Equity Daily MENA Equities It was a mixed day of trading for the GCC equity markets with the Bloomberg GCC 200 index () closing marginally lower. The DFM index declined for a third consecutive trading session led by real estate and construction stocks. Emaar Properties and Drake & Scull declined -1.5% and -2.4% respectively. Aldar Properties (-2.5%) and Sorouh Real Estate (-1.0%) along with First Gulf Bank (-2.5%) and National Bank of Abu Dhabi (-0.8%) dragged the ADX index (-0.6%) lower. Daily 29 August 2012 The Tadawul pared its early session gains to close flat as gains in the cement sector stocks were offset by declines in the petrochemical stocks. Sothern Province Cement and Yamamah Saudi Cement rallied +1.9% and +1.3% respectively while National Industrialization and SAFCO lost -0.9% each. Elsewhere, the KWSE index (+0.9%) rallied for an eighth session in the last nine trading sessions. Volumes, too, spiked to their highest in four months. Wataniya rallied +0.8% to KWD 2.56, still below the KWD 2.6 offer price of Qatar Telecom. International Advisors (+1.3%) and Inovest (+2.3%) were the other notable gainers. MENA Equity Indices (1d % change) DFM -0.9% ADX -0.6% Tadawul 0.0% Qatar Exchange -0.2% KWSE 0.9% Bahrain Bourse 0.1% MSM -0.5% EGX 30 0.8% ISE 100 0.3% MADEX 0.2% TUSISE 0.0% -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 1,545-13.4 36.5 10.6 0.7 4.0 0.3 54.8 ADX 2,574-15.5 33.5 8.9 1.2 4.7 0.3 32.8 Tadawul 7,138 0.0 1,824.1 12.6 1.8 3.4 1.0 71.2 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 66,139 197.7 867.0 10.6 1.5 2.3 1.3 69.3 EGX 30 5,325 43.7 98.6 9.9 1.2 5.8 8.0 86.7 KWSE 5,839 52.3 81.5 - - 3.5 3.3 33.0 Bahrain 1,073 1.0 0.1 - - 4.7 0.3 17.1 MSM 5,490-25.2 5.0 9.6 1.4 4.6 0.3 60.0 Qatar Ex 8,484-14.6 60.4 10.8 1.7 4.4 0.4 75.0 MADEX 8,072 12.3 2.3 13.4 2.4 4.3 1.6 31.7 TUSISE 5,210-0.8 1.6 - - 1.2 0.8 51.8
Global Equities US equities closed marginally lower as investors continue to remain cautious ahead of Ben Bernanke's speech later this week. Nike rallied +2.5% after an analyst report suggested that the company gained market share during back-toschool shopping season. Molycorp gained +13.0% after ore separation began at its Moutain Pass mine in California. European equities declined as the Spanish region of Catalonia asked for a bailout from the central government. G4S dropped -2.0% after the company reported weak 1H 2012 earnings. Vestas Wind Systems rallied +19.0% after saying that the company has started talks with Mitsubishi Heavy Industries over possible co-operation. Asian equities are trading slightly higher this morning inline with movements seen in developed markets overnight. The MSCI Asia Pacific index was trading +0.2% 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% -0.9% -1.1% -0.7% -0.6% -0.2% 0.0% 0.1% 0.4% -2% -1% 0% 1% 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 -1.4% -0.4% -0.3% -0.3% 0.2% 0.1% 0.5% 0.4% -2% -1% 0% 1% 0.8% Page 2
MENA News Flow Petrochemicals & Fertilizers Aldrees Petroleum & Transport Services Co said it signed an agreement with ENOC to set up a joint venture to invest in fuel stations in Saudi Arabia. The initial capital investment is SAR 45mn and is shared equally with ENOC. (Bloomberg) Banking & Financials The Turkish unit of AlBaraka Banking Group plans to raise as much as USD 750mn through syndicated financing and an Islamic bond sale this year. (Bloomberg) Burgan Bank expects to complete its acquisition of Turkey s Eurobank Tekfen this year after which the company intends to explore other investment opportunities in Saudi Arabia, the UAE and Egypt. (Zawya) Beltone Capital bought 50% of Shams Industrial through a capital increase in a transaction that the company said is aimed at boosting market share and product range in Egypt. (Bloomberg) Real Estate The Dubai World tribunal ordered Nakheel to repay AED 57mn to an investor who used the money to reserve three islands on The World. (Zawya) Construction & Building Materials Abdullah Al Khodari won SAR 239.7mn Saudi Municipal Ministry contract. (Bloomberg) Industrials Ezz Steel has been cleared of monopoly by the Egyptian Competition Authority which investigated the company based on a request from the public prosecutor in 2011. (Bloomberg) Energy & Utilities Abu Dhabi National Energy Co and its partners in the Shuweihat S2 plant are planning to raise USD 800mn through a socalled project bond in October. The cash will be used to refinance existing bank loans and revenue from the plant will provide money to repay the bond. (Bloomberg) Transportation & Logistics A Dubai court sanctioned the USD 2.2bn debt restructuring of Drydocks World. The ruling by the special tribunal said 97.8% of the Drydock s creditors approved the restructuring. (Bloomberg) Saudi Arabia is spending more than SAR 2.8bn to expand the King Adbulaziz Port in Dammam. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 29-Aug Dhofar International Development & Investment Holding Co Earnings Release 29-Aug First Takaful Insurance Co Earnings Release 29-Aug Modern Shorouk Printing & Packaging Earnings Release 29-Aug South Valley Cement Earnings Release 29-Aug Acrow Misr Earnings Release 29-Aug Pharaoh Tech for Control & Communication Systems Earnings Release 29-Aug Samcrete Misr Earnings Release 30-Aug Oman Insurance Co PSC Earnings Release 30-Aug Oman Flour Mills Co SAOG Earnings Release 30-Aug Oman Agriculture Development Co Earnings Release 30-Aug Jeeran Holding Co SAKC Earnings Release 30-Aug Kuwait Medical Services Co KSCC Earnings Release 30-Aug Sinai Cement Earnings Release 30-Aug Egyptians Abroad Inv & Development Earnings Release 30-Aug Egyptian International Tourism Projects Earnings Release 30-Aug Rubex Plastics Earnings Release 30-Aug Tourah Portland Cement Co Earnings Release 30-Aug Golden Textiles & Clothes Wool Earnings Release 30-Aug Egyptians Housing Development & Reconstruction Earnings Release 30-Aug Bisco Misr Earnings Release 30-Aug TransOceans Tours Earnings Release 30-Aug Arab Real Estate Investment Earnings Release 30-Aug Egyptian Gulf Bank Earnings Release 30-Aug Alexandria New Medical Center Co Earnings Release 30-Aug Mansoura Poultry Earnings Release 30-Aug Egyptian Starch & Glucose Earnings Release 30-Aug El Shams Pyramids For Hotels & Touristic Earnings Release Page 4
Projects 30-Aug Sharkia National Food Earnings Release 30-Aug Nozha International Hospital Earnings Release 30-Aug Glaxo Smith Kline Earnings Release 30-Aug Zahraa El Maadi Investment & Development Co SAE Earnings Release 30-Aug El Obour Real Estate Investment Earnings Release 30-Aug Suez Bags Earnings Release 30-Aug Mena Touristic & Real Estate Investment Earnings Release 30-Aug Rowad Tourism Co Earnings Release 30-Aug Oman Insurance Co PSC Earnings Release Page 5
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) TAKAFULEDB ARTC DB DSI DB DEYAAR DB SALAMA DB CBD DB EMIRATESDB AJMANBANDB DIB DB DARTAKAFDB -1.9-2.1-2.4-3.6-4.9 0.4 1.0 1.0 1.0 1.3-6.0-5.0-4.0-3.0-2.0-1.0 0.0 1.0 2.0 Dubai Financial Market (AED) AED mn Emaar Properties 3.30-1.49% 50.91 DSI 0.87-2.36% 37.96 Tabreed 1.21-1.63% 5.99 Arabtec 2.75-2.14% 5.37 DIB 1.96 1.03% 4.42 Abu Dhabi Market (1d % change) RAKPROP DH -2.9 FH DH -3.3 GCIC DH -3.3 BOS DH -4.2 CBI DH -9.7 ETISALATDH 0.3 RAKCC DH 1.5 AGTHIA DH 2.0 WATANIA DH 7.5 EIC DH 8.3-15.0-10.0-5.0 0.0 5.0 10.0 Abu Dhabi Market (AED) AED mn CBI 0.93-9.71% 54.30 Aldar Properties 1.20-2.44% 18.71 Etisalat 9.52 0.32% 15.63 Sorouh RE 1.07-0.93% 7.42 FGB 9.61-2.54% 7.03 Tadawul (1d % change) Tadawul ALAHLIA AB -2.1 K AB -2.2 PETROR AB -2.4 ENAYA AB -2.6 ACE AB -7.9 AMANA AB 4.5 ARCCI AB 5.7 SPPC AB 6.3 ATC AB 9.8 GGCI AB 9.8-10.0-5.0 0.0 5.0 10.0 15.0 Alinma Tokio Alinma Bank Sabic Mobile Telecom Al Baha Dev (SAR) SAR mn 97.25 1.57% 531.78 13.70-0.36% 421.90 92.50 0.00% 372.64 12.45-0.80% 286.73 25.50 1.59% 211.70 Page 6
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange QATI QGTS GISS QEWS QTEL MERS QIBK UDCD NLCS QMLS -0.3-0.3-0.4-0.8-1.3-2.0 0.1 0.4 2.2 5.2-4.0-2.0 0.0 2.0 4.0 6.0 Qatar Meat & Livestock National Leasing Qatar Telecom Barwa RE CBQ (QAR) QAR mn 66.60 5.21% 89.59 47.00 2.17% 48.62 107.60-1.28% 18.48 28.15-0.18% 9.08 73.40-0.27% 8.51 Kuwait Exchange (1d % change) UFIG KK FTI KK ATC KK TAIBA KK -9.1 MUNTAZAHKK -9.1 WINS KK MARIN KK OSOUL KK GIH KK MANAZEL KK -5.0-5.7-6.7 7.3 7.7 8.3 8.3 8.8-10.0-5.0 0.0 5.0 10.0 Kuwait Exchange (KWd fil) KWd bn Gulf Finance House 40.00-2.44% 2.61 Intl Financial Advisors 40.50 1.25% 1.45 Hits Telecom 75.00 5.63% 1.29 Inovest 45.00 2.27% 1.20 Abyaar RE 45.00 3.45% 1.11 Egypt Exchange (1d % change) Egypt Exchange SKPC TMGH AMOC CCAP MOIL EGTS RAYA DCRC AMER EFIC -0.2-1.1-9.0 2.1 2.5 2.5 2.5 2.7 2.7 3.1-10.0-8.0-6.0-4.0-2.0 0.0 2.0 4.0 CIB Orascom Telecom Orascom Construction EFG Hermes Orascom Tele Media (EGP) EGP mn 30.08 1.90% 131.12 3.66 1.67% 101.97 278.65 0.93% 53.55 11.85 0.94% 44.89 0.58 0.00% 44.13 Page 7
Foreign Ownership Limits Allowed Owned Allowed Owned Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.98 SCIDC 15.00 1.79 Air Arabia 49.00 22.01 Al Khazna Ins. Co. 25.00 2.25 Sorouh Real Estate 15.00 12.10 Ajman Bank 49.00 1.88 Aldar Properties 40.00 11.46 Sudan Telecom 100.00 80.24 Arabtec Holdings 49.00 7.84 Bank of Sharjah 30.00 18.76 UAQ Cement 49.00 12.22 Aramex 49.00 35.60 Comm. Bank Intl 49.00 33.06 Union Cement 49.00 3.00 Drake & Scull Intl 49.00 17.91 Dana Gas 49.00 63.54 UNB 40.00 6.48 DFM 49.00 4.17 Eshraq Properties 49.00 27.59 United Arab Bank 49.00 45.06 Dubai Investments 20.00 3.65 Finance House 20.00 9.34 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.43 First Gulf Bank 25.00 14.19 Waha Capital 49.00 5.40 DNIR 25.00 0.06 Foodco Holding 0.00 1.43 Qatar Emaar 49.00 12.11 Green Crescent Ins. 25.00 17.12 Al Khaliji 24.97 11.99 Du 100.00 0.26 Gulf Cement Co. 49.00 18.71 Al Khalij Holding 24.86 3.08 Emirates NBD 5.00 1.82 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.62 GGICO 49.00 0.75 Gulf Medical Projects 49.00 8.59 CBQ 19.15 15.97 Gulf Navigation 20.00 3.31 JULPHAR 49.00 34.62 Doha Bank 18.83 6.52 National Cement Co. 25.00 1.03 Insurance House 25.00 0.67 Gulf Intl Services 17.50 8.90 TABREED 49.00 7.05 ASMAK 49.00 0.03 Industries Qatar 12.25 6.47 Shuaa Capital 49.00 18.67 Investbank 20.00 0.44 Masraf Al Rayan 49.00 15.12 TAKAFUL 25.00 17.14 METHAQ 25.00 18.16 National Leasing 25.00 12.55 Takaful House 25.00 3.25 NBAD 25.00 2.58 QEWS 25.00 7.57 Tamweel 40.00 4.67 RAK Bank 20.00 15.72 Qatar Gas Transport 24.47 10.57 Union Properties 15.00 3.39 NMDC 5.00 1.84 Qatar Insurance Co. 22.28 8.81 Abu Dhabi Qatar Telecom 100.00 87.37 QIIB 19.71 2.73 ADCB 49.00 7.03 RAK Properties 49.00 27.56 Qatar Islamic Bank 20.59 4.11 BILDCO 25.00 7.16 RAK Poultry & Feeding 49.00 14.93 Qatar National Bank 12.49 3.93 AD National Hotel 25.00 1.35 RAK Cement Co. 49.00 24.66 Qatar Navigation 25.00 5.74 ADNIC 25.00 0.08 RAK Ceramics 49.00 11.11 Qatar Telecom 100.00 21.38 AD Ship Building 25.00 4.39 RAK Co for White Cement 49.00 14.51 United Development 25.00 12.87 Agthia Group 25.00 8.97 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.89 Page 8
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.2565 +0.53 1.2629 USDTRY 1.8103 +0.38 EURAED 4.6153 +0.52 GBPUSD 1.5819 +0.16 1.5812 USDEGP 6.0856-0.07 GBPAED 5.8104 +0.16 USDJPY 78.5100-0.29 78.1225 USDSAR 3.7501 -- JPYAED 0.0468 +0.43 USDCAD 0.9882-0.25 0.9978 USDQAR 3.6411-0.01 CADAED 3.7165 +0.25 AUDUSD 1.0377 +0.08 1.0062 USDKWD 0.2821 +0.01 AUDAED 3.8118 +0.08 USDCHF 0.9558-0.53 0.9465 USDBHD 0.3770 -- CHFAED 3.8417 +0.50 EURGBP 0.7942 +0.36 0.7986 USDOMR 0.3845-0.09 TRYAED 2.0289-0.38 USDCNY 6.3531-0.06 6.3541 USDMAD 8.7991-0.38 INRAED 0.0660 +0.15 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.8013 1.3200 1.4875 1.6600 USD 2 yr 0.4370-1.3 USD LIBOR 0.2335 0.4228 0.7107 1.0350 USD 5 yr 0.8540-1.5 GBP LIBOR 0.5356 0.6869 0.9381 1.4140 USD 10 yr 1.7250-2.5 EURIBOR 0.1220 0.2900 0.5530 0.8250 EUR 2 yr 0.5260 0.3 JPY LIBOR 0.1409 0.1944 0.3294 0.5451 EUR 5 yr 0.9650-0.1 CHF LIBOR 0.0130 0.0480 0.1580 0.3624 EUR 10 yr 1.7210-2.6 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index 490.90-0.47 ADGB 5.5 14 0.8640 -- Abu Dhabi 113.2-0.3 Gold 1666.90 +0.17 DUGB 6.396 14 2.9000 -- Dubai 315.0-3.3 Silver 30.88 +0.53 QATAR 5.15 14 1.3650 -- Qatar 114.7-0.3 Oil (WTI) 96.33 +0.90 BHRAIN 6.273 18 4.1570 -- Saudi Arabia 110.8-0.3 Oil (Brent) 112.58-0.89 EGYPT 5.75 20 5.2920-2.4 Bahrain 307.5 +1.6 Aluminium 1890.75 +0.02 TURKEY 7.25 15 2.3390 +2.0 Egypt 487.0-12.5 Copper 7594.50-0.44 MOROC 5.375 17 3.3250-1.3 Turkey 180.5-0.9 Tin (LME) 20707.00-0.96 BTUN 4.5 20 5.1790 - Morocco 230.0 +1.3 Zinc (LME) 1849.75-0.48 US Tsy 2 yr 0.2637 +0.0 US Tsy 10 yr 1.6335-1.7 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