Equity Daily MENA Equities The Tadawul continued its positive streak for the 11 th consecutive day in a broadbased rally. Al Rajhi Bank (+2.2%) jumped the most in seven weeks while Alinma Bank (+4.9%) reached its highest price in 23 months. Al Khodari Sons Co rallied +2.8% after announcing bonus shares and a cash dividend while Takween Advanced Industries gained 10% on recommending a cash dividend. Dar-Al Arkan (+2.2%) recovered after its statement post the market close last week clarified the issues about fraudlent activities raised in a website. The DFM index saw another day of profit booking led by market heavyweights Emaar Properties (-2.8%), Arabtec Holdings (-3.6%) and DFM (-2.8%). Tabreed (+14.1%) continues to defy broader market movements as the stock has rallied +226.6% ytd. Dubai Islamic Bank declined -1.3% after it reduced its dividend payout on advice of the UAE central bank. The ADX index remained in positive territory supported by First Gulf Bank (+4.7%) and the National Bank of Abu Dhabi (+2.2%). Daily 4 March 2012 MENA Equity Indices (1d % change) DFM -1.6% ADX 0.5% Tadawul DSM -0.1% KWSE 0.1% Bahrain Bourse -0.1% MSM 0.1% EGX 30 0.4% ISE 100 0.3% MADEX -0.3% TUSISE -0.7% 0.9% -2% -1% 0% 1% 2% MENA Equity Indices Last T.Value Best Best Div. % above Index 1d chg (USD mn) P/E P/B Yield 200d MA DFM 1,702-28.4 178.1 10.5 0.7 3.1 67.7 ADX 2,624 12.7 48.9 8.4 1.1 3.8 31.3 Tadawul 7,336 64.4-12.4 1.9 2.8 - ISE 100 60,902 176.5 566.3 9.6 1.4 2.5 56.9 EGX 30 5,370 20.1 77.3 8.4 1.2 3.3 73.3 Irfan Ellam Head of MENA Equity Research +971 4 230 7807 mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com KWSE 6,134 6.7 182.0 - - 3.1 29.6 Bahrain 1,148-0.7 0.7 - - 5.4 9.8 MSM 5,842 4.1 7.8 10.0 1.5 4.7 70.0 DSM 8,742-5.3 85.0 10.6 1.7 4.4 75.0 MADEX 9,343-24.9 3.0 13.7 2.6 3.6 46.4 TUSISE 4,754-31.3 4.5 14.7-2.0 57.1
Global Equities US stocks rose last week on improved data from the housing sector and jobs market and better-than-estimated monthly sales data from Gap and Ford Motors. Consumer and Financial stocks rose the most among the S&P 500 industry groups with each rising +1.4%. Ford Motors gained +4% while GM rallied +1.5%. JP Morgan (+6.1%) and Bank of America (+3.2%) led the gains among the banking stocks. European equities declined on Friday as Spain raised its budget deficit target for 2012, breaching its commitment with its European partners. Metro lost -2.9% as German retail sales data dropped in January. Commerzbank rose +1.2% after Goldman Sachs raised its rating on the bank. Emerging market equities rallied last week with the MSCI Emerging Market Index gaining +1.2% as macro economic data from the US and China boosted investor sentiments. Foreign investors bought USD 22.6bn of stocks in India, South Korea, Taiwan, Indonesia, Thailand and the Philippines in the first two months of 2012. Developed Market Equity Indices (1d % change) DJIA S&P 500 Nasdaq FTSE 100 Dax Cac 40 SMI Stoxx 600 Nikkei S&P / ASX 200-0.3% -0.4% -0.3% -0.3% 0.0% 0.0% 0.1% 0.3% 0.4% 0.7% -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 -0.3% 0.3% 0.4% 0.3% 0.2% 0.8% 0.7% 1.1% 0.8% 0.8% 1.1% 1.5% 1.4% 2.7% -1% 0% 1% 2% 3% Page 2
MENA News Flow Telecom Du build 4G/LTE network with Cisco Mobile Internet. (Bloomberg) Orascom Telecom Media and Technology shareholders approved the partial sale of its stake in Mobinil to France Telecom at their EGM. (Reuters) Banking & Finance Dubai Islamic Bank said in a statement that in accordance with UAE central bank advice, it will cut its dividend payment to AED 0.10 per share from AED 0.15 the bank proposed last month. (Bloomberg) Doha Bank is not considering becoming an Islamic lender. The bank is studying converting Islamic assets into commercial assets. (Bloomberg) Gulf Finance House returned to profit for the first time in three years as impairments declined. Profit for 2011 was USD 381,000 after a loss of USD 349mn last year. Impairments declined to USD 8.1mn from USD 255mn. (Bloomberg) Petrochemicals IPIC has signed an USD 850mn three-year syndicated loan, refinancing the USD 850mn, three-year loan it signed in February 2009 to fund the purchase of a 17.6% stake in Oil Search Ltd. (Reuters) Real Estate Al Hokair Group is planning to resume construction on its stalled Al Sahara Kingdom hotel and entertainment project in Dubailand in 2013. The Al Sahara Kingdom has been master planned over a 50mn sq ft area in Dubailand. (AB) Moody s upgraded the outlook for Aldar Properties from negative to positive, following its debt deal with the Abu Dhabi government. (AB) Al Khodari Sons Co announced plans to raise its capital by 25%. The company plans to issue one bonus share for every four held and also recommended paying a dividend of SAR 0.5 per share for 2H 2011. (Bloomberg) A five-star villa resort located on one of the man made islands on Nakheel s The World development is set to be canceled by Dubai s real estate regulator. Initially due to be completed in mid 2011, the Jasmine Garden beach resort on the Thailand island was one of many island developments on the man made archipelago The World impacted by Dubai's property market downturn. (AB) Transportation & Logistics Drydocks World plans to present on 8 March 2012 the terms to restructure USD 2.2bn of debt along with the steps required to implement the plan along with the associated timeline to all its syndicated lenders. It intends to complete the restructuring by July. (Bloomberg) Emirates Airlines will pay USD 1.6bn in the latest financial year because of higher fuel costs. (Bloomberg) Saudi Public Transport to spend SAR 103mn on new buses. (Bloomberg) Industrials Dubai-based Ducab reported a +39% y/y increase in sales to USD 1.3bn for 2011 and repaid USD 63.9mn debt. The company said sales to the utilities sector increased 25% while sales to the oil, gas and petrochemical sector jumped 250%. (AB) Dubai Electricity and Water Authority raised its budget by 5% to AED 13.2bn to increase spending on powerlines and infrastructure. The utility may sell bonds in 2013 depending on funding strategy and has no plans to offer securities this year. (Bloomberg) Takween Advanced Industries Co said it recommended paying a cash dividend of SAR 1.35 per share for 2011. (Bloomberg) Saudi Arabian Amiantit announced the establishment of PWT Saudi Arabia Ltd with a capital of SAR 500,000 to build, operate and maintain water, waste water and desalination plants. Amiantit s unit AmiWater owns 49% in the new company while the remaining 51% stake is owned by PWT of Germany. (Bloomberg) Bahrain s state-owned aluminum producer has asked a court to let it proceed with racketeering claims that it overpaid for raw materials because of bribes directed by Alcoa Inc, the largest US aluminum producer. (AB) Page 3
Other Shopping festivals helped hotels in Jeddah and Dubai register growth in revenues and profit during January, according to the latest HotStats survey by TRI Hospital Consulting. Occupancy levels in Jeddah went up by 11.6% to 75.5% and average room rate (ARR) increased by 15.2% to USD 217.43, boosting revenue per available room (RevPAR) by 35.2% to USD 164.04. Occupancy and ARR for the four and five star chain hotels in the Dubai increased by 4.5% and 9.9% to touch 87.7% and USD 327.41 respectively. (AB) U.S. pro-democracy activists charged with encouraging unrest in Egypt have left Cairo after courts there lifted a travel ban against them. (AB) Abu Dhabi Ports Company (ADPC) said that it would open Khalifa Port and the adjacent industrial zone Khalifa Industrial Zone Abu Dhabi (Kizad) for business in the fourth quarter of this year. (Gulf News) Page 4
Events Calendar Date Company / Country Event 4-Mar Taageer Finance Co SAOG Earnings Release 4-Mar National Packaging FAC Earnings Release 4-Mar Al-Salam Bank Earnings Release 4-Mar Qatar Telecom Qtel Q.S.C. Earnings Release 4-Mar Educational Holding Group Earnings Release 4-Mar IFA Hotels & Resorts KSCC Earnings Release 4-Mar Abyaar Real Estate Development Earnings Release 4-Mar Jordan Pipes Manufacturing Earnings Release 4-Mar Bank Al Etihad Earnings Release 4-Mar Jordan Hotel & Tourism Earnings Release 4-Mar Orascom Construction Industries Earnings Release 4-Mar General Lightweight Concrete Industries Earnings Release 4-Mar Travertine Co Ltd Earnings Release 4-Mar Investment House For Financial Services Earnings Release 4-Mar Ghabbour Auto Earnings Release 4-Mar Jordan Project Tourism Development Earnings Release 4-Mar Jordan Trade Facilities Co PLC Earnings Release 4-Mar Jordan International Trading Center Earnings Release 5-Mar Fujairah Building Industries PSC Earnings Release 5-Mar Alliance Insurance Co Earnings Release 5-Mar Commercial Bank International PSC Earnings Release 5-Mar Emirates Integrated Telecommunications Co Earnings Release 5-Mar Abu Dhabi Ship Building Co Earnings Release 5-Mar Ras Al Khaimah Ceramics Earnings Release 5-Mar Oman Agriculture Development Co Earnings Release 5-Mar Sohar Poultry Earnings Release 5-Mar Flexible Ind. Packages Earnings Release 5-Mar Muscat Thread Mills Co Earnings Release 5-Mar Taghleef Industries SAOG Earnings Release Page 5
5-Mar Kuwait International Bank Earnings Release 5-Mar City Group Co KSC Earnings Release 5-Mar UMM AL Qaiwain Cement Industries Co Earnings Release 5-Mar National Slaughter House K.S.C.C Earnings Release 5-Mar National Investments Co/Kuwait Earnings Release 5-Mar Afaq For Investment & Real Estate Development Earnings Release 5-Mar Arab Future Investment Co Earnings Release 5-Mar Arab Electrical Industries Earnings Release 5-Mar Jordan Duty Free Shops Co Earnings Release 5-Mar Al-Dawliya Hotels & Malls Earnings Release 5-Mar Arab Jordan Investment Bank Earnings Release 5-Mar Sallies Ltd Earnings Release 5-Mar Specialised Trading & Investment Earnings Release 5-Mar Amad Investment and Real Estate Development Co Earnings Release 5-Mar Industrial Commercial & AGR Earnings Release 5-Mar Middle East Pharmaceutical & Chemical Industries Co Ltd Earnings Release Page 6
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market SHUAA DB ARTC DB TAKAFULEDB TAMWEEL DB DARTAKAFDB GGICO DB SALAMA DB AMAN DB DNIR DB TABREED DB -3.1-3.6-3.8-4.8-7.4 0.5 0.8 1.8 4.2 14.9 Stock T. Value 1d % chg (AED) AED mn Tabreed 1.62 14.89% 153.29 Emaar Properties 3.07-2.85% 114.00 Arabtec Holdings 3.50-3.58% 109.16 DFM 1.04-2.80% 49.33-12.0-8.0-4.0 0.0 4.0 8.0 12.0 16.0 Tamweel 1.00-4.76% 32.45 Abu Dhabi Stock Market (1d % change) Abu Dhabi Stock Market WAHA DH WATANIA DH GCIC DH METHAQ DH RAKCEC DH BILDCO DH FGB DH INVESTB DH FOODCO DH UAB DH -5.8-6.7-6.8-7.4-8.8 4.7 4.7 5.9 8.4 10.0 Stock T. Value 1d % chg (AED) AED mn First Gulf Bank 21.10 4.71% 41.80 Aldar Properties 1.18-2.48% 39.99 Sorouh Real Estate 1.21-1.63% 26.18 Methaq Takaful 1.38-7.38% 16.31-12.0-8.0-4.0 0.0 4.0 8.0 12.0 Etisalat 9.43-0.53% 15.60 Tadawul (1d % change) Tadawul ARCCI AB TAPRCO AB ALKHLEEJAB SIDC AB SAAC AB -6.1 SAPTCO AB UCA AB ALLIANZ AB ENAYA AB TAKWEEN AB -1.6-2.0-2.4-3.5 7.4 9.9 10.0 10.0 10.0 Stock T. Value 1d % chg (SAR) SAR mn Alinma Bank 12.90 4.88% 1.40bn SABIC 101.50 0.00% 496.07 Saudi Kayan 17.15 2.69% 452.18 Mobile Telecom 8.35 3.73% 443.59-8.0-4.0 0.0 4.0 8.0 12.0 Dar Al Arkan 9.35 2.19% 433.84 Page 7
Major Market Movers Most Active by Value Qatar Stock Exchange (1d % change) Qatar Stock Exchange CBQK QNBK MARK NLCS DHBK QTEL QATI GISS UDCD KHCD -6.0-2.3-0.8-0.1-0.2 1.0 1.4 2.0 2.4 5.1 Stock T. Value 1d % chg (QAR) QAR mn Barwa Real Estate 30.55 0.16% 68.46 United Development 18.00 2.44% 67.12 Industries Qatar 141.40 0.28% 26.88 Doha Bank 61.50 0.99% 19.62-8.0-6.0-4.0-2.0 0.0 2.0 4.0 6.0 Masraf Al Rayan 26.50-0.75% 19.10 Kuwait Stock Exchange (1d % change) Kuwait Stock Exchange SANAM KK -6.2 MUNSHAATKK -6.9 GFH KK -6.9 KPAK KK -8.3 SOKOUK KK-8.6 GFC KK STRATEGIKK GIH KK AAYANRE KK KSHC KK 7.7 7.9 8.3 8.5 8.6 Stock T. Value 1d % chg (KWD fil) KWD mn Agility 420.00 0.00% 4.64bn Al Safat Energy 75.00 1.35% 3.61bn Abyaar Real Estate 47.50 4.40% 3.24bn Gulf Finance House 67.00-6.94% 2.69bn -10.0-5.0 0.0 5.0 10.0 Ekttitab Holdings 110.00 5.77% 1.98bn Egypt Stock Exchange (1d % change) Egypt Stock Exchange PRCL EY ELEC EC ESRS EC EGTS EC AIND EC NRPD EC OTMT EC HRHO EC SKPC EC UNIP EC -1.3-1.9-2.0-2.2-2.9 1.8 1.9 2.5 3.0 5.2 Stock T. Value 1d % chg (EGP) EGP mn TMG Holding 4.76-0.21% 60.63 Orascom Tele Media 1.60 1.91% 55.56 Mobinil 178.85 0.98% 49.77 Orascom Telecom 4.20 0.96% 37.56-5.0-3.0-1.0 1.0 3.0 5.0 7.0 9.0 Ezz Steel 8.04-1.95% 28.43 Page 8
Foreign Ownership Limits Stock Allowed Owned Stock Allowed Owned Stock Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.98 SCIDC 15.00 1.95 Air Arabia 49.00 20.81 Al Khazna Ins. Co. 25.00 0.80 Sorouh Real Estate 15.00 12.18 Ajman Bank 49.00 1.97 Aldar Properties 40.00 10.63 Sudan Telecom 100.00 80.42 Arabtec Holdings 49.00 7.80 Bank of Sharjah 30.00 17.36 UAQ Cement 49.00 8.23 Aramex 49.00 35.29 Comm. Bank Intl 20.00 19.60 Union Cement 49.00 3.02 Drake & Scull Intl 49.00 17.97 Dana Gas 49.00 62.77 UNB 40.00 6.32 DFM 49.00 4.01 Eshraq Properties 49.00 26.74 United Arab Bank 49.00 45.07 Dubai Investments 20.00 3.04 Finance House 20.00 9.33 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.16 First Gulf Bank 25.00 13.70 Waha Capital 49.00 4.96 DNIR 25.00 0.06 Foodco Holding 49.00 1.43 Qatar Emaar 49.00 9.47 Green Crescent Ins. 25.00 14.11 Al Khaliji 24.96 23.70 Du 22.00 0.34 Gulf Cement Co. 49.00 18.85 Al Khalij Holding 23.25 6.14 Emirates NBD 5.00 1.81 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.80 GGICO 49.00 0.90 Gulf Medical Projects 49.00 8.60 CBQ 19.15 17.07 Gulf Navigation 20.00 3.38 JULPHAR 49.00 31.00 Doha Bank 18.83 7.11 National Cement Co. 25.00 1.04 Insurance House 25.00 0.50 Gulf Intl Services 17.50 9.63 TABREED 49.00 5.98 ASMAK 49.00 0.04 Industries Qatar 7.50 6.59 Shuaa Capital 49.00 18.52 Investbank 20.00 0.41 Masraf Al Rayan 49.00 16.35 TAKAFUL 25.00 17.39 METHAQ 25.00 18.82 National Leasing 25.00 11.67 Takaful House 25.00 3.64 NBAD 25.00 2.54 QEWS 25.00 7.92 Tamweel 40.00 4.88 RAK Bank 20.00 15.50 Qatar Gas Transport 24.69 12.28 Union Properties 15.00 2.97 NMDC 5.00 1.47 Qatar Insurance Co. 17.89 9.04 Abu Dhabi Qatar Telecom 100.00 87.11 QIIB 19.71 2.75 ADCB 49.00 3.44 RAK Properties 49.00 27.52 Qatar Islamic Bank 20.59 4.58 BILDCO 25.00 7.09 RAK Poultry & Feeding 49.00 14.65 Qatar National Bank 11.36 4.06 AD National Hotel 25.00 1.34 RAK Cement Co. 49.00 21.70 Qatar Navigation 25.00 6.52 ADNIC 25.00 0.09 RAK Ceramics 49.00 9.65 Qatar Telecom 100.00 22.96 AD Ship Building 25.00 4.30 RAK Co for White Cement 49.00 3.87 United Development 25.00 20.52 Agthia Group 25.00 8.43 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.43 Page 9
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.3198-0.85 1.3240 USDTRY 1.7680 +0.82 EURAED 4.8482-0.84 GBPUSD 1.5835-0.76 1.5795 USDEGP 6.0313 +0.01 GBPAED 5.8149-0.78 USDJPY 81.8100 +0.85 81.3657 USDSAR 3.7502 -- JPYAED 0.0449-0.88 USDCAD 0.9893 +0.39 0.9981 USDQAR 3.6403-0.00 CADAED 3.7124-0.35 AUDUSD 1.0733-0.70 1.0309 USDKWD 0.2777 +0.05 AUDAED 3.9420-0.71 USDCHF 0.9142 +0.89 0.9082 USDBHD 0.3770 -- CHFAED 4.0163-0.93 EURGBP 0.8336-0.08 0.8383 USDOMR 0.3850 -- TRYAED 2.0774-0.81 USDCNY 6.2984-0.03 6.2982 USDMAD 8.4509 +0.67 INRAED 0.0742-0.67 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.9750 1.5362 1.7137 1.9862 USD 2 yr 0.5235-2.9 USD LIBOR 0.2428 0.4758 0.7453 1.0552 USD 5 yr 1.0950-4.2 GBP LIBOR 0.7276 1.0474 1.3722 1.8796 USD 10 yr 2.0595-5.5 EURIBOR 0.5320 0.9480 1.2540 1.5840 EUR 2 yr 1.0355-5.7 JPY LIBOR 0.1443 0.1957 0.3359 0.5537 EUR 5 yr 1.5130-4.2 CHF LIBOR 0.0658 0.0900 0.1500 0.3653 EUR 10 yr 2.2245-4.9 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 1.0650-0.5 Abu Dhabi 130.5 +0.5 Gold 1712.60-0.33 DUGB 6.396 14 4.4290-2.4 Dubai 380.0 -- Silver 34.79-1.96 QATAR 5.15 14 1.3080-4.4 Qatar 131.9 +1.8 Oil (WTI) 106.70-1.97 BHRAIN 6.273 18 5.0700-1.9 Saudi Arabia 132.0 +2.0 Oil (Brent) 123.65-2.02 EGYPT 5.75 20 6.8700-1.8 Bahrain 372.6-3.0 Aluminium 2285.75-1.15 TURKEY 7.25 15 3.4530-4.7 Egypt 610.0-2.4 Copper 8577.25-0.55 MOROC 5.375 17 4.1720-0.8 Turkey 229.8-2.9 Tin (LME) 23679.00-0.24 BTUN 4.5 20 5.5730-1.6 Morocco 242.5-1.5 Zinc (LME) 2097.25 +0.73 US Tsy 2 yr 0.2737-1.6 US Tsy 10 yr 1.9739-5.2 Page 10
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