QNBFS Daily Market Report July 24, 2016

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1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.5% to close at 10,534.4. Losses were led by Insurance and Banks & Financial Services…
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  • 1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index declined 0.5% to close at 10,534.4. Losses were led by Insurance and Banks & Financial Services indices, falling 2.4% and 0.6%, respectively. Top losers were Qatar Cinema & Film Distribution Co. and Qatar General Insurance & Reinsurance Co., falling 9.4% and 3.4%, respectively. Among the top gainers, Qatari Investors Group rose 2.2%, while Al Meera Consumer Goods Co. was up 0.9%. GCC Commentary Saudi Arabia: The TASI Index fell 0.4% to close at 6,601.0. Losses were led by the Hotel & Tourism and Retail indices, falling 2.1% and 1.9%, respectively. Saudi Ceramics Co. fell 7.0%, while F.A. Al Hokair Co. was down 6.3%. Dubai: The DFM Index declined 0.1% to close at 3,544.2. The Industrial index fell 1.9%, while the Real Estate & Construction index declined 0.8%. Al Salam Sudan fell 2.7%, while Arabtec Holding was down 2.6%. Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,589.8. The Energy index declined 1.4%, while the Banks index fell 0.8%. Abu Dhabi National Co. for B & M declined 3.9%, while Eshraq properties Co. was down 2.6%. Kuwait: The KSE Index rose 0.2% to close at 5,391.2. The Oil & Gas index gained 1.2%, while the Basic Materials index rose 1.0%. Gulf Franchising Holding Co. gained 9.3%, while International Financial Advisers was up 7.9%. Oman: The MSM Index rose marginally to close at 5,818.1. Gains were led by the Industrial and Financial indices, rising 0.2% and 0.1%, respectively. Al Jazeera Steel Products and Oman Fisheries were up 1.7% each. Bahrain: The BHB Index gained 0.2% to close at 1,160.3. The Services and Commercial Bank indices gained 0.3% each. National Bank of Bahrain rose 1.4%, while Nass Corporation was up 0.8%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatari Investors Group 51.90 2.2 346.7 37.7 Al Meera Consumer Goods Co. 220.00 0.9 9.6 0.0 Widam Food Co. 63.90 0.8 8.5 21.0 Al Khalij 16.80 0.5 11.4 (6.5) Islamic Holding Group 66.80 0.5 42.0 (15.1) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Masraf Al Rayan 35.80 (0.6) 1,374.1 (4.8) Vodafone Qatar 11.25 (0.4) 479.4 (11.4) Qatari Investors Group 51.90 2.2 346.7 37.7 Barwa Real Estate Co. 35.40 (0.6) 308.2 (11.5) Mazaya Qatar Real Estate Dev. 14.34 (1.1) 281.7 6.0 Market Indicators 21 July 16 20 July 16 %Chg. Value Traded (QR mn) 209.8 262.2 (20.0) Exch. Market Cap. (QR mn) 565,478.6 568,038.0 (0.5) Volume (mn) 5.2 7.1 (26.4) Number of Transactions 2,764 4,150 (33.4) Companies Traded 41 43 (4.7) Market Breadth 6:30 14:23 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,043.96 (0.5) 1.0 5.1 14.4 All Share Index 2,916.22 (0.5) 1.0 5.0 13.8 Banks 2,819.31 (0.6) (0.1) 0.5 11.9 Industrials 3,218.75 (0.3) 2.4 1.0 14.7 Transportation 2,556.97 (0.0) 0.9 5.2 11.9 Real Estate 2,691.51 (0.3) 1.8 15.4 23.6 Insurance 4,286.94 (2.4) 0.1 6.3 11.3 Telecoms 1,168.53 (0.2) 1.5 18.5 18.5 Consumer 6,612.58 (0.2) 1.4 10.2 13.6 Al Rayan Islamic Index 4,072.40 (0.3) 2.1 5.6 17.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Combined Group Contr. Kuwait 0.68 4.6 1.0 (5.3) Astra Industrial Group Saudi Arabia 18.18 4.2 1,511.9 (8.1) Aviation Lease & Finance Kuwait 0.21 3.0 51.2 (1.9) Saudi Ind. Investment Saudi Arabia 14.84 3.0 1,444.7 7.5 Air Arabia Dubai 1.41 2.9 19,958.8 3.7 GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Ceramic Co. Saudi Arabia 37.30 (7.0) 1,057.3 (20.3) Fawaz Abdulaziz Alhokair Saudi Arabia 42.43 (6.3) 675.7 (40.0) United Real Estate Co. Kuwait 0.10 (5.5) 63.6 9.5 Yamama Cement Co. Saudi Arabia 25.72 (5.1) 2,231.1 (18.2) Knowledge Economic City Saudi Arabia 14.85 (3.8) 803.8 (4.2) 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% Qatar Cinema & Film Dist. Co. 32.60 (9.4) 1.3 (4.1) Qatar Gen. Ins. & Reinsurance Co. 46.30 (3.4) 2.0 (0.3) Mannai Corp. 88.00 (2.7) 4.2 (7.7) Qatar Insurance Co. 79.50 (2.5) 70.7 14.3 Commercial Bank 37.05 (2.0) 161.1 (19.3) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Masraf Al Rayan 35.80 (0.6) 49,207.1 (4.8) QNB Group 150.20 (0.3) 27,029.3 3.0 Qatar Islamic Bank 103.60 (1.5) 20,623.8 (2.9) Qatari Investors Group 51.90 2.2 17,914.0 37.7 Barwa Real Estate Co. 35.40 (0.6) 10,943.1 (11.5) 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* 10,534.40 (0.5) 1.0 6.6 1.0 57.61 155,337.0 14.4 1.6 3.9 Dubai 3,544.21 (0.1) 2.1 7.0 12.5 156.02 93,291.4 12.5 1.4 4.2 Abu Dhabi 4,589.84 (0.5) 0.3 2.0 6.6 49.55 122,828.2 12.3 1.5 5.3 Saudi Arabia 6,601.00 (0.4) (0.9) 1.6 (4.5) 566.00 405,817.3 15.4 1.5 3.7 Kuwait 5,391.20 0.2 0.0 0.5 (4.0) 34.53 80,038.3 18.4 1.0 4.4 Oman 5,818.14 0.0 (0.7) 0.7 7.6 8.47 23,113.8 9.4 1.2 5.0 Bahrain 1,160.35 0.2 (1.1) 3.8 (4.6) 1.95 17,951.5 9.6 0.4 4.7 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) 10,520 10,540 10,560 10,580 10,600 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 7 Qatar Market Commentary  The QSE Index declined 0.5% to close at 10,534.4. The Insurance and Banks & Financial Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from non- Qatari and GCC shareholders.  Qatar Cinema & Film Distribution Co. and Qatar General Insurance & Reinsurance Co. were the top losers, falling 9.4% and 3.4%, respectively. Among the top gainers, Qatari Investors Group rose 2.2%, while Al Meera Consumer Goods Co. was up 0.9%.  Volume of shares traded on Thursday fell by 26.4% to 5.2mn from 7.1mn on Wednesday. However, as compared to the 30-day moving average of 4.6mn, volume for the day was 13.8% higher. Masraf Al Rayan and Vodafone Qatar were the most active stocks, contributing 26.4% and 9.2% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 2Q2016 % Change YoY Operating Profit (mn) 2Q2016 % Change YoY Net Profit (mn) 2Q2016 % Change YoY United Int. Transportation Co. Saudi Arabia SR – – 14.3 -9.4% 46.7 2.3% Saudi Ceramic Co. Saudi Arabia SR – – 36.7 -57.3% 28.3 -65.1% Taiba Holding Co. Saudi Arabia SR – – 61.7 14.3% 68.5 20.2% Yamama Cement Co. Saudi Arabia SR – – 97.0 -42.9% 116.3 -39.3% The Nat. Company for Glass Ind. Saudi Arabia SR – – 5.3 -3.6% 11.2 -32.5% Umm Al-Qura Cement Company Saudi Arabia SR – – 4.0 NA -4.4 NA Al-Jouf Agricultural Development Co. Saudi Arabia SR – – 22.5 9.9% 22.3 10.6% Anaam International Holding Group Saudi Arabia SR – – 6.7 -9.4% 6.3 -7.5% Saudi Kayan Petrochemical Co. Saudi Arabia SR – – 290.7 93.8% 91.0 NA Saudi Arabia Fertilizers Co. Saudi Arabia SR – – 248.0 -53.8% 299.0 -49.8% Bupa Arabia for Cooperative Ins. Co. Saudi Arabia SR 1,816.9 -3.6% – – 104.2 -7.9% Red Sea Housing Services Co. Saudi Arabia SR – – 39.1 73.8% 31.5 85.3% AXA Cooperative Insurance Co. Saudi Arabia SR 182.9 -1.4% – – 9.5 15.4% The Company for Coop. Insurance Saudi Arabia SR 1,724.6 20.0% – – 243.9 11.0% Deyaar Development Dubai AED 74.7 -6.6% – – 60.3 -17.8% Viva Kuwait Kuwait KD 69.5 2.3% – – 9.6 -14.7% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/21 US Department of Labor Initial Jobless Claims 16-July 253k 265k 254k 07/21 US Department of Labor Continuing Claims 9-July 2,128k 2,137k 2,153k 07/21 US National Assoc. of Realtors Existing Home Sales June 5.57mn 5.48mn 5.51mn 07/21 US National Assoc. of Realtors Existing Home Sales MoM June 1.10% -0.90% 1.50% 07/22 US Markit Markit US Manufacturing PMI July P 52.9 51.5 51.3 07/22 EU Markit Markit Eurozone Manufacturing PMI July P 51.9 52.0 52.8 07/22 EU Markit Markit Eurozone Services PMI July P 52.7 52.3 52.8 07/22 EU Markit Markit Eurozone Composite PMI July P 52.9 52.5 53.1 07/22 UK Markit Markit UK PMI Manufacturing SA July P 49.1 48.7 52.1 07/22 UK Markit Markit/CIPS UK Services PMI July P 47.4 48.8 52.3 07/22 UK Markit Markit/CIPS UK Composite PMI July P 47.7 49.0 52.4 07/22 France Markit Markit France Manufacturing PMI July P 48.6 48.0 48.3 07/22 France Markit Markit France Services PMI July P 50.3 49.5 49.9 07/22 France Markit Markit France Composite PMI July P 50.0 49.2 49.6 07/22 Germany Markit Markit/BME Germany Manufacturing PMI July P 53.7 53.4 54.5 07/22 Germany Markit Markit Germany Services PMI July P 54.6 53.2 53.7 07/22 Japan Markit Nikkei Japan PMI Mfg July P 49.0 – 48.1 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 26.38% 31.07% (9,844,844.74) Qatari Institutions 40.30% 40.70% (846,571.24) Qatari 66.68% 71.77% (10,691,415.98) GCC Individuals 0.52% 2.39% (3,917,558.62) GCC Institutions 4.54% 2.23% 4,850,187.63 GCC 5.06% 4.62% 932,629.01 Non-Qatari Individuals 10.58% 10.17% 859,791.53 Non-Qatari Institutions 17.69% 13.45% 8,898,995.44 Non-Qatari 28.27% 23.62% 9,758,786.97
  • 3. Page 3 of 7 Earnings Calendar Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status QIGD Qatari Investors Group 25-Jul-16 1 Due ORDS Ooredoo 26-Jul-16 2 Due VFQS Vodafone Qatar 26-Jul-16 2 Due QIMD Qatar Industrial Manufacturing Company 26-Jul-16 2 Due ERES Ezdan Real Estate Company 27-Jul-16 3 Due QGRI Qatar General Insurance & Reinsurance 31-Jul-16 7 Due QNCD Qatar National Cement Company 31-Jul-16 7 Due QCFS Qatar Cinema & Film Distribution Company 1-Aug-16 8 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 9 Due MRDS Mazaya Qatar 2-Aug-16 9 Due GISS Gulf International Services 2-Aug-16 9 Due QNNS Qatar Navigation (Milaha) 3-Aug-16 10 Due IQCD Industries Qatar 3-Aug-16 10 Due QFLS Qatar Fuel Company 4-Aug-16 11 Due DOHI Doha Insurance 8-Aug-16 15 Due MPHC Mesaieed Petrochemical Holding Company 9-Aug-16 16 Due QISI Qatar Islamic Insurance 10-Aug-16 17 Due MCCS Mannai Corp. 10-Aug-16 17 Due SIIS Salam International Investment 11-Aug-16 18 Due WDAM Widam Food Company 11-Aug-16 18 Due Source: QSE
  • 4. Page 4 of 7 News Qatar  Alijarah’s 2Q2016 net profit declines 14.6% QoQ – National Leasing (Alijarah) reported a net profit of reach QR1.8mn in 2Q2016, representing a 14.6% QoQ decline. The company had reported a net loss of QR33.5mn in 2Q2015. Total income declined 7.0% QoQ to reach QR51.7mn in 2Q2016. However, on YoY basis, total income surged 91.0%. (QSE, QNBFS Research)  GWCS’s net profit jumps 17.6% QoQ in 2Q2016 – Gulf Warehousing Company (GWCS) reported a net profit of QR54.8mn, reflecting a growth of 17.6% QoQ and 15.7% YoY, in 2Q2016. The net profit was in-line with our estimate of QR50.0mn (variation of +9.6%). Net profit growth on QoQ basis was aided by decline in direct costs (-9.2%) and administrative & other expenses (-17.0%). The company, which is Qatar’s leading logistics provider, generated revenue of QR209.9mn in 2Q2016, a decline of 4.7% QoQ and in- line with our estimate of QR225.3mn (-6.8% variation). However, the revenue was up 2.2% YoY. GWCS’s Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said the GWCS Bu Sulba Warehousing Park has completed 65% of construction at the site, keeping it “on track” for launch on time, with a significant number of clients already signed on for warehousing space and services. Meanwhile, the company’s many divisions showed strong contributions towards client acquisition and project development. (QNBFS Research, Company financials, Gulf-Times.com)  WDAM to disclose financial statements on August 11 – Widam Food Company (WDAM) will disclose its financial statements for the period ending June 30, 2016 on August 11, 2016. (QSE)  Qatar’s healthcare sector reaches a major milestone – In what can be described as a major stride in patient care in Qatar, the Primary Health Care Corporation (PHCC) has achieved the digitization of patient records by implementing the Clinical Information System (CIS) across all its health centers (HCs). The Mesaimeer HC, where the CIS was launched on July 18, was the last one to implement the system. With this, all health centers under the PHCC have been brought under the CIS. The PHCC, along with the Hamad Medical Corporation (HMC), has started implementing the CIS program with the motto “One Patient; One Record”. The program aims to ensure that there is a single integrated record containing all details and medical history of a patient. The implementation of the CIS at all PHCC health centers is being seen as a major milestone for the healthcare sector in Qatar, as previous records of patients can be accessed from any of the HCs as well as health facilities under the HMC. It will help physicians assess patients with greater precision, based on an overview of their medical history, during consultation. The system facilitates the description and monitoring of prescriptions, requests for laboratory or other tests, images archiving and access to information on a patient’s medical history. (Gul-Times.com)  Ezdan converts 15,000 houses into water efficient units – Ezdan Real Estate Company, a subsidiary of Ezdan Holding Group, has converted its Al Wukair residential villages into water saving units within the framework of the National Program for Conservation and Energy Efficiency (Tarsheed). The company said it was able to install around 262,000 water-saving devices in over 15,000 residential units, resulting in a capacity of up to 60% reduction in the overall water consumption. (Gulf-Times.com)  BMI: Qatar faces lower risks due to financial buffers – BMI Research has said that Qatar possesses greater financial buffers and continues to fund large government projects, in preparation for the 2022 FIFA World Cup. BMI noted that the country faced lower economic risks as compared to other countries in the region. In its latest regional overview, the Fitch Group said commercial banks across the Middle East and North Africa (MENA) have entered a “protracted period of slower growth”. In the GCC, fiscal retrenchment amid low oil prices is impacting deposit and lending growth, while liquidity is tightening. (Gulf-Times.com)  MDPS: Over 1.28mn people visited Qatar during Jan-May – The total number of visitors to Qatar in the first five months of the current year reached 1.28mn, a rise of 21% as compared to the first four months. According to the Ministry of Development Planning and Statistics (MDPS) data, around 1.05mn people visited Qatar between January and April. Visitors from the Gulf Cooperation Council (GCC) region constituted a major chunk — 598,702. Over 294,983 people from other Asian regions, including Oceania region, and 199,170 from Europe visited the country during the period. Visitors from the GCC countries dominate the tourism inflow in Qatar. According to Qatar Tourism Authority, 1Q2016 saw an 11% increase in the number of visitors from the GCC countries (403,023) as compared to the first quarter of 2015 (361,660), with most of the growth generated by Saudi Arabia. (Peninsula Qatar) International  IMF: G20 should support economic growth amid Brexit uncertainty – The International Monetary Fund (IMF) said that the group of 20 finance officials meeting in China this weekend should agree on a broad-based approach to support consumer demand, limit private- sector debt and implement structural reforms to combat deepening risks to growth. The IMF, in a briefing note to G20 finance ministers and central bank governors gathering in Chengdu, said that reducing the uncertainty surrounding Britain's exit from the European Union would help limit an adverse impact. (Reuters)  Jobless claims in US unexpectedly decline to three-month low – According to US Labor Department report, the number of applications for US unemployment benefits unexpectedly fell for the week ended on July 16, reaching a three-month low, indicating the labor market remains steady. Initial jobless claims dropped by 1,000 to 253,000 in the week, from an unrevised 254,000 in the prior period. Employers continue to retain staff amid improving US growth and a shortage of skilled workers that they are looking to hire. Sustained low levels of firings also signal a strong outlook for the job market that will help lift household spending, the biggest part of the economy. For 72 consecutive weeks, claims have been below the 300,000 level that economists say is typically consistent with an improving job market. That is the longest stretch since 1973. (Bloomberg)  Strong US home sales, low layoffs highlight economy's strength – The US home resales hit their highest level in nearly 9-1/2 years in June as low interest rates lured first-time buyers into the market and the number of Americans filing for unemployment benefits fell last week, underscoring the economy's strength. Although another report showed that the factory activity in the mid-Atlantic region contracted in July, a surge in new orders and shipments suggested the setback was likely temporary. The National Association of Realtors said that existing home sales increased by 1.1% to an annual rate of 5.57mn units in June, the highest level since February 2007. It was the fourth straight month of increase and left sales 3% YoY higher. Sales were boosted by first-time buyers, whose share of transactions rose to 33% in June, the highest since July 2012. That compared to 30% YoY and in May. (Reuters)  ECB sees lower Eurozone growth ahead on Brexit – According to the European Central Bank's (ECB) survey, Eurozone growth may be lower than previously expected, primarily due to the effects of Britain's vote to leave the European Union (EU). Growth is now seen at 1.4% in 2017, below an earlier projection of 1.6% while the 2018 estimate was cut to 1.6% from 1.7%, the quarterly
  • 5. Page 5 of 7 survey of 51 forecasters showed. For 2016, the GDP growth projection was unchanged at 1.5%. The ECB kept interest rates unchanged on Thursday but left the door open to further easing, arguing that it needed more data on the slowdown and the economic impact of the referendum. The ECB said that those forecasters that already included Brexit in their projection predicted that the fallout would reduce 2017 growth by 0.26% point and inflation by 0.07% point. The growth impact will be felt through lower net exports to Britain, further limited by the depreciation of the pound, uncertainty about the nature of Britain's future relationship with the EU, and increased volatility on financial markets. (Reuters)  Eurozone business growing at weakest rate since start of 2015 – According to a survey, Eurozone business growth was at its slowest since the start of 2015 this month as stronger performances in the two big economies of Germany and France offset weakness in smaller countries. While the survey result was not as weak as predicted in a Reuters poll, the slight loss of momentum may be of concern to policymakers at the European Central Bank who have been trying to stimulate faster growth. Markit's flash composite Purchasing Managers' Index (PMI), seen as a good growth indicator, dipped to 52.9 from June's 53.1, the lowest reading since January 2015. However, a Reuters poll had predicted a steeper fall to 52.5. (Reuters)  Japan's CPI seen falling again in June, more headaches for BOJ – According to Reuter’s, Japan's consumer prices index (CPI) were expected to fall in June for the fourth straight month, keeping alive market expectations the central bank will expand an already massive stimulus program to hit its 2% price
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