Equity Daily MENA Equities The KWSE index (+0.2%) was the only exception on what was a negative day of trading for GCC equities as regional political developments dampened investor sentiment. The Bloomberg GCC 200 index declined -0.8%. The Tadawul (-1.5%) declined to its lowest close since mid-october with market heavyweights leading the decline. Sabic and Al Rajhi Bank declined -1.4% each while Samba dropped -2.4%. Daily 20 November 2012 UAE bourses traded weak with the DFM index dropping -1.4% to close at a seven week low while the ADX index declined -0.8%. Emaar Properties (-1.4%), Arabtec (-3.0%) and du (-1.8%) dragged the DFM index lower while declines in First Gulf Bank (-1.9%) and Etisalat (-0.7%) put pressure on the ADX index. Drake & Scull (-4.3%) remained under pressure after reporting poor 3Q 2012 earnings yesterday even as company said that Goldman Sachs bought warrants of the company with a notional value of AED 147mn. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE -1.4% -1.5% -1.2% -1.0% -0.8% -0.4% -0.3% -0.3% 0.0% 0.1% 0.2% -2% -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 1,579-22.0 39.0 10.2 0.7 4.0 0.1 29.0 ADX 2,660-21.2 29.1 8.4 1.2 4.6 0.7 33.3 Tadawul 6,666-98.8 1,447.1 12.1 1.7 3.7 0.1 32.5 ISE 100 70,607-183.1 1,533.3 11.2 1.6 2.2 0.7 52.0 EGX 30 5,414-64.6 50.2 10.7 0.9 5.7 0.2 56.7 Irfan Ellam Head of MENA Equity Research +971 4 230 7807 mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com KWSE 5,783 14.1 72.0 - - 3.4 1.7 32.0 Bahrain 1,043-10.8 2.9 - - 4.7 0.1 14.6 MSM 5,602-15.6 4.3 9.5 1.5 4.5 0.5 60.0 DSM 8,381 3.6 30.4 10.8 1.7 4.3 1.3 40.0 MADEX 7,904 7.9 6.3 14.1 2.7 4.5 0.9 31.7 TUSISE 4,875-19.8 3.7 - - 1.2 0.4 21.4 FTSE Dubai 1,744-21.1 49.4 - - 2.8 0.1 65.0
Global Equities. US equities rallied on better than expected housing sector data and on optimism over fiscal cliff talks. Apple rallied +7.2% on reports that the stock is undervalued after it has declined 28% from its high of USD 704. Tyson Food gained +11.0% after the company declared a special dividend and posted results that beat estimates. European equities rallied on optimism that an agreement will be reached in time to avoid the US "fiscal cliff'. HSBC gained +3.8% after the company said it held talks to sell its USD 9bn stake in Ping An Insurance Co. Nokia rallied +9.0% after the company said it received reports that its new Lumia 920 smartphone had sold out in many shops in Germany. Asian stocks are trading higher this morning tracking gains in the developed markets overnight. The MSCI Asia Pacific index was trading +0.5% 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 0.6% 1.7% 2.0% 2.2% 2.4% 2.5% 2.0% 2.2% 1.4% 2.9% 0% 1% 2% 3% 4% 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 -0.4% -0.9% -0.6% 0.0% -0.1% 0.0% 0.3% 0.2% 0.1% 0.5% 1.1% 1.1% 0.9% 1.9% -2% -1% 0% 1% 2% 3% Page 2
MENA News Flow Telecom Qatar Telecom is seeking a syndicated loan for about USD 1bn to refinance existing debt. (Bloomberg) Banking and Finance Aabar Investments agreed to sell its stake in Mercedes-Benz s Formula One racing team to Daimler for an undisclosed sum. (Bloomberg) EFG Hermes said 3Q 2012 net profit rose to EGP 44.5mn (+66.6% q/q and +42.8% y/y) as treasury and money-market operations boosted investment banking revenue. Investment banking revenue gained +18.0% y/y to EGP 176mn while treasury and money-market income more than tripled to EGP 41mn. (Bloomberg) Fitch affirmed Commercial Bank of Dubai's ratings at A- with stable outlook. (Bloomberg) Real Estate Nakheel sold plots in Palm Jumeirah and Jumeirah Village Circle developments in transactions valued at over AED 419mn. (Bloomberg) Construction & Building Materials Goldman Sachs bought warrants representing about 8.5% of the market value of Drake & Scull International. The warrants have a notional value equal to AED 147mn with a five-year maturity and can be exercised after two years. (Bloomberg) Energy & Utilities Taqa is said to have set terms on USD 2bn of loan the company is seeking with the facility being split between three and five year credit lines and will pay interest at 15 more than benchmark for the longer portion and 75bps more for the shorter. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 20-Nov Markaz Real Estate Fund Earnings Release 20-Nov Al-Qurain Petrochemicals Co Earnings Release 20-Nov Ikarus Petroleum Industries KSCC Earnings Release 20-Nov ALAFCO Aviation Lease and Finance Co Earnings Release 20-Nov Jeeran Holding Co SAKC Earnings Release 20-Nov Orascom Hotels & Development Earnings Release 20-Nov Egypt Aluminium Earnings Release 20-Nov Natural Gas & Mining Project Earnings Release 20-Nov Egypt for Poultry Earnings Release 20-Nov Egyptian Chemical Industries KIMA Earnings Release 20-Nov Oriental Weavers Earnings Release 20-Nov National Real Estate Bank for Development Earnings Release 20-Nov Dice Sport & Casual Wear Earnings Release 20-Nov Golden Textiles & Clothes Wool Earnings Release 20-Nov Minapharm Pharmaceuticals Earnings Release 20-Nov El Watany Bank of Egypt Earnings Release 20-Nov Delta Insurance Earnings Release 20-Nov Egyptian Financial & Industrial Co Earnings Release 20-Nov Misr Oils & Soap Earnings Release 21-Nov Omani Packaging Co Earnings Release 21-Nov Oman Chromite Earnings Release 21-Nov Flexible Ind. Packages Earnings Release 21-Nov Al Jazeera Steel Products Co Earnings Release 21-Nov Salalah Beach Resort SAOG Earnings Release 21-Nov Areej Vegetable Oils Earnings Release 21-Nov National Pharmaceutical Industries SAOG Earnings Release 21-Nov National Real Estate Development Earnings Release 21-Nov Oman Medical Projects Earnings Release 21-Nov Dhofar Poultry Earnings Release Page 4
21-Nov Oman Ceramic Com Earnings Release 21-Nov Oman International Marketing Earnings Release 21-Nov Oman Foods International SAOG Earnings Release 21-Nov Omani Europe Foods Industries Earnings Release 21-Nov Real Estate Trade Centers Co Earnings Release 21-Nov National Industries Co Earnings Release 21-Nov IFA Hotels & Resorts KSCC Earnings Release 21-Nov Kuwait National Cinema Co Earnings Release 21-Nov Assiut Islamic Trading Earnings Release 21-Nov Misr Kuwait Investment & Trading Co Earnings Release 21-Nov Suez Bags Earnings Release 21-Nov Suez Cement Co Earnings Release 21-Nov Eastern Tobacco Earnings Release 21-Nov Cairo Development and Investment Earnings Release 21-Nov Senurita Food Production Earnings Release 21-Nov Al Oroba Trading Mining and Supplying Earnings Release 21-Nov Misr Cement Co Earnings Release 21-Nov International Co for Fertilizers & Chemicals Earnings Release 21-Nov Ferchem Misr Co For Fertilizer & Chemicals Earnings Release 21-Nov Medical Union Pharmaceuticals Earnings Release 21-Nov Universal Unipack Earnings Release 21-Nov Paints & Chemical Industry Co Earnings Release 21-Nov Giza General Contracting & RE Inv Co Earnings Release 21-Nov Misr Beni Suef Cement Co Earnings Release 21-Nov B-Tech Earnings Release 21-Nov Egyptian International Pharma Ind Co Earnings Release 21-Nov North Cairo Flour Mills Earnings Release 21-Nov Cairo Investment & RE Development Earnings Release 21-Nov Olympic Group Financial Investments Earnings Release 21-Nov Golden Pyramids Plaza Earnings Release 21-Nov Alexandria National Co for Financial Inv Earnings Release 21-Nov Grand Investment Capital Earnings Release Page 5
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market AIRARABIDB GULFNAV DB DARTAKAFDB ARTC DB GGICO DB TABREED DB DSI DB TAMWEEL DB SALAMA DB SHUAA DB -2.0-2.6-2.9-3.0-3.7-4.1-4.3-4.9 0.6 1.8-6.0-4.0-2.0 0.0 2.0 4.0 Emaar Properties DSI Arabtec Holding Tabreed Tamweel (AED) AED mn 3.57-1.38% 39.15 0.71-4.27% 24.47 2.27-2.99% 16.54 1.17-4.10% 9.49 1.16-4.92% 9.04 Abu Dhabi Market (1d % change) METHAQ DH -2.8 SOROUH DH -3.2 BILDCO DH -3.3 DANA DH -4.9 RAKPROP DH -5.0 RAKCEC DH 3.5 UAB DH 3.6 ESHRAQ DH 6.8 GCIC DH 7.1 GMPC DH 8.6-6.0-4.0-2.0 0.0 2.0 4.0 6.0 8.0 10.0 Abu Dhabi Market (AED) AED mn Aldar Properties 1.24-2.36% 21.54 Sorouh RE 1.23-3.15% 17.60 FGB 10.25-1.91% 12.73 Etisalat 9.98-0.70% 8.47 Eshraq Properties 0.47 6.82% 8.45 Tadawul (1d % change) ALINMATOAB -4.5 GGCI AB -5.0 SAIC AB -5.5 ACE AB -6.0 ANAAM AB -6.2 EXTRA AB 2.4 SANAD AB 4.3 ALALAMIYAB 8.4 AMANA AB 9.9 SHIELD AB 10.0-10.0-5.0 0.0 5.0 10.0 15.0 Tadawul (SAR) SAR mn Sabic 88.75-1.39% 545.74 Alinma Bank 12.80-0.78% 223.50 Sanad Co-op 31.30 4.33% 215.49 Ace Arabia 173.00-5.98% 191.48 Alinma Tokio 94.75-4.53% 185.70 Page 6
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange MRDS KHCD MARK UDCD QTEL BRES DHBK KCBK QMLS QNNS QD -0.4 QD -0.4 QD -0.6 QD -0.6 QD -0.7 QD 0.4 QD 0.4 QD 0.5 QD 0.8 QD 2.1-1.0-0.5 0.0 0.5 1.0 1.5 2.0 2.5 (QAR) QAR mn QNB 131.80 0.15% 23.84 Industries Qatar 149.30 0.20% 17.01 Masraf Al Rayan 26.10-0.57% 12.39 QEWS 131.00 0.15% 11.07 Doha Bank 51.30 0.39% 10.13 Kuwait Exchange (1d % change) UGB KK -6.6 ALNAWADIKK -8.1 ALAQARIAKK -8.1 SAFWAN KK -8.5 UFIG KK -20.7 SALBOOKHKK 6.4 SECH KK 7.1 RKWC KK 7.2 KMEFIC KK 7.7 DANAH KK 7.7-25.0-20.0-15.0-10.0-5.0 0.0 5.0 10.0 Kuwait Exchange (KWd fil) KWd bn Gulf Investments 45.50 5.81% 1.93 Munshaat RE 62.00 3.33% 1.61 Abyaar RE 39.00 0.00% 1.12 Intl Finance Co 66.00 4.76% 1.04 Kuwait Remal RE 345.00-1.43% 1.02 Egypt Exchange (1d % change) Egypt Exchange CCAP DCRC ACGC WATP NRPD RAYA ORWE NSGB JUFO AMER EC -3.5 EC -3.8 EC -3.9 EC -4.0 EC -5.0 EC -5.2 EC 1.5 EC 1.7 EC 2.0 EC 6.2-6.0-4.0-2.0 0.0 2.0 4.0 6.0 8.0 (EGP) EGP mn Palm Hills 2.42-2.02% 41.69 CIB 36.92-0.49% 31.54 Orascom Construction 251.07-1.32% 26.75 Orascom Tele Media 0.57-1.72% 25.69 Amer Group 0.69 6.15% 17.27 Page 7
Foreign Ownership Limits Allowed Owned Allowed Owned Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.99 SCIDC 15.00 1.79 Air Arabia 49.00 21.83 Al Khazna Ins. Co. 25.00 2.26 Sorouh Real Estate 15.00 13.32 Ajman Bank 49.00 2.08 Aldar Properties 40.00 11.40 Sudan Telecom 100.00 80.20 Arabtec Holdings 49.00 7.84 Bank of Sharjah 30.00 18.99 UAQ Cement 49.00 16.38 Aramex 49.00 35.74 Comm. Bank Intl 49.00 43.08 Union Cement 49.00 3.03 Drake & Scull Intl 49.00 13.49 Dana Gas 49.00 63.90 UNB 40.00 6.68 DFM 49.00 4.20 Eshraq Properties 49.00 27.47 United Arab Bank 49.00 45.06 Dubai Investments 20.00 3.56 Finance House 20.00 9.38 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.43 First Gulf Bank 25.00 14.52 Waha Capital 49.00 5.01 DNIR 25.00 0.06 Foodco Holding 0.00 1.41 Qatar Emaar 49.00 12.80 Green Crescent Ins. 25.00 10.38 Al Khaliji 24.97 11.78 Du 100.00 0.24 Gulf Cement Co. 49.00 18.67 Al Khalij Holding 24.86 3.14 Emirates NBD 5.00 1.83 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.14 GGICO 49.00 0.74 Gulf Medical Projects 49.00 8.59 CBQ 19.15 15.24 Gulf Navigation 20.00 3.25 JULPHAR 49.00 34.61 Doha Bank 18.83 6.17 National Cement Co. 25.00 1.03 Insurance House 25.00 0.68 Gulf Intl Services 17.50 8.13 TABREED 49.00 6.34 ASMAK 49.00 0.03 Industries Qatar 12.25 6.59 Shuaa Capital 49.00 18.51 Investbank 20.00 0.55 Masraf Al Rayan 49.00 14.58 TAKAFUL 25.00 17.22 METHAQ 25.00 18.26 National Leasing 25.00 11.44 Takaful House 25.00 3.50 NBAD 25.00 2.40 QEWS 25.00 7.33 Tamweel 40.00 4.62 RAK Bank 20.00 15.81 Qatar Gas Transport 24.47 10.19 Union Properties 15.00 3.35 NMDC 5.00 1.79 Qatar Insurance Co. 22.28 8.48 Abu Dhabi Qatar Telecom 100.00 87.25 QIIB 19.71 2.70 ADCB 49.00 7.14 RAK Properties 49.00 26.77 Qatar Islamic Bank 20.59 3.96 BILDCO 25.00 7.37 RAK Poultry & Feeding 49.00 14.95 Qatar National Bank 12.49 3.99 AD National Hotel 25.00 1.28 RAK Cement Co. 49.00 24.63 Qatar Navigation 25.00 5.73 ADNIC 25.00 0.08 RAK Ceramics 49.00 10.95 Qatar Telecom 100.00 21.20 AD Ship Building 25.00 4.39 RAK Co for White Cement 49.00 14.50 United Development 25.00 12.85 Agthia Group 25.00 9.03 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.79 Page 8
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.2814 +0.56 1.2873 USDTRY 1.7977-0.13 EURAED 4.7063 +0.54 GBPUSD 1.5909 +0.16 1.5898 USDEGP 6.1003-0.00 GBPAED 5.8433 +0.17 USDJPY 81.4100 +0.11 81.0135 USDSAR 3.7502-0.01 JPYAED 0.0451-0.22 USDCAD 0.9963-0.49 1.0046 USDQAR 3.6411 -- CADAED 3.6867 +0.49 AUDUSD 1.0412 +0.71 1.0121 USDKWD 0.2822-0.11 AUDAED 3.8245 +0.70 USDCHF 0.9400-0.58 0.9330 USDBHD 0.3770 +0.00 CHFAED 3.9046 +0.50 EURGBP 0.8056 +0.41 0.8099 USDOMR 0.3850 +0.02 TRYAED 2.0432 +0.13 USDCNY 6.2348-0.01 6.2358 USDMAD 8.6648-0.49 INRAED 0.0669 +0.45 USDINR 55.0650-0.20 58.1650 USDTND 1.5887-0.40 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.7950 1.3000 1.4713 1.6250 USD 2 yr 0.3740-0.2 USD LIBOR 0.2075 0.3115 0.5280 0.8600 USD 5 yr 0.7750 2.7 GBP LIBOR 0.4963 0.5231 0.6838 1.0400 USD 10 yr 1.6590 3.0 EURIBOR 0.1080 0.1910 0.3540 0.5820 EUR 2 yr 0.3970 0.6 JPY LIBOR 0.1337 0.1886 0.3009 0.5137 EUR 5 yr 0.8590 1.6 CHF LIBOR 0.0040 0.0300 0.1164 0.3114 EUR 10 yr 1.6800 3.0 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index 475.85 ADGB 5.5 14 0.3900-2.0 Abu Dhabi 92.1-1.1 Gold 1731.70 +1.05 DUGB 6.396 14 2.4230-1.1 Dubai 250.0-4.5 Silver 33.12 +2.44 QATAR 5.15 14 0.5880 +11.3 Qatar 92.5 +0.1 Oil (WTI) 89.28 +3.01 BHRAIN 6.273 18 3.6960-0.2 Saudi Arabia 79.8-0.7 Oil (Brent) 111.70 +2.52 EGYPT 5.75 20 5.2620 +5.5 Bahrain 211.4 +0.8 Aluminium 1955.00 +1.28 TURKEY 7.25 15 1.8660 +0.5 Egypt 421.9-11.3 Copper 7793.00 +2.60 MOROC 5.375 17 3.3580 +0.6 Turkey 148.2-5.9 Tin (LME) 20855.00 +2.03 BTUN 4.5 20 5.0380-2.4 Morocco 245.0 +1.5 Zinc (LME) 1914.25 +1.16 US Tsy 2 yr 0.2419 +0.4 US Tsy 10 yr 1.6131 +3.3 Page 9
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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 11