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UAE: Daily Market Trading Report - 8 December

IM Insights
By IM Insights
1 month ago
UAE: Daily Market Trading Report - 8 December


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  1. Morning Report 08 December 2022 Market Stats UAE Trading Summary Indices Close Chg . 1M Chg. ADX 10,301 -0.7% -3% 6% 22% 15% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS MSCI EM MSCI Asia US Fut. 3,339 10,185 11,463 5,661 4,724 1,857 14,787 33,598 3,934 10,959 7,489 14,261 6,661 27,686 19,245 959 156 3,928 3,917 0.0% -2.5% -1.3% 0.2% 1.4% -0.1% 2.0% 0.0% -0.2% -0.5% -0.4% -0.6% -0.4% -0.7% 2.3% -1.5% -1.1% -0.2% -0.3% -1% -12% -9% 2% 7% 0% 29% 2% 3% 4% 3% 5% 4% 1% 13% 7% 9% 2% 5% -1% -14% -12% -2% 4% -4% 45% 6% -1% -7% 3% 10% 9% 1% -1% 0% 4% -2% 12% 4% -10% -1% -4% 14% 3% 24% -8% -17% -30% 1% -10% -7% -4% -20% -22% -19% -17% -8% 5% -8% -1% -4% 19% 5% 28% -6% -16% -30% 2% -10% -6% -3% -22% -22% -19% -16% -7% EU Fut. 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell ADX 1,527 1,527 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 69% 31% 77% 23% 335 36% 64% 61% 39% 1,862 63% 37% 71% 29% 78% 22% 335 47% 53% 58% 42% 1,862 67% 33% -2% 2% -1% 1% 12% 12% 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 0.108% 0.056% 0.046% 1.40 0.40 0.47 4.5 (2.0) (1.3) 1.81 0.59 0.88 1.24 0.36 0.43 Waha Manazel Eshraq Upcoming Corporates Actions & Events Date Company Event 08-Dec 08-Dec 08-Dec 08-Dec 08-Dec 08-Dec 10-Dec 12-Dec 12-Dec 12-Dec 13-Dec 13-Dec 13-Dec 14-Dec 14-Dec 15-Dec 19-Dec Sharjah Islamic Bank Burjeel DIN Waha Al Ramz TECOM RAKPROP DEWA CBI DRC UAB ADAviation ADNH CBD MASQ RAKBANK FTSE Rebalancing BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General General Assembly BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General BoD/General Effective Date Net 3% -3% -4% 4%
  2. # KEY STORIES EAND has increased its stake in Vodafone Group Plc to aggregate 3,015.5mln shares, representing 11.0% of Vodafone's issued share capital ESG announced its strategic growth plan in the staff housing sector targeting new acquisitions before the end of this year, the move is in response to the growth of different sectors in Abu Dhabi APEX signs 6-year multi-unit food catering service agreement worth over AED 200mln with ADNOC through its subsidiary Apex Al Wataniya Catering Service ADPorts Group signed a collaboration agreement with the Africa Finance Corporation (AFC), to address infrastructure gaps across the continent TAQA, ADNOC, and Mubadala complete landmark transaction for stake in Masdar clean energy powerhouse with a target of at least 100GW renewable energy capacity by 2030 UAE global trade grew by 19% in the 9M22 with non-oil foreign trade growing by 18.9% in the 9M22 YoY to reach AED 1.637trn DP World logistics opens new 6,000 square metre warehouse at container freight station 2 (CFS 2) at Jafza, new container freight station aims to optimise global trade operations UAE on Dec 07 announced 106 new Covid-19 cases and 210 recoveries. The tally takes total cases in UAE to 1,045,040 with 1,025,425 recoveries and 2,348 deaths Saudi Arabia approved a SAR 1.114trn (USD 296bln) budget for 2023 expected to post a surplus of SAR 16bln Saudi’s Tihama Advertising and Public Relations and Marketing Holding court ruling was issued to open the procedures for financial reorganization for the company Saudi Steel Pipes announces the exercise of right of first refusal to acquire additional stake in its affiliate Global Pipe to acquire additional 35% stake of GPC Egypt is targeting between USD1.5 - 2.5bln from the issuance of its first sovereign Sukuk, finance minister Mohamed Maait said Egypt has signed seven new MoU with local and international companies to study green hydrogen projects, a cabinet statement said on Wednesday Egypt’s Rowad Tourism board approves purchase of treasury shares upto 10% of capital Egypt’s Cleopatra Hospital board approves reduction of issued capital through cancellation of treasury shares.The capital will decrease to EGP 722.7mln from EGP 800mln # Key Global Trends/ Market Clues World stocks slid further and Treasury yields dipped as U.S. worker productivity data beat forecasts but extended a weak trend, further muddying a debate on how far and how fast U.S. interest rates will rise. Third quarter productivity rebounded at a slightly faster pace than initially thought. Economists said the reading pointed to elevated labor costs and inflation staying high, adding pressure on the Federal Reserve to keep raising rates. But benchmark U.S. yields and the dollar both fell, suggesting lower rates ahead. The broad European STOXX 600 index closed down 0.62% to mark its fourth straight decline as fears of a global recession intensified. On Wall Street, the Dow Jones Industrial Average closed flat, while the S&P 500 lost 0.19% and the Nasdaq Composite dropped 0.51%. The yield on benchmark 10-year Treasury notes fell 9.2 basis
  3. points to an almost three-month low of 3 .421%. But the inversion of two- and 10-year note yields, a recession harbinger, deepened at -84.5 basis points. The price of oil fell to its lowest level this year, forfeiting all of the gains since Russia's invasion of Ukraine exacerbated the worst global energy supply crisis in decades. Brent futures fell USD 2.18, or 2.8%, to USD 77.17 a barrel, settling comfortably below the year's previous closing low of USD 78.98 a barrel touched on the first day of 2022. U.S. West Texas Intermediate crude fell USD 2.24, weakening further from previous close. The recent declines have come against what should be a supportive backdrop for prices. China, the world's biggest crude importer, announced the most sweeping changes to its anti-COVID regime since the pandemic began. The country's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed.G7 nations kicked off implementation of a price cap to restrict Russian exports that could cause that nation to reduce output in the coming year. Russia is considering options including banning oil sales to some countries to counter the price cap imposed by Western powers. # UAE Stories EAND has increased its stake in Vodafone Group Plc to aggregate 3,015.5mln shares, representing 11.0% of Vodafone's issued share capital. The rationale of EAND’s investment in Vodafone is unchanged from the original investment, as announced on 14 May 2022, which is to gain significant exposure to a world leader in connectivity and digital service at an attractive valuation. ESG announced its strategic growth plan in the staff housing sector targeting new acquisitions before the end of this year. ESG move comes as the number of staff recruited to work in Abu Dhabi has risen sharply in the last six months with more new construction and infrastructure projects are planned and underway in the capital. APEX signs 6-year multi-unit food catering service agreement worth over AED 200mln with ADNOC through its subsidiary Apex Al Wataniya Catering Service. The company agreement with ADNOC at Abu Dhabi International Food Exhibition. ADPorts Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, to address infrastructure gaps across the continent. The agreement provides the basis for the two organisations to join forces on identifying, financing, developing, and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa. Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities. TAQA, ADNOC, and Mubadala complete landmark transaction for stake in Masdar clean energy powerhouse. New Masdar outlines ambitious growth plans to bolster position as a global leader in clean energy and green hydrogen The company targets at least 100GW renewable energy capacity by 2030. UAE global trade grew by 19% in the 9M22 with non-oil foreign trade growing by 18.9% in the 9M22 YoY to reach AED 1.637trn, the minister of state for foreign trade Thani Al Zeyoudi said. The country's foreign trade volume is expected to reach AED 2.2trn by the end of 2022 compared to AED 1.9trn in 2021. DP World logistics opens new 6,000 square metre warehouse at container freight station 2 (CFS 2) at Jafza, new container freight station aims to optimise global trade operations UAE on Dec 07 announced 106 new Covid-19 cases, bringing the total confirmed cases in the country to 1,045,040. At the same time, 210 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 1,025,425, UAE's Ministry of Health and Prevention said. It
  4. has reported 0 death from Covid-19 during the past 24 hours . The nationwide death toll stands at 2,348. GCC/MENA Saudi Arabia approved a SAR 1.114trn (USD 296bln) budget for 2023 expected to post a surplus of SAR 16bln. Saudi Arabia expects revenues of SAR 1.13trn next year, Saudi-owned Al Arabiya TV reported. The surplus is equivalent to 0.4% of gross domestic product. Total revenues are forecast at SAR 1.234trn for 2022, while spending is SAR1.132trn, meaning a surplus of 102bln riyals, or 2.6% of GDP. GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year, an upwards revision of half a percentage point from a preliminary budget forecast. Saudi’s Tihama Advertising and Public Relations and Marketing Holding court ruling was issued to open the procedures for financial reorganization for the company. The company will appoint Osama Al-Sudais office trustee to carry out the procedures for financial reorganization. The proposal is to be prepared in 150 days from the date of opening of the procedure. Saudi Steel Pipes announces the exercise of right of first refusal to acquire additional stake in its affiliate Global Pipe to acquire additional 35% stake of GPC. The company will assume corresponding portion of EEW’s guarantees with respect to GPC’s financial debt. Upon closing of transaction, SSP will begin consolidating GPC’s assets and results of operations. Saudi Scientific and Medical Equipment House receives approval for award of medical operation project in medical centers affiliated to general administration of medical services. The project value is SAR 8.7mln inclusive VAT. The project financial impact will be reflected during 2Q23. Egypt is targeting between USD 1.5 - 2.5 bln from the issuance of its first sovereign Sukuk, finance minister Mohamed Maait said. The timing of the issuance will depend on market conditions and will be handled by either a public or private entity. Egypt has signed seven new MoU with local and international companies to study green hydrogen projects, a cabinet statement said on Wednesday. The government had previously signed 16 MoUs for green hydrogen projects concentrated in the Suez Canal economic zone, nine of which it converted into framework agreements last month. Egypt’s Rowad Tourism board approves purchase of treasury shares upto 10% of capital. Egypt’s Cleopatra Hospital board approves reduction of issued capital through cancellation of treasury shares.The capital will decrease to EGP 722.7mln from EGP 800mln. *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% ADCB 62,547 8.99 11.30 8.15 11.93 1.17 4.1% (7.3) (0.2) 9.1 7.0 ADIB 33,414 9.20 10.46 6.47 11.42 1.58 3.4% (3.2) 4.2 38.5 46.2 3,380 5.93 7.63 5.78 10.07 1.31 6.7% (0.0) (0.0) (6.5) (2.9) ADNOC Dist. 56,125 4.49 4.88 3.80 19.35 18.56 4.6% (1.1) 10.5 10.3 11.9 ADNOC Drill* 50,400 3.15 3.92 2.97 19.28 5.09 4.7% (7.1) (11.0) (3.4) - AD Ports 29,318 5.76 6.87 3.22 34.69 1.54 - 0.0 13.6 - - 3,285 4.15 5.55 4.13 NM 1.19 4.0% (6.1) (14.8) (15.7) (21.1) 10,033 2.15 2.36 1.39 7.52 1.47 4.0% 3.4 1.4 56.2 55.1 Company ADNIC Agthia Air Arabia Ajman Bank Aldar Alpha Dhabi HIGH-LOW VALUATION Div. TOTAL RETURN ** YTD% 12M% 2,331 1.11 1.13 0.66 16.81 0.93 - 41.6 51.1 36.4 34.0 34,989 4.45 5.79 3.92 12.46 1.19 3.4% 2.8 (4.1) 14.8 9.8 267,800 26.78 30.50 23.78 NA NA - (4.4) 9.7 (1.9) (5.0) Amanat 2,088 0.84 1.21 0.81 32.98 0.77 7.2% (7.1) (14.1) (23.5) (24.8) Aramex 5,315 3.63 4.45 3.51 30.38 2.09 3.6% 0.8 (6.2) (9.1) (10.2) ASM 9,470 9.47 14.00 8.89 NM 1.39 - (10.3) (6.1) (31.9) (31.5) 80,254 2.67 3.27 2.63 14.3 4.40 - (1.5) (7.3) - - BOS 1,045 0.48 0.64 0.45 - - - - - (23.4) (23.4) Dana Gas 6,289 0.90 1.26 0.90 8.60 0.72 8.9% (3.3) 0.7 (7.8) (6.4) 117,500 2.35 3.05 2.33 19.19 1.29 5.3% (4.9) (6.3) - - Borouge* DEWA* Deyaar 2,297 0.53 0.70 0.44 17.71 0.51 - 4.2 1.9 (18.5) (21.9) DFM 12,880 1.61 2.95 1.36 NM 1.63 1.9% 3.2 (5.3) (43.3) (40.3) DIC 9,269 2.18 2.64 1.86 5.61 0.73 5.5% (6.0) (8.3) 21.9 21.3 DIB 41,779 5.77 6.63 5.26 8.42 1.03 4.3% (1.0) (0.9) 12.0 14.2 DU 25,838 5.70 7.28 5.60 20.61 3.06 3.7% (2.4) (6.6) (11.5) (13.8) Easy Lease 1,215 40.50 61.90 24.00 27.46 10.65 - 12.2 1.3 39.7 39.7 Emaar Dev. 16,720 4.18 5.32 4.02 4.52 0.96 - (4.3) (7.1) (4.3) (7.3) Emaar Pro. 51,123 6.25 6.60 4.62 7.20 0.79 2.4% 0.3 5.2 32.3 33.1 ENBD 82,432 13.05 15.50 11.80 7.79 0.93 3.8% (1.1) (1.9) (0.9) (2.3) 2,000 8.00 8.90 5.30 NM 3.18 - 35.4 29.4 (0.0) 3.9 Etisalat 213,592 24.56 39.06 22.66 22.88 5.22 3.3% (4.2) 2.8 (20.6) (28.7) FAB 186,263 16.86 24.06 16.76 13.40 1.65 2.9% (8.3) (8.4) (7.4) (15.7) 36,443 4.39 6.11 3.40 6.87 5.32 9.1% (8.4) (16.6) 37.3 - 3,660 0.95 1.34 0.88 9.87 0.95 4.6% 3.1 (13.2) (16.3) (17.0) ESG Fertiglobe* GFH Ghitha 16,888 69.90 123.00 24.00 NA 8.16 - (2.8) (14.2) 154.2 136.9 897,158 409.00 410.00 150.20 55.43 17.77 - 1.5 16.9 169.1 170.0 Invictus 4,514 4.03 6.50 3.50 - - - 8.9 - - - Julphar 1,340 1.16 1.91 1.14 - 1.39 - (4.1) (10.1) (37.0) (38.6) Mashreq 19,559 97.50 119.00 62.10 5.90 0.88 1.0% (5.3) 21.9 22.6 30.0 Multiply 56,000 5.00 5.08 1.51 NA 2.83 - 10.4 131.5 171.7 NA NMDC IHC 21,450 26.00 34.96 12.36 17.81 3.58 - 0.9 3.1 99.4 99.1 Palms Sports 1,545 10.30 14.94 8.64 12.59 3.78 - (6.2) (4.6) (15.7) (11.2) RAK Bank 7,711 4.60 5.40 4.19 6.96 0.89 4.9% (4.0) (4.2) 2.2 4.8 RAK Pro. 1,416 0.71 0.97 0.56 45.53 0.34 - (3.1) (11.4) (8.2) (8.1) RAK Cer. 2,673 2.69 3.38 2.68 NM 1.27 7.4% (7.2) (8.8) 1.0 1.7 RPM 1,190 5.95 12.68 5.37 16.27 4.50 - (0.0) (23.7) (38.3) NA SIB 6,040 1.96 2.12 1.65 9.67 0.79 4.1% 0.5 0.5 4.6 9.6 984 0.39 0.75 0.35 - 0.81 - (1.0) (14.2) (43.4) (47.1) 8,536 3.00 3.52 2.27 14.20 1.36 2.0% (6.3) 5.3 24.4 24.4 TAQA 420,504 3.74 4.17 1.17 53.38 6.09 1.3% (3.9) 204.6 193.7 171.1 Waha 2,722 1.40 1.81 1.24 10.41 0.79 5.4% (6.0) 8.5 (12.0) (10.4) Shuaa Tabreed Yahsat * 6,587 2.70 2.92 2.51 29.10 2.19 6.0% (0.4) (0.6) 4.5 3.4 (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.