tk Equity Daily MENA Equities It was a marginally positive day of trading for GCC equity markets as investors remained on the sidelines ahead of important triggers in developed markets. The Bloomberg GCC 200 index gained marginally +0.1%. The Tadawul (-0.4%) traded flat as investors exercised caution ahead of the weekend. Kingdom Holdings rallied +4.4% after the company announced a SAR 550mn hospital expansion project. UAE bourses traded mixed with the ADX index gaining +0.2% while the DFM index dropping -0.3%. The DFM index continues to trade in a tight range even as volumes dropped to the lowest level since end July 2012. Drake & Scull (-1.4%) and Arabtec Holding (-0.4%) declined on the DFM index while gains in First Gulf Bank (+0.5%) and ADCB (+1.2%) helped the ADX index close in positive territory. Daily 6 September 2012 The KWSE index (+0.3%) gained on the back of rally in small cap stocks even as market heavyweights underperform the index. Ithmaar Bank (+2.0%) and Commercial Real Estate (+4.2%) rallied while National Bank of Kuwait (-1.0%) and Zain (-1.1%) declined. MENA Equity Indices (1d % change) DFM ADX -0.3% 0.2% Tadawul 0.0% Qatar Exchange -0.2% KWSE 0.3% Bahrain Bourse 0.2% MSM 0.0% EGX 30-0.6% ISE 100 1.0% MADEX -0.5% TUSISE -0.1% -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 1,550-4.0 11.7 10.2 0.7 4.1 0.4 61.3 ADX 2,556 3.9 16.9 8.4 1.1 4.8 0.8 34.3 Tadawul 7,050-0.8 1,766.9 12.4 1.7 3.3 0.6 69.9 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 67,559 661.4 981.0 10.7 1.5 2.3 1.4 67.3 EGX 30 5,511-30.9 66.7 10.4 1.3 5.7 0.3 86.7 KWSE 5,910 18.2 59.4 - - 3.4 1.4 34.5 Bahrain 1,072 1.9 1.0 - - 4.6-17.1 MSM 5,536 2.2 7.4 9.7 1.4 4.5 0.6 66.7 Qatar Ex 8,450-19.8 44.1 10.7 1.7 4.4 0.2 70.0 MADEX 8,098-40.5 4.6 13.4 2.4 4.2 0.9 36.7 TUSISE 5,204-5.7 3.1 - - 1.1 0.7 53.6
Global Equities US equities pared early session gains to close marginally lower as investors await for news on the B plan. FedEx declined -2.0% after the company lowered its profit for the quarter that ended 31 August. Facebook rallied +4.8% after Mark Zuckerberg said he will not start selling his holdings for at least a year. European equities traded flat as investors exercised caution ahead of the B meeting today. BP declined -2.9% after the US Department of Justice reiterated it will pursue charges of gross negligence for the worst US oil spill two years ago. Nokia declined -13.0% after the company unveiled two smartphones that disappointed investors. Asian equities are trading flat as investors remain cautious ahead of the B announcement later today. Sharp Corp declined -5.7% after its short term ratings were cut to junk at Moody s. Developed Market Equity Indices (1d % change) DJIA S&P 500 Nasdaq FTSE 100 Dax Cac 40 SMI Stoxx 600 Nikkei S&P / ASX 200-1.1% -0.1% -0.2% -0.3% -0.6% 0.1% 0.5% 0.2% 0.0% 1.0% -2% -1% 0% 1% 2% Emerging Market Equity Indices (1d % change) MEXBOL KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa TWSE KSE 100 Nifty Sensex KOSPI -1.7% SHCOMP Hang Seng -1.5% -1.0% -0.8% -0.7% -0.8% -1.1% -0.6% -0.9% -0.7% -0.3% -0.3% 0.1% 1.1% -2% -1% 0% 1% 2% Page 2
MENA News Flow Petrochemicals & Fertilisers Saudi Arabian Oil Co plans to spend USD 3bn to upgrade its Riyadh, Ras Tanura and Yanbu refineries. (Bloomberg) Banking & Financials Kingdom Holding said it plans to expand Kingdom Hospital in a project valued at SAR 550mn. The expansion will be carried out over three years to meet increasing demand in the healthcare industry. (Bloomberg) Qatar National Bank must make a tender offer with the Egyptian Financial Supervisory Authority for National Societe Generale Bank within 60 days of its expression of interest announced on 30 August. If the offer is not made or QNB withdraws interest, the law stipulates preventing the potential buyer from making further bids for six months. (Bloomberg) Industrials El Sewedy Electric said it signed an agreement to sell cables valued at USD 56mn to Iraq s electricity ministry over one year from the signing date. (Bloomberg) Al Habtoor Group is considering an initial public offering in Dubai. (Bloomberg) Transportation & Logistics The number of passengers passing through Dubai Airports increased to 5.01mn in July compared to 4.72mn a year earlier. Cargo volumes increased 6.2% y/y in July. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 6-Sep Al-Fajar Al-Alamia Co Earnings Release 6-Sep Oman Flour Mills Co SAOG Earnings Release 6-Sep Oman Agriculture Development Co Earnings Release 6-Sep Wadi Kom Ombo Land Reclamation Earnings Release 6-Sep Nile Pharmaceuticals Earnings Release 6-Sep Jeeran Holding Co SAKC Earnings Release 6-Sep Nile Cotton Ginning Earnings Release 6-Sep Orascom Construction Industries Earnings Release 6-Sep Egyptians Abroad Inv & Development Earnings Release 6-Sep Mena Touristic & Real Estate Investment Earnings Release 6-Sep Rowad Tourism Co Earnings Release 6-Sep Sinai Cement Earnings Release 6-Sep Egyptians Housing Development & Reconstruction Earnings Release 6-Sep El Obour Real Estate Investment Earnings Release 6-Sep Glaxo Smith Kline Earnings Release 6-Sep Nozha International Hospital Earnings Release 6-Sep El Shams Pyramids For Hotels & Touristic Projects Earnings Release 6-Sep Egyptian Starch & Glucose Earnings Release 6-Sep Mansoura Poultry Earnings Release 6-Sep Alexandria New Medical Center Co Earnings Release 6-Sep Egyptian Gulf Bank Earnings Release 6-Sep Arab Real Estate Investment Earnings Release 6-Sep TransOceans Tours Earnings Release 6-Sep Bisco Misr Earnings Release 6-Sep Golden Textiles & Clothes Wool Earnings Release 6-Sep Zahraa El Maadi Investment & Development Co SAE Earnings Release Page 4
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) ARMX DB -1.1 GULFNAV DB -1.2 UPP DB -1.3 DSI DB -1.4 SHUAA DB -5.8 AIRARABIDB 0.2 DIN DB 0.8 CBD DB 1.1 SALAMA DB 1.3 AJMANBANDB 1.6-8.0-6.0-4.0-2.0 0.0 2.0 Dubai Financial Market (AED) AED mn Emaar Properties 3.30 0.00% 16.28 Du 3.49-0.29% 5.14 DSI 0.86-1.37% 4.71 Dubai Islamic Bank 1.94 0.00% 3.69 Air Arabia 0.64 0.15% 2.62 Abu Dhabi Market (1d % change) RAKC DH -0.9 INVESTB DH -1.1 ARKAN DH -1.3 NBS DH -2.2 GCIC DH -3.5 ADCB DH 1.2 DANA DH 2.6 RAKPROP DH 2.9 ESHRAQ DH 3.5 CBI DH 9.5-5.0 0.0 5.0 10.0 15.0 Abu Dhabi Market (AED) AED mn Union National Bank 3.14-0.32% 13.92 Etisalat 9.51-0.11% 10.14 Aldar Properties 1.20 0.84% 9.04 FGB 9.45 0.53% 8.75 NBAD 8.46 0.00% 4.82 Tadawul (1d % change) Tadawul BJAZ AB -1.8 BUDGET AB -1.9 SANAD AB -2.8 ABDICO AB -3.3 GGCI AB -4.1 KINGDOM AB 4.4 ALSORAYAAB 4.6 SAICO AB 7.6 ALALAMIYAB 9.8 ACIG AB 10.1-6.0-1.0 4.0 9.0 14.0 Sabic Saudi Enaya Gulf General Co-op Dar Al Arkan Saudi Integrated Tele (SAR) SAR mn 89.00 0.00% 544.20 59.00-0.84% 440.88 64.50-4.09% 426.83 9.95 0.51% 271.02 31.50 0.64% 248.75 Page 5
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange NLCS CBQK QEWS MERS GISS QMLS QATI QNBK KCBK QNNS QD -0.6 QD -1.0 QD -1.0 QD -1.1 QD -1.1 QD -1.2 QD -1.3 QD 0.1 QD 0.3 QD 0.8-1.5-1.0-0.5 0.0 0.5 1.0 Barwa RE CBQ Qatar Meat & Livestock National Leasing Masraf Al Rayan (QAR) QAR mn 29.10-0.51% 47.97 71.70-0.97% 23.15 66.70-1.19% 13.76 48.45-0.62% 9.58 27.05-0.18% 9.29 Kuwait Exchange (1d % change) SANAM KK -3.5 RKWC KK -3.6 INJAZZATKK -3.6 KINS KK -6.2 PEARL KK -6.7 GGMC KK 5.3 AGHC KK 5.5 GNAHC KK 6.0 IPG KK 6.5 NIH KK 7.4-10.0-5.0 0.0 5.0 10.0 Kuwait Exchange (KWd fil) KWd bn NMTC 2560.00 0.00% 2.10 Al Salam Group 250.00 1.63% 1.52 Aviation Lease 310.00 1.64% 1.23 Ithmaar Bank 51.00 2.00% 0.89 Mobile Telecom 690.00-1.43% 0.87 Egypt Exchange (1d % change) Egypt Exchange PIOH MOIL TMGH AIND WATP SWDY ACGC EFIC ELKA DCRC -1.5-1.6-1.7-1.8-3.0 0.5 1.0 1.8 2.2 2.6-4.0-3.0-2.0-1.0 0.0 1.0 2.0 3.0 Orascom Construction EFG Hermes Orascom Telecom CIB Palm Hills (EGP) EGP mn 284.15 0.04% 76.28 12.62-0.24% 44.03 3.69-1.34% 38.71 31.42-0.79% 38.53 2.51-0.40% 21.64 Page 6
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 22.13 Al Khazna Ins. Co. 25.00 2.25 Sorouh Real Estate 15.00 12.52 Ajman Bank 49.00 1.86 Aldar Properties 40.00 11.45 Sudan Telecom 100.00 80.23 Arabtec Holdings 49.00 7.80 Bank of Sharjah 30.00 18.99 UAQ Cement 49.00 12.22 Aramex 49.00 35.63 Comm. Bank Intl 49.00 43.08 Union Cement 49.00 3.00 Drake & Scull Intl 49.00 17.32 Dana Gas 49.00 63.60 UNB 40.00 6.50 DFM 49.00 4.19 Eshraq Properties 49.00 27.59 United Arab Bank 49.00 45.06 Dubai Investments 20.00 3.72 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 14.20 Waha Capital 49.00 5.40 DNIR 25.00 0.06 Foodco Holding 0.00 1.43 Qatar Emaar 49.00 12.13 Green Crescent Ins. 25.00 17.11 Al Khaliji 24.97 11.99 Du 100.00 0.26 Gulf Cement Co. 49.00 18.71 Al Khalij Holding 24.86 3.17 Emirates NBD 5.00 1.82 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.60 GGICO 49.00 0.75 Gulf Medical Projects 49.00 8.59 CBQ 19.15 15.94 Gulf Navigation 20.00 3.32 JULPHAR 49.00 34.62 Doha Bank 18.83 6.46 National Cement Co. 25.00 1.03 Insurance House 25.00 0.67 Gulf Intl Services 17.50 8.85 TABREED 49.00 7.01 ASMAK 49.00 0.03 Industries Qatar 12.25 6.47 Shuaa Capital 49.00 18.67 Investbank 20.00 0.46 Masraf Al Rayan 49.00 15.12 TAKAFUL 25.00 17.23 METHAQ 25.00 18.72 National Leasing 25.00 12.58 Takaful House 25.00 3.21 NBAD 25.00 2.57 QEWS 25.00 7.60 Tamweel 40.00 4.71 RAK Bank 20.00 15.72 Qatar Gas Transport 24.47 10.58 Union Properties 15.00 3.40 NMDC 5.00 1.84 Qatar Insurance Co. 22.28 8.76 Abu Dhabi Qatar Telecom 100.00 87.37 QIIB 19.71 2.71 ADCB 49.00 7.06 RAK Properties 49.00 27.62 Qatar Islamic Bank 20.59 4.10 BILDCO 25.00 7.16 RAK Poultry & Feeding 49.00 14.93 Qatar National Bank 12.49 3.94 AD National Hotel 25.00 1.35 RAK Cement Co. 49.00 24.48 Qatar Navigation 25.00 5.70 ADNIC 25.00 0.08 RAK Ceramics 49.00 11.13 Qatar Telecom 100.00 21.39 AD Ship Building 25.00 4.39 RAK Co for White Cement 49.00 14.51 United Development 25.00 12.97 Agthia Group 25.00 8.92 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.87 Page 7
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.2601 +0.28 1.2663 USDTRY 1.8187-0.15 EURAED 4.6279 +0.27 GBPUSD 1.5902 +0.20 1.5890 USDEGP 6.0965-0.14 GBPAED 5.8409 +0.20 USDJPY 78.3900-0.05 78.0120 USDSAR 3.7503 +0.00 JPYAED 0.0468 -- USDCAD 0.9905 +0.47 1.0001 USDQAR 3.6411 -- CADAED 3.7083-0.46 AUDUSD 1.0193-0.31 0.9901 USDKWD 0.2820 +0.00 AUDAED 3.7435-0.32 USDCHF 0.9557-0.02 0.9468 USDBHD 0.3770 -- CHFAED 3.8432 +0.02 EURGBP 0.7923 +0.07 0.7968 USDOMR 0.3845 +0.01 TRYAED 2.0195 +0.15 USDCNY 6.3492 +0.03 6.3501 USDMAD 8.7787-0.23 INRAED 0.0657-0.45 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.7975 1.3050 1.4725 1.6213 USD 2 yr 0.4025 0.7 USD LIBOR 0.2280 0.4099 0.7007 1.0265 USD 5 yr 0.7900 1.0 GBP LIBOR 0.5294 0.6769 0.9250 1.4034 USD 10 yr 1.6940 1.9 EURIBOR 0.1210 0.2690 0.5210 0.7820 EUR 2 yr 0.5060 0.3 JPY LIBOR 0.1409 0.1944 0.3294 0.5451 EUR 5 yr 0.9710 1.4 CHF LIBOR 0.0100 0.0460 0.1580 0.3594 EUR 10 yr 1.7770 3.2 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index 491.95 0.16 ADGB 5.5 14 0.7870-2.3 Abu Dhabi 110.0-0.7 Gold 1693.00-0.16 DUGB 6.396 14 2.6850-1.4 Dubai 300.0-7.7 Silver 32.26-0.27 QATAR 5.15 14 1.3020-1.9 Qatar 110.5-1.0 Oil (WTI) 95.36 +0.06 BHRAIN 6.273 18 4.0200-0.2 Saudi Arabia 99.9-0.6 Oil (Brent) 113.09-0.95 EGYPT 5.75 20 5.3990-0.5 Bahrain 287.5-11.2 Aluminium 1962.00 +1.87 TURKEY 7.25 15 2.2860 +0.3 Egypt 475.1-10.1 Copper 7731.00 +1.31 MOROC 5.375 17 3.2930-1.5 Turkey 169.8-5.7 Tin (LME) 19691.00 +0.39 BTUN 4.5 20 5.1640 -- Morocco 225.0-3.9 Zinc (LME) 1867.25 +0.74 US Tsy 2 yr 0.2342 +0.4 US Tsy 10 yr 1.5960 +2.4 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