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PRE-MARKET REPORT 30 May 2021

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PRE-MARKET REPORT 30 May 2021 PRE-MARKET REPORT 30 May 2021 HEADLINES MARKET INDICATORS GCC CORPORATE NEWS, ANNOUNCEMENTS & DISCLOSURES • Al Anwar Investment has signed a non-binding MoU along with Maha Ceramics and Al Hael Ceramics to explore the possibility of acquiring majority of existing shares of Al Hael • Dhofar International Development & Investment Holding to increase capital by OMR 28.6mn • Saudi companies spent $47bn on capital expenditure in 2020 • Twelve Saudi insurance firms provide COVID-19 coverage for tourists, visitors • Herfy Food Services Co. Announces an update on the announcement of signing an MOU with Eat Rite Food Services Company to grant commercial franchise rights to Herfy restaurants in Nigeria • ADX to list Emirates Stallions Group on Second Market • NMC's administrators set for new round of hearings in dispute with Dubai Islamic Bank • Dlala Holding Disclose of the collection of a sum of money • The Group Securities Will Start Liquidity Provision Activity For Doha Bank • Bahrain banks to offer loan repayments delay option ECONOMIC, GENERAL & COMMODITIES NEWS • Oman Labour Ministry Sets Date for Implementing New Fees of Non-Omani Labour Permit • Oman to unveil 50 investment opportunities in industrial sector • Qatar’s policy response to COVID-19, conservative budget to support recovery • Saudi pledges $100m funding for tourism community initiative • Services made record contribution to Saudi economy in 2020 • Saudi Arabia to resume entertainment activities for those who received COVID-19 vaccine • Pent-up demand, shortages fuel U.S. inflation • White House $6 trillion budget • A big jobs report looms in the week ahead, as markets enter the often-weak month of June • Brent ends at two-year high as demand outlook counters supply fears • Gold retakes $1,900/oz level after U.S. inflation ticks up FIXED INCOME / RATING ACTION / RATING AGENCY OUTLOOK • OAB completes first issuance of international perpetual bond of $250mn on London Stock Exchange • Ominvest Perpetual Bonds have been suspended from trading until Sunday 06/06/2021, due to interest distribution process • RAK Bank issues additional $75mn Floating Rate Note • Tadawul approves listing of SAR 3.5bn debt instruments • S&P revises Bahrain's outlook to 'negative' on continued fiscal pressures IMPORTANT EVENT • OPEC Meeting on 31st May & 1st June 2021 TECHNICALS OF THE DAY • MSM Virtual Technical Portfolio 1 MARKET INDICATORS Market Indices Current Close Change D/D YTD Price to Earnings Price to Book Div Yield Index Point % % (x) (x) % MSCI GCC Index 652.9 -0.03 0.00% 14.60% 22.93 2.08 2.4% Muscat Stock Exchange 3,831.7 -4.57 -0.12% 4.73% 11.41 0.71 4.7% Saudi Stock Exchange 10,519.5 47.97 0.46% 21.06% 34.48 2.32 2.0% Kuwait Stock Exchange 6,207.6 -33.60 -0.54% 11.93% 39.45 1.59 2.3% Qatar Exchange 10,764.1 135.88 1.28% 3.14% 18.24 1.61 2.7% Bahrain Stock Exchange 1,532.7 -6.27 -0.41% 2.88% 26.31 1.02 2.2% Dubai Financial Market 2,816.5 -8.76 -0.31% 13.02% 21.14 0.98 2.9% Abu Dhabi Exchange 6,548.2 -16.12 -0.25% 29.79% 22.21 1.85 4.0% Beirut Stock Exchange 894.9 3.86 0.43% 36.03% 34.30 0.69 0.0% Palestine Stock Exchange 521.0 4.83 0.94% 10.56% 19.83 1.21 2.6% Tunis Se Index 7,439.5 36.96 0.50% 8.05% 25.80 2.48 1.8% EGX 30 Index 10,242.3 -127.27 -1.23% -5.56% 11.10 1.43 2.9% Amman General Index 2,070.0 46.14 2.28% 24.90% 36.95 0.89 3.6% World Markets Country Value D/D YTD Currency Cross Rates Europe % % Currency Units/1 USD YTD % FTSE 100 UK 7,022.6 0.04% 8.70% Australian Dollar (AUD) 1.296 -0.28% DAX Germany 15,520.0 0.74% 13.13% British Pound (GBP) 0.705 -3.70% CAC 40 France 6,484.1 0.75% 16.80% Canadian Dollar (CAD) 1.208 5.37% United States Chinese Renm. (CNH) 6.360 2.24% DJIA USA 34,529.5 0.19% 12.82% Egyptian Pound (EGP) 15.672 0.35% S&P 500 USA 4,204.1 0.08% 11.93% Euro (EUR) 0.820 0.20% NASDAQ USA 13,748.7 0.09% 6.68% Indian Rupee (INR) 72.448 0.85% Asia Pacific Japanese Yen (JPY) 109.850 -6.01% NIKKEI 225 Japan 29,149.4 2.10% 6.21% Swiss Franc (CHF) 0.900 -1.63% HANG SENG Hongkong 29,124.4 0.04% 6.95% Omani Rial (OMR) 0.385 0.00% KSE 100 Index Pakistan 47,126.3 0.72% 7.70% Pakistan Rupee (PKR) 154.467 3.47% NSE Nifty 50 India 15,435.7 0.64% 10.40% Russian Ruble (RUB) 73.177 1.69% SHANGHAI COMPOSITE China 3,600.8 -0.22% 3.68% Singapore Dollar (SGD) 1.323 -0.05% SHANGHAI SHENZHEN CSI 300 China 5,321.1 -0.32% 2.11% Turkish Lira (TRY) 8.563 -13.10% Commodity Prices Price D/D YTD GCC 3m Interbank Rates Current Rate % YTD % USD % % UAE 0.42 -17.2% Oil Saudi Arabia 0.79 -3.2% Brent Crude (per bbl) 68.7 -0.69% 33.83% Kuwait 1.50 4.3% WTI Crude (per bbl) 66.3 -0.79% 36.69% Oman 2.60 -2.9% Oman Crude Oil (Last Closing) 67.0 -0.87% 31.16% Qatar 1.18 4.9% OPEC (per bbl) 67.3 -0.22% 34.00% Bahrain 1.62 -28.1% Precious Metals Gold100 OZ (per oz) 1,903.8 0.38% 0.28% GCC Latest 10-Yr Government Bond Yields Silver (per oz) 27.9 0.33% 5.81% Maturity date YTM, % Platinum (per oz) 1,184.4 0.17% 10.48% KUWAIT 20/03/2027 1.48 Other Metals UAE 16/04/2030 2.03 Copper, MT 10,258 0.36% 32.09% QATAR 16/04/2030 2.08 Aluminium, MT 2,483 0.08% 25.44% SAUDI ARABIA 22/10/2030 2.37 Lead, MT 2,194 -0.41% 10.01% OMAN 25/01/2031 5.39 Zinc, MT 3,060 -0.03% 11.23% BAHRAIN 30/09/2031 5.54 Midswaps Price YTM % USD Libor Rate (%) YTD 3 year 99.86 0.3 1m 0.09 -40.3% 5 year 99.76 0.8 3m 0.13 -44.9% 10 year 100.28 1.6 6m 0.17 -33.6% 30 year 102.00 2.3 1 year 0.25 -27.4% Source: Bloomberg 2 CORPORATE NEWS, ANNOUNCEMENTS & DISCLOSURES OMAN Al Anwar Investment has signed a non-binding MoU along with Maha Ceramics and Al Hael Ceramics to explore the possibility of acquiring majority of existing shares of Al Hael • Al Anwar Investment has signed a non-binding MoU along with Maha Ceramics and Al Hael Ceramics to explore the possibility of acquiring majority of existing shares of Al Hael. • Al Hael Ceramics has a production capacity of 15mn sq.m for production of porcelain and ceramic tiles. • The deal will be complete but subject to financial and legal due diligence along with approval from all parties and regulators. Old News: • Ceramica Al-Hae'l, a joint Omani-Qatari company, which is part of Mohammed Al-Hae'l Group. • The plant is located in Sur, Oman. • The first-of-its-kind factory will be one of the leading manufacturing ventures in the region in terms of both capability and potential, importing world-class technology with a production capacity of 15 million square metres per annum. • The factory utilises one of the largest compressors in the world (6,500 tonnes) and 85 per cent of the raw materials used can be sourced locally. • In 2016, Meethaq, the Islamic window of Bank Muscat, signed an agreement on providing financing facilities to the Group. Source Research Comment: • If the due diligence is successful, the acquisition will result in Maha Ceramic Company with a combined capacity of 21mn. It will be biggest ceramic manufacturer in Oman until all expansion phases of Al Anwar Ceramic materialize. • Al Anwar Ceramic currently has a production capacity of 16mn sq.m. They recently approved capacity expansion plan which will raise the capacity of the company to 23mn sq.m. This addition of 7 million sq. meters will be in 2 phases. The first phase which will add about 3.5 million sq. meters per annum has commenced and is expected to be completed in the last quarter of 2021, to be followed by the second phase. Dhofar International Development & Investment Holding to increase capital by OMR 28.6mn • Dhofar International Development & Investment Holding announced that in its EGM held on March 31, 2021, the company board of directors approved on May 29, 2021, a draft prospectus for the Company’s capital increase by right issue at a total amount of OMR 28.6mn. SAUDI ARABIA Saudi companies spent $47bln on capital expenditure in 2020 • Companies listed on the Saudi Stock Exchange (Tadawul) spent SR177 billion ($47 billion) on capital expenditure (CAPEX) in 2020, equal to around 7 percent of the Kingdom’s gross domestic product (GDP). • The report found that CAPEX declined by 14 percent last year, as supply chains were disrupted due to the coronavirus disease (COVID-19) pandemic, but the impact differed across sectors. • The hardest-hit were energy, entertainment, real estate development, consumer services, durables, tourism, and media. However, companies in the telecom, banking and insurance, transportation, and public services sectors actually saw CAPEX increases.
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