Equity Daily MENA Equities GCC equity markets extended losses yesterday tracking declines in global equity markets on renewed concerns on Eurozone debt crisis. The sustained weakness in oil prices also remains a factor. The KWSE index (+0.5%) and the MSM index (+0.6%) were the only exceptions. Banking stocks led the UAE bourses lower with the DFM index losing -0.3% and the ADX index dropping -0.2%. In Dubai, Commercial Bank of Dubai and Dubai Islamic Bank dropped -4.9% and -1.6% respectively while in Abu Dhabi, First Gulf Bank and Abu Dhabi Commercial Bank lost -0.8% and -0.7% respectively. The Tadawul (-0.8%) declined to close below the psychological level of 7,000. The heavyweight petrochemical and banking sector led the decline with a -0.8% and -0.5% drop. Daily 31 May 2012 The EGX 30 index ended flat, having risen +1.0% intraday, after the public prosecutor's statement that Hosni Mubarak's son will be tried for charges of market manipulation. EFG Hermes too gave up its intraday gains as others referred to trial included two board members and the joint chief executive officers of the bank. MENA Equity Indices (1d % change) DFM ADX Tadawul -0.8% Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE -0.6% -0.3% -0.2% -0.3% -0.3% 0.0% 0.0% 0.5% 0.6% 0.6% -1% 0% 1% MENA Equity Indices Index Last 1d chg T.Value (USD mn) Best P/E Best P/B Div. Yield Adv/Dec Ratio % above 200d MA DFM 1,471-4.4 24.6 9.8 0.7 4.4 0.5 29.0 ADX 2,450-5.6 17.9 8.2 1.1 5.0 0.4 28.4 Tadawul 6,975-57.9 1,614.7 11.9 1.8 3.6 0.1 60.5 Irfan Ellam Head of MENA Equity Research +971 4 230 7807 mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com ISE 100 55,125-324.2 942.0 8.7 1.2 3.2 0.1 40.2 EGX 30 4,686 1.9 48.4 7.9 1.2 3.1 0.7 40.0 KWSE 6,241 33.8 87.8 - - 3.1 1.6 38.7 Bahrain 1,137-2.9 1.5 - - 5.4 0.5 19.5 MSM 5,787 32.7 10.4 9.8 1.4 4.2 2.4 73.3 Qatar Ex 8,473-1.8 29.1 10.4 1.7 4.4 1.4 70.0 MADEX 8,360 50.0 7.5 12.8 2.4 3.8 2.4 21.4 TUSISE 5,041-14.6 2.6 - - 1.8 1.0 64.3
Global Equities US equities declined as housing data disappointed and on renewed concern over the Eurozone debt crisis. Research in Motion dropped -7.8% after reporting a surprise operating loss and hiring banks to advise on strategic options. Whirpool gained +0.5% after the US Commerce Department proposed duties of as much as 71% on large, residential washing machines made in South Korea. European equities declined sharply as there were fresh indications that the debt crisis is far from over as Italy had a weak bond auction and Spanish CDS widened to a new record. Commodity stocks led the declines with BHP Billiton and Rio Tinto dropping -2.5% and -4.1% respectively on weak copper prices and BP losing -2.1% as oil dropped to its lowest level since October 2011. Asian equities were trading weaker this morning tracking declines in the developed markets. The MSCI Asia Pacific index was trading -1.4% at the time of writing. Developed Market Equity Indices (1d % change) DJIA S&P 500 Nasdaq FTSE 100 Dax Cac 40 SMI Stoxx 600 Nikkei S&P / ASX 200-2.2% -1.3% -1.4% -1.2% -1.7% -1.8% -1.5% -0.5% -0.2% -0.3% -3% -2% -1% 0% Emerging Market Equity Indices (1d % change) MEXBOL KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng -0.2% 0.0% -1.4% -1.4% -1.5% -1.1% -1.4% -0.8% -0.8% -0.3% -0.2% -1.9% 0.6% 0.9% -3% -2% -1% 0% 1% 2% Page 2
MENA News Flow Banking and Financials Abraaj Capital and Time Warner placed binding bids for the ATV television channel owned by Istanbul-based Calik Holdings. (Bloomberg) Global Investment House said its 1Q 2012 loss narrowed to KWD 11mn from KWD 22mn a year earlier as the bank benefitted from asset sales and reduced losses at its associates. (Bloomberg) EFG Hermes said Grant Thornton valued at EGP 700.5mn units whose ownership will be transferred to its Qatari subsidiary to facilitate the creation of a joint investment bank with QInvest. (Bloomberg) Abu Dhabi Islamic Bank opened its first branch in London's Knightsbridge, targeting wealthy Gulf clients in Britain. (AB) Qatar Holding has agreed to take part in the planned USD 3bn listing of Malaysia s Felda Global Ventures Holdings as a cornerstone investor. Felda Global Ventures is the world s no.3 plantation operator.(ab) Petrochemicals & Fertilisers Saudi Arabian Oil Co and Dow Chemical has requested banks for USD 12.4bn in financing for Sadara Chemical Co, their USD 20bn joint venture. The banks have until 23 July to express interest and the financing may be completed by December. (Bloomberg) Petroleum Development Oman said operations resumed at its Qarn Alam oilfield, following a strike by contractors that began on 24 May and resulted in a small reduction of output. (Bloomberg) Kuwait Energy said that a consortium led by the company has been awarded an exploration and development oil contract in Iraq. Kuwait Energy led a consortium which also included the Turkish Petroleum Corporation (TPAO), and Dragon Oil. Kuwait Energy will have a 40% working interest, while TPAO and Dragon Oil will each hold a 30% interest. (AB) Construction & Building Materials Southern Province Cement Co said it signed a USD 188mn contract with Sinoma International Engineering Co to build a new production line. The 24-month turnkey project is to build a third production line with a 5,000 tons a day capacity at its Tihama plant. (Bloomberg) Real Estate Barwa Real Estate sold two hotels and a health club building to Katara Hospitality for QAR 1.1bn. (Bloomberg) SODIC said it had a 1Q 2012 profit of EGP 35.7mn without providing a comparative figure for the previous year. According to Bloomberg data, the company had a loss of EGP 15.7mn in 1Q 2011. The company had a EGP 35.1mn loss in 4Q 2011. (Bloomberg) Energy & Utilities El Sewedy Electric Co's 1Q 2012 profit declined -43.7% y/y to EGP 102.7mn (Bloomberg) Industrials Arab Cotton Ginning reported a nine-month (ending March) loss of EGP 10.1mn compared with a EGP 73.9mn profit a year earlier. (Bloomberg) Minerals Technologies said one of its units signed an agreement with the United Steel to perform maintenance at a steel mill in Bahrain. (Bloomberg) Transportation & Logistics Oman's Transport and Communications Ministry started work on a OMR 55mn project to expand the general cargo terminal and liquid jetty at Salalah Port. (Bloomberg) Middle East airlines saw passenger traffic demand grow by 16% in April, more than double the global average, the International Air Transport Association (IATA). Although it was a fall from the 20.9% growth recorded in March, the March result was distorted by the impacts of the Arab Spring in 2011, it added. Demand grew faster than the 12.7% capacity expansion in April and load factors remained high at 78.3%. (AB) Page 3
Events Calendar Date Company / Country Event 31-May United Kaipara Dairies Earnings Release 31-May El Arabia for Land Reclamation Earnings Release 31-May Industrial & Financial Investments Co Earnings Release 31-May Coast Investment Development Co Earnings Release 31-May Kuwait Bahrain International Exchange Co Earnings Release 31-May Arab Germany Insurance Co Earnings Release 31-May Amwal Invest PLC Earnings Release 31-May Ameco Medical Industries Earnings Release 31-May Contemporary For Housing Projects PLC Earnings Release 31-May Tourism Urbanization Earnings Release 31-May Kuwait China Investment Co Earnings Release 31-May Arab Investment Urbanization Earnings Release 31-May Jordan Petroleum Refinery Co Earnings Release 31-May El Wadi Agricultural Crops Production Earnings Release 31-May Al Baraka Bank Egypt ESC Earnings Release 31-May Beltone Financial Holding Earnings Release 31-May Medinet Nasr Housing Earnings Release 31-May Egyptian Real Estate Group Earnings Release 31-May Egypt Contracting Mokhtar Ibrahim Earnings Release 31-May Egyptian Iron & Steel Co Earnings Release 31-May Dice Sport & Casual Wear Earnings Release 31-May Extracted Oils Earnings Release 31-May Senurita Food Production Earnings Release 31-May Nozha International Hospital Earnings Release 31-May Remco for Touristic Villages Construction Earnings Release 31-May Cairo Investment & Real Estate Development Earnings Release 31-May Six of October Development & Investment Earnings Release 31-May Namaa for Development and RE Invest Co Earnings Release Page 4
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market AMAN DB AJMANBANDB CBD DB SHUAA DB GGICO DB TAKAFULEDB DEYAAR DB EMAAR DB DFM DB UPP DB -9.8-7.3-4.9-4.1-2.0 0.2 0.3 1.0 1.1 2.5 (AED) AED mn Emaar Properties 2.91 1.04% 28.19 Arabtec Holding 2.87 0.00% 19.86 Tabreed 1.21-0.82% 9.05 Union Properties 0.40 2.54% 6.94-12.0-10.0-8.0-6.0-4.0-2.0 0.0 2.0 4.0 Tamweel 1.16 0.00% 5.44 Abu Dhabi Market (1d % change) Abu Dhabi Market ALDAR DH SOROUH DH RAKPROP DH WAHA DH SUDATEL DH-7.4 NBAD DH RAKBANK DH AGTHIA DH RAKC DH FH DH -1.9-2.0-2.8-3.5 0.1 1.0 2.5 3.3 3.3 (AED) AED mn Etisalat 8.80-0.11% 21.44 Sorouh RE 0.99-1.98% 14.06 Aldar Properties 1.04-1.89% 10.68 FGB 8.70-0.80% 3.46-8.0-6.0-4.0-2.0 0.0 2.0 4.0 NBAD 8.68 0.12% 3.46 Tadawul (1d % change) Tadawul ALBABTAIAB SAIC AB ZAINKSA AB BUPA AB ACIG AB ASTRA AB SHAKER AB HERFY AB SOCCO AB JOUF AB -8.5-5.4-5.8-6.4-6.6 1.3 1.4 1.7 2.0 3.4 Mobile Telecom Dar Al Arkan Sabic Alinma Bank (SAR) SAR mn 9.50-6.40% 1.35b 10.90-3.54% 467.37 93.50-0.80% 395.55 12.95-1.15% 252.15-10.0-5.0 0.0 5.0 Etihad Atheeb 16.65-4.86% 251.16 Page 5
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange QIBK CBQK DHBK QTEL KCBK BRES QIIK QEWS UDCD NLCS -0.4-0.4-0.7-0.8-1.0 0.6 0.6 0.7 0.7 1.5 Vodafone Qatar Industries Qatar Barwa RE CBQ (QAR) QAR mn 9.15 0.11% 22.73 138.90 0.07% 11.75 27.45 0.55% 9.40 71.70-0.42% 9.03-1.5-1.0-0.5 0.0 0.5 1.0 1.5 2.0 United Development 18.13 0.72% 6.85 Kuwait Exchange (1d % change) Kuwait Exchange GGMC KK IFAHR KK SGC KK POULT KK KCLINIC KK ALAMAN KK FIRSTDUBKK SALBOOKHKK KSHC KK MANAZEL KK -6.3-6.3-7.1-7.9-8.3 6.4 7.4 7.9 8.1 8.2 (KWd fil) KWd bn Combined Group 1320.00 3.13% 3.99 Gulf Finance House 47.00 5.62% 2.83 International Resorts 55.00 5.77% 1.79 Ithmaar Bank 43.00 6.17% 1.31-15.0-10.0-5.0 0.0 5.0 10.0 Manazel Holding 33.00 8.20% 1.16 Egypt Exchange (1d % change) Egypt Exchange CCAP NSGB ACGC GMCI AIND UEGC ETEL COMI EL EKHO EY -1.1-1.5-1.7-1.7-1.9 0.9 0.9 1.2 1.3 1.9 Telecom Egypt EFG Hermes Orascom Tele Media Orascom Construction (EGP) EGP mn 12.40 0.90% 120.68 10.60 0.00% 42.85 1.31 0.00% 30.02 264.16-0.19% 13.77-3.0-2.0-1.0 0.0 1.0 2.0 3.0 Orascom Telecom 3.09-0.96% 13.74 Page 6
Foreign Ownership Limits Allowed Owned Allowed Owned Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.98 SCIDC 15.00 1.80 Air Arabia 49.00 21.18 Al Khazna Ins. Co. 25.00 2.31 Sorouh Real Estate 15.00 11.40 Ajman Bank 49.00 1.90 Aldar Properties 40.00 11.20 Sudan Telecom 100.00 80.30 Arabtec Holdings 49.00 7.54 Bank of Sharjah 30.00 17.82 UAQ Cement 49.00 8.10 Aramex 49.00 35.45 Comm. Bank Intl 20.00 19.60 Union Cement 49.00 2.99 Drake & Scull Intl 49.00 17.99 Dana Gas 49.00 63.49 UNB 40.00 6.38 DFM 49.00 3.97 Eshraq Properties 49.00 27.60 United Arab Bank 49.00 45.07 Dubai Investments 20.00 3.78 Finance House 20.00 9.34 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.42 First Gulf Bank 25.00 13.83 Waha Capital 49.00 5.10 DNIR 25.00 0.06 Foodco Holding 0.00 1.43 Qatar Emaar 49.00 10.68 Green Crescent Ins. 25.00 16.66 Al Khaliji 24.96 23.87 Du 100.00 0.29 Gulf Cement Co. 49.00 18.70 Al Khalij Holding 24.86 3.59 Emirates NBD 5.00 1.89 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.81 GGICO 49.00 0.83 Gulf Medical Projects 49.00 8.59 CBQ 19.15 16.18 Gulf Navigation 20.00 2.91 JULPHAR 49.00 34.76 Doha Bank 18.83 6.86 National Cement Co. 25.00 1.02 Insurance House 25.00 0.67 Gulf Intl Services 17.50 9.01 TABREED 49.00 7.55 ASMAK 49.00 0.03 Industries Qatar 7.50 6.59 Shuaa Capital 49.00 18.58 Investbank 20.00 0.40 Masraf Al Rayan 49.00 15.36 TAKAFUL 25.00 17.38 METHAQ 25.00 18.53 National Leasing 25.00 11.71 Takaful House 25.00 3.30 NBAD 25.00 2.60 QEWS 25.00 7.83 Tamweel 40.00 4.47 RAK Bank 20.00 15.58 Qatar Gas Transport 24.69 10.80 Union Properties 15.00 3.60 NMDC 5.00 1.70 Qatar Insurance Co. 21.55 9.21 Abu Dhabi Qatar Telecom 100.00 87.26 QIIB 19.71 2.90 ADCB 49.00 7.03 RAK Properties 49.00 27.76 Qatar Islamic Bank 20.59 4.38 BILDCO 25.00 7.09 RAK Poultry & Feeding 49.00 14.94 Qatar National Bank 12.49 4.01 AD National Hotel 25.00 1.33 RAK Cement Co. 49.00 24.32 Qatar Navigation 25.00 6.29 ADNIC 25.00 0.09 RAK Ceramics 49.00 9.06 Qatar Telecom 100.00 22.04 AD Ship Building 25.00 4.39 RAK Co for White Cement 49.00 8.09 United Development 25.00 12.77 Agthia Group 25.00 9.06 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.91 Page 7
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.2367-1.09 1.2448 USDTRY 1.8568 +1.31 EURAED 4.5423-1.09 GBPUSD 1.5478-1.04 1.5457 USDEGP 6.0465 +0.06 GBPAED 5.6848-1.04 USDJPY 79.0700-0.53 78.4863 USDSAR 3.7503 -- JPYAED 0.0464 +0.43 USDCAD 1.0301 +0.78 1.0377 USDQAR 3.6421 +0.03 CADAED 3.5657-0.76 AUDUSD 0.9704-1.46 0.9460 USDKWD 0.2806 +0.14 AUDAED 3.5643-1.47 USDCHF 0.9710 +1.08 0.9593 USDBHD 0.3770 -- CHFAED 3.7825-1.09 EURGBP 0.7990-0.03 0.8053 USDOMR 0.3848-0.03 TRYAED 1.9782-1.30 USDCNY 6.3580 +0.16 6.3586 USDMAD 8.9160 +0.85 INRAED 0.0653-0.76 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.9688 1.5275 1.7088 1.9738 USD 2 yr 0.6160-0.7 USD LIBOR 0.2388 0.4669 0.7364 1.0692 USD 5 yr 1.0322-6.8 GBP LIBOR 0.6713 0.9944 1.3113 1.8378 USD 10 yr 1.7785-11.4 EURIBOR 0.3870 0.6710 0.9490 1.2370 EUR 2 yr 0.8700-3.5 JPY LIBOR 0.1443 0.1957 0.3359 0.5523 EUR 5 yr 1.1800-8.2 CHF LIBOR 0.0458 0.1008 0.1800 0.3878 EUR 10 yr 1.7080-12.5 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index - - ADGB 5.5 14 1.0730-5.1 Abu Dhabi 137.9 +2.4 Gold 1563.38 +0.53 DUGB 6.396 14 3.9550-3.5 Dubai 390.5 +10.5 Silver 27.90 +0.15 QATAR 5.15 14 1.7310-1.4 Qatar 137.9 +3.1 Oil (WTI) 87.82-3.24 BHRAIN 6.273 18 4.9490-0.1 Saudi Arabia 133.9 +1.6 Oil (Brent) 103.47-3.01 EGYPT 5.75 20 6.5780-6.8 Bahrain 361.8 +3.4 Aluminium 1967.75-0.53 TURKEY 7.25 15 3.6520 +3.8 Egypt 624.4 +6.0 Copper 7483.00-2.57 MOROC 5.375 17 3.7310-0.9 Turkey 287.4 +12.0 Tin (LME) 19777.00-2.15 BTUN 4.5 20 5.5250 +0.5 Morocco 263.5-1.1 Zinc (LME) 1887.00-1.23 US Tsy 2 yr 0.2657-2.4 US Tsy 10 yr 1.6220-12.3 Page 8
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Emirates NBD Research & Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Tim Fox Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com Research Khatija Haque Senior Economist +971 4 230 7801 khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research +971 4 230 7807 Mohammedie@emiratesnbd.com Nick Stadtmiller Head of Fixed Income Research +971 4 230 7804 nicholass@emiratesndb.com Aditya Pugalia Research Analyst +971 4 230 7802 adityap@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq +971 4 230 7777 sayeds@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 1 282 5625 attiyahn@emiratesnbd.com Singapore Sales Supriyakumar Sakhalkar +65 657 5627 sakhalkars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan +971 4 609 4113 ibrahims@emiratesnbd.com Claire Andrea +971 4 609 4143 clairea@emiratesnbd.com Page 10