UAE: Daily Market Trading Report - 9 May

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1. IS Morning Report Wednesday , May 09, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change BUY SELL NET ADX 4,479 -1.3% -4.0% -2.3% ADX 170 170 - DFM 2,949 -0.5% -4.3% -11.3% -12.5% -13.5% Local 55% 53% 2% TASI 8,013 -1.3% 0.5% 45% 47% -2% KWSEI 1,273 -0.4% -1.1% 45% 52% -7% 17,814 1.7% 2.3% 19.4% 18.6% 37.7% Retail 55% 48% 7% Dow Jones 24,360 0.0% 1.6% 0.7% -1.5% 16.1% DFM 314 314 - S&P 500 2,672 0.0% 2.2% 2.0% -0.1% 11.5% Local 56% 51% 5% Nasdaq 7,267 0.0% 4.6% 5.7% 44% 49% -5% FTSE 100 7,566 0.0% 5.2% 6.7% -1.6% 3.0% Institutional 36% 38% -2% 12,912 -0.3% 5.3% 6.6% 0.0% 1.3% Retail 64% 62% 2% 5,522 -0.2% 4.9% 8.7% 3.9% 2.3% Total 484 484 - Nikkei225 22,415 -0.4% 3.4% 4.8% -1.5% 13.0% Local 56% 52% 4% HIS 30,525 0.4% 1.0% 3.4% 44% 48% -4% EGX DAX CAC40 -2.6% 1.8% 8.2% 10.9% 15.8% Foreign -4.5% -4.4% -3.2% Institutional 5.3% 18.7% Foreign 2.0% 22.6% Foreign Upcoming Corporate Actions & Events Date Company Event 9-May DXBE Board Meeting 9-May KHCB Board Meeting 10-May Ishraq Board Meeting 13-May GFH Board Meeting 13-May Julphar Board Meeting 14-May Amanat Board Meeting Key Stories 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 , May 09, 2018 Dubai April Whole Economy PMI 53.9 vs 55.3 in March S&PGR Affirms Aldar Properties At 'BBB/A-2'; Moves Outlook To Negative from Stable DFM first quarter net profit more than halves on lower trading values UAE energy minister says efforts to rebalance oil market are "progressing well" Air Arabia Starts Direct Flights B/W Alexandria and Milan Saudi Arabia hints it may raise oil output after U.S. quits Iran nuclear deal Saudi Arabia's Fawaz Alhokair Unit Secures $1.9 Billion Loan Alawwal Bank First Quarter Net Income Misses Lowest Estimate Saudi Electricity First Quarter Revenue 11.40 Bln Riyals. 1Q loss 1.21 billion riyals. Says loss also due to decline in revenue by 349m riyals on implementation of IFRS 15 Saudi prince and NYC company to buy Plaza Hotel for $600 mln GIB Capital to advise on first stage of Jeddah transport project Egypt's CIB Reports 17% Increase in 1Q Net Income on Year Qalaa Holding said it aimed to increase its indirect ownership in Egyptian Refining Co. Hopes for income from the venture have caused Qalaa shares to soar this year Global Markets Wrap: Crude held near $70 a barrel after U.S. President Donald Trump withdrew from the Iranian nuclear accord and said new sanctions will be imposed on OPEC’s third-biggest oil producer. Futures were up 1.4 percent from Tuesday’s settlement in early Asian trading, though they were little-changed from post-close U.S. levels. They’d pared earlier losses in New York on Tuesday after Trump confirmed his withdrawal from the 2015 deal that was intended to halt Iran’s quest for atomic weapons. Countries that demonstrate a commitment to reduce oil purchases from Iran over a 180-day wind-down period may be able to get “significant reduction exceptions” from sanctions, the U.S. Treasury said. Iran, the third-biggest producer among the Organization of the Petroleum Exporting Countries, produces about 3.8 million barrels per day (bpd), or about 4.0 percent of the world's oil supplies. 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 , May 09, 2018 Technicals also suggest the commodities rally has more legs than the aging bull run in global stocks. The MSCI World index is clinging to support just above the 200-dma as the BCOM index pulls away. Asian shares ticked down as renewed U.S. sanctions on Tehran were seen as disruptive for many companies that have deals with Iran. Trump's move is also seen as risking worsening already-tense relations between Iran and U.S. allies in the region. Souring risk sentiment is hitting emerging markets, which have been clobbered in recent weeks by concerns about capital outflows, as the prospect of higher U.S. interest rates lures investors back to U.S. bonds rather than riskier assets. UAE: Emirates NBD and Markit Economics release whole economy purchasing managers’ index for Dubai in April. Index falls to 53.9 from 55.3 in March; Year ago 57.7. Lowest reading since Oct. 2016. Output falls to 57.1 vs 59.5 in March. Lowest reading since Dec. 2017. New work falls vs prior month. Lowest reading since Oct. 2016. X-S&PGR Affirms Aldar Properties At 'BBB/A-2'; Moves Outlook To Negative from Stable. The negative outlook reflects at least a one-in-three likelihood that leverage may increase above the current thresholds for the given rating of debt to EBITDA of less than 2x and funds from operations to debt of more than 45% over the next 12-18 months, compared with 1.1x and 84.3%, respectively, at end-December 2017. Dubai Financial Market on Tuesday reported a 52 per cent drop in its first quarter net income, as lacklustre trading at the only listed bourse in the Arabian Gulf region, pushed trading value lower and crimped revenues. Net income for the three months ending March 31 slumped to 48.9 million from Dh102.3m reported a year earlier, the DFM said in a regulatory filing. The exchange, which mainly earns income from commissions and fees, said the quarterly trading value more than halved to Dh20.4 billion from Dh47.8bn recorded for the first three months of 2017. United Arab Emirates Energy Minister Suhail al-Mazroui said on Tuesday that OPEC and non-OPEC efforts to rebalance the oil market and encourage oil investment "are progressing well". "OPEC is a non-political organisation," Mazroui wrote on his twitter account. "Our goal is to ensure the stability of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry." Air Arabia Starts Direct Flights B/W Alexandria and Milan GCC/ MENA: 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 , May 09, 2018 Saudi Arabia indicated on Wednesday that it could raise its oil output to offset any potential supply shortage as a result of new sanctions on Tehran, after U.S. President Donald Trump said Washington was withdrawing from the Iran nuclear deal. Oil prices had been supported by expectations that Trump would pull out of the deal, which could hit Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the world's daily oil supply. Arabian Centres Co., a unit of Saudi Arabia’s Fawaz Alhokair Group, said it secured a 7.2 billion-riyal ($1.9 billion) Islamic loan. The facility has been structured into two parts, with the first used to refinance existing debt, and the second to build malls in the kingdom, according to a statement released on Tuesday. Alawwal Bank reported net income for the first quarter that missed the lowest analyst estimate. 1Q net income 286.1 million riyals, estimate 347.0 million (Bloomberg data) (2 estimates). 1Q operating income 860.1 million riyals, estimate 949.5 million (BD) (2 estimates). 1Q EPS 0.25 riyals. 1Q profit dropped from 324 million riyals due to lower total operating income. Total operating income dropped 6.5% mainly due to decrease in fee and commission income. Saudi prince and NYC company to buy Plaza Hotel for $600 mln Saudi Electricity reported revenue for the first quarter of 11.40 billion riyals. 1Q operating loss 643 million riyals. 1Q loss 1.21 billion riyals. Says loss also due to decline in revenue by 349m riyals on implementation of IFRS 15. 1Q loss compares with profit of 4.94b riyals yr ago; 1Q 2017 profit included gains from cancellation of municipal fees Bahrain-based Gulf International Bank's investment banking arm has been hired by the Saudi city of Jeddah as a financial adviser on a bridge project, the first stage of a larger multi-billion-dollar public transport network in the city. GIB Capital will advise on the Obhur Creek Bridge project, which will span around 360 metres in length and carry eight lanes of traffic and a metro line, and be located next to the King Abdulaziz International Airport. Commercial International Bank reports record first-quarter 2018 consolidated revenue of 4.15b EGP. Net income of EGP 2.02b, up 17% year-on-year. Revenues of EGP 4.15b, up 25% year-on-year. Return on average equity of 28.7%. Return on average assets of 2.67%. Efficiency ratio of 22.9%. Qalaa Holding said it aimed to increase its indirect ownership in Egyptian Refining Co. Hopes for income from the venture have caused Qalaa shares to soar this year. (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 , May 09, 2018 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Deyaar Dev Shares Mcap Change Change (AED) 10.53% 0.10 5,778,000 2,657,880 4.36% 0.07 210,000 132,300 RAK Properties 29.18% 0.06 1,200,000 792,000 Sudatel 80.23% 0.05 605,339 320,829 Gulf Cement 17.54% 0.05 410,298 422,865 Air Arabia 23.38% 0.04 1,866,680 2,258,683 Dubai Investments 15.12% 0.03 1,275,606 2,321,603 Methaq Takaful Ins. 23.70% 0.03 45,000 34,200 Islamic Arab Ins. 23.30% 0.02 238,060 99,220 Aan 54.97% 0.01 86,502 22,247 Abu Dhabi Nat. C. BM Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Shuaa Capital 17.27% -0.21 (2,236,500) (2,393,055) DSI 16.40% -0.13 (1,392,284) (1,545,435) 0.78% -0.08 (1,400,000) (952,000) DXBE 31.39% -0.07 (5,599,939) (2,116,777) GGICO 19.03% -0.07 (1,253,933) (351,101) Arabtec 18.29% -0.04 (600,000) (996,000) Manazel 19.68% -0.04 (1,040,000) (530,400) Aramex 62.33% -0.04 (585,640) (2,295,709) Union Properties 24.01% -0.03 (1,286,862) (1,044,932) Dubai Isl. Ins 12.45% -0.03 (67,725) (42,599) 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 Wednesday , May 09, 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