KAMCO Research

MENA Markets Daily Report September 7, 2017

Index DTD YTD FY Country Benchmark Value Change 2017 2016 MENA Countries In this Report… Kuwait Price Index ▼ 6,918.00 (0.0%) 20.4% 2.4% Kuwait ………………………………….2 Kuwait Weighted Index ▲ 433.25 0.2% 14.0% (0.4%) Saudi Arabia ……………………….3 Kuwait KSX 15 Index ▲ 993.91 0.2% 12.3% (1.7%) UAE - Dubai ………………………….4 Saudi Arabia TADAWUL All Share Index ▲ 7,306.12 0.7% 1.3% 4.3% UAE - Nasdaq Dubai……… 5 UAE - Dubai DFM General Index ▲ 3,642.08 0.5% 3.1% 12.1% UAE - Abu Dhabi ……………………6 UAE - Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ▼ 3,484.52 (0.1%) 5.8% 7.5% Qatar ……………………………………7 UAE - Abu Dhabi ADX General Index ▼ 4,457.12 (0.5%) (2.0%) 5.6% Bahrain …………………………………8 Qatar QE 20 Index ▼ 8,684.55 (1.3%) (16.8%) 0.1% Oman ……………………………………9 Bahrain Bahrain All Share ▲ 1,311.17 0.7% 7.4% 0.4% Egypt ………………………………….10 Oman MSM 30 Index ▲ 5,064.58 0.0% (12.4%) 7.0% Jordan…………………………… 11 Egypt EGX 30 ▼ 13,317.89 (0.7%) 7.9% 76.2% Tunisia ………………………………….12 Jordan ASE Index ▼ 2,149.55 (0.0%) (1.0%) 1.6% Lebanon ……………………………….13 Lebanon Blom Stock Index ▼ 1,154.49 (0.4%) (4.8%) 3.7% Morocco……………………….. 14 Tunisia Tunisia Index ▼ 6,346.05 (0.0%) 15.6% 8.9% Syria ……………………………… 15 Morocco MASI ▼ 12,427.80 (0.1%) 6.7% 30.5% Syria DSE Weighted Index ▲ 3,050.24 1.3% 88.6% 31.7% Emerging Markets China SSE Composite Index ▼ 3,382.53 (0.1%) 9.0% (12.3%)

Russia RUSSIAN RTS INDEX ($) ▲ 1,106.70 0.5% (4.0%) 52.2%

India SENSEX ▲ 31,703.98 0.1% 19.1% 1.9%

Brazil BOVESPA Stock Index ▲ 73,412.41 1.7% 21.9% 38.9%

Mexico BOLSA Index ▲ 50,515.60 0.4% 10.7% 6.2%

Korea KOSPI Index ▲ 2,347.28 1.2% 15.8% 3.3%

Taiwan TAIEX Index ▼ 10,538.51 (0.1%) 13.9% 11.0%

Global Markets World MSCI World Index ▲ 1,959.15 0.2% 11.9% 5.3%

Asia MSCI Asia Pacific ▼ 160.11 (0.2%) 18.6% 2.3%

Europe DJ Stoxx 600 ▲ 373.95 0.1% 3.5% (1.2%)

Europe FTSEurofirst 300 ▲ 1,469.84 0.1% 2.9% (0.6%)

Emerging Markets MSCI EM Index ▼ 1,083.18 (0.2%) 25.6% 8.6%

U.S.A S&P 500 ▲ 2,465.54 0.3% 10.1% 9.5%

U.S.A DJIA ▲ 21,807.64 0.3% 10.3% 13.4%

U.S.A NASDAQ Composite ▲ 6,393.31 0.3% 18.8% 7.5%

UK FTSE 100 ▼ 7,354.13 (0.3%) 3.0% 14.4%

Germany DAX ▲ 12,214.54 0.8% 6.4% 6.9%

Japan NIKKEI 225 ▲ 19,394.50 0.2% 1.5% 0.4%

Hong Kong HANG SENG INDEX ▼ 27,599.22 (0.1%) 25.4% 0.4% Investment Research Department [email protected] Commodities

P.O.Box 28873,Safat 13149 Kuwait Oil OPEC Crude ▲ 50.82 1.2% (4.7%) 67.1% Tel: (965) 1852626, Extn: 1153 / 1146 Oil Brent ▼ 54.04 (0.3%) (4.9%) 52.4% Fax: (965) 22492395 Oil Kuwait ▲ 50.70 2.1% (5.0%) 85.5% http://www.kamconline.com Natural Gas NYMEX Natural Gas (USD/MMBtu) ▲ 3.01 0.5% (15.6%) 30.0% KAMCO Investment Company - K.S.C (Public) Gold Gold Spot $/Oz ▲ 1,336.16 0.1% 16.4% 8.1% Source: Bloomberg & KAMCO Research KAMCO Research

Boursa Kuwait Daily Report September 7, 2017

Sector Weight by Market Cap Market Capitalization - Sector Returns Insurance Financial Services 1% Real Estate Technology Market Cap. DTD DTD MTD YTD 8% 0.1% 7% (KWD Mn) % Chg % Chg % Chg Oil & Gas Boursa Kuwait 29,537.3 ▲ 0.2% 0.6% 13.1% 1% Oil & Gas 217.3 ▼ (0.0%) 1.0% (5.1%) Basic Materials Basic Materials 835.3 ▼ (0.6%) 0.5% 36.5% 3% Industrials 3,431.9 ▲ 0.1% 0.4% 26.7% Banks Consumer Goods 1,158.6 ▲ 0.0% 0.4% (19.3%) Industrials 50% 12% Health Care 237.5 ═ 0.0% 0.0% 3.8% Consumer Services 739.7 ▲ 1.3% 1.9% 16.7% Consumer Goods Telecommunications 3,183.4 ▲ 0.5% (0.8%) 10.6% Telecom 4% ▲ 11% Banks 14,706.4 0.3% 1.0% 18.7% Insurance 362.2 ▼ (1.0%) (1.9%) 11.8% Consumer Health Care Services Real Estate 2,240.2 ▼ (0.1%) 0.0% 1.8% 0.8% 2% Financial Services 2,396.4 ▲ 0.2% 1.2% (2.0%) Technology 28.2 ▲ 0.7% (2.1%) (10.0%) Top 10 Companies by Market Capitalization

Market Breadth 45 51 64 Company Name Market Cap. P/E ROE* Benchmark Return Closing DTD DTD MTD YTD (Mn KWD) (X) (%) Value Chg % Chg % Chg % Chg Price Index 6,918.00 (2.6) (0.0%) 0.4% 20.4% 1- National Bank of Kuwait 4,438.1 14.4 10.7% Weighted Index 433.25 1.0 0.2% 0.6% 14.0% 2- Kuwait Finance House 3,442.1 19.6 9.8% Kuwait 15 Index 993.91 1.8 0.2% 0.9% 12.3% 3- Zain 2,159.2 13.8 13.3% Market Cap (KWD Mn) 29,537 69.5 0.2% 0.6% 13.1%

4- Ahli United Bank - Bahrain 1,670.1 9.5 16.5% Index Performance relative to Volume 450 1,200 5- Agility (PWC Logistics) 1,181.1 18.9 6.6% 1,100 6- Boubyan Bank 1,021.4 23.2 12.5% 1,000 7- Burgan Bank 806.9 10.7 11.3% 420 900 8- Ahli United Bank - Kuwait 804.5 19.5 10.5% 800 9- Kuwait Food Co. (Americana) 803.6 16.6 18.7% 700 390 600

10- Mabanee Co. 740.0 15.1 13.6% WeightedIndex 500 400

Total 17,067 14.99 11.5% 360 300 mil.) (shr. traded Volume *: ROE is calculated based on TTM 1H-2017 net profit & shareholders' equity as of 30-June-17 200 100 Top Movers and Most Active Stocks 330 0 Jul-17 Oct-16 Jan-17 Apr-17 Jun-17 Feb-17 Sep-16 Sep-17 Mar-17 Dec-16 Aug-17 Nov-16 Close Change Percent May-17 Today's Top % Gainers (KWD) (KWD) Change Real Estate Trade Centers Co. 0.050 0.005 10.7% Market Trading Data and Volatility National Industries Co. 0.198 0.019 10.6% IFA Hotels & Resorts Co. 0.280 0.015 5.7% Trading Indicators Today's DTD DTD Average Daily Tijara Real Estate & Investment Co. 0.058 0.002 3.6% Value Chg % Chg YTD 2017 YTD 2016 Injazzat Real Estate Development Co. 0.088 0.003 3.5% Volume (Shrs Mn) 52.5 (34.7) (39.8%) 249.8 123.6 Value Traded (KWD Mn) 9.7 (8.6) (47.2%) 25.3 10.9

Close Change Percent No. of Trades 2,366 (681) (22.3%) 5,291 2,885 Today's Top % Losers (KWD) (KWD) Change Kuwait Co. For Process Plant Const. & Cont. 0.141 (0.024) (14.5%) Zima Holding Co. 0.048 (0.006) (10.8%) Market Volatility** Volatility Since January: Kuwait Insurance Co. 0.275 (0.018) (6.1%) 2016 2015 2014 2013 2012 National International Holding Co. 0.067 (0.004) (5.9%) Price Index 9.5% 9.0% 9.5% 10.0% 9.7% Al Massaleh Real Estate Co. 0.040 (0.002) (3.7%) Weighted Index 10.5% 10.0% 10.1% 9.6% 9.3%

**: Annualized Standard Deviation of Daily Returns

Close Percent Volume Close Percent Value Today's Most Active by Volume Today's Most Active by Value (KWD) Change (Shares) (KWD) Change (KWD) Kuwait Real Estate Co. 0.062 1.0% 5,075,901 National Bank of Kuwait 0.750 0.8% 2,194,612 Abyaar Real Estate Development Co. 0.027 (1.9%) 4,161,682 Kuwait Finance House 0.597 0.3% 1,301,536 Kuwait Syrian Holding Co. 0.036 (1.6%) 3,835,394 Burgan Bank 0.375 (0.3%) 739,264 Alimtiaz Investment Group 0.177 (1.1%) 3,744,915 Alimtiaz Investment Group 0.177 (1.1%) 664,602 National Bank of Kuwait 0.750 0.8% 2,933,798 Ahli United Bank - Bahrain 0.222 0.0% 635,281

Source: Boursa Kuwait, KAMCO Research

2 KAMCO Research

Saudi Tadawul Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

8,000 650 Market Cap. DTD MTD YTD (SAR Mn) % Chg % Chg % Chg 600 Saudi Stock Exchange 1,729,067 0.6% 0.6% 2.8% 550 7,500 Energy 23,297 0.7% 0.7% (10.8%) Materials 527,931 0.6% 0.6% 3.1% 500 Capital Goods 9,116 0.5% 0.5% (63.1%)

450 Commercial & Professional Svc 8,461 1.2% 1.2% (12.4%) 7,000 Transportation 14,013 0.9% 0.9% (21.4%) 400 Consumer Durables & Apparel 3,582 0.5% 0.5% (3.5%)

350 Consumer Services 15,716 0.3% 0.3% (7.3%) Vol. Traded (Mln. Shares) Traded Vol.

TASI Value TASI 6,500 Media 6,154 9.8% 9.8% 91.1% 300 Retailing 35,027 (0.2%) (0.2%) 23.4% Food & Staples Retailing 7,452 0.5% 0.5% 13.0% 250 Food & Beverages 101,988 (0.1%) (0.1%) 15.6% 6,000 200 Health Care Equipment & Svc 28,442 (0.9%) (0.9%) 2.7% Pharma, Biotech & Life Science 4,134 0.6% 0.6% (15.7%) 150 Banks 469,862 1.1% 1.1% 9.5%

5,500 100 Diversified Financials 41,354 0.2% 0.2% (13.1%) Insurance 42,059 (0.2%) (0.2%) (0.9%) 50 Telecommunication Services 169,669 0.4% 0.4% 0.5% Utilities 101,471 0.5% 0.5% 5.1% 5,000 0 REITs 2,842 4.2% 4.2% 412.0% Jul-17 Oct-16 Apr-17 Jun-17 Jan-17 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 Aug-17 May-17 Real Estate Mgmt & Dev't 116,497 0.6% 0.6% (8.4%)

Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (SAR) % Chg (SAR 000's) Value Chg % Chg % Chg % Chg Saudi Research and Marketing Group 72.30 10.0% 81,798 Tadawul All Share Index 7,306.12 47.48 0.7% 0.7% 1.3% Printing & Packing Co. 24.27 8.1% 110,538 Market Cap (SAR Mn) 1,729,067 10,770.7 0.6% 0.6% 2.8% Tihama Advertising & Public Relations Co. * 49.32 7.7% 77,343 Gulf Union Cooperative Insurance Co. 18.68 3.0% 3,629 Nama Chemicals Co. 18.96 2.7% 1,962 Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume (Mn Shares) 76 (36.3) (32.4%) 177 281 Worst Return Performers (SAR) % Chg (SAR 000's) Value Traded (SAR Mn) 1,749 (645.9) (27.0%) 3,315 8,581 Dallah Healthcare Holding Co. 106.22 (3.1%) 3,981 No. of Trades 56,782 (10,448) (15.5%) 156,977 143,065 Fawaz Abdulaziz Al-Hokair Co. 40.85 (2.5%) 16,537 Assir Trading, Tourism & Manufacturing Co. 15.64 (1.5%) 1,939 Saudi Enaya Cooperative Insurance Co. 19.75 (1.4%) 6,470 Market Breadth Malath Cooperative Insurance & Reins. Co. 21.73 (1.2%) 4,166 127 43 6

Price Daily Volume Price Daily Value Most Active Stocks By Volume Most Active Stocks By Value (SAR) % Chg ('000 Shrs) (SAR) % Chg (SAR Mn) Alinma Bank 16.99 0.6% 13,045 Alinma Bank 16.99 0.6% 221.2 Printing & Packing Co. 24.27 8.1% 4,711 Al-Rajhi Bank 67.56 1.4% 154.2 Dar Al Arkan Real Estate Development Co. 6.32 1.0% 3,500 Saudi Basic Industries Corp 99.29 0.4% 110.7 Saudi Arabian Amintit Co. 7.12 0.3% 2,820 Printing & Packing Co. 24.27 8.1% 110.5 Al-Rajhi Bank 67.56 1.4% 2,290 Saudi Research and Marketing Group 72.30 10.0% 81.8 Source: KAMCO Research

3 KAMCO Research

Dubai Financial Market Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

3,800 2,000 Market Cap. DTD MTD YTD 3,750 (AED Mn) % Chg % Chg % Chg 3,700 365,478 0.5% (0.2%) 10.0% 3,650 1,500 Banking 144,265 (0.0%) (0.8%) 20.0% 3,600 Consumer Staples 8,879 2.7% 4.1% (36.1%) 3,550 ) Investment & Financial 22,374 0.1% 0.7% (4.0%) 3,500 Insurance 5,673 (0.1%) (0.2%) 7.3% 3,450 1,000 Industrial 3,701 0.0% 0.0% 1.0%

DFMGeneral Index Value 3,400 Real Estate & Construction 126,948 1.0% 0.3% 11.9% 3,350 Telecommunication 25,759 0.4% (1.2%) (10.3%)

3,300 Vol. Traded (Mln.Shares Transportation 23,765 0.2% (0.0%) 7.7% 500 3,250 Services 4,113 0.0% (1.3%) 8.9%

3,200 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector

3,150

3,100 - Jul-17 Apr-17 Oct-16 Jun-17 Jan-17 Mar-17 Feb-17 Aug-17 Sep-17 Sep-16 Nov-16 Dec-16 May-17

Top Movers and Most Active Stocks YTD-2015 Top Movers and Most Active Stocks

Price Daily Value Traded Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (AED) % Chg (AED) Value Chg % Chg % Chg % Chg Dubai Refreshments Co. 16.100 14.2% 16,100 DFM General Index 3,642.08 17.93 0.5% 0.1% 3.1% EMAAR Properties 8.650 2.2% 48,320,683 Market Cap (AED Mn) 365,478 1,674 0.5% (0.2%) 10.0% Gulf Finance House 1.840 2.2% 20,541,121 Al Salam Bank - Bahrain 0.917 1.9% 28,231 Al Salam Group Holding 0.759 1.1% 871,535 Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Traded Volume (Mn Shares) 138.7 (44.2) (24.2%) 355 400 Worst Return Performers (AED) % Chg (AED) Value Traded (AED Mn) 197.5 (31.9) (13.9%) 483 497 Union Properties 0.872 (2.0%) 15,010,369 No. of Trades 2,252 (252) (10.1%) 4,581 5,220 Al Salam Bank - Sudan 1.950 (1.5%) 65,376 Takaful Emarat 2.060 (1.0%) 100,980 Dubai Financial Market 1.140 (0.9%) 15,930,957 Market Breadth Al-Madina for Finance & Investment 0.590 (0.7%) 697,878 16 9 35

Price Daily Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (AED) % Chg ('000 Shrs) (AED) % Chg (AED Mn) Drake and Scull International 0.388 0.3% 26,348 EMAAR Properties 8.650 2.2% 48.3 DXB Entertainments 0.807 0.9% 22,236 Gulf Finance House 1.840 2.2% 20.5 Union Properties 0.872 (2.0%) 17,010 DXB Entertainments 0.807 0.9% 17.9 Dubai Financial Market 1.140 (0.9%) 13,895 Dubai Financial Market 1.140 (0.9%) 15.9 Gulf Finance House 1.840 2.2% 11,244 Union Properties 0.872 (2.0%) 15.0 Source: KAMCO Research

4 KAMCO Research as Nasdaq Dubai Daily Report September 7, 2017

Index Performance relative to Volume Stock Returns

3,800 25 Market Cap. DTD YTD 3,700 (USD Mn) % Chg % Chg 20 3,600 Nasdaq Dubai 40,604 (1.63%) 5.5% 3,500 DP World 18,426 (3.5%) 26.8% 15 3,400 Nasdaq, Inc. 12,555 0.0% 12.2% 3,300 Hikma Pharmaceuticals GDR 7,580 0.0% (28.9%) 10 3,200 Orascom Construction Limited 730 (1.6%) 18.3% Vol. Traded (Mln. Shares) (Mln. Traded Vol.

3,100 Al Baraka Banking Group 477 0.0% (11.8%) 5 Emirates REIT (CEIC) Limited 283 0.0% (17.8%) 3,000 FTSE Nasdaq DubaiI UAE UAE Index 20Nasdaq FTSE DubaiI ENBD REIT (CEIC) Limited 249 0.6% (8.5%) 2,900 0 DEPA Limited 225 0.0% 5.7% Jul-17 Oct-16 Apr-17 Jun-17 Jan-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17 BLME Holdings plc 78 0.0% (40.3%)

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (USD) % Chg (USD) Value Chg % Chg % Chg % Chg ENBD REIT (CEIC) Limited 1.02 0.6% 102,009 FTSE Nasdaq Dubai UAE 20 3,484.52 (4.69) (0.1%) (0.1%) 5.8% Market Cap (USD Mn) 40,604 (674.3) (1.6%) (2.6%) 5.5%

Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume (Mn Shares) 1.38 0.71 105.8% 1.21 0.43 Worst Return Performers (USD) % Chg (USD) Value Traded (USD Mn) 3.21 0.4 14.1% 5.60 4.55 DP World 22.20 (3.5%) 1,694,545 No. of Trades 90 9 11.1% 123 91 Orascom Construction Limited 6.20 (1.6%) 323,548

Market Breadth 1 2 6

Price Daily Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (USD) % Chg ('000 Shrs) (USD) % Chg (USD) Emirates REIT (CEIC) Limited 0.95 0.0% 1,150,000 DP World 22.20 (3.5%) 1,694,545 ENBD REIT (CEIC) Limited 1.02 0.6% 100,548 Emirates REIT (CEIC) Limited 0.95 0.0% 1,086,900 DP World 22.20 (3.5%) 75,309 Orascom Construction Limited 6.20 (1.6%) 323,548 Orascom Construction Limited 6.20 (1.6%) 51,379 ENBD REIT (CEIC) Limited 1.02 0.6% 102,009

Source: KAMCO Research

5 KAMCO Research

Abu Dhabi Securities Exchange Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

4,800 900 Market Cap. DTD MTD YTD 4,750 800 (AED Mn) % Chg % Chg % Chg 4,700

4,650 700 ADX 456,939 (1.1%) (1.1%) (2.3%) 4,600 600 Banks 205,907 (0.5%) (0.8%) 1.8% 4,550 Inv. & Financial Services 3,493 (0.6%) 0.0% (10.3%) 4,500 500 4,450 Real Estate 21,832 1.5% 0.9% (11.0%) 4,400 400 Energy 8,879 (1.4%) 8.2% 29.4% 4,350 300 (Mln. Shares) Traded Vol. Consumer Staples 4,937 (2.5%) (2.9%) (19.1%) ADX ADX General Index Value 4,300 4,250 200 Industrial 11,075 (0.7%) (0.3%) 2.3% 4,200 100 Insurance 9,635 (0.1%) (0.9%) 15.0% 4,150 Telecommunication 182,248 (2.2%) (2.0%) (6.5%) 4,100 0 Services 8,933 0.1% (0.5%) (9.9%) Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (AED) % Chg (AED) Value Chg % Chg % Chg % Chg Al Khaleej Investment Co. 1.61 15.0% 84,525 ADX General Index 4,457.12 (21.61) (0.5%) (0.3%) (2.0%) Abu Dhabi Islamic Bank 3.77 1.9% 843,447 Market Cap (AED Mn) 456,939 (5,171) (1.1%) (1.1%) (2.3%) AL DAR Properties Co. 2.32 1.8% 11,567,688 National Marine Dredging Co. 4.25 1.2% 84,986 Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume (Mn Shares) 118 (180.8) (60.4%) 113 102.6 Worst Return Performers (AED) % Chg (AED) Value Traded (AED Mn) 432 153.4 55.1% 197 584.7 Ooredoo 81.00 (10.0%) 8,100 No. of Trades 1,168 (950) (44.9%) 1,463 1,461 National Takaful Co. (Watania) 0.58 (7.9%) 21,860 Ras Al Khaimah White Cement 1.05 (7.9%) 5,623 AGTHIA Group 5.22 (4.0%) 609,067 Market Breadth Abu Dhabi National Energy Co. (TAQA) 0.61 (3.2%) 536,644 4 14 48

Price Daily Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (AED) % Chg ('000 Shrs) (AED) % Chg (AED) Dana Gas 0.77 0.0% 55,235 First Abu Dhabi Bank 10.30 (1.0%) 341,302,920 First Abu Dhabi Bank 10.30 (1.0%) 32,832 Dana Gas 0.77 0.0% 41,969,989 Eshraq Properties Co. 0.90 0.0% 11,172 AL DAR Properties Co. 2.32 1.8% 11,567,688 Bank Of Sharjah 1.20 (0.8%) 6,780 Emirates Telecom. Co. 17.90 (0.8%) 10,394,865 AL DAR Properties Co. 2.32 1.8% 5,066 Eshraq Properties Co. 0.90 0.0% 10,035,332 Source: KAMCO Research

6 KAMCO Research

Qatar Exchange Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

11,500 50 Market Cap. DTD MTD YTD 45 (QAR Mn) % Chg % Chg % Chg 11,000

40 Qatar Exchange 471,162 (1.2%) (1.2%) (16.3%) 10,500 35 Banking & Finance 211,336 (1.4%) (1.4%) (10.6%)

30 Goods & Consumer Services 18,391 (0.6%) (0.6%) (18.2%) 10,000 Industrial 115,628 (1.5%) (1.5%) (22.1%)

QE QE 20 Index Value 25 Vol. Shares) Vol. Traded(Mln Insurance 23,233 (0.4%) (0.4%) (13.2%) 9,500 20 Real Estate 48,321 (0.7%) (0.7%) (22.0%)

Telecom 34,934 (0.4%) (0.4%) (13.8%) 9,000 15 Transport 19,320 (1.0%) (1.0%) (27.2%)

10 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 8,500 5

8,000 0 Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (QAR) % Chg (QAR) Value Chg % Chg % Chg % Chg Mesaieed Petrochemical Holding Co. 13.37 3.6% 1,682,048 QE 20 Index 8,684.55 (116.01) (1.3%) (1.3%) (16.8%) Gulf Warehousing Co. 49.20 2.9% 5,745,055 Market Cap (QAR Mn) 471,162 (5,549) (1.2%) (1.2%) (16.3%) Qatari German Co. for Medical Devices 8.00 2.4% 82,615 Al Meera Consumer Goods Co. 152.00 1.3% 39,368 Qatar Industrial Manufacturing Co. 42.95 1.1% 193,064 Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume ('000 Shares) 11,771 2,892 32.6% 10,235 7,945 Worst Return Performers (QAR) % Chg (QAR) Value Traded (QAR Mn) 270 82 44.0% 298 281 Qatar Oman Investment Co. 8.10 (6.9%) 7,919 No. of Trades 3,432 364 11.9% 3,579 4,299 Qatar First Bank 6.48 (5.4%) 21,273,356 Aamal Co. 9.90 (4.3%) 235,535 Gulf International Services 17.70 (3.8%) 9,072,916 Market Breadth Medicare Group 66.80 (3.2%) 1,512,610 12 26 7

Price Daily Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (QAR) % Chg (Shares) (QAR) % Chg (QAR Mn) Qatar First Bank 6.48 (5.4%) 3,316,135 Qatar National Bank 128.00 (2.0%) 66.0 Vodafone Qatar 8.32 0.2% 2,085,463 Industries Qatar 88.30 (3.0%) 36.0 Investment Holding Group 7.26 (2.7%) 1,498,554 Masraf Al Rayan 37.63 (1.4%) 22.0 Masraf Al Rayan 37.63 (1.4%) 582,250 Qatar First Bank 6.48 (5.4%) 21.3 Qatar National Bank 128.00 (2.0%) 513,249 Vodafone Qatar 8.32 0.2% 17.3 Source: KAMCO Research

7 KAMCO Research Bahrain Bourse Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

1,500 200 Market Cap. DTD MTD YTD 180 (BHD Mn) % Chg % Chg % Chg

1,400 160 Bahrain Bourse 7,426 0.6% 0.6% 2.8% 140 Commercial Banks 3,518 0.4% 0.4% 4.4% 1,300 120 Investment 1,994 1.4% 1.4% (3.1%) 100 Insurance 153 0.0% 0.0% 8.4% 1,200 80

Vol. Traded (Mln. Shares) (Mln. Traded Vol. Service 880 0.0% 0.0% (12.5%) Bahrain All Index Share All Bahrain 60 Hotel & Tourism 149 0.0% 0.0% (13.6%)

1,100 40 Industrial 733 (0.4%) (0.4%) 54.6% Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 20

1,000 0 Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (BHD) % Chg (BHD) Value Chg % Chg % Chg % Chg ITHMAR Bank (USD) 0.135 8.0% 4,591 Bahrain All Share Index 1,311.17 8.70 0.7% 0.7% 7.4% Gulf Finance House (USD) 0.490 4.3% 101,359.7 Market Cap (BHD Mln) 7,425.93 41.25 0.6% 0.6% 2.8% Bahrain Islamic Bank 0.143 2.9% 3,003 National Bank of Bahrain 0.655 1.6% 6,500 Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume ('000 Shares) 1,574 (138) (8.1%) 4,110 2,033 Worst Return Performers (BHD) % Chg (BHD) Value Traded (BHD '000) 402 (52) (11.4%) 809 452 Aluminum Bahrain 0.498 (0.4%) 94,330 No. of Trades 57 (12) (17.4%) 73 41

Market Breadth 4 1 36

Price Daily Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (BHD) % Chg (Shares) (BHD) % Chg (BHD) Ahli United Bank (USD) 0.725 0.0% 609,270 Ahli United Bank (USD) 0.725 0.0% 166,529 Gulf Finance House (USD) 0.490 4.3% 557,164 Gulf Finance House (USD) 0.490 4.3% 101,360 Aluminum Bahrain 0.498 (0.4%) 188,752 Aluminum Bahrain 0.498 (0.4%) 94,330 ITHMAR Bank (USD) 0.135 8.0% 90,200 Seef Properties 0.260 0.0% 20,395 Seef Properties 0.260 0.0% 85,000 National Bank of Bahrain 0.655 1.6% 6,500

Source: KAMCO Research

8 KAMCO Research

Muscat Securities Market Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

6,600 200 Market Cap. DTD MTD YTD

6,400 180 (OMR Mn) % Chg % Chg % Chg

160 6,200 Muscat Securities Mkt 4,481 (0.0%) 0.1% (30.3%)

140 Financial 2,229 0.4% 1.1% (21.2%) 6,000

120 Industrial 407 0.0% 0.0% (56.9%) 5,800 Services 1,846 (0.6%) (1.1%) (30.6%) 100 Vol. Traded (Mln.Shares) Traded Vol. MSM 30 Index Value IndexMSM 30 5,600 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each 80 sector 5,400 60

5,200 40

5,000 20

4,800 0 Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Value Market Return Closing DTD DTD MTD YTD-17 Best Return Performers (OMR) % Chg (OMR) Value Chg % Chg % Chg % Chg Bank Muscat 0.394 1.0% 416,534 MSM 30 Index 5,064.58 1.47 0.0% 0.2% (12.4%) Al Madina Takaful 0.105 1.0% 174,392 Market Cap (OMR Mn) 4,481.46 (0.87) (0.0%) 0.1% (30.3%) Oman Investment & Finance Co. 0.163 0.6% 83,122

Trading Indicators Today's DTD DTD Average Daily Value Chg % Chg YTD-17 YTD-16

Price Daily Value Volume ('000 Shares) 5,401 (2,251) (29.4%) 9,471 14,799 Worst Return Performers (OMR) % Chg (OMR) Value Traded (OMR '000) 1,049 183 21.1% 2,610 3,547 National Gas Co. 0.275 (4.5%) 7,150 No. of Trades 302 31 11.4% 447 770 Al Anwar Holding 0.156 (1.3%) 15,684 Ooredoo 0.438 (0.9%) 12,286 Oman Telecom Co. 1.225 (0.8%) 48,381 Market Breadth Al Jazeira Services Co. 0.143 (0.7%) 14,446 3 5 37

Price Daily Volume Price Daily Volume Most Active Stocks by Volume Most Active Stocks by Value (OMR) % Chg (Shares) (OMR) % Chg (OMR'000) Al Madina Takaful 0.105 1.0% 1,666,928 Bank Muscat 0.394 1.0% 416.5 Al Madina Investment company 0.064 0.0% 1,387,121 Al Madina Takaful 0.105 1.0% 174.4 Bank Muscat 0.394 1.0% 1,055,692 Raysut Cement 0.860 0.0% 129.4 Oman Investment & Finance Co. 0.163 0.6% 508,990 Al Madina Investment company 0.064 0.0% 89.2 National Bank of Oman 0.215 0.0% 195,431 Oman Investment & Finance Co. 0.163 0.6% 83.1 Source: KAMCO Research

9 KAMCO Research

The Egyptian Exchange Daily Report September 7, 2017 (The bulletin covers the top 60 companies by Mkt. Cap out of 336 listed companies)

Index Performance relative to Volume Sector Returns

14,500 500 Market Cap. DTD MTD YTD 14,000 (EGP Mn) % Chg % Chg % Chg 13,500 450 The Egyptian Exchange 449,939 (0.7%) (0.8%) 11.4% 13,000 Banking & Finance 145,095 (1.2%) (1.4%) 16.4% 12,500 400 Basic Resources 31,040 (0.8%) 0.5% 47.2% 12,000 350 11,500 Chemical 24,140 0.8% 0.0% 31.2%

11,000 Construction & Material 38,392 0.2% 0.3% 20.5% 300 10,500 Financial Services 27,822 (0.6%) (0.6%) (4.2%)

EGX EGX 30Index 10,000 Food & Beverage 10,967 0.4% 0.7% 40.7% 250 9,500 Healthcare & Pharma. 10,533 0.0% (0.4%) 51.7% 9,000

200 TradedShrs) Volume (Mn Ind. Goods,Services, Auto. 24,455 0.2% 1.7% 13.2% 8,500 Media 759 (0.5%) (0.7%) 19.8% 8,000 150 Oil & Gas 898 (0.2%) (0.3%) (85.9%) 7,500 Personal & Household 24,762 0.0% (0.3%) 7.2% 7,000 100 Real Estate 38,408 (0.4%) 1.2% (3.5%) 6,500 Telecommunication 68,249 (1.3%) (3.1%) 0.4% 6,000 50

5,500 Travel & Leisure 4,420 1.8% 3.2% 36.6%

5,000 0 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 Aug-17 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (EGP) % Chg Value Chg % Chg % Chg % Chg Egyptian Financial & Industrial 18.08 8.3% EGX 30 Index 13,317.89 (97.16) (0.7%) (0.7%) 7.9% Alexandria Cement 7.73 5.6% Market Cap (EGP Mn) 449,939 (2,824) (0.7%) (0.8%) 11.4% Egyptian Resorts Co. 1.11 3.7% Amer Group Holding 0.31 3.3% Sidi Kerir Petrochemicals 18.96 2.4% Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Volume (Mn Shares) 186 44.63 31.7% 154 105 Worst Return Performers (EGP) % Chg Value Traded (EGP Mn) 560 48.7 9.5% 797 405 National CementCo. - Egypt 8.76 (3.0%) No. of Trades 11,222 248 2.3% 16,750 12,551 Egyptian Co. for Mobile Services (MobiNil) 112.42 (2.7%) Aluminium Co. of Egypt 96.93 (2.7%) Tourah cement Co. 13.06 (2.4%) Market Breadth Extracted Oils 1.09 (1.8%) 24 28 8

Price Volume Price Daily Value Most Active Stocks By Volume Most Active Stocks By Value (EGP) ('000 Shrs) (EGP) % Chg (EGP Mn) Citadel Capital 1.28 66,983 Commercial Int'l Bank (Egypt) 82.45 (1.78%) 129.18 Amer Group Holding 0.31 52,611 Citadel Capital 1.28 0.00% 85.57 Egyptian Resorts Co. 1.11 23,632 Global Telecom Hldg. (Orascom Telecom) 6.78 (0.73%) 29.67 GB AUTO S.A.E 2.38 7,530 Egyptian Financial Group-Hermes Hldg Co. 20.61 (0.91%) 28.29 Palm Hills Developments 2.93 5,069 Egyptian Resorts Co. 1.11 3.74% 26.24 Source: KAMCO Research

10 KAMCO Research

Amman Stock Exchange Daily Report (1st Market) September 7, 2017

Index Performance relative to Volume Sector Returns

2,275 21 Market Cap. DTD MTD YTD (JD Mn) % Chg % Chg % Chg

Amman Stock Exchange 12,713 (0.1%) 1.4% (4.6%) 2,225 18 Banks 9,056 (0.0%) 1.0% (6.4%) Insurance 108 0.3% 0.3% (3.6%) Diversified Financial Services 176 0.8% 1.6% 6.0% 2,175 15 Real Estate 266 (1.3%) (1.3%) 10.3% Health Care Services 24 0.0% (0.2%) (5.6%) Educational Services 264 0.3% 1.7% (5.4%) Hotels and Tourism 114 (0.7%) (1.5%) (12.0%) 2,125 12 Transportation 97 (0.2%) 0.1% 6.4% Technology & Communications 443 1.6% 3.8% (5.7%)

ASE ASE Index Value Media 7 (1.5%) (1.5%) (27.2%) Vol. Traded (Mln. Shares) Traded Vol. 2,075 9 Utilities & Energy 543 (0.8%) 2.2% (11.3%) Commercial Services 66 0.0% 0.1% (1.8%) Pharmaceutical & Medical Ind. 63 0.0% 0.3% (19.9%) Chemical Industries 17 1.0% 2.8% (9.8%) 2,025 6 Paper & Cardboard Industries 8 0.0% 0.0% 0.0% Printing & Packaging 17 2.4% 2.4% 26.3% Food & Beverages 58 0.1% 0.3% (12.5%) 1,975 3 Tobacco & Cigarettes 865 0.0% 4.6% 11.2% Mining & Extraction Industries 373 (1.0%) 3.9% 20.9% Engineering & Construction 48 (0.3%) 0.4% 2.7% 1,925 0 Electrical Industries 13 1.1% 0.0% (17.6%) Textiles , Leathers & Clothings 81 0.9% 0.6% (19.0%) Jul-17 Oct-16 Apr-17 Jan-17 Jun-17 Feb-17 Mar-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17 Glass & Ceramic Industries 6 0.0% 0.0% 0.0% Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector

Top Movers and Most Active Stocks Trading Indicators

Closing DTD DTD MTD YTD-17 Price Daily Best Return Performers Market Return (JD) % Chg Value Chg % Chg % Chg % Chg

ITTIHAD SCHOOLS 1.25 6.8% ASE Index 2,149.55 (0.81) (0.0%) (0.4%) (1.0%)

NATIONAL CHLORINE INDUSTRIES 0.64 4.9% Market Cap (JD Mn) 12,712.57 (6.39) (0.1%) 1.4% (4.6%)

AL-AMIN FOR INVESTMENT 0.76 4.1%

JORDAN LOAN GUARANTEE CORP. 0.55 3.8%

NATIONAL CABLE & WIRE MANUFACTURING 0.34 3.0% Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

2,583 (75) (2.8%) 3,716 4,377 Price Daily Volume ('000 Shares) Worst Return Performers (JD) % Chg Value Traded (JD '000) 3,065 144 4.9% 5,110 15,535

REAL ESTATE DEVELOPMENT 0.50 (3.8%) No. of Trades 1,569 (744) (32.2%) 9 2,107

THE JORDAN CEMENT FACTORIES 1.56 (3.1%)

INT'L ARABIAN DEV. & INVESTMENT TRADING CO. 0.37 (2.6%)

ALIA- THE ROYAL JORDANIAN AIRLINES 0.39 (2.5%) Market Breadth THE JORDAN PIPES MANUFACTURING 0.80 (2.4%) 21 23 75

Price Volume Price Daily Value Most Active Stocks By Volume Most Active Stocks By Value (JD) ('000 Shrs) (JD) % Chg (JD)

ARAB EAST INVESTMENT 0.65 552 CENTURY INVESTMENT GROUP 2.39 3.0% 489,891

AL-AMIN FOR INVESTMENT 0.76 236 ARAB EAST INVESTMENT 0.65 1.6% 356,785

JORDAN STEEL 0.61 211 JORDAN PETROLEUM REFINERY 2.92 (2.0%) 215,661

TRANSPORT& INVESTMENT BARTER CO. 0.47 210 UNION TOBACCO & CIGARETTE INDUSTRIES 4.00 0.0% 182,891

CENTURY INVESTMENT GROUP 2.39 209 INVEST BANK 1.42 (1.4%) 177,500 Source: KAMCO Research

11 KAMCO Research

Tunisia Stock Exchange Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

6,500 2,000 Market Cap. DTD MTD YTD 6,400 1,800 (DT Mn) % Chg % Chg % Chg 6,300

6,200 1,600 Tunis Stock Exchange 19,542 (0.4%) (0.4%) 12.9% 6,100 Banking 9,066 (0.5%) (1.0%) 20.0% 1,400 6,000 Insurance 635 0.4% 0.5% (3.0%)

5,900 Leasing 629 (7.5%) (6.6%) (7.4%) 1,200 5,800

Tunisia Index Tunisia Financial Services 1,756 0.0% 0.4% 14.3% 5,700 ('000. Shares) Traded Vol. 1,000 Industrial 1,297 (0.3%) (0.2%) 4.4% 5,600 Chemical Industry 361 (0.5%) 1.3% (21.8%) 800 5,500 Food & Beverage 2,905 1.0% 1.7% 11.0% 5,400 600 Retailing 1,435 (0.2%) (0.7%) (0.1%) 5,300 Others 1,458 (0.3%) 0.1% 29.9% 5,200 400

Jul/17 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector Oct/16 Apr/17 Jan/17 Jun/17 Feb/17 Mar/17 Sep/16 Nov/16 Dec/16 Aug/17 Sep/17 May/17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (DT) % Chg Value Chg % Chg % Chg % Chg Delice Holding 17.78 2.2% Tunisia Index 6,346.05 (2.19) (0.0%) 0.0% 15.6% CELLCOM 3.36 2.1% Market Cap (DT Mln) 19,542 (76.30) (0.4%) (0.4%) 12.9% Société Tunisienne de Réassurance 7.71 2.1% Société Nouvelle Maison de la Ville de Tunis 9.80 2.1% Tunisie Leasing 15.50 2.0% Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Volume ('000 Shares) 338 80.1 31.0% 384 575 Worst Return Performers (DT) % Chg Value Traded ('000 DT) 1,689 (517) (23.5%) 2,890 4,052 Electrostar 3.38 (4.0%) No. of Trades 982 120.0 13.9% 996 1,201 Manufacture de Panneaux Bois du Sud 2.50 (3.8%) SOPAT 0.81 (3.6%) Universal Auto Distributors Holding 3.01 (2.9%) Market Breadth Société Tunis. d'Entreprises de Télécom. 3.01 (2.9%) 12 28 26

Price Volume Price Daily Value Most Active Stocks By Volume Most Active Stocks By Value (DT) (Shares) (DT) % Chg (DT '000) Société Moderne de Céramique 1.14 109,234 TelNet Holding 5.85 1.2% 564 TelNet Holding 5.85 95,561 Société Moderne de Céramique 1.14 (1.7%) 125 TUNISAIR 0.54 14,951 Banque Nationale Agricole 11.70 0.9% 114 SOTIPAPIER 3.37 10,163 One Tech Holding 12.50 (0.1%) 98 Banque Nationale Agricole 11.70 9,809 Société d’Articles Hygiéniques 15.19 (0.3%) 87

Source: KAMCO Research

12 KAMCO Research

Beirut Stock Exchange Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

1,250 7,500 Market Cap. DTD MTD YTD 1,240 (USD Mn) % Chg % Chg % Chg

1,230 6,000 Beirut Stock Exchange 11,411 (0.3%) (0.5%) (3.8%) 1,220

1,210 Banking 9,775 (0.1%) (0.2%) (0.8%)

4,500 1,200 Industrial 273 (6.6%) (6.6%) 7.6%

1,190 Trading 35 0.0% 0.0% 0.0%

Blom Stock Index 1,180 Real Estate & Construction 1,328 (0.7%) (1.5%) (22.8%) 3,000 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 1,170 Vol. Vol. Traded ('000.Shares) 1,160 1,500 1,150

1,140

1,130 0 Jul-17 Apr-17 Oct-16 Jun-17 Jan-17 Feb-17 Mar-17 Aug-17 Sep-17 Sep-16 Nov-16 Dec-16 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (USD) % Chg Value Chg % Chg % Chg % Chg Blom Stock Index 1,154.49 (4.21) (0.4%) (0.6%) (4.8%) Market Cap (USD Mn) 11,411.35 (37.12) (0.3%) (0.5%) (3.8%)

Today's DTD DTD Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Daily Volume ('000s shares) 215.19 144 203.9% 320 662 Worst Return Performers (USD) % Chg Value Traded ('000s USD) 2,470.80 1,646 199.5% 2,864 2,878 Holcim Liban 12.51 (7.3%) Solidere B 7.88 (1.5%) Bank Audi 5.95 (0.3%) Solidere A 8.16 (0.2%) Market Breadth 0 4 31

Price Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (USD) (Shares) (USD) % Chg (USD) BLOM Bank 11.50 174,000 BLOM Bank 11.50 0.0% 2,001,000 Holcim Liban 12.51 20,000 Holcim Liban 12.51 (7.3%) 250,200 BLOM Bank GDR 12.55 11,088 BLOM Bank GDR 12.55 0.0% 139,154 Solidere A 8.16 7,975 Solidere A 8.16 (0.2%) 65,057 Solidere B 7.88 1,425 Solidere B 7.88 (1.5%) 11,228

Source: KAMCO Research

13 KAMCO Research

Casablanca Stock Exchange Daily Report September 7, 2017 (The Bulletin covers the 41 Stocks listed on the Main Market)

Index Performance relative to Volume Sector Returns

13,250 22000 Market Cap. DTD MTD YTD 13,000 (MAD Mn) % Chg % Chg % Chg 20000 12,750 Casablanca Stock Exchange 561,393 (0.1%) 0.2% 4.3% 12,500 18000 Banking 204,508 0.1% 0.3% 3.6% 12,250 Beverages 3,380 0.0% 0.0% 17.7% 12,000 16000 Chemicals 1,715 4.8% 3.6% 337.0%

11,750 Construction & Bldg. Material 75,704 (0.8%) 0.2% (2.4%) 14000 Distributors 11,184 (0.3%) 0.9% 4.9% 11,500 Electrical & Electronic Equip. 427 0.0% 0.0% 28.6% MASI MASI Index 11,250 12000 Electricity 20,286 0.6% 0.9% 10% Volume Volume Traded ('ooo shares) 11,000 Food Producers & Processors 17,079 0.3% 0.5% (5.7%) 10000 10,750 Holding Companies 2,970 0.0% 0.0% 16.9%

10,500 Insurance 26,313 0.9% (0.7%) 9.7% 8000 Investment & other Finance 3,863 (0.1%) (0.2%) 5.6% 10,250 Leisures & Hotel 2,450 4.9% 4.0% 45.2% 10,000 6000 Materials, Software & Computer 1,746 0.0% 3.2% 43.9% 9,750 Mining 24,048 (0.6%) (0.3%) 51.8% 4000 9,500 Oil & Gas 11,080 (5.0%) (2.1%) 4.4%

9,250 Real Estate 27,353 0.2% 1.0% 19.9% 2000 Telecommunications 120,788 0.1% (0.3%) (3.2%) 9,000 Transport 1,194 0.0% 2.5% 59.9% 8,750 0 Utilities 5,214 0.0% 6.0% 20.7% Jul/17 Oct/16 Apr/17 Jan/17 Jun/17 Forestry & Paper 91 0.0% 0.0% 39.4% Feb/17 Mar/17 Sep/16 Nov/16 Dec/16 Aug/17 Sep/17 May/17

Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector

Top Movers and Most Active Stocks Trading Indicators

Price Daily Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (MAD) % Chg Value Chg % Chg % Chg % Chg Risma 171.00 4.9% MASI Index 12,427.80 (12.54) (0.1%) 0.2% 6.7% Societe Nationale d'Electrolyse et de Petrochimie 714.50 4.8% MADEX Index 10,158.74 0.88 0.0% 0.2% 6.4% SAHAM ASSURANCE 1,437.00 4.0% Market Cap (MAD Mn) 561,393 (0.47) (0.1%) 0.2% 4.3% Alliances Developpement Immobilier 291.00 3.9% Credit Immobilier Et Hotelier 298.75 2.2% Today's DTD DTD Average Daily Trading Indicators Price Daily Value Chg % Chg YTD-17 YTD-16 Worst Return Performers (MAD) % Chg Volume ('000 Shares) 438.91 165.1 60.3% 1,016 516 Afriquia Gaz 2,781.00 (5.7%) Value Traded (MAD Mn) 46.80 14.12 43.2% 67 70 ENNAKL Automobiles 55.00 (3.0%) Lafarge Ciments 2,173.00 (1.2%) Managem 1,685.00 (0.9%) Market Breadth Lesieur Cristal 160.05 (0.6%) 11 10 20

Price Volume Price Daily Value Most Active Stocks By Volume Most Active Stocks By Value (MAD) (Shrs) (MAD) % Chg (MAD Mn) Banque Marocaine Du Commerce Exterieur 205.00 140,016 Banque Marocaine Du Commerce Exterieur 205.00 0.0% 14.35 Douja Prom Addoha 49.25 131,116 Alliances Developpement Immobilier 291.00 3.9% 5.69 Alliances Developpement Immobilier 291.00 39,228 Societe Nationale d'Electrolyse et de Petrochimie 714.50 4.8% 5.20 Banque Centrale Populaire 293.00 31,610 Banque Centrale Populaire 293.00 0.9% 4.63 Itissalat Al-Maghrib 137.40 28,146 Comp Suc Maroc Et De Raff 302.00 0.7% 3.84 Source: KAMCO Research

14 KAMCO Research

Damascus Securities Exchange Daily Report September 7, 2017

Index Performance relative to Volume Sector Returns

3,200 700 Market Cap. DTD MTD MTD 3,100 3,000 (SRY Mn) % Chg % Chg % Chg 2,900 600 2,800 Damascus SE 325,045 1.3% 2.1% 85.1% 2,700 500 2,600 Banking 302,850 1.4% 2.3% 91.7% 2,500 2,400 Services 1,706 0.0% 0.0% 15.5% 400 2,300 Industrial 6,685 0.0% 0.0% (8.4%) 2,200

DSE TRW Index 2,100 300 Insurance 13,276 0.2% (0.6%) 58.7% 2,000

1,900 Vol. Traded ('000. Shares) Agricultural 528 0.0% 0.0% 0.0% 1,800 200 Sectors' MTD % Chg is based on the Change in market cap. and it might not conform with the benchmark % Chg for each sector 1,700 1,600

1,500 100 1,400 1,300 1,200 0 Jul-17 Oct-16 Apr-17 Jun-17 Jan-17 Mar-17 Feb-17 Sep-16 Nov-16 Dec-16 Aug-17 Sep-17 May-17

Top Movers and Most Active Stocks Trading Indicators

Price Daily Closing DTD DTD MTD YTD-17 Best Return Performers Market Return (SRY) % Chg Value Chg. % Chg. % Chg. % Chg. Syrian Kuwaiti Insurance Company 292.50 5.00% DSE Weighted Index 3,050.24 39.36 1.3% 2.4% 88.6%

The Int'l Bank For Trade & Finance 362.06 4.34% Market Cap (SRY Mn) 325,045 4,227.6 1.3% 2.1% 85.1%

Qatar National Bank Syria 373.56 2.77%

Fransabank Syria 359.29 2.56%

Syria Gulf Bank 214.23 2.17% Today's DTD DTD Average Daily Trading Indicators Value Chg. % Chg. YTD-17 YTD-16 Price Daily Volume (Shrs) 120,790 (96,216) (44.3%) 96,840 38 Worst Return Performers (SRY) % Chg Value Traded ('000 SRY) 42,062 (45,864) (52.2%) 29,400 15,133 Al-Aqeelah Takaful Insurance 257.16 (1.7%) No. of Trades 170 109 178.7% 76 48.1

Market Breadth 8 1 15

Price Volume Price Daily Value Most Active Stocks by Volume Most Active Stocks by Value (SRY) (Shrs) (SRY) % Chg (SRY)

Qatar National Bank Syria 373.56 31,823 Qatar National Bank Syria 373.56 2.8% 11,887,928

Al-Aqeelah Takaful Insurance 257.16 26,778 Syria International Islamic Bank 411.75 0.5% 8,286,051

Syria International Islamic Bank 411.75 20,124 Al-Aqeelah Takaful Insurance 257.16 (1.7%) 6,886,345

Cham Bank 398.46 16,786 Cham Bank 398.46 1.5% 6,688,622

Syria Gulf Bank 214.23 7,658 Fransabank Syria 359.29 2.6% 2,371,312

Source: KAMCO Research

15 Disclaimer & Important Disclosures

KAMCO is authorized and fully regulated by the Capital Markets Authority ("CMA, Kuwait") and partially regulated by the Central Bank of Kuwait (“CBK”)

This document is provided for informational purposes only. Nothing contained in this document constitutes investment, an offer to invest , legal, tax or other advice or guidance and should be disregarded when considering or making investment decisions. In preparing this document, KAMCO did not take into account the investment objectives, financial situation and particular needs of any particular person. Accordingly, before acting on this document, investors should independently evaluate the investments and strategies referred to herein and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives. The entire content of this document is subject to copyright with all rights reserved. This research and the information contained herein may not be reproduced, distributed or transmitted in Kuwait or in any other jurisdiction to any other person or incorporated in any way into another document or other material without our prior written consent. Analyst Certification Each of the analysts identified in this report certifies, with respect to the sector, companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report.

KAMCO Ratings KAMCO investment research is based on the analysis of regional and country economics, industries and company fundamentals. KAMCO company research reflects a long-term (12-month) target price for a company or stock. The ratings bands are:

 Outperform: Target Price represents expected returns >= 10% in the next 12 months  Neutral: Target Price represents expected returns between -10% and +10% in the next 12 months  Underperform: Target Price represents an expected return of <-10% in the next 12 months

In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above. KAMCO policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any material changes to the analyst’s outlook on a company. Share price volatility may cause a stock to move outside the rating range implied by KAMCO’s fair value target. Analysts may not necessarily change their ratings if this happens, but are expected to disclose the rationale behind their view to KAMCO clients.

Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by KAMCO and shall be of no force or effect. The information contained in this document is based on current trade, statistical and other public information we consider reliable. We do not represent or warrant that such information is fair, accurate or complete and it should not be relied upon as such. KAMCO has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. The publication is provided for informational uses only and is not intended for trading purposes. The information on publications does not give rise to any legally binding obligation and/or agreement, including without limitation any obligation to update such information. You shall beresponsible for conducting your own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this or other such document. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which KAMCO is a party.

Nothing in this document should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service. This document is directed at Professional Clients and not Retail Clients within the meaning of CMA rules. Any other persons in receipt of this document must not rely upon or otherwise act upon it. Entities and individuals into whose possession this document comes are required to inform themselves about, and observe such restrictions and should not rely upon or otherwise act upon this document where it is unlawful to make to such person such an offer or invitation or recommendation without compliance with any authorization, registration or other legal requirements.

Risk Warnings Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected. The value of an investment may go up as well as down. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.).

Past performance is not indicative of future results. Any opinions, estimates, valuations or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgment. They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions. Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. This document does not propose to identify or to suggest all of the risks (direct or indirect) which may be associated with the investments and strategies referred to herein.

Conflict of Interest KAMCO and its affiliates provide full investment banking services, and they and their directors, officers and employees, may take positions which conflict with the views expressed in this document. Salespeople, traders, and other professionals of KAMCO may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document. KAMCO may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document. Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other KAMCO business areas, including investment banking personnel. United Gulf Bank, Bahrain owns majority of KAMCO’s shareholding and this ownership may create, or may create the appearance of, conflicts of interest.

No Liability & Warranty KAMCO makes neither implied nor expressed representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind, including, without limitation, any warrantyas to accuracy, timeliness, completeness, and fitness for a particular purpose and/or non-infringement. KAMCO will accept no liability in any event including (without limitation) your reliance on the information contained in this document, any negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with your use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document. We do not exclude our duties or liabilities under binding applicable law.

KAMCO Investment Company

KAMCO Investment Company - K.S.C. (Public) Al-Shaheed Tower, Khalid Bin Al-Waleed Street- Sharq P.O. BOX : 28873, Safat 13149, State of Kuwait Tel: (+965) 1852626 Fax: (+965) 22492395 Email : [email protected] Website : http://www.kamconline.com

KAMCO Investment Company