) (15.7) 7.4 32.8 ADIB 27,602 7.60 10.46 5.36 12.65 1.39 4.1% (11.3) (12.1) 14.4 42.4 3,568 6.26 7.63 4.91 10.11 1.31 6.4% 0.2 (7.3) (1.3) 29.2 ADNOC Dist. 52,750 4.22 4.63 3.80 23.01 20.14 4.9% 2.4 2.4 1.3 0.9 ADNOC Drill.* 53,760 3.36 3.92 2.77 21.90 4.93 4.4% 5.7 (7.3) 0.9 - AD Ports 27,842 5.47 5.85 3.22 32.94 1.57 - 10.1 65.3 - - 4,203 5.31 7.07 4.20 NM 1.49 3.1% 9.0 18.8 5.0 (7.0) 9,613 2.06 2.24 1.31 9.84 1.53 4.1% 1.5 27.2 49.7 61.9 1,466 0.70 0.91 0.64 12.34 0.57 - (9.4) (12.9) (15.3) (8.3) ADNIC Agthia Air Arabia Ajman Bank Aldar Alpha Dhabi Amanat Aramex 12M% 34,989 4.45 5.79 3.73 14.33 1.22 3.4% (15.1) (6.3) 14.8 20.5 264,793 26.48 30.20 17.54 NA NA - 4.5 (2.1) (3.0) 40.3 2,400 0.96 1.27 0.90 8.53 0.90 6.3% (4.0) (12.7) (12.0) 2.3 5,476 3.74 4.80 3.50 29.57 2.05 3.5% (4.3) 1.3 (5.9) (2.3) ASM 10,500 10.50 16.94 10.42 NM 1.79 - (10.6) (10.3) (24.5) (30.0) Borouge* 88,367 2.94 3.27 2.85 15.77 4.85 5.4% (2.0) - - - BOS Dana Gas DEWA* Deyaar DFM 1,166 0.53 0.76 0.49 NA 0.31 - NA NA (14.5) (1.9) 7,135 1.02 1.27 0.81 5.63 0.83 7.8% (7.3) (11.8) (0.1) 32.5 127,500 2.55 3.05 2.48 20.82 1.37 4.9% 0.4 (11.1) - - 2,057 0.47 0.73 0.37 25.61 0.36 - (13.6) (23.1) (26.6) 18.3 13,280 1.66 3.05 0.98 NM 1.70 1.8% (22.4) (32.2) (40.8) 46.1 DIC 9,312 2.19 2.64 1.63 13.34 0.76 5.5% (4.4) (6.4) 18.9 36.6 DIB DU 40,838 5.64 6.63 4.72 9.22 1.07 4.4% (5.1) (9.0) 9.2 21.1 26,563 5.86 7.28 5.67 23.00 3.18 3.6% (2.0) (11.6) (10.0) (11.2) Easy Lease 1,144 38.12 66.85 23.74 31.25 12.64 - (14.5) (0.8) 31.4 52.4 Emaar Dev. Emaar Pro. ENBD ESG 17,120 4.28 5.32 3.55 4.87 1.10 - (3.2) (4.0) (2.1) 17.3 42,535 5.20 6.47 3.89 7.01 0.67 2.9% (10.3) (11.1) 8.8 28.2 80,852 12.80 15.50 12.50 8.82 0.99 3.9% (7.6) (14.7) (2.4) (0.2) 1,750 7.00 11.80 3.65 NM 3.41 - (2.9) (2.8) (12.5) 88.7 Etisalat 224,371 25.80 39.06 22.02 23.87 4.59 3.1% (12.3) (30.0) (17.7) 19.1 FAB Fertiglobe* GFH 207,910 18.82 24.06 16.07 14.02 1.87 2.6% (6.8) (19.6) 3.3 16.2 39,845 4.80 5.95 2.92 11.14 4.91 8.3% (10.4) (5.1) 41.6 NA Ghitha IHC Julphar Mashreq Multiply NMDC Palms RAK Bank RAK Pro. RAK Cer. RPM Salama SIB Shuaa Tabreed TAQA Waha Yahsat * 3,829 0.99 1.34 0.69 10.39 0.92 4.5% (10.5) (15.6) (12.0) 37.2 18,482 76.50 123.00 9.14 NA 8.18 - (11.1) 11.4 178.2 677.4 522,991 287.20 306.00 122.00 68.78 18.23 - 2.6 52.8 88.9 130.7 1,571 1.36 2.32 1.20 24.62 1.65 - 7.9 (1.4) (26.1) (14.5) 16,048 80.00 81.00 53.10 10.25 0.79 1.3% 4.6 1.3 0.6 34.9 20,271 1.81 2.35 1.51 NA 1.94 - (6.2) 8.4 (1.6) NA 21,070 25.54 33.38 8.70 20.24 3.84 - (2.1) 61.4 95.9 192.2 1,614 10.76 21.48 10.26 16.65 4.62 - (17.2) (8.8) (11.9) (10.2) 7,542 4.50 5.40 3.82 8.73 0.88 5.0% (3.2) (14.3) 0.0 13.9 1,320 0.66 0.97 0.56 7.86 0.32 - (3.4) (13.7) (14.4) 4.8 2,762 2.78 3.38 2.17 NM 1.25 7.2% (6.1) 3.0 1.0 33.6 1,576 7.88 20.00 7.05 19.62 6.11 - (18.3) 0.0 (18.3) NA (27.0) 708 0.59 0.87 0.56 25.04 0.91 - (2.5) (14.6) (20.9) 5,208 1.69 2.12 1.47 9.70 0.69 4.7% (9.1) (12.9) (9.8) 18.0 1,298 0.51 0.83 0.47 NA 0.90 - (7.1) (16.7) (25.3) (15.5) 7,824 2.75 2.92 2.27 15.08 1.34 2.2% 5.4 11.8 14.1 4.2 140,543 1.25 1.53 1.13 21.63 2.16 3.8% (3.8) (2.7) (2.4) (5.9) 2,781 1.43 1.91 1.33 6.31 0.81 5.3% (2.7) (8.0) (10.1) 9.8 (3.5) (5.5) 6,270 2.57 3.10 2.46 23.08 1.90 6.1% (1.9) (5.2) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend
  5. 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.