MENA Daily Market Report 29 August 2016

Transcription

1 Global Research Performance Markets - MENA MENA Daily Market Report 29 August 2016 GCC MARKET INDICES GCC Markets Indices Close % DTD % YTD KSE Weighted Index % -9.2% KSE Price Index 5, % -3.6% Tadawul All Share Index 6, % -12.2% DFM Index 3, % 10.8% ADX Index 4, % 4.5% Bahrain All Share 1, % -6.3% QE Index 11, % 7.4% MSM30 Index 5, % 7.5% LEVANT & NORTH AFRICA MARKETS INDICES Close % DTD % YTD Egypt - EGX30 8, % 14.9% Egypt - EGX % -5.3% Jordan - Amman Fr Flt Index 2, % -2.3% Palestine - AlQuds Index % -3.9% Lebanon - BLOM Stk Index* 1, % -1.9% Morocco - CASA All Share index* 9, % 11.5% Tunisia - Tunisia Main Index* 5, % 7.8% *Traded from Monday till Friday ECONOMIC CALENDAR Date 26 Aug Nature of Release Revised Consumer sentiment Country/ Region Period Actual Est. US August Aug Revised GDP US 2Q16 1.1% 1.1% 26 Aug GDP (QoQ) UK 2Q16 0.6% 0.6% EARNINGS CALENDAR Date Company Country Period 29 Aug Al Madina For finance Kuwait 2Q16 29 Aug Suez Canal Bank Egypt 2Q16 30 Aug Dice Sports & Casual Wear Egypt 2Q16 30 Aug Remco For touristic Villages Egypt 2Q16 30 Aug Arab Polvara Spinning Egypt FY16 MARKET COMMENTARY/NEWS COMMENTARY US markets closed mixed on Friday, following the Federal Reserve Chair Janet Yellen s speech. European markets ended higher, as traders reacted to the highly anticipated remarks by Jenet Yellen. Asian markets are trading lower on Monday, but Japanese shares climbed due to a stronger Yen. GCC markets registered a mixed performance on Sunday. The Kuwait market ended lower. The KSE price index declined 0.3% to 5,411 points. The weighted index dropped 0.6% to 346 points. Among sectors, Oil & Gas (up 0.2%) was the winner for the third consecutive session, driven by Marine Services (up 2.2%), Whereas, Consumer Goods (down 2.7%) declined the most, dragged down by Kuwait Cable (down 10.9%) which led the decliners. Tahssilat (up 5.4%) was the top performing stock. The Egyptian market ended in the red on selling activity by foreign investors. The EGX30 retreated 1% to 8,052 points while EGX70 fell 1.2% to 359 points. The TASI ended 1.6% higher at 6,071 points. markets closed in the negative territory. The DFM lost 0.1% to close at 3,490 points. The ADX plunged 0.4% to 4,500 points. The QSE advanced 0.6% to 11,197 points. The MSM30 extended losses, falling 0.2% to 5,809 points. The BSE declined 0.6% to settle at 1,139 points. NEWS KUWAIT Sanad records higher 2Q16 profit Sanad Holding Company recorded a 329% rise in 2Q16 profit to KWD182,050 (USD603,430) from KWD55,330 (USD183,400) in 2Q15. On a half-yearly basis, profit surged 320% to KWD170,219 from KWD53,246. Fitch confirms Boubyan s ratings Fitch ratings confirmed Boubyan Bank s long- and short- term credit rating at A+ and F1, respectively, with a positive outlook. CMA discards Al Mowasat s withdrawal from KSE The Kuwait s Capital Markets Authority rejected the voluntary delisting of Al Mowasat Health Care from the Kuwait Stock Exchange, due to core changes related to the company s administrative position. Al Imtiaz Investment Group s unit wins lowest bid in tender HOT Engineering and Construction Company, subsidiary of Al Imtiaz Investment Group has won the lowest bid in a KWD12.214mn tender. EGYPT Egypt receives USD300mn from KSA Egypt received USD300mn from Saudi Arabia to develop projects in Sinai Peninsula with the Saudi Fund for Development. Egypt, WB expand gas connection project Egypt and the World Bank decided to raise the number of governorates covered by the Household Natural Gas Connection Project to 20 from 11. Please see penultimate page for additional important disclosures. Global Investment House (K.P.S.C.) ( Global ) is a foreign broker-dealer unregistered in the USA. Global research is prepared by research analysts who are not registered in the USA. Global research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities Inc, an SEC registered and FINRA-member broker-dealer. 1

2 INTERNATIONAL INDICES US Indices Close % DTD % YTD P/E(x) DJ Average 18, % 5.6% 17.7 NASDAQ Composite 5, % 4.2% 39.2 S&P500 Comp. 2, % 6.1% 20.3 European Indices FTSE UK 6, % 9.5% 57.0 Extra DAX - Germany 10, % -1.4% 24.1 CAC 40 - France 4, % -4.2% 23.0 Asian Indices Bombay SE SENSEX -India 27, % 6.4% 20.5 SSE Composite China 3, % -13.2% 17.6 NIKKEI 225 INDEX- Japan 16, % -14.0% 20.8 Hang Seng - Hong Kong 22, % 4.5% 12.4 COMMODITY PRICE MOVEMENTS Commodities Market Close % DTD % QTD % YTD Gold ($/Oz) 1, % 0.1% 24.6% Silver ($/Oz) % -0.3% 34.7% WTI Crude ($/bbl) % -1.4% 28.6% Nat Gas 1M Fut. ($/MMBTU) % -1.8% 22.8% CRB Spot Index % -1.4% 8.6% OPEC Grade Crude Oil ($/bl) % -2.1% 44.8% Copper ($/MT) 4, % -4.9% -2.2% Zinc ($/MT) 2, % 10.3% 45.6% Aluminium ($/MT) 1, % -0.9% 8.5% INTEREST RATE WATCH Interest Rates (%) 1M 3M 6M 12M LIBOR (USD) Europe (EURIBOR) KSA (SAIBOR) (EIBOR) KUWAIT (KIBOB) EGYPT (CAIBOR) * * * * More than 1M SAUDI ARABIA Al Inma Bank, Al Inma Tokio Marine renew insurance deal Al Inma Bank has renewed its insurance deal with Al Inma Tokio Marine for one year. Under this deal, Al Inma Bank would get insurance coverage against fund risks, with expected annual premiums totaling SAR1.1mn. Al Khodari secures loan from Samba Abdullah Abdul Mohsen Al Khodari Sons has renewed its Islamic credit facilities with Samba Financial Group. The company had obtained an SAR132mn loan, of which 73% pertains to unfinanced credit facilities and 27% pertains to financial loans. Abdullah Abdul Mohsen Al Khodari has also won an SAR69mn (USD18.4mn) project from the Saudi environment, water, and agriculture ministry, for 36 months. Al Khaleej Training, Al Rajhi & Sons sign leasing agreement Al Khaleej Training and Education signed an investment leasing deal with Mohammed Abdul-Aziz Al Rajhi & Sons Holding Co. under this deal, Al Rajhi Holding will buy Al Eshraq schools for girls in Dammam and rent it for 20 years for Al Khaleej. Al Rajhi Holding paid 27mn for the land and building, while for the moved assets, license and goodwill value, Al Khaleej paid SAR5mn. Musanada awards AED4bn contracts Abu Dhabi General Services Company (Musanada) has awarded an AED4bn contract for 15 infrastructure projects. The company owns 317 projects worth AED94.5bn in various sectors. Rasmala acquires warehouses worth AED300mn Rasmala, in partnership with Ajman Bank and other top Gulf investors, has acquired 72 warehouses in Dubai for AED300mn. The purchase was financed through equity and a Sharia-compliant financing facility secured from Ajman Bank. QATAR Qatar s trade surplus declines in July Qatar s trade surplus declined 52.5%YoY and 18.8%MoM to QAR6.7bn in July. Exports fell 30%YoY to QAR16.3bn, while imports rose 4.4%YoY and 4.5%MoM to QAR9.6mn in July. INTERNATIONAL NEWS US consumer sentiment weakens in August According to the University of Michigan, the US consumer sentiment index stood at 89.8 in August, down from the initial estimate of Economists had expected an upwardly revision to US GDP growth revised down to 1.1% According the Department of Commerce, the US GDP grew 1.1% in 2Q16, down from the initial estimate of 1.2%. The revision was in line with economists expectations. UK GDP grows in 2Q16 According to the Office for National Statistics, the UK s GDP accelerated 0.6%QoQ in 2Q16, in line with economists expectations. On a yearly basis, GDP grew 2.2% in 2Q16. COMMODITIES NEWS Crude prices close higher on Friday Crude prices registered gains on Friday, following reports of Yemen targeting oil facilities in Saudi Arabia. Crude prices surged 0.7% to USD47.6/bbl on NYMEX. Gold prices up on Friday Gold prices closed higher on Friday as traders reacted to Federal Reserve Chair Janet Yellen s hawkish comments on a possible rate hike. Gold prices rose 0.1% to USD1,322/oz on NYMEX. 2

3 MENA MARKETS ACTIVE STOCKS Company Close* % DTD % YTD 52 wk High* 52 wk Low* P/E (x) P/B (x) Value Traded (LC mn) M.CAP (USDbn) Kuwait Agility Public Warehousing KSCC % -2.1% , Kuwait Food Co SAK 2, % 22.0% 2, , Ahli United Bank BSC % -6.7% National Investments KSCC Co % 15.9% NA Kuwait Finance House KSC % -14.8% Saudi Arabia Alinma Bank % -14.1% SABIC % 7.9% Dar Al Arkan Real Estate Dev Co % -6.3% Al Rajhi Banking and Invest Corp % 5.4% Saudi Kayan Petrochemical Co % -1.2% NA Gulf Finance House BSC % 92.3% NA Emaar Properties PJSC % 23.9% Eshraq properties Co % 45.5% NA % 7.2% Arabtec Holding PJSC % 15.2% NA Qatar Qatar National Bank SAQ % -4.6% Qatar Telecom QSC % 35.5% Gulf International Services QSC % -29.7% Aamal Co QSC % 9.0% Masraf Al Rayan QSC % 1.2% Oman Oman International Development and Investment Co SAOG % 25.8% A Sharqiya Investment Holding Co SAOG % 42.4% Oman Telecommunications Co % 3.5% Phoenix Power Co % 1.4% Bank Muscat SAOG % -17.8% Bahrain Ahli United Bank B.S.C ** % -9.4% BBK Bsc % -16.5% Bahrain Commercial Facilitie % -12.4% National Bank Of Bahrain % 0.0% Bahrain Telecom Co % -10.6% Egypt Global Telecom Holding % 80.3% NA Egyptian Financial Group-Hermes % 39.2% T M G Holding % -10.5% Commercial Inter Bank (Egypt) % 28.1% Oriental Weavers % -15.8% Jordan Arab Bank % -5.1% Al-Eqbal Investment Company Ltd % 23.6% Union Land Development Corporation % 34.4% NA Union Investment Corporation % -9.0% NA Century Investment Group % 88.9% , Tickerchart.com, *in local currency unless specified **Price data in USD 3

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