QNBFS Daily Market Report June 15, 2016

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1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.5% to close at 9,756.4. Gains were led by the Real Estate and Telecoms indices, gaining 1.6%…
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  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.5% to close at 9,756.4. Gains were led by the Real Estate and Telecoms indices, gaining 1.6% and 1.1%, respectively. Top gainers were Ezdan Holding Group and Qatar Industrial Manufacturing Co., rising 2.3% and 2.1%, respectively. Among the top losers, Mannai Corp. fell 2.2%, while Gulf Warehousing Co. was down 1.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.6% to close at 6,626.6. Gains were led by the Energy & Utilities and Telecom. & IT indices, rising 9.4% and 0.8%, respectively. Saudi Electricity Co. rose 9.8%, while Al Rajhi Co. for Cooperative Insurance was up 7.2%. Dubai: The DFM Index gained 0.2% to close at 3,329.7. The Banks index rose 0.3%, while the Real Estate & Construction index gained 0.2%. International Financial Advisors gained 3.9%, while Dubai Islamic Bank was up 2.4%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,386.4. The Telecommunication index gained 0.8%, while the Banks index rose 0.5%. Emirates Driving Co. gained 7.0%, while Union National Bank was up 2.9%. Kuwait: The KSE Index declined marginally to close at 5,412.1. The Consumer Services index fell 0.4%, while the Telecommunication index declined 0.3%. Real Estate Trade Centers Co. fell 8.7%, while The Energy House Holding Co. was down 7.3%. Oman: The MSM Index fell 0.1% to close at 5,838.9. The Financial index declined 0.5%, while the other indices ended in green. Al Anwar Holding fell 4.0%, while Muscat Finance was down 2.5%. Bahrain: The BHB Index remained flat at 1,123.3. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ezdan Holding Group 17.71 2.3 132.5 11.4 Qatar Industrial Manufact. Co. 40.95 2.1 0.2 2.8 Ooredoo 87.70 1.5 49.6 16.9 National Leasing 17.23 1.3 102.7 22.2 Commercial Bank 36.55 1.2 34.7 (20.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Islamic Bank 95.00 0.2 664.0 (11.0) Vodafone Qatar 10.46 (0.2) 231.2 (17.6) United Development Co. 18.70 1.1 142.7 (9.9) Ezdan Holding Group 17.71 2.3 132.5 11.4 Gulf International Services 37.00 (0.4) 113.9 (28.2) Market Indicators 14 June 16 13 June 16 %Chg. Value Traded (QR mn) 123.6 87.7 40.9 Exch. Market Cap. (QR mn) 525,919.8 525,031.0 0.2 Volume (mn) 2.3 2.4 (4.8) Number of Transactions 1,562 1,402 11.4 Companies Traded 39 41 (4.9) Market Breadth 16:22 4:29 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15,785.17 0.5 (0.8) (2.6) 13.4 All Share Index 2,719.42 0.3 (0.9) (2.1) 13.0 Banks 2,636.95 0.0 (0.9) (6.0) 11.2 Industrials 2,992.72 (0.4) (1.9) (6.1) 13.7 Transportation 2,452.70 0.4 (0.4) 0.9 11.4 Real Estate 2,448.02 1.6 (0.6) 5.0 22.5 Insurance 4,032.72 0.4 (0.1) (0.0) 10.5 Telecoms 1,090.36 1.1 0.3 10.5 17.3 Consumer 6,357.40 (0.5) (0.7) 5.9 13.1 Al Rayan Islamic Index 3,785.15 0.2 (1.0) (1.8) 16.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Saudi Electricity Co. Saudi Arabia 20.05 9.8 10,577.1 27.6 Fawaz Abdulaziz Alhokair Saudi Arabia 52.76 4.7 2,011.7 (25.3) Boubyan Petrochemicals Kuwait 0.55 3.8 1,459.9 3.8 Arabian Cement Saudi Arabia 51.17 3.2 813.5 7.6 Union National Bank Abu Dhabi 3.50 2.9 624.3 (25.2) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Dar Al Arkan Real Estate Saudi Arabia 6.10 (3.9) 44,967.9 (1.6) Abu Dhabi Nat. Insurance Abu Dhabi 2.00 (2.9) 0.9 (30.6) Mannai Corp. Qatar 88.00 (2.2) 0.7 (7.7) Emaar Economic City Saudi Arabia 14.76 (2.1) 2,408.5 14.1 Al-Hassan G.I. Shaker Co. Saudi Arabia 25.83 (2.0) 184.5 (8.8) 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. 88.00 (2.2) 0.7 (7.7) Gulf Warehousing Co. 57.60 (1.9) 41.9 1.2 Qatar Islamic Insurance Co. 58.00 (1.7) 0.6 (19.4) Qatar National Cement Co. 84.50 (1.6) 0.9 (8.9) Al Khalij 16.15 (1.2) 8.8 (10.1) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Islamic Bank 95.00 0.2 62,853.3 (11.0) QNB Group 137.30 (0.5) 10,943.3 (5.9) Industries Qatar 96.30 (0.5) 5,959.1 (13.3) Qatar Electricity & Water Co. 201.60 0.7 5,058.0 (6.8) Ooredoo 87.70 1.5 4,334.6 16.9 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* 9,756.38 0.5 (0.8) 2.3 (6.5) 33.94 144,470.2 13.4 1.5 4.2 Dubai 3,329.71 0.2 (1.2) 0.5 5.7 74.81 89,622.6 11.2 1.2 4.2 Abu Dhabi 4,386.42 0.5 0.1 3.2 1.8 16.76 115,834.4 11.6 1.5 5.6 Saudi Arabia 6,626.58 0.6 0.3 2.8 (4.1) 1,042.83 407,075.5 15.3 1.5 3.7 Kuwait 5,412.14 (0.0) 0.0 0.2 (3.6) 26.30 81,247.6 18.1 1.0 4.5 Oman 5,838.87 (0.1) (0.8) 0.5 8.0 6.17 23,146.7 11.1 1.3 4.4 Bahrain 1,123.30 0.0 0.3 1.1 (7.6) 10.86 17,737.5 9.4 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) 9,680 9,700 9,720 9,740 9,760 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 0.5% to close at 9,756.4. The Real Estate 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.  Ezdan Holding Group and Qatar Industrial Manufacturing Co. were the top gainers, rising 2.3% and 2.1%, respectively. Among the top losers, Mannai Corp. fell 2.2%, while Gulf Warehousing Co. was down 1.9%.  Volume of shares traded on Tuesday fell by 4.8% to 2.3mn from 2.4mn on Monday. Further, as compared to the 30-day moving average of 6.1mn, volume for the day was 63.1% lower. Qatar Islamic Bank and Vodafone Qatar were the most active stocks, contributing 29.3% and 10.2% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/14 US Nat'l Fed. of Ind. Business NFIB Small Business Optimism May 93.8 93.6 93.6 06/14 EU Eurostat Employment QoQ 1Q2016 0.30% – 0.30% 06/14 EU Eurostat Employment YoY 1Q2016 1.40% – 1.20% 06/14 UK ONS CPI MoM May 0.20% 0.30% 0.10% 06/14 UK ONS CPI YoY May 0.30% 0.40% 0.30% 06/14 UK ONS CPI Core YoY May 1.20% 1.30% 1.20% 06/14 Japan Ministry of Economy Trade Industrial Production MoM April F 0.50% – 0.30% 06/14 Japan Ministry of Economy Trade Industrial Production YoY April F -3.30% – -3.50% 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 14.35% 25.30% (13,526,639.26) Qatari Institutions 59.71% 54.13% 6,886,270.45 Qatari 74.06% 79.43% (6,640,368.81) GCC Individuals 0.78% 0.24% 665,919.58 GCC Institutions 5.11% 2.90% 2,721,456.23 GCC 5.89% 3.14% 3,387,375.81 Non-Qatari Individuals 3.98% 5.58% (1,984,196.23) Non-Qatari Institutions 16.08% 11.84% 5,237,189.23 Non-Qatari 20.06% 17.42% 3,252,993.00
  • 3. Page 3 of 6 News Qatar  KCBK Board announces meeting results – The Board of Directors of Al Khalij Commercial Bank (KCBK) held its meeting on June 13, 2016. The Board discussed and approved a number of items related to regular activities, projects and business of the bank. (QSE)  CRA: Qatar’s telecom market revenue crosses QR10bn – The Communications Regulatory Authority (CRA)’s inaugural annual report revealed that Qatar’s telecom market earned total revenue in excess of QR10bn in 2015, driven by rising population. Mobile revenue continued to provide the “greatest proportion” of revenue and growth in the market. The report said the total market revenue registered in Qatar in 2014 was QR9.45bn. (Gulf- Times.com)  Real estate transactions cross QR513mn between June 5-9 – The total trading value in real estate sales contracts registered with the Land Registry Department of the Ministry of Justice between June 5-9, 2016 reached QR513,100,820. According to the weekly bulletin published by the Department, the real estate sales included empty plots of land, houses, flats, stores, a residential complex, and a palace. The sales were distributed at the municipalities of Doha, Umm Salal, Al Khor, Al Dhakira, Al Rayyan, Al Dhaayen, Al Wakrah, Al Shamal, and Al Shahaniya. (Gulf- Times.com)  Ogiermann: Qatar Airways Cargo set to become major player in three new markets – Qatar Airways Cargo Chief Officer Ulrich Ogiermann announced that Qatar Airways Cargo, currently the world’s third largest in the segment, plans to become a major player in three new markets – Transpacific, Australia, and South America – in the next nine months. The major enhancement of the carrier’s network is made possible by constant growth of its fleet, which now includes nine Boeing 777F, eight Airbus 3330F, and two Boeing 747F aircraft, as well as the opening of its new European hub in Luxembourg. (Gulf-Times.com)  QDB approves new Al Furjan Markets projects – Central Municipal Council Member, Hamad Khalid Al Kubaisi said that Qatar Development Bank (QDB) has approved the setting up of Al Furjan Markets in Um Lakhba and Duhail. Al Sharq reported that Kubaisi expected Duhail South Park to open before this year-end after the Public Parks Department at the Ministry of Municipality and Environment signs contract with a new contractor. He added the Public Works Authority (Ashghal) has also approved a project to provide lighting on the main streets in Um Lakhba and Duhail. (Peninsula Qatar)  Ministry stops most property registration services at HQ – The Ministry of Justice announced that it has stopped most of the real estate registration services at its headquarters and transferred the services to its external branches at services centers. The Real Estate Registration Department said some transactions will be processed only at the branches and not in the main offices as before. These services include sale, gift, transfer of ownership, inheritance, substitution, ownership certificates (negative), correction of name, lifting of bans, and restrictions on buildings. (Peninsula Qatar)  Government panel to grade agencies hiring domestic helps – The government has decided to set up a special committee to draft rules for grading manpower agencies recruiting domestic workers. The committee will also lay down a mechanism to speed up the recruitment process, reduce recruitment charges and increase the probation period for domestic helps. (Peninsula Qatar) International  US retail sales point to strong domestic demand – US retail sales rose strongly in May as Americans bought automobiles and a range of other goods, even as they paid more for gasoline, suggesting that economic growth was gaining steam despite a sharp slowdown in job creation. Other data hinted at a steady build-up of inflation pressures, with import prices recording their largest increase in just over four years in May as the drag from a strong dollar and lower oil prices fades. The Commerce Department said retail sales increased 0.5% in May after surging by an unrevised 1.3% in April. The second straight month of gains boosted sales 2.5% YoY. Excluding automobiles, gasoline, building materials and food services, retail sales rose a solid 0.4% last month after an upwardly revised 1.0% increase in April. These so-called core retail sales correspond most closely with the consumer spending component of GDP. They were previously reported to have risen 0.9% in April. Economists had forecast both overall retail and core sales gaining 0.3% last month. In a separate report, the Labor Department said import prices increased 1.4% last month, the largest rise since March 2012, after advancing 0.7% in April. In the 12 months through May, import prices fell 5.0%, the smallest decline since November 2014. (Reuters)  ONS: UK inflation slightly weaker than expected, steady at +0.3% – The Office for National Statistics (ONS) said British inflation held steady in May against expectations for a small increase, as continued falls in clothing prices offset pressure from fuel prices. The ONS said Consumer prices rose 0.3% YoY, and slightly below economists' expectation for a 0.4% annual rise. Overall, the figures underlined the lack of inflationary pressure in Britain's economy, with inflation holding at 0.3% throughout 2016 with the exception of March. British inflation has been below the Bank of England's (BoE) 2% target for more than two years and last year it was zero, the lowest since comparable records began in 1950. However, BoE policymakers are unlikely to put too weight on the inflation data when they meet this week, given the uncertainty created by next week's referendum on Britain's European Union membership. (Reuters)  Global central banks prepare swap facilities for Brexit vote – Central banks around the globe are preparing financial backstops to mitigate market turmoil in case Britons vote next week to leave the European Union, hoping to buffer the real economy from any short-term impact. Operating with so-called swap lines, the world's biggest central banks stand ready to temporarily exchange currencies in potentially unlimited quantities if financial market disruption leaves banks and exporters short of foreign currency. Policymakers fear that a British vote on June 23 to leave the 28- nation EU, known as 'Brexit', could trigger an exodus of cash from Britain, paralyzing currency markets and weighing immediately on growth if firms cannot gain access to foreign currency needed for their day to day business. (Reuters)  Eurozone April industry output rebounds in good sign for overall growth – According to Eurostat, Eurozone industrial production rebounded in April on a monthly basis after two consecutive falls, rising more than expected mostly because of a surge in the output of durable consumer goods, such as cars. Industrial production in the 19-member single currency bloc was 1.1% higher in April than in March, above the forecast in a Reuter’s poll of economists of a 0.8% rise. The figure sends a message of confidence about the Eurozone economy and inverts the negative trend started in February, when output decreased by 1.2%, and continued in March which recorded a slightly upwardly revised 0.7% drop in industrial production (from a previous estimate of -0.8%). Eurozone industrial output rose in April by 2.0% YoY, also in this case significantly more than market estimates of a 1.4% increase,
  • 4. Page 4 of 6 and much more than the 0.2% growth recorded in May. Eurozone April monthly output increased mostly because of the output of consumer durable goods, such as cars and fridges, which rose 2.3% after a 0.8% drop in May. (Reuters)  EU Finance Ministers to hold 'last-chance' talks on transactions tax – Finance ministers from European Union (EU) countries that want to adopt a common tax on financial transactions will hold a "last-chance meeting" to agree on the tax or ditch it. In December, 10 EU countries set a June 2016 deadline to find a final compromise on the levy that was initially devised in 2011 as an EU-wide tax but has seen several setbacks since then and most countries quitting the project. Representatives of countries still interested in the tax will meet to try to sort out the remaining divergences on the sidelines of a regular meeting of Eurozone Finance Ministers in Luxembourg. Meanwhile, the European Banking Federation has warned that new international rules could require European banks to raise hundreds of billions of euros in fresh capital, contrary to assurances from G20 finance ministers earlier this year. The ministers had said there should be no overall significant increase in capital on top of the Basel III requirements introduced after the financial crisis. Governments had to spend billions of dollars of taxpayer money to rescue banks that ran into trouble and could have threatened the global financial system if allowed to go under during the 2007-2009 financial meltdown. (Reuters)  IMF: China faces growing vulnerabilities, fewer buffers to deal with shocks – International Monetary Fund (IMF) First Deputy Managing Director David Lipton said China needs to implement reforms with more urgency as the economy faces growing vulnerabilities and there are fewer buffers to deal with any shocks. He said "The near-term growth outlook has turned more buoyant due to recent policy support". He added that "The medium-term outlook, however, is more uncertain due to rapidly rising credit, structural excess capacity, and the increasingly large, opaque, and interconnected financial sector." Lipton also said that the current level of non-performing loans at Chinese banks is a manageable problem, but must not be allowed to get out of hand. He said there needs to be careful supervision of China's entire financial system, not just its big banks. (Reuters) Regional  Middle East annual light vehicle sales to hit 4.4mn in 2020 – According to Frost & Sullivan, total light vehicle sales in the Middle East region is estimated to reach 4.4mn by 2020 as compared to 3.2mn in 2015. At the same time, the number of vehicles in operation on the region’s roads will rise from 34.8mn in 2015 to 44.5mn in 2020. This burgeoning growth is expected to drive up demand for parts and accessories, for which sales in 2020 is expected to reach $17.2bn as compared to $12.98bn in 2015. This represents a projected pan-regional CAGR of 5.9%. This surge in demand is being driven by a variety of factors, chief among which are rapid urbanization and growing infrastructural and industrial development in the surging economies across the region. (GulfBase.com)  KSA opens retail sector to more foreign investment – Economists have welcomed the Kingdom’s move to open Saudi Arabia’s retail sector to more foreign investment. The recent policy changes look set to push Saudi Arabia’s position as an international hub for distributing, selling and re-exporting products. The Cabinet has approved rules for foreign companies to invest in the wholesale and retail trade sector with 100% ownership. It added that the decision is in line with the Vision 2030 plan. (GulfBase.com)  IPIC takes Malaysia fund dispute to London court seeks $6.5bn – Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) said on June 14 that it has asked London court to arbitrate in a dispute with Malaysian state fund 1MDB in which IPIC is claiming about $6.5bn. The submission to the London Court of International Arbitration alleges that 1MDB and Malaysia's Finance Ministry (MoF) failed to perform their obligations under a debt restructuring agreement involving the companies in June 2015. (Reuters)  Emirates NBD set to sign increased $1.25bn loan – According to sources, Dubai's largest bank, Emirates NBD, is expected to sign a three-year syndicated loan next week. The loan, arranged by Bank of America Merrill Lynch and Emirates NBD Capital, launched at $1.25bn but could be increased to as much as $1.5bn. The proceeds of the deal will refinance an existing $800mn loan that matures in December. That deal was signed in December 2013 and priced at 140bp over Libor. The bank group for the deal comprised Bank of America Merrill Lynch, BNP Paribas, Commerzbank, Deutsche Bank. HSBC, ING, Societe Generale and Standard Chartered. (Reuters)  ENOC secures $230mn loan from China's ICBC – Emirates National Oil Company (ENOC) has secured a $230mn unsecured loan from Industrial and Commercial Bank of China. The company said that the five-year loan will help ENOC fund new projects and expansion plans. (Reuters)  DIC to manage, market ‘The Palisades’ project within DIP – Dubai Investments (DIC) has signed an agreement to manage and market ‘The Palisades’ project within Dubai Investments Park (DIP). This project spread across an ar
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