Kuwait Financial Centre “Markaz” Daily Morning Brief
-0.13 -0.20 -0.56 0.24 -0.79 -0.23
0.06 9.09 -0.68 5.20 -2.49 -8.32 0.17 19.94 -1.86 0.85 0.05 -0.42 0.07 5.16 2.09 0.43
10.13 11.82 3.85 11.04 10.80 23.63
-3 -22 -16 1 -12 -13 -17 -42 -13 -20 -16 -20
12 11 16 10 9 15 11 11 13 9 11 9
4.2 2.3 3.3 4.5 5.7 4.2 4.9 4.7 5.2 4.3 1.6
-21 -26 -22 -25 -8
13 11 10 16 12
2.9 3.2 2.7 1.4 3.4
-10 0 -6 -17 -17 -15
15 15 11 17 12 12
2.8 2.6 4.3 2.2 4.0 3.6
- P/E & Div. Yield for GCC as per Zawya
HSBC/Nasd. Dub GCC $ T.Ret
Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain
Last 242 121 146
Chg (%) MTD % 0.22 0.52 -0.02 -0.05 0.00 0.30
YTD % 4.44 11.43 9.58
2011 231.43 108.36 133.00
2011% 15 2 8
2011
2011%
1564.11 27.78 107.38 482.01
10 -10 14 -7
Current
2011
78.24 88.97 246.42 88.98 160.00 206.94
123.32 124.89 445.00 125.39 246.00 376.66
52-week High Low 342.35 78.09 342.35 87.79 496.75 111.20 342.35 86.30 342.35 111.20 387.62 111.20
Source: Bloomberg, Reuters Eikon
Interest rate watch Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.20 0.31 Saudi 0.64 0.31 UAE 0.20 0.31 Qatar 0.17 0.31 Oman 0.31 0.31 Bahrain 0.32 0.31 Last FOMC Meeting Date: Oct 23-24
Yield curve watch Libor (In %)
Diff FY11 Diff -0.11 0.04 0.33 -0.08 -0.11 0.03 -0.14 0.05 0.00 0.03 0.01 -0.17 Next FOMC Mt Date: Dec 11-12
US Treasuries
(In %)
Current
3.00 Current
2.89
2011 End
2.80
1.13
2011 End
1.89
2.00
0.81
0.86
0.58 0.30
0.00
2M
3M
6M
1Y
0.01
0.68
0.17
0.14
0.31
0.26
0.21
1.66 0.83
1.00
0.52
0.43
1M
Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond ETF
Country
0.12
30Y
2011 P/E Div. % TTM Yield
0.35 -3.59 2.02 1.21 -0.91 40.18 0.52 3.48 3.80 -0.23 -1.37 -3.99 -0.14 -0.97 10.17 -0.12 1.52 -12.50 -1.22 -1.89 17.41 2.01 -12.25 32.39 0.29 0.57 -1.53 0.00 -1.61 -8.98 -0.02 -2.05 -2.65 0.19 0.58 -5.16
987 -0.03 926 -0.36 2,113 -0.49 18,537 0.16 93 0.35 834 1,406 5,787 9,389 3,501 7,292
YTD %
10Y
6,547 71,867 421 8,429 2,647 9,649 1,589 505 4,577 1,041 5,544 1,116
MTD %
5Y
Chg (%)
2Y
*
Last Close
6M
M. Cap Indicators (USD Bn) MENA Markets Saudi (TASI) 356 Turkey ISE National 100 232 Kuwait SE WT.INDEX 105 Qatar(QE Index) 97 Abu Dhabi (ADI) 79 Morocco (CAI) 53 Dubai (DFMGI) 48 Egypt (Hermes) 56 Jordan (Amman) 24 Bahrain (BAX) 16 Oman(Muscat SM) 15 Lebanon (BSE) 12 Emerging Markets MSCI EM Index 4,060 MSCI BRIC Index 1,697 Shanghai A Share Index 2,224 SENSEX Index (India) 548 S&P GCC Composite 242 Developed Markets MSCI WORLD Index 32,628 US (S&P 500) 13,139 UK (FTSE) 2,574 Japan (Nikkei 225) 2,168 France (CAC) 1,183 Germany (DAX) 963
27 Nov, 2012
5 – year CDS (USD) watch (bps)
1M
Equity watch
KIBOR yield curve (%)
Commodity/Currency/Volatility Watch Precious Metals Gold $/oz Silver $/oz IPE Brent $/bbl CRB Commodity Index Volatility & Currency CBOE VIX index USD (1 EUR =) Yen (1 USD =) KWD (1 USD =) KWD (1 EUR =)
Close
Chg (%) MTD % YTD %
1,748.49 34.11 110.92 477.46 15.5 1.30 82.21 0.2814 0.3654
-0.22 0.03 -0.41 0.05 2.38 -0.22 -0.13 0.01 -0.25
1.65 5.90 2.04 -0.01 -16.67 -0.18 -2.68 -0.11 -0.30
11.79 22.79 3.30 -0.94 -33.76 -0.21 -6.43 -1.11 -1.34
23.4 1.2955 76.92 0.27825 0.3605
32 -3 -5 -1 -4
Blue chip watch M. Cap Last (USD Companies Bn) Saudi Arabia (SAR) SABIC 70 87.8 Al-Rajhi Bank 26 65.5 Saudi Telecom 22 40.5 Saudi Electricity Co. 15 13.1 Samba Fin. Group 10 43.6 United Arab Emirates (AED) ETISALAT 21 9.9 NBAD 10 9.8 First Gulf Bank 8 10.2 Emirates NBD 4 2.8 Emaar Properties 6 3.7 Kuwait (KWD) 13 0.8 ZAIN 15 1.0 NBK 8 0.8 KFH Gulf Bank 4 0.4 3 0.7 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 23 151.7 25 131.4 QNB Ezdan Real Est. Co. 13 18.5 9 104.5 Q-TEL Comr’cialBk of Qatar 5 72.9
Pct Chg
% M T D
% P Y 2011 / Div T % E yield D (ttm)
0.9 -1.5 1.0 0.4 -0.2
-0.8 -6.8 -2.9 -4.0 -0.9
-9 -6 20 -6 -6
-8 -16 -21 -1 -24
11 12 9 17 9
5.7 5.0 4.9 5.3 3.8
6,312 1,869 1,954 2,875 1,160
-23 -3 25 32 2
0.2 2.4 0.0 0.0 -0.8
1.8 -0.8 -2.4 -2.4 2.5
9 23 32 -4 44
-15 12 -11 7 -28
12 10 8 7 10
6.0 3.1 9.8 7.1 2.7
2,213 1,125 1,054 640 387
28 9 15 266 -5
0.0 -1.0 1.3 1.2 3.0
10.8 2.1 8.0 4.9 0.0
-9 -4 -3 -11 -13
-41 -14 -16 -11 -14
12 14 27 43 -
7.9 4.1 1.9 0.0 0.0
60 108 34 10 -12.6
-15 37 33 6 -285
-0.1 -0.3 0.0 -0.5 0.1
-0.2 -1.9 -2.1 -1.0 1.4
14 -5 -17 11 -13
-4 14 -27 -5 -9
10 11 81 10 9
4.9 3.0 0.8 2.5 8.2
2,620 2,111 63 1,069 548
26 11 -36 73 -1
Corporate earnings watch Company Name
PFY
% Ch
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LFY
News & Views
According to the new World Bank report, the GCC countries pursue their activities to introduce a VAT system within next two to four years. The new report finds that governments continue to reform their tax systems despite global economic uncertainty. The report infers that firms in the UAE face the lightest administrative burden in the world in paying taxes. UAE firms must make only four payments a year and spend 12 hours doing so.
A consortium including Samsung Engineering and Shanghai Electric has won a deal worth USD 3bn to build a water desalination plant on the Red Sea coast of Saudi Arabia. Water consumption in the kingdom has already almost doubled the per capita global average and is increasing at a faster rate with the rapid expansion of population and industrial development. The new plant is expected to have a capacity of 550,000 cubic meters per day of desalinated water and a power capacity of 2,500 megawatts.
Total value of Abu Dhabi’s non-oil merchandise trade in August 2012 was AED 12.035bn, of which 72.8% was imports while 18.2% was non-oil exports and 9% was re-exports. According to the Statistics Centre — Abu Dhabi, total non-oil merchandise trade grew by AED 294mn (2.5%) in August compared with July 2012, with non-oil exports increasing by AED 1.130bn (100%) while imports fell by AED 656mn (7%) and re-exports by AED 180mn (14.2%) over the same period.
PAT (Mn) 3Q12
Earnings Type
% Gr YoY
Note: 1 Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon – Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>. This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as ―Markaz ―. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: research@markaz.com