QNBFS Daily Market Report July 03, 2016

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.1% to close at 9,885.2. Gains were led by the Consumer Goods & Services and Telecoms…
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  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.1% to close at 9,885.2. Gains were led by the Consumer Goods & Services and Telecoms indices, gaining 0.6% and 0.4%, respectively. Top gainers were Al Meera Consumer Goods Co. and Qatar Electricity & Water Co., rising 1.8% and 1.6%, respectively. Among the top losers, Mannai Corp. fell 3.4%, while Qatar Industrial Manufacturing Co. was down 2.8%. GCC Commentary Saudi Arabia: The TASI Index fell marginally to close at 6,499.9. Losses were led by the Transport and Industrial Investment indices, falling 1.1% and 1.0%, respectively. L’azurde for Jewelry fell 6.4%, while Saudi Arabian Coop. Ins. was down 4.0%. Dubai: The DFM Index gained 1.2% to close at 3,311.1. The Consumer Staples index rose 1.9%, while the Banks index gained 1.6%. Mashreq Bank rose 4.8%, while Dar Al Takaful was up 3.4%. Abu Dhabi: The ADX benchmark index rose 1.8% to close at 4,497.6. The Banks index gained 3.2%, while the Consumer Staples index rose 2.6%. Fujairah Building Industries gained 11.1%, while Gulf Cement Co. was up 9.2%. Kuwait: The KSE Index declined 0.2% to close at 5,364.6. The Banks index fell 1.0%, while the Financial Services index declined 0.8%. Real Estate Trade Centers Co. fell 11.9%, while Kuwait Real Estate Holding Co. was down 10.2%. Oman: The MSM Index fell marginally to close at 5,777.3. The Services index declined 0.1%, while the financial index fell marginally. Al Batinah Dev. Inv. Holding fell 2.4%, while Global Financial Investment was down 2.3%. Bahrain: The BHB Index gained marginally to close at 1,118.4. The Services index rose 0.3%, while the Commercial Bank index gained 0.1%. Nass Corporation rose 9.1%, while Arab Banking Corporation was up 2.2%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Al Meera Consumer Goods Co. 211.20 1.8 15.8 (4.0) Qatar Electricity & Water Co. 208.00 1.6 61.5 (3.9) Qatar Navigation 87.70 1.3 36.3 (7.7) Islamic Holding Group 62.00 1.1 16.7 (21.2) Zad Holding Co. 90.40 1.1 3.5 6.6 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 10.58 0.4 939.1 (16.7) Ezdan Holding Group 17.93 (0.9) 523.5 12.8 Qatar Gas Transport Co. 23.00 (0.9) 264.1 (1.5) Barwa Real Estate Co. 33.00 0.6 240.6 (17.5) Gulf International Services 36.60 0.5 230.1 (28.9) Market Indicators 30 June 16 29 June 16 %Chg. Value Traded (QR mn) 149.5 95.2 57.0 Exch. Market Cap. (QR mn) 532,704.2 532,190.7 0.1 Volume (mn) 4.1 2.9 41.4 Number of Transactions 2,545 1,750 45.4 Companies Traded 42 37 13.5 Market Breadth 27:8 18:12 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,993.64 0.1 (0.8) (1.3) 13.6 All Share Index 2,749.89 0.0 (0.8) (1.0) 13.1 Banks 2,666.32 0.2 (0.4) (5.0) 11.3 Industrials 3,021.90 0.1 (1.8) (5.2) 13.9 Transportation 2,470.92 0.0 (0.1) 1.6 11.4 Real Estate 2,488.67 (0.5) (1.8) 6.7 22.9 Insurance 4,070.80 (0.2) 2.1 0.9 10.6 Telecoms 1,099.85 0.4 (1.0) 11.5 17.4 Consumer 6,408.48 0.6 0.2 6.8 13.2 Al Rayan Islamic Index 3,822.31 0.1 (1.3) (0.9) 16.7 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% National Mobile Telecom. Kuwait 1.20 9.1 4.4 9.1 Bank of Sharjah Abu Dhabi 1.44 6.7 2,647.8 (6.5) First Gulf Bank Abu Dhabi 12.60 5.0 3,122.2 (0.4) Nat. Bank of Abu Dhabi Abu Dhabi 9.66 3.8 3,505.7 21.4 Yanbu National Petrochem. Saudi Arabia 41.91 3.6 795.4 29.3 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Comm. Bank of Kuwait Kuwait 0.42 (4.6) 10.0 (12.0) National Real Estate Kuwait 0.08 (3.4) 1.1 (2.3) Mannai Corporation Qatar 85.00 (3.4) 0.5 (10.8) Commercial Facilities Co. Kuwait 0.18 (3.2) 14.6 4.6 Qatar Industrial Manufact. Qatar 41.20 (2.8) 6.0 3.4 Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Mannai Corp. 85.00 (3.4) 0.5 (10.8) Qatar Industrial Manufact. Co. 41.20 (2.8) 6.0 3.4 Doha Insurance Co. 19.60 (1.9) 0.6 (6.7) Ezdan Holding Group 17.93 (0.9) 523.5 12.8 Qatar Gas Transport Co. 23.00 (0.9) 264.1 (1.5) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 140.00 0.1 17,497.2 (4.0) Qatar Electricity & Water Co. 208.00 1.6 12,715.0 (3.9) Vodafone Qatar 10.58 0.4 9,918.7 (16.7) Ezdan Holding Group 17.93 (0.9) 9,460.7 12.8 Industries Qatar 98.00 0.0 9,009.4 (11.8) Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9,885.22 0.1 (0.8) 3.6 (5.2) 41.06 146,333.9 13.6 1.5 4.1 Dubai 3,311.10 1.2 (1.7) (0.1) 5.1 65.29 89,001.8 11.1 1.2 4.2 Abu Dhabi 4,497.64 1.8 (0.0) 5.8 4.4 39.87 119,248.1 11.9 1.5 5.4 Saudi Arabia 6,499.88 (0.0) (0.8) 0.8 (6.0) 1,139.01 401,058.7 15.0 1.5 3.8 Kuwait 5,364.57 (0.2) (0.8) (0.7) (4.5) 40.90 80,301.9 18.3 1.0 4.4 Oman 5,777.31 (0.0) (0.3) (0.6) 6.9 10.66 22,970.8 11.0 1.3 4.5 Bahrain 1,118.37 0.0 (0.1) 0.6 (8.0) 2.88 17,329.8 9.3 0.4 4.9 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,840 9,860 9,880 9,900 9,920 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 6 Qatar Market Commentary  The QSE Index rose 0.1% to close at 9,885.2. The Consumer Goods & Services and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Al Meera Consumer Goods Co. and Qatar Electricity & Water Co. were the top gainers, rising 1.8% and 1.6%, respectively. Among the top losers, Mannai Corp. fell 3.4%, while Qatar Industrial Manufacturing Co. was down 2.8%.  Volume of shares traded on Thursday rose by 41.4% to 4.1mn from 2.9mn on Wednesday. However, as compared to the 30-day moving average of 4.3mn, volume for the day was 3.3% lower. Vodafone Qatar and Ezdan Holding Group were the most active stocks, contributing 22.8% and 12.7% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Warba Bank (Warba) Fitch Kuwait LT-IDR/ST- IDR/VR/SR/SRF – A+/F1/b+/1/ A+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, IDR – Issuer Default Rating, SR – Support Rating, VR –Viability Rating, SRF – Support Rating Floor) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/30 US Department of Labor Initial Jobless Claims 25-June 268k 267k 258k 06/30 US Department of Labor Continuing Claims 18-June 2,120k 2,151k 2,140k 07/01 US Markit Markit US Manufacturing PMI June F 51.3 51.2 51.4 07/01 US Institute for Supply Managemen ISM Manufacturing June 53.2 51.3 51.3 06/30 EU Eurostat CPI Core YoY June A 0.90% 0.80% 0.80% 07/01 EU Markit Markit Eurozone Manufacturing PMI June F 52.8 52.6 52.6 07/01 EU Eurostat Unemployment Rate May 10.10% 10.10% 10.20% 06/30 UK ONS GDP QoQ 1Q2016 F 0.40% 0.40% 0.40% 06/30 UK ONS GDP YoY 1Q2016 F 2.00% 2.00% 2.00% 07/01 UK Markit Markit UK PMI Manufacturing SA June 52.1 50.1 50.4 07/01 Germany Markit Markit/BME Germany Manufacturing PMI June F 54.5 54.4 54.4 06/30 Germany Destatis Retail Sales MoM May 0.90% 0.60% -0.30% 06/30 Germany Destatis Retail Sales YoY May 2.60% 2.50% 2.70% 06/30 France INSEE PPI MoM May 0.30% – -0.40% 06/30 France INSEE PPI YoY May -3.50% – -4.20% 06/30 France INSEE CPI MoM June P 0.20% 0.20% 0.40% 06/30 France INSEE CPI YoY June P 0.20% 0.20% 0.00% 07/01 France Markit Markit France Manufacturing PMI June F 48.3 47.9 47.9 07/01 Japan Economic and Social Research Consumer Confidence Index June 41.8 41.1 40.9 07/01 Japan Markit Nikkei Japan PMI Mfg June F 48.1 – 47.8 07/01 China China Federation of Logistics Manufacturing PMI June 50.0 50.0 50.1 07/01 China China Federation of Logistics Non-manufacturing PMI June 53.7 – 53.1 07/01 China Markit Caixin China PMI Mfg June 48.6 49.2 49.2 07/01 India Markit Nikkei India PMI Mfg June 51.7 – 50.7 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 21.46% 30.92% (14,143,471.55) Qatari Institutions 20.31% 35.18% (22,232,332.62) Qatari 41.77% 66.10% (36,375,804.17) GCC Individuals 0.72% 2.14% (2,113,812.45) GCC Institutions 10.39% 4.36% 9,023,395.16 GCC 11.11% 6.50% 6,909,582.71 Non-Qatari Individuals 6.58% 9.47% (4,309,669.26) Non-Qatari Institutions 40.53% 17.94% 33,775,890.72 Non-Qatari 47.11% 27.41% 29,466,221.46
  • 3. Page 3 of 6 Earnings Calendar Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status BRES Barwa Real Estate Company 4-Jul-16 1 Due QNBK QNB Group 12-Jul-16 9 Due QEWS Qatar Electricity & Water Company 13-Jul-16 10 Due QGTS Qatar Gas Transport Company (Nakilat) 13-Jul-16 10 Due UDCD United Development Company 18-Jul-16 15 Due QATI Qatar Insurance Company 19-Jul-16 16 Due QIIK Qatar International Islamic Bank 19-Jul-16 16 Due MARK Masraf Al Rayan 19-Jul-16 16 Due DHBK Doha Bank 20-Jul-16 17 Due ORDS Ooredoo 26-Jul-16 23 Due VFQS Vodafone Qatar 26-Jul-16 23 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 30 Due Source: QSE News Qatar  MARK to disclose semi-annual financials on July 19 – Masraf Al Rayan (MARK) has announced that it will disclose the reviewed financial statements for the period ending June 30, 2016 on July 19, 2016. (QSE)  BMI: Qatari LNG best positioned to weather downturn – BMI Research senior oil & gas Analyst Emma Richards has said that the Qatari LNG has among the “lowest breakeven” prices globally. So, the country is among those exporters “best positioned” to withstand the downturn. She said Qatar is “relatively well- contracted” in its LNG portfolio, with the bulk of its contract volumes flowing to Asia. Richards said Asia contract prices are oil- linked and will benefit from a sustained recovery in the price of crude. However, as the supply-demand balance in its core Asia market has deteriorated, Qatar has sent increasing cargoes to Europe, in particular to the UK. (Gulf-Times.com)  Qatargas and RWEST in deal for LNG delivery to Europe – German utility RWE Supply & Trading (RWEST) has signed a seven-and-a- half-year deal with Qatargas for liquefied natural gas (LNG) deliveries to Europe. Under the deal, financial details of which were not given, Qatargas will deliver up to 1.1mn tons of LNG a year to RWEST. (Reuters)  Qatargas to supply 1.3mn tons LNG annually to Pakistan – Qatargas announced a long-term Sale and Purchase Agreement (SPA) with Global Energy Infrastructure Limited (GEIL) to meet the growing demand for clean energy in Pakistan. Under the terms of the agreement, Qatargas will supply 1.3mn tons per annum of LNG to Pakistan for 20 years, with provisions allowing the volume to increase to 2.3mn tons per annum. The LNG will be supplied from Qatargas 2, with the first cargo expected to be delivered to Pakistan in 2018 by Qatargas-chartered Q-Flex vessels. (GulfBase.com)  MDPS: Qatar’s industrial sector index increases in April – Data released by the Ministry of Development Planning and Statistics (MDPS) has revealed that the general monthly Producer Price Index (PPI) of Qatar’s Industrial Sector for April 2016 was estimated at 43.8 points, showing an increase of 1.6% as compared to the PPI index of March 2016. The surge in the index was largely due to the improvement in the performance of the Mining sector (which includes crude oil and natural gas), and the Manufacturing sector. The PPI, like other price indices, measures the average changes in the prices of industrial goods received by domestic producers for their output. The index covers goods relating to the Mining sector (weight: 72.7%), Electricity & Water (0.5%), and the Manufacturing sector (weight: 26.8%). The Mining sector PPI of April 2016 showed a rise of 1.1% as compared to the PPI of March 2016. The rise in the index was primarily attributed to the increase in prices of “crude petroleum and natural gas” by 1.3%. (Peninsula Qatar)  MDPS: Qatar population drops 4.3% to 2.47mn – According to the information released by the Ministry of Development Planning and Statistics (MDPS), Qatari population at June-end 2016 declined 4.3% to 2,477,113, from that of May 31, 2016, while it increased 5.7 % as compared to June 2015. The latest figure does not include Qataris and expatriates (with residency permits), who were outside the country on June 30, 2016. Out of the population of 2,477,113, a total of 1,899,563 were males, and 577,550 females. The total population at the end of May 2016 was 2,587,564, which marked an all-time high, with 1,956,424 males and 631,140 females. A nominal dip in the population is usual during the peak summer months of June to August when many residents travel outside the country. (Gulf-Times.com)  David Cameron: Qatar’s investment in UK reaches QR150bn – The British Prime Minister David Cameron said Qatar’s investment in the UK has reached nearly QR150bn, which is expected to grow further in the near future as the country remains well positioned to weather the economic challenges it faces. Cameron said to the global publishing, research and consultancy firm Oxford Business Group (OBG) that he was confident economic cooperation between Qatar and the UK could continue to grow. (GulfBase.com)  Qatar's Al Mana agrees to buy over 70 BHS stores – Qatar's Al Mana has agreed to acquire more than 70 BHS stores as well as its website. (Reuters) International  US factory data, auto sales improve, construction spending slips – According to a recently published industry data, the US factory activity expanded at a healthy pace in June as new orders, output and exports rose, providing another sign that US economic growth was regaining its footing after weakness early this year. Automakers reported higher sales in June amid strong demand for pickup trucks and sport utility vehicles, but on an annualized basis, the June industry selling rate came in at 16.66mn units, well below May's sales pace of 17.45mn. The ISM new factory orders index in June showed a reading of 57.0 in June compared with 55.7 in May, while export orders showed 53.5 versus 52.5. The order backlog index rose to 52.5 from 47.0, while production rose to 54.7 from 52.6. In addition to its factory index, ISM released a survey that showed 61% of businesses saw a negligible impact from Britain's EU vote for the remainder of 2016. It showed only 6% forecasting a negative impact, and there was little difference between manufacturing and non-manufacturing firms. Manufacturing remains constrained by the lingering effects of the dollar's surge
  • 4. Page 4 of 6 and the oil price plunge between June 2014 and December 2015. The sector has also been hurt by business efforts to reduce an inventory glut, which has curtailed orders. (Reuters)  Bank of England plans to reverse bank capital hike after Brexit – The Bank of England (BOE) plans to reverse a decision to increase banks' capital requirements because of the expected hit to Britain's economy from last week's European Union referendum. The BOE's Financial Policy Committee is to issue a six-monthly report on Britain's banking sector, and met earlier this week to make policy decisions. The Bank said in March it would raise the so-called counter-cyclical buffer (CCB) for banks from March 2017. (Reuters)  Markit’s: Eurozone factory growth reaches six-month high in June - According to Markit's final manufacturing Purchasing Managers' Index (PMI), Eurozone business activity expanded at its fastest rate in June 2016, but Britain's vote to quit the European Union could cause it to slow in coming months, discounting helped drive up new orders and output, encouraging companies to hire more people to meet demand. The Markit's PMI for the Eurozone climbed to 52.8 from May's 51.5, higher than the earlier flash reading of 52.6. Anything above 50 indicates growth. A sub-index measuring output that feeds into a composite PMI due jumped to 53.9 from 52.4. The flash estimate was 53.8. Eurozone consumer prices rose just 0.1% in June, even though the ECB is buying €80bn worth of assets a month, cutting interest rates below zero and offering free loans to banks. But the discounting helped push new orders to pick up at the fastest rate this year. The sub-index rose to 53.6 from 51.7. (Reuters)  German manufacturing growth hits 28-month high in June – According to sources, rising domestic and foreign demand, mainly from the US and China, lifted German factory activity to a 28- month high in June, signalling that manufacturers are set to increase production in coming months. Markit's Purchasing Managers' Index for manufacturing, which accounts for around a fifth of the German economy, rose to 54.5 in June from 52.1 in May. The reading was the highest since February 2014 and above the 50 line that separates growth from contraction. It also came in higher than the preliminary reading of 54.4. The rise was fuelled by higher production, which posted its strongest increase in more than two years, and new orders, which rose for the 19th month in a row. German manufacturers also hired more people for the third consecutive month in June, when the rate of job creation rose from May to the fastest since the beginning of 2012. (Reuters)  PBOC injects liquidity via short-term tools in June – The People's Bank of China (PBOC) said it injected a total of 210.72bn Yuan via short- and medium-term liquidity facilities in June to help support credit growth and the economy. The bank’s June liquidity injections, however, were down 27.5% from May. PBOC said that it injected 208bn Yuan to financial institutions via its medium-term lending facility (MLF) in June. The bank lent 123.2bn Yuan for three months, 11.5bn Yuan for six months and 73.30bn Yuan for one year. The bank also injected 2.72bn Yuan via its standing lending facility (SLF) in June. (Reuters)  China factory activity stalls in June, more stimulus expected - China's manufacturing sector growth stalled in June, adding to expectations that Beijing will have to roll out more stimulus soon to boost the sluggish economy. While output hit a 12-month high, nearly all other measures showed signs of weakening; suggesting a spring bounce in activity is fizzling. Export orders and inventories fell and factories shed workers at a faster rate. The official Purchasing Managers' Index (PMI) eased to 50.0 in June from 50.1 in May and right at the 50-point mark that separates growth from contraction on a monthly basis. (Reuters) Regional  Saudi Arabia launches residential project worth $1.2bn – According to sources, the Saudi Arabian Government has embarked on a major plan to build 7,000 new villas at an investment of $1.19bn on a 6.5 million square meter area in the eastern part of Riyadh. The project called ‘East Gate’ is the first being implemented by the Ministry of Housing, in collaboration with the private sector, to tackle the shortage of affordable homes for its citizens. The villas, each of which costs SR640,000 ($170,578), will have a total area of 316 square meter. The project, which will come up near the premises of the Ministry of Interior in Riyadh, is being managed by an American firm. citing Saudi Arabia-based Hamad and Ahmed Mohammed Al Muzaini Real Estate. (GulfBase.com)  Saudi Electricity gets $1.5bn loan from ICBC – Saudi Electricity Co. (SEC) has obtained $1.5bn in financing from Industrial and Commercial Bank of China (ICBC), one of the largest loans ever extended by a Chinese bank in the Gulf. The loan was unsecured, meaning Saudi Electricity did not need to pledge any collateral.
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