GCC MARKET INDICES GCC Markets Indices Close % DTD % YTD KSE Weighted Index 449 0.1% 7.5% KSE Price Index 7,174 0.5% 20.9% Tadawul All Share Index 7,124 0.0% 4.8% DFM Index 2,021 1.7% 24.6% ADX Index 3,188 1.1% 21.2% Bahrain All Share 1,086-0.2% 1.9% QE Index 8,535 1.1% 2.1% MSM30 Index 6,143 0.2% 6.6% LEVANT & NORTH AFRICA MARKETS INDICES Close % DTD % YTD Egypt - EGX30 5,237 0.4% -4.1% Egypt - EGX70 449-0.5% -5.9% Jordan - Amman Fr Flt Index 2,018-0.9% 3.1% Palestine - AlQuds Index 459-0.1% -3.9% Lebanon - BLOM Stk Index* 1,225-0.4% 4.8% Morocco - CASA All Share index* 9,179-0.9% -1.9% Tunisia - Tunisia Main Index* 4,568 0.3% -0.3% *Traded from Monday till Friday ECONOMIC CALENDAR Date Nature of Release Country/ Region Period Actual Est. 23 Apr Markit PMI US Apr 52.0 53.9 23 Apr House Price Index (MoM) US Feb 0.7% 0.7% 23 Apr New Home Sales (MoM) US Mar 1.5% 1.1% 23 Apr PMI Manufacturing Eurozone Apr 46.5 46.7 23 Apr PMI Manufacturing Germany Apr 47.9 49.0 23 Apr PMI Manufacturing France Apr 44.4 44.1 24 Apr Durable Goods Orders US Mar - -3.0% 24 Apr IFO Business Climate Germany Apr - 106.2 24 Apr Retail Sales (MoM) Italy Feb - -0.1% Source: Bloomberg EARNINGS CALENDAR Date Company Country Period Est. EPS* 24 Apr Jazeera Airways Kuwait Q1 2013-24 Apr Astra Industrial Group Saudi Q1 2013 0.900 24 Apr Saudi Dairy & Foodstuff Saudi Q1 2013 4.907 24 Apr Al Jouf Cement Saudi Q1 2013-24 Apr Abu Dhabi Comm. Bank UAE Q1 2013-24 Apr Mashreqbank UAE Q1 2013-24 Apr Qatar Electricity & Water Co Qatar Q1 2013 3.195 24 Apr Omani Qatari Telecom. Qatar Q1 2013 0.020 24 Apr Orascom Construction Inds. Egypt 2012 18.122 MARKET COMMENTARY/NEWS COMMENTARY US markets advanced on Tuesday, driven by upbeat economic data in the country. European markets edged higher on a positive Spanish bond auction and encouraging corporate earnings. Asian markets are trading higher on Wednesday, taking cues from developed markets. The UAE is seeking to enhance gasoline capacity to achieve self-sufficiency by 2014. Demand in the emirate exceeds 5 million tonnes, driven by high government subsidies. The UAE currently produces nearly 2.7 million tonnes of gasoline and imports the rest to meet domestic requirements. The emirate plans to double refining capacity at the Ruwais plant from 415,000 barrels per day currently, which is expected to cost around USD10bn. NEWS Kuwait Finance House reports 1Q13 results Kuwait Finance House s net profit increased 15% YoY to KWD23mn in 1Q13. Totals assets rose 5.3% YoY to KWD14.9bn during the same period. Gulf Bank posts 1Q13 results Kuwait-based Gulf Bank s net profit increased 7.7% YoY to KWD7.9mn in 1Q13. Total current assets declined 2.3% YoY to KWD3bn during the same period. Kuwait's Commercial Bank more than doubles 1Q13 net profit Commercial Bank of Kuwait reported a steep rise in first-quarter net profit of KWD0.8mn (USD2.8mn) in the first three months of the year compared to KWD0.3 in the same period a year ago, as the amount of non-performing loans fell. Kuwait's Mazaya Holding reschedules USD17.6m Islamic debt over 5 years Kuwait's Al Mazaya Holding Co. said it has signed an agreement with a local Islamic bank to reschedule the repayment of a KWD5mn (USD17.58mn) short-term debt over five years. Saudi Hotels & Resorts Company signs Murabaha facility with Riyadh Bank Saudi Hotels & Resorts Company signed a SAR50mn Murabaha facility with Riyadh Bank, which would be repaid in seven years. Saudi Automotive Services Company to sell shares in Industrialization & Energy Services Company Saudi Automotive Services Company is seeking to sell shares in Industrialization & Energy Services Company and use the proceeds for expansion of core activities. Etisalat Group posts 1Q13 results UAE-based Etisalat Group s revenue advanced 17% YoY to AED9.6bn in 1Q13. Aggregated subscribers base increased 15% YoY to 141 million during the same period. National Bank of Fujairah announces 1Q13 results UAE-based National Bank of Fujairah s net profit increased 40.6% YoY to AED90.7mn in 1Q13. Finance House posts 1Q13 results Abu Dhabi-based Finance House s net profit increased 18.3% YoY to AED25.8mn in 1Q13. National Bank of Abu Dhabi posts 1Q13 results National Bank of Abu Dhabi s net profit surged 35.5% YoY to AED1.4bn in 1Q13. Operating income increased 23.7% YoY to AED2.5bn during the same period. * Consensus estimates in local currency Source: Bloomberg 1
Commercial Bank International posts 1Q13 results UAE-based Commercial Bank International s net profit increased 6% YoY to AED70.1mn in 1Q13. Total assets advanced 12.8% to AED14.4bn compared to the end of 2012. QNB Group completes bond issuance QNB Group announced the successful completion of a USD1bn bond, issued under its Euro Medium Term Note (EMTN) program. The bond yields a coupon of 2.875% and would mature in seven years. Mazaya Qatar Real Estate Development Company reports 1Q13 results Mazaya Qatar Real Estate Development Company s net profit plunged 80.8% YoY to QAR2mn in 1Q13. Masraf Al Rayan announces 1Q13 results Qatar-based Masraf Al Rayan s net profit increased 13.3% YoY to QAR400mn in 1Q13. Total assets rose 8% YoY to QAR62.5bn during the same period. Barwa Bank announces 1Q13 results Qatar-based Barwa Bank s net profit surged 53% YoY to QAR156.7mn in 1Q13. Total income increased 36% YoY to QAR364mn during the same period. BBK announces 1Q13 results BBK s net profit increased 9% YoY to BHD13.1mn in 1Q13. Gulf Hotels Group posts 1Q13 results Bahrain-based Gulf Hotels Group s net profit remained almost flat at BHD2.9mn in 1Q13. 2
INTERNATIONAL INDICES US Indices Close % DTD % YTD P/E(x) DJ Average 14,719 1.0% 12.3% 15.0 NASDAQ Composite 3,269 1.1% 8.3% 13.1 S&P500 Comp. 1,579 1.0% 10.7% 16.6 European Indices FTSE 100 - UK 6,406 2.0% 8.6% 12.6 Extra DAX - Germany 7,658 2.4% 0.6% 12.5 CAC 40 - France 3,783 3.6% 3.9% 14.0 Asian Indices Bombay SE SENSEX -India 19,179 0.0% -1.3% 15.6 SSE Composite China 2,185-2.6% -3.7% 10.9 NIKKEI 225 INDEX- Japan 13,530-0.3% 30.2% 22.4 Hang Seng - Hong Kong 21,807-1.1% -3.8% 10.5 COMMODITY PRICE MOVEMENTS Commodities Market Close % DTD % QTD % YTD Gold ($/Oz) 1,412-0.9% -15.7% -15.7% Silver ($/Oz) 22.9-2.1% -24.4% -24.4% WTI Crude ($/bbl) 88.8 0.1% -8.6% -3.3% Nat Gas 1M Fut. ($/MMBTU) 4.2-0.6% 26.0% 26.0% CRB Spot Index 473-0.6% -1.5% -2.3% OPEC Grade Crude Oil ($/bl) 98 0.4% -8.5% -9.5% Copper ($/MT) 6,842-0.9% -8.9% -13.5% Zinc ($/MT) 1,843-0.1% -1.2% -10.1% Aluminium ($/MT) 1,868 0.1% -0.4% -8.5%, Bloomberg INTEREST RATE WATCH Interest Rates (%) 1M 3M 6M 12M LIBOR (USD) 0.200 0.276 0.431 0.711 Europe (EURIBOR) 0.118 0.207 0.320 0.520 KSA (SAIBOR) 0.644 0.983 1.014 1.120 UAE (EIBOR) 0.630 1.046 1.259 1.414 KUWAIT (KIBOR) 0.625 0.750 1.000 1.250 EGYPT (CAIBOR) 10.341 10.535 10.756 11.038 INTERNATIONAL NEWS US new home sales rebound New home sales in the US climbed 1.5% MoM to an annual rate of 417,000 in March from 411,000 in February. The market had expected a rise to 419,000. On an annual basis, new home sales surged 18.5% during the month (352,000 in March 2012). Eurozone private sector activity remains subdued Business activity in the Eurozone s private sector remained weak in April as demand continued to fall. The composite output index remained unchanged at 46.5 in April, while the market expected a decline to 46.3. UK s factory orders contract in March Factory orders in the UK slowed to the lowest level in almost a year and a half in April. The balance of the factory index declined to -25 from -15 in March, while the market estimated the index to rise to -13. UK s budget gap shrinks more than expected The UK s budget deficit narrowed more than expected in March, as a result of reduced spending across departments. The deficit decreased to GBP15.1bn from GBP16.7bn in March 2012. The market had forecasted a deficit of GBP15.5bn. Germany s private sector activity declines Germany s private sector contracted at the fastest pace in six months in April, with the flash composite output index falling to 48.8 from 50.6 in March. France s private sector contraction eases Private sector activity in France continued to contract in April, albeit at a slower rate than the previous month. The composite output index rose to 44.2 from 41.9 in March. France s business confidence deteriorates more than expected Business confidence in France declined more than estimated in April. The synthetic index fell to 88 from 91 (revised) in March. The market had forecasted the index to decline to 89 from the originally reported figure of 90 in March. Italy s consumer confidence improves Consumer confidence in Italy improved unexpectedly in April, with the related index increasing to 86.3 from 85.3 in March. The market expected the index to fall to 85. Italy s non-eu trade surplus grows Italy registered a steep rise in surplus from its merchandise trade with countries outside the European Union in March. The trade surplus with non-eu nations came in at EUR2.63bn, significantly higher than the EUR491mn recorded a year earlier. COMMODITIES NEWS Oil stays above USD89 ahead of U.S. inventory data U.S. crude settled above USD89 a barrel on Tuesday, with investors waiting for weekly oil inventory data from the U.S. government to help gauge the outlook for demand in the world's largest oil consumer. Light Sweet Crude Oil futures for delivery in June rose USD0.42 to close at USD89.18 a barrel on the NYMEX. Gold settles lower on weak manufacturing data from China Gold futures ended a three-day rally, settling lower Tuesday on poor manufacturing data from China and a strengthening dollar vis-à-vis a basket of major currencies. Gold futures for delivery in June fell USD12.40, or 0.9%, to close at USD1,408.80 an ounce on the NYMEX. 3
MENA MARKETS ACTIVE STOCKS Company Close* % DTD % YTD 52 wk High* 52 wk Low* P/E (x) P/B (x) Value Traded (USDmn) M.CAP (USDbn) Kuwait Mobile Telecommunications Co 740.0 1.4% -5.1% 850.0 650.0 11.3 1.6 19.9 11.2 Sokouk Holding Co KSCC 128.0 0.0% 39.1% 136.0 28.5 NA 1.2 11.6 0.2 Al Arabiya Real Estate Co KSCC 61.0-1.6% 71.8% 75.0 29.5 NA 0.5 8.4 0.1 Kuwait Finance House KSC 820.0-1.2% 1.2% 860.0 670.0 27.0 1.8 7.3 8.4 Al-Safat Energy Holding KSCC 59.0-1.7% 18.0% 87.0 44.5 NA 0.7 7.1 0.1 Saudi Arabia Saudi Basic Industries Corporation 91.3 0.0% 1.7% 104.0 84.8 11.4 1.9 129.8 73.0 Dar Al Arkan Real Estate Dev. 8.6 1.8% 4.2% 12.5 7.5 10.0 0.6 63.9 2.5 Mobile Telecommunications Co. 8.8 1.7% 11.4% 21.9 7.4 NA 1.3 53.8 2.5 Saudi Industrial Export Co 57.5 1.8% -22.8% 132.0 34.5 221.9 5.4 53.8 0.2 Alinma Bank 13.2 0.0% 2.3% 15.4 11.5 26.8 1.2 53.3 5.3 UAE Emaar Properties PJSC 5.4 1.3% 42.7% 5.7 2.7 15.4 1.0 19.0 8.9 Dubai Islamic Bank PJSC 2.6 2.0% 26.9% 2.6 1.9 8.2 0.9 17.8 2.6 Dubai Investment PJSC 1.2 3.6% 36.2% 1.2 0.7 12.9 0.5 13.4 1.1 Air Arabia PJSC 1.0 4.1% 14.4% 1.0 0.5 10.6 0.8 13.4 1.2 First Gulf Bank PJSC 15.4 2.3% 32.8% 15.4 7.7 10.9 1.7 12.8 12.6 Qatar Industries Qatar QSC 162.9 4.0% 15.5% 163.5 113.5 11.7 3.5 27.8 27.1 Qatari Investors Group QSC 23.5-1.1% 2.0% 27.1 18.1 19.2 1.5 5.7 0.8 Masraf Al Rayan QSC 24.9 0.9% 0.4% 27.5 24.0 12.4 2.1 4.7 5.1 Qatar Navigation QSC 60.3 0.7% -4.4% 70.5 55.2 8.3 0.6 4.6 1.9 Mazaya Qatar Real Estate Dev. 10.9-2.3% -0.5% 13.2 10.1 17.4 1.0 3.7 0.3 Oman HSBC Bank Oman SAOG 202.0 4.1% -1.9% 272.0 168.0 27.4 1.5 3.5 1.0 Bank Muscat SAOG 620.0 0.5% 7.6% 656.0 490.0 8.6 4.1 1.9 3.3 Gulf Investment Services Holding 144.0 4.3% 54.8% 163.0 63.0 15.9 1.3 1.4 0.0 Oman and Emirates Investment 142.0 10.1% 39.2% 159.0 99.0 7.3 1.1 1.1 0.0 Omani Qatari Telecommunications 545.0-0.7% 19.3% 575.0 455.0 9.6 2.0 1.0 0.9 Bahrain BMMI BSC 720.0 2.9% 18.0% 720.0 580.0 10.4 1.9 1.0 0.3 Bahrain Duty Free Shop Complex 705.0-0.7% 7.7% 818.2 600.0 11.9 2.1 0.7 0.2 Ithmaar Bank BSC** 0.22 0.0% 29.4% 0.26 0.12 NA 0.9 0.3 0.7 Esterad Investment Co BSC 188.00 0.0% 1.6% 188.00 136.00 NA 0.7 0.2 0.1 Bahrain Commercial Facilities Co 580.0-6.5% 17.4% 625.0 390.0 7.6 1.1 0.1 0.3 Egypt Palm Hills Developments Co. 2.2-1.4% -10.7% 3.4 1.4 3.9 0.7 5.0 0.3 Egyptian Financial Group Hermes 10.3-1.6% -5.0% 14.5 8.8 83.9 0.6 2.9 0.7 Commercial Intl Bank Egypt SAE 30.5-0.3% -11.6% 39.6 21.1 8.2 1.9 2.8 2.6 Orascom Construction Industries 238.2 1.6% -7.1% 305.0 204.6 17.1 2.6 2.3 7.2 Ezz Steel Co SAE 9.5 0.0% -4.8% 13.1 5.5 NA 1.1 1.8 0.7 Jordan First Finance Co PLC 0.7 3.0% 9.7% 0.7 0.6 8.3 0.7 3.5 0.03 Jordan Ceramic Industries Co Ltd 1.8 1.7% 109.2% 2.2 0.7 NA 1.3 1.1 0.01 Dimensions J&E Commercial Inv. 1.5-3.2% 54.6% 2.0 0.8 NA 1.7 0.8 0.02 Real Estate Development Co PLC 0.2 4.3% 14.3% 0.3 0.2 NA 0.2 0.6 0.03 Jordanian Electric Power Co Ltd 3.2-3.0% -3.0% 3.6 2.7 19.1 2.5 0.6 0.35, Tickerchart.com, Bloomberg *in local currency unless specified, Price data for Kuwait and Bahrain stocks is in fils and for Oman stocks in Baizas, **Price data in USD 4
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