Equity Daily MENA Equities The Tadawul (+) and the MSM index (+) were the only exception on what was a negative day of trading for GCC equities. The Bloomberg GCC 200 index closed flat for the day. The Tadawul (+) closed marginally higher as market heavyweights Sabic and Alinma Bank rallied +0.8% and +1.6% respectively. The EGX 30 index (+1.6%) extended its gains from the previous session on buying from foreign investors even as locals continued to trim their positions. The gains were led by Orascom Construction (+3.6%), Ezz Steel ( +3.5%) and Commercial International Bank (+1.8%). Daily 6 December 2012 The KWSE index declined -0.6% amid fresh protests in the country. The trading was dominated by small-caps with National Ranges declining -12.2%, Gulf Investment House dropping -5.1% and Sokouk Holding losing -6.1%. MENA Equity Indices (1d % change) DFM ADX Tadawul Qatar Exchange KWSE Bahrain Bourse MSM EGX 30 ISE 100 MADEX TUSISE -1.0% -0.6% -0.5% - 0.0% 0.0% 0.5% 0.7% 1.6% -2% -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 1,611-0.7 18.4 10.4 0.7 3.9 0.6 35.5 ADX 2,677 0.0 13.6 8.5 1.2 4.6 0.5 31.8 Tadawul 6,729 12.7 1,299.4 12.3 1.7 3.7 0.8 40.8 ISE 100 76,038 515.7 2,048.0 11.6 1.7 2.0 1.3 68.0 EGX 30 5,072 80.6 35.8 10.1 0.9 5.4 3.2 26.7 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 5,875-32.4 90.4 - - 3.4 0.4 33.0 Bahrain 1,042-5.3 0.5 - - 4.7 0.5 17.1 MSM 5,588 23.3 34.7 9.6 1.5 4.5 2.7 56.7 DSM 8,336-17.6 30.9 11.1 1.7 4.4 0.3 30.0 MADEX 7,965 42.2 1.8 14.7 2.3 4.4 0.8 35.0 TUSISE 4,621-48.1 4.1 - - 1.3 0.2 14.3 FTSE Dubai 1,797 0.9 24.7 - - 2.7 0.4 65.0
Global Equities US stocks closed in positive territory on better than expected economic data and on renewed optimism that a deal could be reached on the fiscal cliff before the end of the year. Citigroup rallied +6.3% after the company said it will take a USD 1bn charge this quarter to cover the 4.2% workforce reduction. Cobalt International Energy gained +19.0% after the company reported a significant oil discovery in the Gulf of Mexico. European equities gained as positive policy indications from China on infrastructure spending offset the weak PMI data. Nokia rallied +9.7% after winning a deal to sell its flagship smart phone in China. Tesco gained +3.3% after the company said it is reviewing its US Fresh & Easy business. Stagecoach Group gained +5.9% after reporting earnings that beat estimates. Asian equities are trading higher this morning tracking gains in developed markets overnight. The MSCI Asia Pacific index was trading +0.3% 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 200-0.8% 0.0% 0.3% 0.3% 0.6% -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 0.5% 0.6% 0.6% 0.9% 1.7% 2.2% 2.9% 0% 1% 2% 3% 4% Page 2
MENA News Flow Banking & Financials Shuaa Capital said that it has entered into a MoU with PT Pratama Capital Indonesia for the development of a mutually beneficial collaboration between the two firm, offering a variety of investment banking services to issuers and investors in the UAE and the Republic of Indonesia. (Bloomberg) Global Investment House signed formal agreements with all its creditors to restructure USD 1.7bn of debt after the company won a UK court's approval and its shareholders agreed to delist stock. (Bloomberg) Construction & Building Materials Abdullah Al-Khodari ended its joint venture accord with Balfour Beatty. In a separate announcement, the company said that it signed a SAR 500mn credit facility with Alinma Bank. (Bloomberg) Transportation & Logistics Emirates Airlines is in talks with FastJet Plc about starting a partnership to help it win a bigger share of the African market. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 6-Dec Real Estate Asset Management Co KSC Earnings Release 6-Dec Al Safwa Group Co Earnings Release 6-Dec Alshamel International Holding Co KSC Earnings Release 6-Dec Alimtiaz Investment Co KSCC Earnings Release 6-Dec Al Safat Investment Co Earnings Release 6-Dec First Dubai Real Estate Development Co Earnings Release 6-Dec Kuwait Medical Services Co KSCC Earnings Release 6-Dec Industrial & Financial Investments Co Earnings Release 6-Dec National Ranges Co KSCC Earnings Release 6-Dec Arkan Al Kuwait Real Estate Co KSCC Earnings Release 6-Dec Egyptian Gulf Bank Earnings Release 6-Dec Kato Agriculture Development Co Earnings Release 6-Dec Extracted Oils Earnings Release 6-Dec Kafr El-Zayat Pesticides & Chemicals Co Earnings Release 6-Dec Arab Aluminum Co SAE Earnings Release 6-Dec Egyptian Transport & Comm Services Co Earnings Release 6-Dec Misr National Steel Ataqa Earnings Release 6-Dec Nasr Co for Civil Works Earnings Release 6-Dec Sharkia National Food Earnings Release 6-Dec Ismailia Misr Poultry Co Earnings Release 6-Dec Mansoura Poultry Earnings Release 6-Dec International Agricultural Products Earnings Release 6-Dec GMC Group for Ind Comm & Financial Inv Earnings Release 6-Dec Sharm Dreams Co for Tourism Investment Earnings Release 6-Dec Misr Chemical Industries Earnings Release 6-Dec Arab Investment Urbanization Earnings Release 6-Dec Middle & West Delta Flour Mills Earnings Release 6-Dec EL EZZ Ceramics and Porcelain Co Earnings Release 6-Dec Glaxo Smith Kline Earnings Release Page 4
6-Dec Samad Misr - EGYFERT Earnings Release 6-Dec MISR Conditioning - MIRACO Earnings Release 6-Dec Direct Transport Co Earnings Release 6-Dec El Kahera El Watania Investment Earnings Release 6-Dec El Arabia for Land Reclamation Earnings Release 6-Dec Development & Engineering Consulting Earnings Release 6-Dec Ismailia National Food Industries Earnings Release 6-Dec Bisco Misr Earnings Release 6-Dec Egyptian Real Estate Group Bearer Shares Earnings Release 6-Dec Guezira Hotels & Tourism Earnings Release 6-Dec General Silos & Storage Earnings Release 6-Dec Pharaoh Tech for Control & Comm Systems Earnings Release 6-Dec Pyramisa Hotels Earnings Release 6-Dec Saudi Egyptian Investment & Finance Co Earnings Release 6-Dec Egyptian for Developing Building Materials Earnings Release 6-Dec Namaa for Dev and Real Estate Inv Co Earnings Release Page 5
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market UPP DB -1.0 GULFNAV DB -1.1 TAMWEEL DB -1.7 AJMANBANDB -2.7 OIC DB -13.6 DU DB 0.8 ARTC DB 0.9 DIB DB 1.5 SHUAA DB 2.3 GGICO DB 8.9-20.0-15.0-10.0-5.0 0.0 5.0 10.0 Emaar Properties Arabtec Holding Takaful Emarat Air Arabia Drake & Scull (AED) AED mn 3.78 0.00% 31.77 2.34 0.86% 16.92 0.57 0.18% 4.14 0.72-0.96% 2.82 0.71-0.42% 1.90 Abu Dhabi Market (1d % change) RAKCC DH -1.4 WAHA DH -1.9 GCEM DH -2.0 GCIC DH -2.3 ASMAK DH -10.0 JULPHAR DH 0.3 AGTHIA DH 0.5 UNB DH 1.0 FGB DH 1.4 BILDCO DH 9.6-12.0-9.0-6.0-3.0 0.0 3.0 6.0 9.0 12.0 Abu Dhabi Market (AED) AED mn Etisalat 9.96-0.20% 12.59 Aldar Properties 1.26-0.79% 8.02 ADCB 2.92-0.34% 7.96 FGB 10.75 1.42% 5.42 Sorouh RE 1.25-0.79% 5.04 Tadawul (1d % change) TO AB -1.6 ACIG AB -1.8 ALSORAYAAB -2.3 SIO AB -2.3 GULFUNI AB -2.4 ALALAMIYAB -2.7 HB AB 5.1 AMANA AB 5.3 ASTRA AB 6.0 AXA AB 7.3-4.0-2.0 0.0 2.0 4.0 6.0 8.0 Tadawul (SAR) SAR mn Sabic 89.50 0.85% 405.67 Saudi Integrated Tele 26.10 1.95% 272.94 Alinma Bank 12.80 1.59% 267.99 Dar Al Arkan 8.15 0.62% 230.45 Nama Chemicals 13.55 1.50% 206.98 Page 6
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange IQCD UDCD CBQK VFQS QMLS KHCD MRDS NLCS QNNS MARK -0.3-0.7-0.7-0.7-0.9-1.3-1.7 0.1 0.2 0.2-2.0-1.5-1.0-0.5 0.0 0.5 (QAR) QAR mn Industries Qatar 151.50-0.26% 43.31 CBQ 72.50-0.68% 18.13 QNB 129.80-0.15% 8.65 Masraf Al Rayan 26.20 0.19% 7.76 National Leasing 45.15 0.11% 6.37 Kuwait Exchange (1d % change) CATTL KK -5.6 KFIC KK -5.9 SOKOUK KK -6.1 MUNSHAATKK -7.8 MAYADEENKK -12.2 SENERGY KK 3.9 NIH KK 6.5 IFA KK 6.8 SALBOOKHKK 7.6 ALAMAN KK 8.2-15.0-10.0-5.0 0.0 5.0 10.0 Kuwait Exchange (KWd fil) KWd bn National Ranges Co 18.00-12.20% 2.73 Al Safat 53.00 3.92% 1.93 Sokouk Holding 77.00-6.10% 1.68 Al Aman Investment 66.00 8.20% 1.57 Gulf Investment House 47.00-5.05% 1.37 Egypt Exchange (1d % change) Egypt Exchange HRHO CCAP EKHO NRPD EFIC AMER COMI SWDY ESRS OCIC -0.3-0.3-0.9-1.1-1.2 1.5 1.8 2.4 3.5 3.6-2.0-1.0 0.0 1.0 2.0 3.0 4.0 (EGP) EGP mn Orascom Construction 238.48 3.57% 38.52 Palm Hills 2.01 1.01% 22.21 Ezz Steel 8.54 3.52% 19.12 Orascom Telecom 3.53 0.86% 16.53 CIB 34.76 1.82% 16.14 Page 7
Foreign Ownership Limits Allowed Owned Allowed Owned Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.99 SCIDC 15.00 1.78 Air Arabia 49.00 21.89 Al Khazna Ins. Co. 25.00 2.26 Sorouh Real Estate 15.00 13.37 Ajman Bank 49.00 1.98 Aldar Properties 40.00 11.34 Sudan Telecom 100.00 80.19 Arabtec Holdings 49.00 7.83 Bank of Sharjah 30.00 18.99 UAQ Cement 49.00 16.36 Aramex 49.00 35.75 Comm. Bank Intl 49.00 43.08 Union Cement 49.00 3.06 Drake & Scull Intl 49.00 13.65 Dana Gas 49.00 63.97 UNB 40.00 6.69 DFM 49.00 4.30 Eshraq Properties 49.00 28.55 United Arab Bank 49.00 45.06 Dubai Investments 20.00 3.59 Finance House 20.00 9.38 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.36 First Gulf Bank 25.00 14.53 Waha Capital 49.00 5.33 DNIR 25.00 0.06 Foodco Holding 0.00 1.41 Qatar Emaar 49.00 12.91 Green Crescent Ins. 25.00 9.78 Al Khaliji 24.97 11.81 Du 100.00 0.25 Gulf Cement Co. 49.00 18.66 Al Khalij Holding 24.86 3.24 Emirates NBD 5.00 1.83 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.13 GGICO 49.00 0.74 Gulf Medical Projects 49.00 8.59 CBQ 19.15 15.17 Gulf Navigation 20.00 3.42 JULPHAR 49.00 34.62 Doha Bank 18.83 6.24 National Cement Co. 25.00 1.03 Insurance House 25.00 0.68 Gulf Intl Services 17.50 8.10 TABREED 49.00 6.29 ASMAK 49.00 0.03 Industries Qatar 12.25 6.61 Shuaa Capital 49.00 18.47 Investbank 20.00 0.55 Masraf Al Rayan 49.00 14.48 TAKAFUL 25.00 17.21 METHAQ 25.00 18.71 National Leasing 25.00 11.43 Takaful House 25.00 3.35 NBAD 25.00 2.42 QEWS 25.00 7.25 Tamweel 40.00 4.27 RAK Bank 20.00 15.95 Qatar Gas Transport 24.47 10.14 Union Properties 15.00 3.36 NMDC 5.00 1.79 Qatar Insurance Co. 22.28 8.38 Abu Dhabi Qatar Telecom 100.00 87.25 QIIB 19.71 2.74 ADCB 49.00 7.19 RAK Properties 49.00 26.64 Qatar Islamic Bank 20.59 3.92 BILDCO 25.00 7.44 RAK Poultry & Feeding 49.00 14.96 Qatar National Bank 12.49 3.95 AD National Hotel 25.00 1.29 RAK Cement Co. 49.00 24.49 Qatar Navigation 25.00 5.70 ADNIC 25.00 0.08 RAK Ceramics 49.00 10.97 Qatar Telecom 100.00 21.20 AD Ship Building 25.00 4.40 RAK Co for White Cement 49.00 14.50 United Development 25.00 12.83 Agthia Group 25.00 9.11 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.72 Page 8
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.3068-0.20 1.3122 USDTRY 1.7861 +0.12 EURAED 4.7992-0.22 GBPUSD 1.6097-0.02 1.6080 USDEGP 6.1170 +0.03 GBPAED 5.9121-0.02 USDJPY 82.4700 +0.70 82.1080 USDSAR 3.7502-0.00 JPYAED 0.0445-0.67 USDCAD 0.9917-0.10 1.0000 USDQAR 3.6407 -- CADAED 3.7028 +0.08 AUDUSD 1.0456-0.15 1.0180 USDKWD 0.2813-0.02 AUDAED 3.8409-0.10 USDCHF 0.9264 -- 0.9192 USDBHD 0.3770-0.00 CHFAED 3.9650 +0.03 EURGBP 0.8119-0.17 0.8162 USDOMR 0.3850 -- TRYAED 2.0564-0.12 USDCNY 6.2255-0.00 6.2264 USDMAD 8.5262 +0.29 INRAED 0.0673 +0.15 USDINR 54.5563-0.24 57.6463 USDTND 1.5676 +0.09 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 0.3610-0.3 USD LIBOR 0.2130 0.3105 0.5250 0.8590 USD 5 yr 0.7405-1.7 GBP LIBOR 0.4956 0.5219 0.6775 1.0288 USD 10 yr 1.6409-1.3 EURIBOR 0.1130 0.1900 0.3400 0.5730 EUR 2 yr 0.3840-2.1 JPY LIBOR 0.1337 0.1829 0.2971 0.5069 EUR 5 yr 0.8420-2.9 CHF LIBOR -0.0140 0.0160 0.0760 0.2720 EUR 10 yr 1.6400-3.9 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index 487.38 0.59 ADGB 5.5 14 0.3070-3.1 Abu Dhabi 85.2 +0.2 Gold 1693.95-0.21 DUGB 6.396 14 2.1370-1.7 Dubai 224.2-2.1 Silver 32.87-0.20 QATAR 5.15 14 0.7050-2.7 Qatar 85.5-1.3 Oil (WTI) 87.88-0.70 BHRAIN 6.273 18 3.8100-0.3 Saudi Arabia 73.6-1.7 Oil (Brent) 108.81-0.94 EGYPT 5.75 20 5.1100 +4.6 Bahrain 195.7-0.5 Aluminium 2106.25 +0.66 TURKEY 7.25 15 1.7350 +1.2 Egypt 424.2 +7.1 Copper 8054.00 +0.54 MOROC 5.375 17 3.1700-10.2 Turkey 127.0-1.3 Tin (LME) 21757.50-0.35 BTUN 4.5 20 5.0380-3.7 Morocco 239.0-9.5 Zinc (LME) 2005.25 +0.15 US Tsy 2 yr 0.2381-0.4 US Tsy 10 yr 1.5875-1.5 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