Equity Daily MENA Equities It was a mixed day of trading for the GCC equity markets as the DFM index (+1.1%) and the Tadawul (+0.6%) extended gains while the KWSE index (-0.6%) and the MSM index (-0.2%) declined. However, overnight oil dropped -3.0% for the day and -5.6% from day's highs indicating weakness in regional markets when they open later this morning. The DFM index rallied to its highest close since 22 May led by market heavyweights Emaar Properties (+0.7%), Arabtec (+0.7%) and Drake & Scull (+2.1%). Aldar Properties (+0.9%) and Sorouh Real Estate (+1.0%) continued their rally, supporting the ADX index (+0.4%). The Tadawul extended its gains supported by gains in Sabic (+0.8%) and midcap stocks like Knowledge Economic City (+4.8%) and Dar Al Arkan (+2.1%). Daily 12 June 2012 Elsewhere, the EGX30 index (-1.7%) extended its declines as volumes remained low on concerns of a prolonged political instability. EFG Hermes (-5.1%) declined to levels seen at the start of 2012 as Planet IB continues to pursue its hostile takeover attempt, thereby putting the EFG Hermes deal with QInvest in some doubt. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30-1.7% ISE 100 MADEX TUSISE -0.6% -0.2% -0.2% 0.0% -0.5% 0.4% 0.6% 0.2% 0.4% 1.1% -2% -1% 0% 1% 2% 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 1,483 16.0 56.7 9.9 0.7 4.1 9.5 38.7 ADX 2,463 8.9 28.0 8.3 1.1 4.9 3.3 32.8 Tadawul 6,791 41.5 1,959.7 11.7 1.8 3.7 4.0 40.3 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 57,505 204.8 1,216.7 9.1 1.3 2.7 1.6 54.0 EGX 30 4,394-77.5 22.7 7.8 1.1 3.1 0.0 23.3 KWSE 6,072-38.5 70.2 - - 3.2 0.4 34.8 Bahrain 1,135-2.5 0.7 - - 5.4 0.7 22.0 MSM 5,744-13.2 3.2 9.7 1.4 4.2 0.4 66.7 Qatar Ex 8,315 14.0 30.2 10.2 1.7 4.5 1.1 60.0 MADEX 8,285-2.7 1.7 12.7 2.4 4.1 0.6 26.8 TUSISE 5,045-27.3 1.6 - - 1.7 0.3 55.4
Global Equities US equities declined as the announcement of bailout for the Spanish banks over the weekend was greeted with skepticism. Apple (-1.6%) decline after its announcement of updated MacBook laptops and new iphone features dell short of expectations. AK Steel lost -14.0% as Goldman Sachs said in a report that there is 'no relief in sight' for a drop in the metal. European equities pared their early session gains in the final hour of trading as Fitch downgraded Banco Santander and Banco Bilbao Vizcaya Argentario, highlighting that the weekend rescue deal may not contain the crisis. Volkswagen rallied +1.3% after the company said it has cleared an important hurdle toward buying the 50.1% of the Porsche sports car business that it does not already own. Asian equities are trading lower this morning tracking overnight weakness in the US equities. The MSCI Asia Pacific index was trading -0.9% at the time of writing. Developed Market Equity Indices (1d % change) DJIA -1.1% S&P 500-1.3% Nasdaq-1.7% FTSE 100-0.1% Dax 0.2% Cac 40-0.3% SMI 0.0% Stoxx 600 0.0% Nikkei 2.0% S&P / ASX 200 0.0% -2% -1% 0% 1% 2% 3% Emerging Market Equity Indices (1d % change) MEXBOL -0.8% KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa -0.8% TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng -0.1% -0.2% -0.3% -0.3% 0.0% 0.3% 0.5% 1.1% 1.1% 1.7% 1.7% 2.4% -1% 0% 1% 2% 3% Page 2
MENA News Flow Banking and Financials EFG Hermes has sought approval from the regulator to reduce its capital by cancelling treasury shares older than a year. (Bloomberg) Fitch affirmed Bank Al Jazira and Al Jazira Capital ratings at A- with outlook stable. The rating agency also affirmed Banque Saudi Fransi and Arab National Bank's ratings at A with outlook stable. (Bloomberg) Islamic Development Bank is meeting investors for a possible benchmark-sized sukuk sale. (Bloomberg) Kingdom Holding mandated Banque Saudi Fransi and Deutsche Bank to arrange a SAR-denominated bond sale. (Bloomberg) The Qatar Investment Authority owns more than 1% of France Telecom. (Bloomberg) Planet IB said it showed Egypt's regulator proof of the debt and equity commitments required for its possible bid to buy EFG Hermes. Planet IB said it plans to pay atleast EGP 13.5 a share for EFG Hermes, a 35% premium over yesterday's closing price. (Bloomberg) National Bank of Oman said its shareholders approved starting Islamic banking operations. The shareholders also approved increasing its capital to OMR 200mn from OMR 160mn. (Bloomberg) Petrochemicals & Fertilisers Advanced Petrochemical's Co board recommended SAR 1 as share dividend for 1H 2012. (Bloomberg) Real Estate Orascom Construction reported a 54% y/y drop in 1Q 2012 profit to EGP 567mn, missing analysts' estimates of EGP 716mn by 21%. The profit dropped because of lower operating margins and exclusion of Gavilon Group investment income in the quarter. (Bloomberg) Food & Retail Abdul Mohsen Al-Hokair Tourism and Development Co and MS Retail of Kuwait signed a memorandum of understanding to open BAROUE brand stores in Saudi Arabia. The agreement is valued at SAR 80mn. (Bloomberg) Other The UAE recorded fiscal surplus last year for the first time since 2008, according to the IMF. The surplus was AED 38.6bn or 2.9% of GDP. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 12-Jun Dhofar Power Co Earnings Release 12-Jun Orascom Hotels & Development Earnings Release 12-Jun Ismailia Misr Poultry Co Earnings Release 12-Jun Egyptian Satellites - NILESAT Earnings Release 12-Jun Nile Cotton Ginning Earnings Release 12-Jun Kuwait Business Town Real Estate Co Earnings Release 12-Jun Ferchem Misr Co For Fertilizer & Chemicals Earnings Release 12-Jun Kato Agriculture Development Co Earnings Release 12-Jun International Co for Fertilizers & Chemicals Earnings Release 12-Jun International Agricultural Products Earnings Release 12-Jun Alexandria Flour Mills Earnings Release 12-Jun Egyptian Real Estate Group Bearer Shares Earnings Release 12-Jun Reacap Financial Investments Earnings Release 12-Jun Wadi Kom Ombo Land Reclamation Earnings Release 12-Jun Misr Oils & Soap Earnings Release 12-Jun Ghana Commercial Bank Ltd Earnings Release 13-Jun Ras Al-Khaimah National Insurance Co Earnings Release 13-Jun AFIA International Co - Jordan Earnings Release 13-Jun Investment House For Financial Services Earnings Release 13-Jun Al-Dar National Real Estate Co Earnings Release 13-Jun Grand Real Estate Projects KSCC Earnings Release 13-Jun Amwal International Investment Co JSCC Earnings Release 13-Jun Egyptian for Developing Building Materials Earnings Release 13-Jun Arab Aluminum Co SAE Earnings Release 13-Jun Al Oroba Trading Mining and Supplying Earnings Release 13-Jun Pharaoh Tech for Control & Communication Systems Earnings Release 13-Jun Alkan Holding Earnings Release 13-Jun Direct Transport Co Earnings Release Page 4
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market CBD DB UPP DB DSI DB DIC DB AIRARABIDB GGICO DB DEYAAR DB TABREED DB TAMWEEL DB SALAMA DB -2.2-0.4 2.1 2.2 2.4 3.1 3.6 5.7 6.1 7.2 (AED) AED mn Tamweel 1.22 6.09% 55.64 Tabreed 1.29 5.74% 44.55 Emaar Properties 2.88 0.70% 22.46 Arabtec 2.87 0.70% 15.90-4.0-2.0 0.0 2.0 4.0 6.0 8.0 Union Properties 0.40-2.18% 12.44 Abu Dhabi Market (1d % change) Abu Dhabi Market ADCB SUDATEL DH RAKC DH RAKCC DH FH DH DH WAHA DH WATANIA DH NMDC DH AKIC DH UAB DH -1.9-2.0-2.4-2.7-3.2 3.6 5.2 5.3 9.1 10.0 (AED) AED mn Sorouh RE 1.06 0.95% 18.43 Aldar Properties 1.14 0.88% 17.57 FGB 8.40 0.48% 13.28 Etisalat 9.10 0.33% 11.34-5.0 0.0 5.0 10.0 15.0 Sharjah Islamic Bank 0.87 1.16% 10.09 Tadawul (1d % change) Tadawul SAVOLA AB SAUDIRE AB ALHOKAIRAB AICC AB AMANA AB APCO AB SLTCO AB ALTAYYARAB APPC AB ENAYA AB -6.0-1.2-1.2-1.3-1.6 5.1 5.1 5.2 6.8 9.9 Nama Chemicals Al Tayyar Sabic Knowledge Eco City (SAR) SAR mn 15.10 0.7% 646.9 61.00 5.2% 503.8 92.00 0.8% 484.0 15.20 4.8% 354.0-10.0-5.0 0.0 5.0 10.0 15.0 Dar Al Arkan 9.50 2.2% 323.4 Page 5
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange QEWS NLCS QIBK GISS QIIK QATI IQCD KCBK BRES DHBK -0.6-0.8-0.8-1.2-1.2 0.7 0.8 1.1 1.3 2.6 Industries Qatar Barwa RE Masraf Al Rayan QNB (QAR) QAR mn 134.10 0.8% 27.1 27.10 1.3% 14.2 27.05 0.2% 12.3 131.50-0.4% 10.3-2.0-1.0 0.0 1.0 2.0 3.0 DOHA bank 56.40 2.5% 8.2 Kuwait Exchange (1d % change) Kuwait Exchange ALIMTIAZKK IFAHR KK NIH KK KSHC KK SAFRE KK GFC KK AQAR KK FLEX KK AJWAN KK ADNC KK -11.9-7.6-8.2-8.8-9.3 5.6 5.9 6.0 7.7 8.8 (KWd fil) KWd bn Gulf Finance House 36.50-3.9% 3.6 Kuwait Remal RE 375.00 1.4% 1.5 Manazel Holding 31.00-7.5% 1.5 Yiaco Medical 440.00-2.2% 1.3-15.0-10.0-5.0 0.0 5.0 10.0 Kuwait Finance House 720.00-1.4% 0.9 Egypt Exchange (1d % change) Egypt Exchange UNIP OTMT TMGH GMCI EGTS ESRS PHDC HRHO EMOB NSGB -7.1-3.1-3.3-3.3-3.5-4.2-4.2-4.4-5.1 0.3 EFG Hermes Orascom Tele Media Orascom Telecom Palm Hills (EGP) EGP mn 10.00-5.1% 30.6 1.18-3.3% 28.0 2.92 0.0% 11.0 1.52-4.4% 10.2-8.0-6.0-4.0-2.0 0.0 2.0 Orascom Construction 244.24-1.5% 10.0 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 21.48 Al Khazna Ins. Co. 25.00 2.28 Sorouh Real Estate 15.00 11.37 Ajman Bank 49.00 1.91 Aldar Properties 40.00 11.13 Sudan Telecom 100.00 80.31 Arabtec Holdings 49.00 7.34 Bank of Sharjah 30.00 17.81 UAQ Cement 49.00 12.24 Aramex 49.00 35.46 Comm. Bank Intl 20.00 19.60 Union Cement 49.00 2.99 Drake & Scull Intl 49.00 17.63 Dana Gas 49.00 63.55 UNB 40.00 6.33 DFM 49.00 4.02 Eshraq Properties 49.00 27.60 United Arab Bank 49.00 45.07 Dubai Investments 20.00 3.74 Finance House 20.00 9.34 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.40 First Gulf Bank 25.00 13.80 Waha Capital 49.00 5.17 DNIR 25.00 0.06 Foodco Holding 0.00 1.43 Qatar Emaar 49.00 10.63 Green Crescent Ins. 25.00 17.11 Al Khaliji 24.96 18.94 Du 100.00 0.29 Gulf Cement Co. 49.00 18.70 Al Khalij Holding 24.86 3.59 Emirates NBD 5.00 1.91 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.83 GGICO 49.00 0.81 Gulf Medical Projects 49.00 8.59 CBQ 19.15 16.12 Gulf Navigation 20.00 2.94 JULPHAR 49.00 34.80 Doha Bank 18.83 6.82 National Cement Co. 25.00 1.03 Insurance House 25.00 0.67 Gulf Intl Services 17.50 8.92 TABREED 49.00 6.83 ASMAK 49.00 0.03 Industries Qatar 7.50 6.49 Shuaa Capital 49.00 18.61 Investbank 20.00 0.39 Masraf Al Rayan 49.00 15.30 TAKAFUL 25.00 17.34 METHAQ 25.00 17.98 National Leasing 25.00 11.92 Takaful House 25.00 3.42 NBAD 25.00 2.59 QEWS 25.00 7.81 Tamweel 40.00 4.52 RAK Bank 20.00 15.58 Qatar Gas Transport 24.69 10.80 Union Properties 15.00 3.61 NMDC 5.00 1.70 Qatar Insurance Co. 21.55 9.14 Abu Dhabi Qatar Telecom 100.00 87.26 QIIB 19.71 2.81 ADCB 49.00 7.04 RAK Properties 49.00 27.94 Qatar Islamic Bank 20.59 4.36 BILDCO 25.00 7.09 RAK Poultry & Feeding 49.00 14.92 Qatar National Bank 12.49 4.00 AD National Hotel 25.00 1.33 RAK Cement Co. 49.00 24.45 Qatar Navigation 25.00 6.26 ADNIC 25.00 0.09 RAK Ceramics 49.00 8.98 Qatar Telecom 100.00 21.96 AD Ship Building 25.00 4.38 RAK Co for White Cement 49.00 8.09 United Development 25.00 12.76 Agthia Group 25.00 9.11 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.95 Page 7
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.2482-0.28 1.2543 USDTRY 1.8307 +0.47 EURAED 4.5848-0.27 GBPUSD 1.5486 +0.08 1.5462 USDEGP 6.0386-0.01 GBPAED 5.6882 +0.09 USDJPY 79.4400-0.06 78.8825 USDSAR 3.7505 +0.00 JPYAED 0.0462 -- USDCAD 1.0317 +0.50 1.0386 USDQAR 3.6405 -- CADAED 3.5603-0.50 AUDUSD 0.9864-0.52 0.9597 USDKWD 0.2802-0.18 AUDAED 3.6230-0.54 USDCHF 0.9621 +0.26 0.9511 USDBHD 0.3770 +0.00 CHFAED 3.8175-0.27 EURGBP 0.8061-0.37 0.8113 USDOMR 0.3850 +0.17 TRYAED 2.0063-0.47 USDCNY 6.3692-0.02 6.3697 USDMAD 8.8498 +0.22 INRAED 0.0658-0.75 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.9688 1.5275 1.7113 1.9738 USD 2 yr 0.5705-0.9 USD LIBOR 0.2408 0.4679 0.7369 1.0702 USD 5 yr 0.9900-3.1 GBP LIBOR 0.6650 0.9906 1.3075 1.8340 USD 10 yr 1.7765-4.7 EURIBOR 0.3830 0.6610 0.9370 1.2220 EUR 2 yr 0.8690 0.3 JPY LIBOR 0.1443 0.1957 0.3359 0.5523 EUR 5 yr 1.2415-3.1 CHF LIBOR 0.0417 0.0917 0.1783 0.3862 EUR 10 yr 1.7625-4.3 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 0.9760-0.6 Abu Dhabi 135.2-3.0 Gold 1596.77 +0.21 DUGB 6.396 14 3.6620 +7.7 Dubai 365.0-10.0 Silver 28.57 +0.25 QATAR 5.15 14 1.5800-14.0 Qatar 134.8-3.7 Oil (WTI) 82.70-1.66 BHRAIN 6.273 18 4.9880 -- Saudi Arabia 134.4-2.0 Oil (Brent) 98.00-1.48 EGYPT 5.75 20 6.5950-6.5 Bahrain 363.7-3.2 Aluminium 1934.50-0.69 TURKEY 7.25 15 3.3750-8.4 Egypt 618.3-10.0 Copper 7408.00 +1.72 MOROC 5.375 17 3.6480-4.7 Turkey 264.9-4.3 Tin (LME) 19540.00-1.18 BTUN 4.5 20 5.5930 +4.1 Morocco 270.9-4.4 Zinc (LME) 1887.75 +1.31 US Tsy 2 yr 0.2659 -- US Tsy 10 yr 1.5860-4.9 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