GCC Market Watch - SICO Bahrain

Jul 10, 2017 - DSM closed in green (+1%) with IQ up 1.7% and QNB. 1.9% higher. ... 2016. 2016. 2016. 2017E. SABIC (KSA). 101.48 4,113. 81.2. 0.7. 10.9.
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GCC Market Watch

July 10, 2017

GCC Market Watch

Regional Markets Today Country

Current

%Chg 1D

%Chg YTD

Bahrain (BAX)

1,308.3

(0.1)

7.2

Kuwait (KWSE)

6,748.5

0.4

17.4

Oman (MSI)

5,158.8

0.5

(10.8)

Qatar (DSMI)

8,995.1

1.0

(13.8)

S.Arabia (TASI)

7,236.9

1.0

0.4

UAE (DFM)

3,417.9

0.4

(3.2)

UAE (ADSM)

4,398.0

(0.3)

(3.3)

97.9

(0.3)

(1.5)

S&P GCC Source: Bloomberg

Regional market wrap-up GCC Markets traded mostly in green. Tadawul was 1% higher; SABIC gained 0.7% and NCB increased 1.9%. DFM ended (+0.4%) led by real estates in green; Damac (+3.6%) and Emaar Malls (+2.1%). ADX was 0.3% lower led by ADCB (2.4%) and FAB (-0.5%). DSM closed in green (+1%) with IQ up 1.7% and QNB 1.9% higher. KWSE was up 0.4% with KFH (+0.6%) and ZAIN (+1.2%). MSM increased 0.5% led mainly by NBO (+1%), Ooredoo Oman (+0.9%) and Omantel (+3%). BHB closed in red (-0.1%) with NBB (-0.8%) and GFH (-0.9%).

Note: S&P GCC index as of previous day

In the news…

CDS-5years Dubai

Bahrain

AbuDhabi Qatar KSA

Current

133

254

64

125 113

Previous day

133

253

61

120 112

Week ago

132

255

61

121 117

Month ago

131

240

50

109 108

Year ago

178

390

81

102 173

Source: Bloomberg as of LTD



Extra reports SAR 43.4mn in 2Q earnings; beats consensus (SAR 19mn) by huge margin. The beat was mainly due to increase in sales at SAR 1,014mn (+15% YoY) and also better margins on some products and services and lower SG&A costs. The beat was across the line and without any one-offs. Gross profit was at SAR 172.7mn (+20% YoY). Source: Company Announcement, SICO Research



BSF reports a dividend of SAR 1.05/share in 1H17 much higher than SAR 0.55/share disbursed in 1H16 and higher than our expectation of SAR 0.6/share. Source: Company Announcement



SABIC started commercial operations at its synthetic rubber ethylenepropylene-diene-monomer unit, as well as the thermoplastic specialty polymers and halobutyl rubber units at full capacity at Al-Jubail Petrochemical Company (KEMYA) joint venture plant. The financial impact of the commencement of operations would show on the company’s results in 3Q17, the company said in a bourse statement. The KEMYA rubber plant which cost USD 3.4bn is a JV between SABIC and Exxon Chemical Arabia. The project will supply over 400,000 metric tons of rubber annually, including thermoplastic polymers and carbon black for domestic markets, the Middle East and Asia, according to the statement. Source: Argaam

International Indices

GCC- Equities

Country

Current

%Chg 1D

%Chg YTD

DJIA

21,414.3

0.4

8.4

S&P

2,425.2

0.6

8.3

NASDAQ

6,153.1

1.0

14.3

FTSE

7,347.6

(0.0)

2.9

DAX

12,427.8

0.3

8.2

NIKKEI

20,081.0

0.8

5.1

1,002.5

(0.4)

16.3

MSCI EM

Source: Blo