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Daily Market Update September 23, 2021 GLOBAL MARKETS MARKET COMMENTARY Closing Change Performance Global Indices Level Value (%) MTD (%) YTD (%) US equities advanced on Wednesday as the S&P 500 pushed higher for the Global first time in five sessions. The Fed indicated that it could begin scaling back S&P 500 4,395.6 41.5 1.0 (2.8) 17.0 asset purchases in November and complete the process by mid-2022. Dow Jones Ind. Average 34,258.3 338.5 1.0 (3.0) 13.3 Officials also revealed a growing inclination to raise interest rates next year. Nasdaq 14,896.9 150.5 1.0 (2.7) 17.3 European stocks rose on Wednesday, recovering from its early-week losses FTSE 100 7,083.4 102.4 1.5 (0.5) 9.6 after debt-laden China Evergrande assured about its ability to service an DAX 30 15,506.7 158.2 1.0 (2.1) 13.0 upcoming coupon payout on its bonds. Equities in China and Hong Kong CAC 40 6,637.0 84.3 1.3 (0.6) 19.6 advanced as the China Evergrande stock also surged. The People's Bank of BIST 100 1,407.5 21.9 1.6 (4.4) (4.7) China injected CNY 90bn into the banking system, soothing fears of financial Nikkei 29,839.7 (200.3) (0.7) 4.2 8.7 fallout from a default by the debt-laden Chinese property developer China Hang Seng 24,221.5 0.0 0.0 (6.4) (11.1) Evergrande. Shanghai Composite 3,628.5 14.5 0.4 2.4 4.5 GCC BSE Sensex 58,927.3 (77.9) (0.1) 2.4 23.4 Most GCC equity markets recovered some of their losses on Wednesday as GCC they tracked firmer global markets. In Saudi Arabia, Saudi Aramco rose QE Index 11,177.5 34.1 0.3 0.8 7.1 0.3% and Saudi British Bank gained 1.3%. Saudi Telecom Company went up Saudi Arabia (TASI) 11,270.6 (45.2) (0.4) (0.4) 29.7 0.2% as the company’s internet services unit Arabian Internet and UAE (ADX) 7,781.8 27.5 0.4 1.3 54.2 Communications Services completed the retail and institutional UAE (DFM) 2,843.8 6.3 0.2 (2.0) 14.1 subscriptions to its IPO. Dubai's main stock index was supported by a 2.2% Kuwait (KSE) 6,845.3 0.2 0.0 0.9 23.4 surge in budget airliner Air Arabia and a 1.1% appreciation in Emirates NBD Oman (MSM) 3,917.2 (3.7) (0.1) (1.2) 7.1 Bank. Bahrain (BAX) 1,692.6 6.0 0.4 2.9 13.6 Qatar MSCI GCC 716.8 (1.7) (0.2) 0.3 26.9 The Qatari benchmark index rose 0.3% as Qatar Industrial Manufacturing Dow Jones Islamic 6,156.1 38.2 0.6 (2.6) 13.0 Company and Industries Qatar were the top gainers for the day, rising 2.3% Commodity and 2.1%, respectively. Out of the total 44 stocks that traded in the market, Brent (USD/bbl) 76.1 (0.1) (0.2) 0.1 46.9 24 advanced, 16 declined and 4 remained unchanged. Trading volume was WTI (USD/bbl) 72.1 (0.1) (0.2) 0.1 48.6 higher than the previous trading session. The Industrial index advanced 1%, Natural Gas (USD/mmBTU) 4.8 (0.0) (0.6) 0.0 88.1 the Telecoms index edged up 0.2% while the Insurance index ended lower Gold Spot (USD/t oz.) 1,776.7 0.0 0.0 (0.0) (6.1) by 0.1%. Copper (USD/lb) 4.3 0.0 0.0 (0.0) 21.0 Source: Refinitiv Eikon QATAR MARKET OVERVIEW P/E P/B Dividend Value Traded Qatar DSM Index GCC Fundamentals (x) (x) Yield (%) (USD mn) Qatar All share 16.1 1.4 2.7 89.9 DSM 20 16.2 1.5 2.7 71.2 Saudi Arabia (TASI) 23.5 2.7 2.4 1,310.8 UAE (ADX) 21.6 2.3 2.9 348.8 UAE (DFM) 14.3 0.9 2.8 32.3 Kuwait (KSE) 21.0 1.6 2.0 140.5 Oman (MSM) 10.3 0.7 3.7 6.4 Source: Refinitiv Eikon Bahrain (BAX) 13.2 1.0 2.0 2.5 QE Sector Indices Closing Level 1D Change (%) Source: Refinitiv Eikon Banks & Financial Services 4,715.7 0.1 Qatar Trading Activity Close 1D Change Performance Vol. P/E Consumer Goods & Services 8,178.8 (0.0) Price Value (%) YTD YoY (%) (‘000) TTM Industrials 3,809.4 1.0 (%) Insurance 2,577.4 (0.1) Top Gainers Real Estate 1,795.3 0.2 QA INDUS MANF /d 3.0 0.1 2.3 (5.0) (11.6) 56.2 13.4 Telecoms 1,048.8 0.2 INDUSTRIES QAT/d 13.9 0.3 2.1 27.9 39.1 3,562.3 16.7 Transportation 3,385.0 0.1 QATAR ALUMINIU/d 1.8 0.0 1.3 82.7 71.4 14,999.2 26.8 Source: Refinitiv Eikon GULF WAREHOUSI/d 5.1 0.1 1.0 0.0 (2.2) 292.6 12.7 Qatar Trading Summary Buy (%) Sell (%) QATAR FIRST BA/d 1.9 0.0 1.0 8.7 39.7 5,985.2 16.2 Qatari Individuals Top Losers 42.5 46.9 MESAIEED PETRO/d 2.2 (0.0) (1.6) 9.3 6.0 13,524.4 21.5 Qatari Institutions 18.0 25.5 DLALA' BROKERA/d 1.5 (0.0) (1.3) (16.0) (16.3) 5,591.7 29.1 Qatari – Total 60.5 72.4 SALAM INTL INV/d 0.9 (0.0) (1.1) 44.2 48.1 11,199.7 0.0 Foreign Individuals 15.9 13.1 QA COMM BK/d 5.9 (0.1) (0.9) 34.5 48.1 814.2 15.9 Foreign Institutions 23.6 14.5 QATARI INV GRP/d 2.5 (0.0) (0.6) 38.7 25.6 548.2 27.5 Foreign – Total 39.5 27.6 Source: Refinitiv Eikon; Note: Prices are in local currency. Source: Qatar Exchange 1 September 23, 2021 Saudi Arabia’s Public Investment Fund (PIF) is set to make its first GLOBAL NEWS green debt issuance and is working to further incorporate ESG in its The Federal Reserve on Wednesday held benchmark interest rates over USD 400bn worth of global investments. (Source: Zawya) near zero but indicated that rate hikes could be coming sooner than Saudi Arabia’s Red Sea Development Company (RSDC) is planning to expected as it significantly cut its economic outlook for this year. build 17 hotels on four islands on its Western flank on the Red Sea as (Source: CNBC) part of a major island development scheme launched five years ago. Banking industry lobby group UK Finance has warned that there has (Source: Zawya) been a surge in fraud attacks on consumers since the pandemic Saudi Investment Company (SICO), the leading developer, owner, and became a ‘national security threat’ for Britain, which requires operator of shopping malls in Saudi Arabia and the owner of government-coordinated action across industries. (Source: Reuters) Quwaieyah Mall has signed an agreement with Muvi Cinemas, a Record-high natural gas prices are putting pressure on supply chains homegrown cinema brand, to offer distinctive cinema experience for of many European corporate sectors, including non-integrated energy the first time in Quwaieyah Mall in Al Quwaieyah City. (Source: Zawya) suppliers, fertilizer producers and consumer goods companies, Fitch RELX International, one of the Middle East’s newest brands to enter Ratings said on Wednesday. (Source: Reuters) the KSA market selling e-cigarette devices and e-liquid nicotine The European Central Bank is planning new inspections at the banks it products, today announced a partnership with SAF Trading Agencies supervises to check their technology and their ability to generate for the exclusive distribution of RELX products throughout the profits, the ECB’s top supervisor Andrea Enria said on Wednesday. Kingdom of Saudi Arabia. (Source: Zawya) (Source: Reuters) Bahrain has topped the GCC rankings in the latest annual Economic The Bank of Japan kept monetary policy steady on Wednesday but Freedom of the World Index compiled by the Fraser Institute. As per offered a bleaker view on exports and output, reinforcing expectations the list based on 2019 data, the kingdom ranks higher taking the 65th the bank will maintain its massive stimulus even as major counterparts place ahead of the UAE (67th), Qatar (80th), Saudi Arabia (91st), eye a withdrawal of crisis-mode support. (Source: Reuters) Kuwait (98) and Oman (102nd). (Source: TradeArabia) China Evergrande agreed to settle interest payments on a domestic AVANA Companies, a comprehensive ESG lending and investment bond on Wednesday, while the Chinese central bank injected cash into platform, which opened its headquarters in Bahrain in 2008, the banking system, soothing fears of imminent contagion from the announced its regional expansion into the Kingdom of Saudi Arabia. debt-laden property developer. (Source: Reuters) AVANA will provide financial services to businesses and individuals GCC NEWS through its subsidiary Ezdaher to grow its USD 1.3B AUM globally. (Source: Zawya) The Gulf region’s construction sector is tipped to bounce back over the UAE-headquartered Shorooq Partners has launched a new office in next two years after a pandemic-affected 2020, with regional Bahrain, headed by partner Samir Yamani.
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