daily - emirates nbd · daily 29 march 2012 irfan ellam head of mena equity ... al arafa investment...

Daily 29 March 2012

Irfan Ellam

Head of MENA Equity Research

+971 4 230 7807

[email protected]

Aditya Pugalia

Analyst

+971 4 230 7802

[email protected]

Research from Emirates NBD

Equity Daily

MENA Equities

It was a mixed day of trading for the GCC markets with the DFM index (+1.9%) and the Tadawul (+0.2%) finding some support at lower levels.

The EGX30 (+1.1%) rallied led by Orascom Telecom after the news that the Algeria government would pay USD 6.5bn to acquire a majority stake in Orascom Telecom's unit Djezzy. Resolution of a long-running dispute over Djezzy unit would lift a cloud which has hung over the company for some years now. The implied valuation is far above analysts' estimates.

Elsewhere in the GCC, the DSM index continued its rally to close at an 11-week high led by Qatar Telecom (+1.2%), Qatar Islamic Bank (+0.8%) and Commercial Bank of Qatar (+0.5%). We also saw investor interest returning to midcaps in the Tadawul as Zain Saudi rallied +6.8% and Dar Al Arkan rose +1.9%. Etihad Etisalat rose +2.4% after Credit Suisse upgraded the stock with an outperform rating.

The DFM index recouped losses from earlier in the week led by market heavyweights Emaar Properties (+4.0%), DFM (+4.5%) and Arabtec Holding (+3.8%). The ADX index (-0.3%) continued to trade sideways.

MENA Equity Indices (1d % change)

Source: Bloomberg, Emirates NBD Research

MENA Equity Indices

Index

Last

Price 1d chg

T.Value

(USD mn)

Best

P/E

Best

P/B

Div.

Yield

Adv/Dec

Ratio

% above

200d MA

DFM 1,683 30.7 82.3 10.9 0.7 3.1 16.0 64.5

ADX 2,567 -7.7 23.9 8.7 1.1 4.1 0.7 31.3

Tadawul 7,783 15.5 3,764.1 13.3 2.0 3.2 1.1 92.1

ISE 100 61,815 -675.9 1,504.8 9.8 1.4 2.3 0.2 77.5

EGX 30 5,040 54.7 62.8 8.3 1.2 3.4 3.0 46.7

KWSE 6,187 0.0 115.1 - - 3.4 0.7 33.5

Bahrain 1,150 -2.0 1.1 - - 5.8 0.5 17.1

MSM 5,721 -74.1 13.1 9.9 1.5 4.1 0.1 73.3

DSM 8,790 17.3 77.7 10.9 1.8 4.4 1.0 85.0

MADEX 8,929 -31.5 6.2 13.3 2.5 3.8 0.6 39.3

TUSISE 4,813 11.6 3.7 - - 2.0 1.3 58.9


0.2%

-0.4%

-1.1%

1.1%

-1.3%

-0.2%

0.0%

0.2%

0.2%

-0.3%

1.9%

-2% -1% 0% 1% 2% 3%

TUSISE

MADEX

ISE 100

EGX 30

MSM

Bahrain Bourse

KWSE

DSM

Tadawul

ADX

DFM


Global Equities

US equities declined as durable good order data trailed estimates and as commodity prices weakened. Chevron Corp (-1.1%), Exxon Mobil Corp (-0.9%) and Occidental Petroleum Corp (-3.6%) led the decline among energy companies. Tyco Intl (+4.2%) rallied after Pentair Inc agreed to combine with its Tyco Flow in a USD 4.53bn deal.

European equities declined as fresh concerns slowly start to resurface about the region's debt crisis ahead of the Eurozone's finance minister's meeting this weekend. Nokia gained +3.5%after Swedbank upgraded the stock while JKX Oil & Gas dropped -14.0% after saying it will not pay an interim dividend this year. Banca Popolare di Milano Scarl lost -5.4% after the company said it made a loss in 2011.

Asian equities are trading weaker this morning tracking the losses in developed markets, with the MSCI Asia Pacific index dropping -0.8% at the time of writing. PICC Property & Casualty Co dropped -3.6% after the company reported weak earnings and Leighton Holdings slid -7.3% after cutting its profit forecast.

Developed Market Equity Indices (1d % change)


Emerging Market Equity Indices (1d % change)


1.0%

-0.7%

-1.1%

-0.3%

-1.1%

-1.1%

-1.0%

-0.5%

-0.5%

-0.5%

-2% -1% 0% 1% 2%

S&P / ASX 200

Nikkei

Stoxx 600

SMI

Cac 40

Dax

FTSE 100

Nasdaq

S&P 500

DJIA

-0.8%

-2.7%

-0.4%

-0.8%

-0.9%

0.9%

0.1%

-1.5%

-2.2%

-0.7%

0.1%

0.3%

-0.3%

-0.1%

-3% -2% -1% 0% 1% 2%

Hang Seng

SHCOMP

KOSPI

Sensex

Nifty

KSE 100

TWSE

Bovespa

Micex

FTSE / JSE Africa

Ho Chi Minh

JSE

KLCI

MEXBOL


MENA News Flow

Telecom

Orascom Telecom Holdings said an Algeria court fined its unit Djezzy c.USD 1.3bn for violation of foreign exchange

regulations. The company said it plans to appeal the ruling. (Bloomberg)

Algeria to pay Vimplecom USD 6.5bn for a 51% stake in Djezzy. (Reuters)

Petrochemicals & Fertilisers

Aldrees to pay cash dividend of SAR 2 per share for 2011. (Bloomberg)

Toyo Engineering and Egypt’s Engineering for the Petroleum and Process Industries won an order to build an ethylene

plant and butadiene extraction plant in Egypt. (Bloomberg)

Banking & Finance

ADCB will seek shareholders approval to buyback as much as 10% of its shares over six months. Shareholders will vote on

authorizing the board to buy back shares on 24 April. (Bloomberg)

Saudi British Bank is said to have raised SAR 1.5bn through an sukuk private placement. The bank paid 120bps over 3m

Saibor. (Bloomberg)

Kingdom Holding received shareholder approval to raise as much as SAR 3.75bn through the sale of bonds. (AB)

Dubai Islamic Bank repaid USD 750mn sukuk that matured on 22 March. (Bloomberg)

Mubadala is planning an aerospace park in Al Ain that could see an investment of USD 10bn and create 10,000 jobs by

2030. (Bloomberg)

Emirates NBD has appointed Jamal bin Ghalaita as CEO of its unit Dubai Bank. Bin Ghalaita will remain the CEO of

Emirates Islamic Bank, another unit of Emirates NBD. Douwe Oppedijk, formerly the interim CEO of Dubai Bank, was

named as an advisor to the CEO. (AB)

Real Estate

Developers of AED 2.3bn Palazzo Versace have promised to deliver the project by end of next year, despite construction

having slowed considerably. The development has so far missed its original completion date by four years. Sources close to

the project said it needs to find USD 60mn of funding to ensure completion by the given date. (AB)

Nakheel said it won’t need additional funding to complete existing projects. (Bloomberg)

Qatari Diar is eyeing investments in emerging markets this year. (AB)

Food & Retail

Damas International Ltd said its board recommended accepting a cash offer for the company from Qatar’s Mannai Corp,

valuing Damas’ equity at c.USD 445mn. Mannai Corp which will make the bid through its BidCo unit will pay USD 0.45 for

each Damas share, a 191% premium to Damas’ average closing price of USD 0.1547 in the three months to 9 Jan. BidCo

said 77.8% of Damas shareholders had accepted the offer. (Bloomberg)

Almarai said it has raised its stake in a joint venture with PepsiCo to 52% from 48%, through an additional equity

contribution of USD 22.4m. (AB)

Al Arafa Investment & Consulting said a leading Egyptian Bank has offered to buy 38% stake in the company's domestic

clothing unit Concrete. The offer values Concrete at EGP 400mn. (Bloomberg)

Transportation & Logistics

Drydock World said it took “one step nearer to successfully concluding its restructuring” by asking lenders to sign a lock-up

agreement. (Bloomberg)

Gulf Arab countries plan a USD 15bn rail line that will connect Kuwait to Oman by 2017. (Bloomberg)

Other

Qatar’s economy grew an annual 14.7% in Q4 2011. (Bloomberg)

Jebel Ali Free Zone plans to raise USD 900mn in syndicated loan to help repay a AED 7.5bn sukuk due in November. The

company expects to sell a USD 500mn sukuk and raise at least USD 200mn from sale of its UK warehouse unit Gazeley

and pay the remaining with its own cash. (Bloomberg)

The UAE said it would allow oil companies to add a AED 2 surcharge to credit card payments for fuel. (AB)


Events Calendar

Date Company / Country Event

29-Mar Islamic Arab Insurance Co Earnings Release

29-Mar Cement & Gypsum Products Co SAOG Earnings Release

29-Mar DP World Ltd Earnings Release

29-Mar Sahara Hospitality Co SAOG Earnings Release

29-Mar Kuwait Business Town Real Estate Co Earnings Release

29-Mar Kuwait Co for Process Plant Construction &

Contracting

Earnings Release

29-Mar Al Qurain Holding Co KSC Earnings Release

29-Mar Al Mowasat Health Care Co KSC Earnings Release

29-Mar Heavy Engineering & Ship Building Co Earnings Release

29-Mar Dar Al Thuraya Real Estate Co Earnings Release

29-Mar Injazzat Real Estate Co KSCC Earnings Release

29-Mar Kuwait Cement Co Earnings Release

29-Mar AL Tamdeen Investment Co KSCC Earnings Release

29-Mar Kuwait Real Estate Co Earnings Release

29-Mar Al Masaken International Real Estate

Development Co

Earnings Release

29-Mar Kuwait Resorts Co KSCC Earnings Release

29-Mar KGL Logistics Co KSCC Earnings Release

29-Mar Coast Investment Development Co Earnings Release

29-Mar Kuwait China Investment Co Earnings Release

29-Mar Al-Massaleh Real Estate Co Earnings Release

29-Mar Danah Al Safat Foodstuff Co KSC Earnings Release

29-Mar Investors and Eastern Arab for Industrial

and Real Estate Investments/The

Earnings Release

29-Mar Middle East Diversified Investment Earnings Release

29-Mar Mohandes Insurance Earnings Release

29-Mar Jordan Industries & Match/JIMCO Earnings Release

29-Mar Amana Agriculture & Industrial Investment Earnings Release

29-Mar Egyptian Financial Group-Hermes Holding Earnings Release


29-Mar Middle East Insurance Co Earnings Release

29-Mar Al-Isra for Education and Investment PLC Earnings Release

29-Mar Deera Investment & Real Estate

Development Co

Earnings Release

29-Mar Afaq For Energy Co PLC Earnings Release

29-Mar Direct Transport Co Earnings Release

29-Mar Delta Construction & Rebuilding Earnings Release

29-Mar Taameer Jordan Holdings PSC Earnings Release

29-Mar Ready Mix Concrete & Construction Supply Earnings Release

29-Mar Jordan Clothing Earnings Release

29-Mar United Arab Investors Earnings Release

29-Mar Al-Tajamouat for Touristic Projects Co PLC Earnings Release

29-Mar Union Land Development Corp Earnings Release

29-Mar Jordan Phosphate Mines Earnings Release

29-Mar Arab Center for Pharm & Chem Earnings Release

29-Mar Al-Tajamouat for Catering and Housing Co

PLC

Earnings Release

29-Mar Masafat For Specialized Transportation Earnings Release

29-Mar Al- Rakaez Investment Co.PLC Earnings Release

29-Mar Jordan Oil Shale Energy Co Earnings Release

29-Mar International Co for Investment &

Development

Earnings Release

29-Mar Faisal Islamic Bank of Egypt Earnings Release

29-Mar EL Shams Housing & Urbanization Earnings Release

29-Mar Rubex Plastics Earnings Release

29-Mar Glaxo Smith Kline Earnings Release

29-Mar Capital Bank of Jordan Earnings Release

29-Mar Jordan Commercial Bank Earnings Release

29-Mar Middle East Specialized Cables Co/MESC -

Jordan

Earnings Release

29-Mar Middle East Complex for Engineering

Electric and Heavy Industries PLC

Earnings Release

29-Mar AL Barakah Takaful Co Ltd Earnings Release

29-Mar Jordan International Insurance Earnings Release


29-Mar Professional For Real Estate Investment

And Housing

Earnings Release

29-Mar Comprehensive Multiple Transport Co PLC Earnings Release

29-Mar South Electronics Earnings Release

29-Mar International Cards Co/The Earnings Release

29-Mar Methaq Real Estate Investment PLC Earnings Release

29-Mar Arab Aluminium Industry Co Ltd Earnings Release

29-Mar Jordan Masaken for Land & Industrial

Development Projects

Earnings Release

29-Mar Al Ahlia Enterprises Earnings Release

29-Mar Awtad for Financial and Real Estate

Investments Co

Earnings Release

29-Mar Salam International Transport & Trading Earnings Release

29-Mar Ezz Steel Earnings Release

29-Mar Model Restaurants Co Earnings Release

29-Mar Jordan Poultry Processing & Marketing Earnings Release

29-Mar Housing Loans Insurance - Darkom/ The Earnings Release

29-Mar Jordan Marbel Co Earnings Release

29-Mar Jordan Paper & Cardboard FAC Earnings Release

29-Mar Unified Transport & Logistics Earnings Release

29-Mar El-Zay Ready Wear Manufacturing Co Earnings Release

29-Mar Amlak Finance -Jordan Earnings Release

30-Mar Al Bader Plastic Earnings Release

31-Mar Sultan Center Food Products Co Earnings Release

1-Apr Amlak Finance PJSC Earnings Release

1-Apr Majan College Earnings Release

1-Apr Gulf General Investment Co Earnings Release

1-Apr Methaq Takaful Insurance Co Earnings Release

1-Apr Union Cement Co Earnings Release

1-Apr Emirates Refreshments Co Earnings Release

1-Apr Jeezan Holdings Co KSCC Earnings Release

1-Apr Kuwait Pipes Industries & Oil Services Co Earnings Release

1-Apr Educational Holding Group Earnings Release


1-Apr Global Investment House KSCC Earnings Release

1-Apr Al-Mazaya Holding Co S.A.K.C Earnings Release

1-Apr Abyaar Real Estate Development Earnings Release

1-Apr A'ayan Real Estate Co Earnings Release

1-Apr Al Safat Energy Holding Co KSCC Earnings Release

1-Apr First Dubai Real Estate Development Co

KSC

Earnings Release

1-Apr Pearl of Kuwait Real Estate Earnings Release

1-Apr Kuwait Commercial Markets Complex Co

SAK

Earnings Release

1-Apr Ajial Real Estate Entertainment Co Earnings Release

1-Apr Gulf Franchising KSCC Earnings Release

1-Apr Bayan Investment Co KSCC Earnings Release

1-Apr Manafae Investment Co Earnings Release

1-Apr United Foodstuff Industries Group Earnings Release

1-Apr National Industries Group Holding Earnings Release

1-Apr Al-Mal Investment Co KSCC Earnings Release

1-Apr Tijara and Real Estate Investment Co Earnings Release

1-Apr Salbookh Trading Co KSCC Earnings Release

1-Apr Trust International Transport Earnings Release

1-Apr Arab Engineering Industries Earnings Release

1-Apr Jerusalem Insurance Earnings Release

1-Apr Jordan Express Tourism Transportation Earnings Release

1-Apr Nasr Co for Civil Works Earnings Release

1-Apr El Shams Pyramids For Hotels & Touristic

Projects

Earnings Release

1-Apr Six of October Development & Investment Earnings Release

1-Apr Jordan Emirates Insurance Earnings Release

1-Apr Rum Aladdin Industries Co Earnings Release

1-Apr International Arabian Development and

Investment Trading Co

Earnings Release

1-Apr Al-QUDS ReadyMix PLC Earnings Release

1-Apr Ammoun International For Investment Earnings Release


1-Apr Darat Jordan Earnings Release

1-Apr General Lightweight Concrete Industries Earnings Release

1-Apr Winter Valley Tourism Investment Co Earnings Release

1-Apr Egyptian Satellites - NILESAT Earnings Release

1-Apr Euro Arab Insurance Group Earnings Release

1-Apr Giza General Contracting & Real Estate

Investment Co

Earnings Release

1-Apr Jordan Ceramic Industries Earnings Release

1-Apr Misr National Steel Ataqa Earnings Release

1-Apr Dar Al Dawa Development & Investment Co

Ltd

Earnings Release

1-Apr B-Tech Earnings Release

1-Apr Egyptian Real Estate Group Bearer Shares Earnings Release

1-Apr Olympic Group Financial Investments Earnings Release

1-Apr Akary For Industries And Real Estate

Investments

Earnings Release



Major Market Movers

Dubai Financial Market (1d % change)

Abu Dhabi Stock Market (1d % change)

Tadawul (1d % change)


Most Active by Value

Dubai Financial Market

Stock Price

(AED) 1d % chg

T. Value

AED mn

Emaar Properties 3.09 4.04% 84.80

Arabtec Holdings 3.02 3.78% 62.02

DFM 1.17 4.46% 36.67

Tabreed 1.56 6.85% 26.75

Dubai Islamic Bank 2.23 0.00% 15.84

Abu Dhabi Stock Market

Stock Price

(AED) 1d % chg

T. Value

AED mn

Aldar Properties 1.29 -3.73% 23.00

Etisalat 9.10 -1.09% 18.58

Sorouh Real Estate 1.19 -2.46% 14.47

First Gulf Bank 9.70 1.36% 6.32

NBAD 8.71 0.11% 5.55

Tadawul

Stock Price

(SAR) 1d % chg

T. Value

SAR mn

Mobile Telecom 10.95 6.83% 2.06bn

Alinma Bank 15.60 -0.32% 1.30bn

SABIC 107.50 -1.15% 956.28

Dar Al Arkan 13.15 1.94% 876.84

Saudi Kayan 19.85 0.00% 605.21

6.9

6.3

4.5

4.0

3.8

2.6

2.5

2.5

2.3

-3.0

-6.0 0.0 6.0 12.0

TABREED DB

DARTAKAFDB

DFM DB

EMAAR DB

ARTC DB

AIRARABIDB

TAMWEEL DB

TAKAFULEDB

GULFNAV DB

AJMANBANDB

10.0

9.9

9.5

4.3

3.0

-10.0

-7.0

-4.0

-3.7

-3.1

-16.0 -8.0 0.0 8.0 16.0

WATANIA DH

ASMAK DH

NMDC DH

ADNH DH

AGTHIA DH

AWNIC DH

ESHRAQ DH

SCIDC DH

ALDAR DH

UNB DH

10.0

9.8

9.8

6.8

5.5

-6.9

-4.9

-4.2

-2.8

-2.7

-12.0 -8.0 -4.0 0.0 4.0 8.0 12.0

EAT AB

ENAYA AB

SINDIAN AB

ZAINKSA AB

SLTCO AB

ALMUTAKAAB

ALLIANZ AB

SABBT AB

ALALAMIYAB

SOLIDARIAB


Major Market Movers

Qatar Stock Exchange (1d % change)

Kuwait Stock Exchange (1d % change)

Egypt Stock Exchange (1d % change)

Most Active by Value

Qatar Stock Exchange

Stock Price

(QAR) 1d % chg

T. Value

QAR mn

Gulf Intl Services 26.70 14.06% 48.73

Industries Qatar 140.50 0.14% 33.92

Comm Bank of Qatar 76.70 0.52% 22.34

Qatar National Bank 135.00 0.00% 21.22

Qatar Navigation 74.00 -0.80% 19.82

Kuwait Stock Exchange

Stock Price

(KWd) 1d % chg

T. Value

KWd bn

Comm Bank of Kuwait 790.00 -1.25% 7.90

Gulf Petroleum 72.00 -1.37% 1.94

Mobile Telecom 870.00 1.16% 1.48

First Investments 136.00 1.49% 1.39

Gulf Glass Mfg Co 1100.00 0.00% 1.01

Egypt Stock Exchange

Stock Price

(EGP) 1d % chg

T. Value

EGP mn

Orascom Tele Media 1.46 3.55% 83.65

EFG Hermes 14.00 0.00% 49.20

Ezz Steel 7.02 2.03% 44.30

Comm Intl Bank 24.99 2.50% 28.79

TMG Holding 4.18 0.72% 24.44


8.6

1.2

0.8

0.5

0.5

-1.2

-1.1

-0.9

-0.8

-0.4

-4.0 0.0 4.0 8.0 12.0

GISS QD

QTEL QD

QIBK QD

BRES QD

CBQK QD

SIIS QD

VFQS QD

KCBK QD

QNNS QD

QATI QD

10.0

9.1

8.9

6.2

6.1

-11.1

-8.8

-8.1

-7.9

-7.9

-16.0 -8.0 0.0 8.0 16.0

EQUIPMT KK

ADNC KK

KOUTFOODKK

ABYAAR KK

ARGAN KK

SAFRE KK

NIH KK

MUNTAZAHKK

INOVEST KK

SAFWAN KK

3.6

2.5

2.0

1.9

1.7

-1.7

-1.7

-1.6

-0.7

-0.2

-4.0 0.0 4.0 8.0

OTMT EC

COMI EC

ESRS EC

PIOH EC

OCIC EC

AIND EC

EGTS EC

DCRC EC

JUFO EC

EMOB EC


Foreign Ownership Limits

Stock Allowed Owned Stock Allowed Owned Stock Allowed Owned

Dubai Al Buhairah Ins. Co. 25.00 2.98 SCIDC 15.00 1.92

Air Arabia 49.00 20.66 Al Khazna Ins. Co. 25.00 0.80 Sorouh Real Estate 15.00 10.68

Ajman Bank 49.00 1.98 Aldar Properties 40.00 10.82 Sudan Telecom 100.00 80.38

Arabtec Holdings 49.00 7.47 Bank of Sharjah 30.00 17.38 UAQ Cement 49.00 8.21

Aramex 49.00 35.43 Comm. Bank Intl 20.00 19.60 Union Cement 49.00 3.02

Drake & Scull Intl 49.00 17.88 Dana Gas 49.00 62.94 UNB 40.00 6.41

DFM 49.00 3.65 Eshraq Properties 49.00 27.16 United Arab Bank 49.00 45.07

Dubai Investments 20.00 3.35 Finance House 20.00 9.33 United Insurance Co. 25.00 0.00

Dubai Islamic Bank 15.00 2.32 First Gulf Bank 25.00 13.67 Waha Capital 49.00 4.67

DNIR 25.00 0.06 Foodco Holding 49.00 1.34 Qatar

Emaar 49.00 9.89 Green Crescent Ins. 25.00 14.93 Al Khaliji 24.96 23.77

Du 100.00 0.29 Gulf Cement Co. 49.00 18.84 Al Khalij Holding 23.25 5.81

Emirates NBD 5.00 1.80 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.99

GGICO 49.00 0.92 Gulf Medical Projects 49.00 8.59 CBQ 19.15 17.00

Gulf Navigation 20.00 2.88 JULPHAR 49.00 31.01 Doha Bank 18.83 7.01

National Cement Co. 25.00 1.03 Insurance House 25.00 0.52 Gulf Intl Services 17.50 10.41

TABREED 49.00 5.38 ASMAK 49.00 0.03 Industries Qatar 7.50 6.59

Shuaa Capital 49.00 18.52 Investbank 20.00 0.41 Masraf Al Rayan 49.00 16.17

TAKAFUL 25.00 17.48 METHAQ 25.00 17.85 National Leasing 25.00 11.98

Takaful House 25.00 3.16 NBAD 25.00 2.56 QEWS 25.00 7.76

Tamweel 40.00 4.38 RAK Bank 20.00 15.53 Qatar Gas Transport 24.69 11.56

Union Properties 15.00 3.08 NMDC 5.00 1.55 Qatar Insurance Co. 21.55 9.05

Abu Dhabi Qatar Telecom 100.00 87.12 QIIB 19.71 2.78

ADCB 49.00 7.03 RAK Properties 49.00 27.94 Qatar Islamic Bank 20.59 4.53

BILDCO 25.00 7.04 RAK Poultry & Feeding 49.00 14.88 Qatar National Bank 12.49 4.13

AD National Hotel 25.00 1.38 RAK Cement Co. 49.00 21.98 Qatar Navigation 25.00 6.56

ADNIC 25.00 0.09 RAK Ceramics 49.00 9.65 Qatar Telecom 100.00 22.76

AD Ship Building 25.00 4.42 RAK Co for White Cement 49.00 3.86 United Development 25.00 12.89

Agthia Group 25.00 8.56 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.43



Other Asset Classes

Currencies

Close %1d chg 1 year fwd Close %1d chg Close %1d chg

EURUSD 1.3317 +0.03 1.3347 USDTRY 1.7809 -0.40 EURAED 4.8914 -0.00

GBPUSD 1.5889 -0.39 1.5848 USDEGP 6.0390 +0.04 GBPAED 5.8357 -0.39

USDJPY 82.9000 -0.32 82.4830 USDSAR 3.7504 +0.00 JPYAED 0.0443 +0.23

USDCAD 0.9983 +0.35 1.0071 USDQAR 3.6408 +0.00 CADAED 3.6792 -0.33

AUDUSD 1.0389 -0.68 1.0004 USDKWD 0.2777 -0.09 AUDAED 3.8151 -0.68

USDCHF 0.9052 -- 0.9001 USDBHD 0.3770 -- CHFAED 4.0579 -0.01

EURGBP 0.8382 +0.42 0.8422 USDOMR 0.3850 -- TRYAED 2.0624 +0.40

USDCNY 6.3056 -0.02 6.3059 USDMAD 8.3935 +0.02 INRAED 0.0722 --

Rates

Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps)

EIBOR 0.9750 1.5363 1.7138 1.9863 USD 2 yr 0.5770 1.4

USD LIBOR 0.2413 0.4697 0.7358 1.0480 USD 5 yr 1.2710 2.4

GBP LIBOR 0.6973 1.0296 1.3494 1.8643 USD 10 yr 2.2655 1.4

EURIBOR 0.4230 0.7870 1.0900 1.4260 EUR 2 yr 1.0760 0.1

JPY LIBOR 0.1443 0.1957 0.3359 0.5537 EUR 5 yr 1.5920 -1.0

CHF LIBOR 0.0742 0.1075 0.1750 0.3853 EUR 10 yr 2.3145 -1.9

Commodities & Fixed Income

Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps)

CRB CMDT Index - - ADGB 5.5 14 1.1010 -1.1 Abu Dhabi 116.5 +0.1

Gold 1663.68 -1.02 DUGB 6.396 14 3.9310 +4.4 Dubai 334.5 -0.0

Silver 32.06 -1.63 QATAR 5.15 14 1.3720 -0.9 Qatar 117.5 +0.5

Oil (WTI) 105.41 -1.79 BHRAIN 6.273 18 4.8690 -2.2 Saudi Arabia 118.4 -0.2

Oil (Brent) 124.16 -1.10 EGYPT 5.75 20 6.3300 +11.1 Bahrain 358.3 -1.7

Aluminium 2127.25 -1.29 TURKEY 7.25 15 3.3130 +0.1 Egypt 557.0 +1.7

Copper 8369.00 -2.27 MOROC 5.375 17 4.0450 -0.6 Turkey 222.9 +1.8

Tin (LME) 22361.50 -0.67 BTUN 4.5 20 5.5040 +0.4 Morocco 245.0 +2.5

Zinc (LME) 1989.00 -1.73 US Tsy 2 yr 0.3405 +2.1

US Tsy 10 yr 2.1997 +1.6



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Emirates NBD Research & Treasury Contact List

Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai

Tim Fox

Head of Research & Chief Economist +971 4 230 7800 [email protected]

Research

Khatija Haque

Senior Economist +971 4 230 7801 [email protected]

Nick Stadtmiller

Head of Fixed Income Research +971 4 230 7804 [email protected]

Aditya Pugalia

Research Analyst +971 4 230 7802 [email protected]

Irfan Ellam

Head of MENA Equity Research +971 4 230 7807 [email protected]

Sales & Structuring

Head of Sales & Structuring

Sayed Sajjid Sadiq +971 4 230 7777 [email protected]

Saudi Arabia Sales

Numair Attiyah +966 1 282 5625 [email protected]

Singapore Sales

Supriyakumar Sakhalkar +65 657 5627 [email protected]

Group Corporate Communications

Ibrahim Sowaidan

+971 4 609 4113 [email protected]

Claire Andrea

+971 4 609 4143 [email protected]

daily - emirates nbd · daily 29 march 2012 irfan ellam head of mena equity ... al arafa investment...

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