QNBFS Daily Market Report June 26, 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 9,966.4. Gains were led by the Telecoms and Real Estate indices, gaining 1.1%…
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  • 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.5% to close at 9,966.4. Gains were led by the Telecoms and Real Estate indices, gaining 1.1% and 0.5%, respectively. Top gainers were Mannai Corp. and Qatar National Cement Co., rising 2.4% and 1.4%, respectively. Among the top losers, Qatar Islamic Insurance fell 1.5%, while Qatar First Bank was down 0.7%. GCC Commentary Saudi Arabia: The TASI Index rose 0.3% to close at 6,551.0. Gains were led by the Real Estate Development and Building & Construction indices, rising 1.9% and 1.6%, respectively. Saudi Indian Co. for Coop. Ins. and Arabian Pipes were up 9.9% each. Dubai: The DFM Index declined 0.2% to close at 3,367.6. The Banks index fell 0.8%, while the Transportation index declined 0.7%. Mashreq Bank fell 6.8%, while International Financial Advisors was down 6.1%. Abu Dhabi: The ADX benchmark index rose marginally to close at 4,499.7. The Energy index gained 0.7%, while the Consumer Staples index rose 0.3%. International Fish Farming Holding Co. gained 4.6%, while Bank of Sharjah was up 4.2%. Kuwait: The KSE Index declined marginally to close at 5,408.0. The Technology index fell 1.4%, while the Insurance index declined 1.1%. Almadar Finance & Investment fell 10.7%, while Kuwait Cable Vision was down 10.0%. Oman: The MSM Index rose 0.1% to close at 5,796.9. The Industrial index gained 0.2%, while the services index rose marginally. Alizz Islamic Bank and Ahli Bank were up 1.7% each. Bahrain: The BHB Index gained 0.6% to close at 1,119.0. The Commercial Bank index rose 1.8%, while the Services index gained 1.0%. Bahrain Cinema Company rose 10.0%, while National Bank of Bahrain was up 2.5%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Mannai Corp. 89.60 2.4 0.2 (6.0) Qatar National Cement Co. 86.40 1.4 0.3 (6.8) Doha Bank 35.70 1.3 26.4 (19.8) Ooredoo 89.60 1.2 22.8 19.5 Qatar Industrial Manufacturing Co. 42.50 1.2 5.5 6.6 QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar First Bank 11.60 (0.7) 400.2 (22.7) Vodafone Qatar 10.57 0.5 284.1 (16.8) United Development Co. 19.40 (0.1) 216.6 (6.5) Ezdan Holding Group 18.30 0.7 206.5 15.1 Gulf International Services 37.65 (0.5) 164.4 (26.9) Market Indicators 23 June 16 22 June 16 %Chg. Value Traded (QR mn) 83.7 108.7 (23.0) Exch. Market Cap. (QR mn) 537,365.7 534,591.0 0.5 Volume (mn) 2.4 3.1 (22.5) Number of Transactions 1,423 2,148 (33.8) Companies Traded 39 42 (7.1) Market Breadth 17:15 13:26 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16,124.89 0.5 1.8 (0.5) 13.7 All Share Index 2,771.84 0.5 1.5 (0.2) 13.2 Banks 2,678.37 0.5 1.4 (4.5) 11.4 Industrials 3,077.01 0.4 1.5 (3.5) 14.1 Transportation 2,472.71 0.1 0.6 1.7 11.4 Real Estate 2,534.33 0.5 3.2 8.7 23.3 Insurance 3,986.06 0.1 0.1 (1.2) 10.4 Telecoms 1,111.48 1.1 0.7 12.7 17.6 Consumer 6,397.78 0.0 (0.0) 6.6 13.2 Al Rayan Islamic Index 3,871.19 0.3 1.6 0.4 16.9 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Dar Al Arkan Real Estate Saudi Arabia 6.21 7.1 60,433.9 0.2 Comm. Bank of Kuwait Kuwait 0.44 6.1 0.0 (7.8) Bank of Sharjah Abu Dhabi 1.25 4.2 20.0 (18.8) Commercial Facilities Co. Kuwait 0.19 3.3 25.2 8.0 Al-Hassan G.I. Shaker Co. Saudi Arabia 25.38 3.0 663.9 (10.4) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Gulf Cable & Electrical Ind. Kuwait 0.39 (6.0) 96.2 4.0 Abu Dhabi Nat. Energy Co. Abu Dhabi 0.53 (3.6) 1,299.6 12.8 Kuwait International Bank Kuwait 0.18 (3.2) 7,299.3 (18.6) Yanbu Cement Co. Saudi Arabia 42.89 (3.0) 674.2 (1.7) Arab Banking Corp. Bahrain 0.37 (2.7) 60.0 (14.1) 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 Islamic Insurance Co. 59.00 (1.5) 0.2 (18.1) Qatar First Bank 11.60 (0.7) 400.2 (22.7) Salam International Inv. Ltd 11.28 (0.6) 39.5 (4.6) Gulf International Services 37.65 (0.5) 164.4 (26.9) Qatar German Co. for Medical Dev. 11.44 (0.5) 26.6 (16.6) QSE Top Value Trades Close* 1D% Val. ‘000 YTD% QNB Group 141.00 1.1 15,432.8 (3.3) Industries Qatar 100.50 0.6 8,395.5 (9.5) Gulf International Services 37.65 (0.5) 6,192.0 (26.9) Masraf Al Rayan 34.05 0.0 5,134.1 (9.4) Qatar First Bank 11.60 (0.7) 4,621.4 (22.7) 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* 9,966.35 0.5 1.8 4.5 (4.4) 22.98 147,614.4 13.7 1.5 4.1 Dubai 3,367.64 (0.2) 1.8 1.6 6.9 54.93 90,562.8 11.3 1.2 4.2 Abu Dhabi 4,499.73 0.0 4.1 5.9 4.5 31.29 119,440.3 11.9 1.5 5.4 Saudi Arabia 6,550.97 0.3 0.1 1.6 (5.2) 894.00 403,459.2 15.1 1.5 3.8 Kuwait 5,407.99 (0.0) 0.2 0.1 (3.7) 29.92 81,252.0 18.4 1.0 4.4 Oman 5,796.93 0.1 (0.2) (0.2) 7.2 10.48 23,004.7 11.0 1.3 4.4 Bahrain 1,118.97 0.6 0.2 0.7 (8.0) 6.02 17,669.3 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) 9,850 9,900 9,950 10,000 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 9,966.4. Gains were led by the Telecoms and Real Estate indices, gaining 1.1% and 0.5%, respectively. The index rose on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari and GCC shareholders.  Mannai Corp. and Qatar National Cement Co. were the top gainers, rising 2.4% and 1.4%, respectively. Among the top losers, Qatar Islamic Insurance fell 1.5%, while Qatar First Bank was down 0.7%.  Volume of shares traded on Thursday fell by 22.5% to 2.4mn from 3.1mn on Wednesday. Further, as compared to the 30-day moving average of 5.1mn, volume for the day was 52.1% lower. Qatar First Bank and Vodafone Qatar were the most active stocks, contributing 16.5% and 11.7% 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 Islamic Development Bank Fitch Saudi Arabia LT-IDR/ST-IDR AAA/ F1+ AAA/ F1+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, LC – Local Currency) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/23 US Department of Labor Initial Jobless Claims 18-June 259k 270k 277k 06/23 US Department of Labor Continuing Claims 11-June 2,142k 2,150k 2,162k 06/23 US Markit Markit US Manufacturing PMI June P 51.4 50.9 50.7 06/23 US Census Bureau New Home Sales May 551k 560k 586k 06/23 US Census Bureau New Home Sales MoM May -6.00% 1.60% 12.30% 06/23 EU Markit Markit Eurozone Manufacturing PMI June P 52.6 51.4 51.5 06/23 EU Markit Markit Eurozone Services PMI June P 52.4 53.2 53.3 06/23 EU Markit Markit Eurozone Composite PMI June P 52.8 53.0 53.1 06/23 France Markit Markit France Manufacturing PMI June P 47.9 48.7 48.4 06/23 France Markit Markit France Services PMI June P 49.9 51.6 51.6 06/23 France Markit Markit France Composite PMI June P 49.4 51.0 50.9 06/24 France INSEE GDP QoQ 1Q2016 F 0.60% 0.60% 0.60% 06/24 France INSEE GDP YoY 1Q2016 F 1.30% 1.40% 1.40% 06/23 Germany Markit Markit/BME Germany Manufacturing PMI June P 54.4 52.0 52.1 06/23 Germany Markit Markit Germany Services PMI June P 53.2 55.0 55.2 06/23 Germany Markit Markit/BME Germany Composite PMI June P 54.1 54.3 54.5 06/23 Japan Markit Nikkei Japan PMI Mfg June P 47.8 – 47.7 06/24 Japan Bank of Japan PPI Services YoY May 0.20% 0.10% 0.30% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status BRES Barwa Real Estate Company 4-Jul-16 8 Due UDCD United Development Company 18-Jul-16 22 Due ORDS Ooredoo 26-Jul-16 30 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 37 Due Source: QSE Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 32.06% 45.43% (11,186,161.20) Qatari Institutions 15.13% 14.31% 684,816.58 Qatari 47.19% 59.74% (10,501,344.62) GCC Individuals 0.81% 1.02% (170,464.43) GCC Institutions 0.14% 1.60% (1,222,250.50) GCC 0.95% 2.62% (1,392,714.93) Non-Qatari Individuals 12.98% 12.64% 284,796.84 Non-Qatari Institutions 38.87% 24.99% 11,609,262.71 Non-Qatari 51.85% 37.63% 11,894,059.55
  • 3. Page 3 of 6 News Qatar  QSE suspends trading of MARK shares on June 26 – The Qatar Stock Exchange (QSE) will suspend trading of Masraf Al Rayan (MARK) shares on June 26, 2016 due to its EGM being held on that day. (QSE)  MCCS announces completion of majority stake acquisition in Gfi Informatique – Mannai Corporation (MCCS) has announced the acquisition of additional shares in Gfi Informatique representing a stake of c. 10.4% of the share capital of that company. This means that MCCS has completed its acquisition of 51% of the share capital and voting rights of Gfi Informatique (on fully diluted basis). (QSE)  SIIS BOD meeting results announced – The Board of Directors (BOD) of Salam International Investment Limited (SIIS) held its meeting on July 22, 2016 and passed the following resolutions. Firstly, the BOD approved the sale of Salam Group’s stake in Qatar Future Development Company (Adabisc). Secondly, the BOD approved the purchase of a labor housing complex in Dubai costing AED 55mn. Lastly, in order to rationalize spending, reduce costs and enhance the performance of its subsidiaries the BOD decided to re-arrange and restructure some of the subsidiaries in addition to combining and unifying certain subsidiaries’ activities, such as the combining and transfer of the activities of Gulf Industries for cooling and hotel equipment to another subsidiary and therefore writing off its commercial registry. (QSE)  ORDS, Senseta sign deal to offer data analytics solutions in Qatar – Ooredoo (ORDS) and big data analytics solutions provider, Senseta, signed a new strategic partnership to offer a comprehensive data analytics solution to Qatar’s leading enterprises. Following a jointly executed and successfully completed big data pilot project, the partnership will position ORDS as a leading ICT player in the data analytics market by deploying Senseta’s Big Data Analytics Centers (BDAC) in Qatar for the first time. (Gulf-Times.com)  Tasweeq is integrated into Qatar Petroleum – Qatar Petroleum (QP) announced the integration of Tasweeq into its family, which, is part of ongoing efforts to become one of the leading national oil companies in the world and deliver superior integrated products and services across the entire oil & gas value chain. QP said the integration would involve transitioning Tasweeq’s employees, assets and customer relationships into the QP organization before the year-end. (Gulf-Times.com)  Qatar and UAE finalize air transport pact – The Civil Aviation Authorities in Qatar and the United Arab Emirates (UAE) signed an air transport agreement, the legal framework that regulates the operation of air transport between the two countries. The agreement allows designated carriers to operate an unlimited number of trips between Doha and Dubai, 42 trips between Doha and Abu Dhabi, 21 trips between Doha and Sharjah and seven trips between Doha and Ras Al-Khaimah every week. (Peninsula Qatar)  Prime Minister inspects Doha Metro project work – HE the Prime Minister & Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa al-Thani made an inspection tour of the Msheireb Rail Station, the main station of the Doha Metro project, during which he was briefed on the progress of the work. During the visit, the Prime Minister & Minister of Interior was given a detailed explanation by the officials of Qatar Railways Company on what has been achieved. (Gulf-Times.com)  Qatar uses 3D printers to make World Cup stadiums 'desert-proof' – Scientists at Qatar University are testing 3D-printed models of football stadiums that Qatar is building for the 2022 World Cup to see if they can endure the Gulf state's punishing desert climate. Qatar has sought to allay concerns about its summer heat and moved the competition to the cooler month of November. It also announced details of five stadiums with built-in air conditioning. (Reuters) International  US jobless claims, factory data point to firming economy – The number of Americans filing for unemployment benefits fell last week to near a 43-year low, suggesting labor market resilience even though hiring slowed sharply in May. Other data also gave a fairly upbeat assessment of the economy after it stumbled in 1Q2016. Manufacturing activity rose to a three-month high in early June. Although new single-family home sales dropped in May from a more than eight-year high in April, the trend remained consistent with a firming housing market. The Labor Department said that the Initial claims for state unemployment benefits declined 18,000 to a seasonally adjusted 259,000 for the week ended June 18. The drop was the largest since February and left claims not too far from 253,000, a 43-year low touched in March. (Reuters)  US business spending weak in May, Brexit seen adding more pressure – New orders for US manufactured capital goods unexpectedly fell in May as demand declined broadly, indicating business spending will remain a drag on economic growth in 2Q2016. The subdued business investment persists despite data on retail sales, housing and layoffs suggesting the economy has regained speed after growth stalled at the start of the year. Economists say uncertainty over the global economy and the upcoming US presidential elections are making companies cautious about spending and that uncertainty is likely to be exacerbated by Britain's shock vote to leave the European Union. (Reuters)  Moody’s: Britain at risk of credit downgrade – Global ratings agency Moody's said Britain's creditworthiness was now at greater risk after voting to leave the European Union (EU), as the country would face substantial challenges to successfully negotiate its exit from the bloc. Moody's assigned a negative outlook to its 'Aa1' rating for British government debt after a referendum showed that a clear majority of Britons wanted to leave the EU, prompting Prime Minister David Cameron to announce he would resign. Meanwhile, The Bank of England (BoE) said that it would take all necessary steps to shield Britain's economy from the shock decision by voters to pull the country out of the EU which caused immediate turmoil on financial markets .(Reuters)  German economy can cope with Brexit impact, Economy – Germany Economy Ministry said that the German economy can cope with the impact of Britain's decision to leave the EU and Berlin currently sees no need to change its growth forecast for 2016. (Reuters)  PBoC: China business confidence picks up in 2Q2016 – According to surveys by the People's Bank of China (PBoC) the business confidence among entrepreneurs in China has picked up for the first time in more than two years in 2Q2016. The entrepreneurs' confidence index rose to 49% in 2Q2016, 5.3% percentage points higher than in 1Q2016. That is the first rise in confidence since the 1Q2014. China's economic growth slowed to 6.7% in 1Q2016 - the weakest since the global financial crisis. Chinese officials have pledged to keep up support for the economy, although recent data has soothed fears of a sharp slowdown in China's economy. (Reuters)  Taro Aso: Japan will take appropriate steps for financial stability – Japan's Finance Minister and Central Bank Governor warned that
  • 4. Page 4 of 6 excess volatility and disorderly currency movements could harm financial stability and that they will take appropriate steps if necessary, after Britain's vote to leave the EU sparked turmoil in financial and currency markets. Japanese Finance Minister Taro Aso said that Japan's economic fundamentals are "not bad". He said he would not comment on currencies, when asked whether the G7 has discussed joint buying to support the British currency. (Reuters) Regional  Saudi Arabia, UAE see Brexit having little impact on financial institutions – Two Gulf states have said that they did not anticipate their financial institutions to be greatly affected as a result of Britain’s vote to exit the European Union (EU). Saudi Arabia, the world’s largest oil exporter and the Organization of the Petroleum Exporting Countries (OPEC) heavyweight, said it has already made some adjustments to assets denominated in sterling and Euros in anticipation of the vote. The neighboring UAE said any effect on its financial institutions as a result of Britain’s EU exit would be limited. (GulfBase.com)  UAE, Bahrain post highest jobs growth in GCC – According to sources, the UAE and Bahrain registered the steepest rise at 9% YoY in employment opportunities in the GCC during May 2016. Slow global economic recovery, cheap oil, and regional instability have adversely hit the GCC economies and business confidence. While Bahrain and the UAE continue to exhibit growth in hiring at a moderate pace, e-recruitment activity in the region slipped 17% below the corresponding period in 2015. (GulfBase.com)  Cisco inks key partnership deal with Saudi Arabia – Cisco, a global technology leader, has signed an MoU with the Saudi Ministry of Commerce and Investment that sets a roadmap for an accelerated pace of digital transformation in the Kingdom. Saudi Arabia is the largest technology market by far in the Middle East and with a young, fast-growing demographic. The KSA market is weighted heavily towards technologically literate early adopters. (GulfBase.com)  Jordan: MSD hopes to expand presence in Saudi Arabia – MSD Associate Vice President Patrick Jordan has said that MSD wants to continue to contribute to the health and welfare of the people of Saudi Arabia by providing innovative treatments. MSD hopes to grow and to expand its presence in Saudi Arabia through different partnerships that not only bring value to the company, but also bring value to the new Vision that the Custodian of the Two Holy Mosques, King Salman, has expressed for the health of the Saudi citizens as well as the infrastructure. MSD spends close to $7bn annually or roughly 18% of its sales on research and development, which is one of the highest in the industry. (GulfBase.com)  Saudi Aramco in talks with ONGC for Opal stake sale – According to Oil & Natural Gas Corp. Ltd (ONGC) officials, ONGC Petro additions Ltd (OPaL) is in talks with local and overseas petrochemical companies to sell 25% stake. Saudi Aramco is one of the companies ONGC is in talks with. (Bloomberg)  Saudi King 'to unveil $1.3bn of public projects' – Saudi Arabia’s King Salman will announce a string of infrastructure projects during his second official visit to Madinah since coming to power. According to sources, the new education, health, water and electricity facilities are among a total $1.3bn of development projects set to be unveiled in Saudi Arabia. King Salman will also launch strategic water storage projects worth $62.6mn with a combined capacity of 3 million cubic meters, $260mn of new electric plants. (Bloomberg)  Oxford Economics: KSA GDP growth forecast to hit 14-year low in 2016 – According to a recent report by Oxford Economics, Saudi Arabia's GDP growth is expected to rise by just 0.8% in 2016, its weakest growth since 2002 as the cumulative impact of government spending cuts and low oil prices feed through to the economy. (Bloomberg)  Vision 2030 shines with license to 3M – Deputy Crown Prin
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