UAE: Daily Market Trading Report - 6 May

Transcription

1. IS Morning Report Sunday , May 06, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change BUY SELL NET ADX 4,557 -1.7% -1.1% -1.3% ADX 184 184 - DFM 2,948 -1.8% -4.6% -12.9% -12.5% -13.8% Local 54% 44% 9% TASI 8,107 0.1% 3.0% 46% 56% -9% KWSEI 1,263 0.2% -1.5% 44% 52% -8% 17,833 -1.9% 56% 48% 8% Dow Jones 24,263 1.4% 1.4% -2.5% -1.8% 15.5% DFM 186 186 - S&P 500 2,663 1.3% 2.3% -0.7% -0.4% 11.0% Local 60% 40% 20% Nasdaq 7,210 1.7% 4.3% 2.2% 40% 60% -20% FTSE 100 7,567 0.9% 5.3% 4.0% -1.6% 3.7% Institutional 50% 60% -10% 12,820 1.0% 4.7% 1.8% -0.8% 0.8% Retail 50% 40% 10% 5,516 0.3% 4.9% 4.9% 3.8% 1.5% Total 371 371 - Nikkei225 22,473 -0.2% 5.5% -3.4% -1.3% 15.6% Local 57% 42% 15% HIS 29,927 -1.3% 0.3% -1.3% 43% 58% -15% EGX DAX CAC40 -0.6% 3.6% 6.6% 12.2% 17.1% Foreign -6.7% -5.1% -5.1% Institutional 1.8% 19.9% 18.7% 40.3% Retail 4.4% 18.2% Foreign 0.0% 22.3% Foreign Upcoming Corporate Actions & Events Date Company Event 6-May DIC Board Meeting 6-May SHUAA Board Meeting 9-May KHCB Board Meeting 13-May GFH Board Meeting Key Stories Agthia Plans to Raise Up to $545m for Acquisitions Tabreed Says IDB Infrastructure Fund II Acquires Stake In Saudi Tabreed 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 Sunday , May 06, 2018 GFH says hires Gulf Intl Bank for cross-listing shares in Saudi. GFH has received an offer to sell all of its real estate portfolio, offer is currently under study and due diligence. GFH targets to increase its assets under management by way of organic and nonorganic growth to reach $30 bln by end of year 2020 UAE private sector growth edges up in April as tax shock starts to fade Rak Properties names Samuel Dean Sidiqi as CEO. Rak Properties CEO Mohammad Sultan al Qadi resigns Al Safwa Mubasher Shareholders Reappoint Ihab Rashad As Acting CEO for duration of suspension of Yaqoub al Naqbi until a final decision taken for CEO position. Shareholders dismiss Yacoub ali al-Naqbi as board member and MD and not absolve him until GA considers rest of members Saudi Program Calls for Gender-Mixing, No Prayer Closure Saudi Aramco Signs 26B Riyals Deal With 16 Local Companies: SPA Saudi state finalises ownership transfer of $10 bln financial district Saudi private sector growth slows to record low in April Delays in Egypt Subsidy Cuts Could Leave Budget At Risk: IMF Egypt says foreign reserves rise to $44.030 bln at end-April Egypt to auction 1-year dollar-denominated treasury bills on May 7 Egyptian Electricity Holding to raise $700 mln loan with HSBC and Credit Suisse Centamin's first-quarter profit more than doubles Egypt's non-oil business activity grows in April for 2nd time in 31 months Turkey Cuts VAT on Real Estate Sales to 8% Through October Turkey Bonds, Lira Slide to Record Lows on Central Bank Concerns Global Markets Wrap: U.S. stocks jumped more than 1 percent on Friday, helped by Apple and other technology shares and by weakerthan-expected jobs data that eased interest rate worries, while U.S. oil prices hit their highest in more than three years. U.S. crude oil prices rose to their highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. Oil prices rose about 2 percent on Friday, with U.S. crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. U.S. light crude settled up $1.29 at $69.72 a barrel. It touched a session peak of $69.97 for the first time since November 2014. It was on track to gain just over 2.3 percent on the week. Drillers added nine oil rigs in the week to May 4, bringing the total to 834, the highest since March 2015, General Electric Co's Baker Hughes energy services firm said. Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to May 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. While the Fed is seen raising interest rates at least two more times this year, expectations of policy tightening from the ECB and the Bank of England are receding. That has driven the difference between German and U.S. government 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 Sunday , May 06, 2018 bond yields to near the highest in nearly three decades, with the short-dated and long-dated "transatlantic spread" at 305 and 240 basis points respectively. UAE: Agthia Plans to Raise Up to $545m for Acquisitions. Company plans to raise as much as 2b dirhams for multiple acquisitions in Middle East, particularly in Saudi Arabia, as part of 2020 business plan, The National newspaper reports, citing CEO Tariq Al Wahedi. Reviewing a couple of potential deals in Saudi Arabia, “hopefully” at least one deal will occur in kingdom this year; looking at deals sized 200m-700m dirhams. Willing to contribute equity on deals if needed. “Banks have a very big appetite to come and support us”. Tabreed Says IDB Infrastructure Fund II Acquires Stake In Saudi Tabreed. As a result, Tabreed’s holding in Saudi Tabreed will decrease from 25 percent to 20 percent. Tabreed will receive around aed 70 million in cash from a combination of sale of its shares and dividends to be paid by Saudi Tabreed. Tabreed will realize a gain on sale of around 30 million dirhams. Fund’s investment in Saudi Tabreed will in part be in form of subscription for new shares, in part through purchasing existing shares from all current shareholders of Saudi Tabreed. GFH says hires Gulf Intl Bank for cross-listing shares in Saudi. GFH has received an offer to sell all of its real estate portfolio, offer is currently under study and due diligence. GFH targets to increase its assets under management by way of organic and nonorganic growth to reach $30 bln by end of year 2020. Growth in the United Arab Emirates' non-oil private sector edged up in April from a 10-month low in March, beginning to recover from the introduction of a 5 percent value-added tax at the start of the year, a survey showed on Thursday. The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index, which covers manufacturing and services, rose to 55.1 last month from 54.8 in March. Above 50 indicates expansion and below shows contraction. Output growth rose to 58.4 in April from a 23-month low of 57.1 in March, while growth in new orders climbed to 60.8 from 60.2. Employment growth rebounded slightly from a 17-month low. Rak Properties names Samuel Dean Sidiqi as CEO. Rak Properties CEO Mohammad Sultan al Qadi resigns Al Safwa Mubasher Shareholders Reappoint Ihab Rashad As Acting CEO for duration of suspension of Yaqoub al Naqbi until a final decision taken for CEO position. Shareholders dismiss Yacoub ali al-Naqbi as board member and MD and not absolve him until GA considers rest of member GCC/ MENA: Saudi Program Calls for Gender-Mixing, No Prayer Closure. A Saudi government program to improve the quality of life in the kingdom called for the legalization of gender mixing and an end to the mandatory prayer closures for businesses, significant steps to ease social restrictions in the conservative country. Saudi Aramco Signs 26B Riyals Deal With 16 Local Companies: SPA. The 10 year deal to purchase pressure vessels from local manufacturers by Aramco will support small and medium-size companies in accordance with the kingdom’s 2030 vision, the state-run Saudi Press Agency reported. The Saudi government has finalised terms to transfer ownership of the kingdom's glitzy $10 billion financial district in Riyadh to the finance ministry and Public Investment Fund (PIF), five sources familiar with the matter told Reuters. The move paves the way for reviving work on King Abdullah Financial District (KAFD), which has been planned since 2006 to house banks and the financial regulator's headquarters across an area roughly four times the size of London's Canary Wharf. Growth in Saudi Arabia's non-oil private sector slowed to a crawl in April, a survey of businesses showed on Thursday, reaching its lowest level since the survey was launched in August 2009. The figures confirmed that although Riyadh has announced plans to boost the economy with higher state spending this year, the private sector is being 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 Sunday , May 06, 2018 hit hard by government austerity steps taken in response to low oil prices, such as the imposition of a 5 percent value-added tax in January. "Delays in following through on the reform of energy subsidies could again leave the budget at risk from higher global oil prices," International Monetary Fund’s First Deputy Managing Director David Lipton says in e-mailed remarks. "Macroeconomic stability and market confidence" in Egypt have been restored, Lipton says. The Central Bank of Egypt’s monetary policy control has contained effects from the pound’s depreciation, the increases in fuel prices, and the VAT: Lipton. Egypt needs to improve business climate and create greater regulatory certainty, Lipton says. Egypt will auction one-year dollar-denominated treasury bills on May 7, the central bank said on Thursday. The bank said it would sell $1.1 billion of the bills which mature on May 7, 2019. Egypt's net foreign reserves rose to $44.030 billion at the end of April from $42.611 billion at the end of March, the central bank said on Thursday. Egypt's foreign reserves have been climbing since it secured a $12 billion, three-year International Monetary Fund loan programme in 2016 as part of efforts to woo foreign investors and revive its ailing economy. State-owned Egyptian Electricity Holding Company (EEHC) is raising a syndicated loan of up to around $700 million with Credit Suisse and HSBC leading the deal, banking sources said. The new loan, guaranteed by the finance ministry, has a five-year maturity and is being syndicated to international and Gulf banks, the sources said. Egypt-focused gold miner Centamin said its first-quarter profit more than doubled, helped by higher gold production, better prices and lower sales costs. Profit before tax rose to $65.4 million in the three months ended March 31, from $29.47 million a year earlier. Gold sales rose 13.9 percent to 131,045 ounces, while average realised gold price rose about 9 percent to $1,328 per ounce. Egypt's non-oil private sector activity expanded in April for only the second time in 31 months, with output holding steady new export orders growing more, ending four months of deterioration, a survey showed on Thursday. The Emirates NBD Egypt Purchasing Manager's Index (PMI) for the private sector excluding the oil industry rose to 50.1 in April from 49.2 in March, putting it just above the 50 mark that separates growth from contraction. Turkey Cuts VAT on Real Estate Sales to 8% Through October. Turkish government cut value added tax from 18% “considering developments in the real estate sector,” said finance ministry in an emailed statement on Saturday, detailing a government decree published in the Official Gazette earlier in the day. Fees on title deeds also cut to 3% from 4% in same period. Turkey’s currency and government bonds slid to record lows on concerns monetary policy still remains too loose to anchor the nation’s assets. The lira fell as much as 1.8 percent to 4.2901 per dollar and the yield on 10-year notes climbed 38 basis points to 13.83 percent, as speculation mounted policy makers will have to raise interest rates to stem the rout. (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 Sunday , May 06, 2018 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Abu Dhabi Nat. C. BM Shares Mcap Change Change (AED) 4.34% 0.17 510,000 306,000 RAK Properties 29.10% 0.04 800,000 536,000 Arabtec 18.36% 0.04 600,000 1,134,000 Al Salam Bank Bahrain 40.49% 0.01 212,171 235,794 ADCB 15.16% 0.01 519,823 3,586,780 FAB 11.34% 0.01 1,085,910 12,913,591 Aan 54.96% 0.01 86,502 23,744 Al Salam Sudan 73.36% 0.01 12,128 17,949 7.47% 0.01 799,576 776,000 DFM Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) DSI 16.18% -0.13 (1,392,284) (1,503,667) Manazel 19.70% -0.09 (2,340,000) (1,240,200) Aramex 62.32% -0.07 (1,024,870) (4,089,231) 0.85% -0.06 (1,050,000) (630,000) Al Madina 24.95% -0.06 (233,759) (83,471) Emaar Properties 37.03% -0.05 (3,579,869) (19,331,295) Gulf Nav 19.84% -0.05 (459,605) (477,989) GGICO 19.19% -0.04 (716,533) (182,716) Dubai Investments 15.13% -0.04 (1,700,808) (3,078,462) Shuaa Capital 17.55% -0.04 (426,000) (451,560) Arkan Building (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 Sunday , May 06, 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