KAMCO Research MENA Markets Monthly Databank March-2017 Index Monthly YTD FY Country Benchmark Value Change 2017 2016 MENA Markets In this Report… Kuwait Price Index ▲ 7,029.43 3.6% 22.3% 2.4% Kuwait ………………………………….2 Kuwait Weighted Index ▼ 413.27 (2.5%) 8.7% (0.4%) Saudi Arabia ……………………….9 Kuwait Kuwait 15 Index 933.84 (3.1%) 5.5% (1.7%) UAE - Dubai ………………………….14 Saudi Arabia TADAWUL All Share Index ▲ 7,001.63 0.4% (2.9%) 4.3% UAE - Nasdaq Dubai……… 17 UAE- Dubai DFM General Index ▼ 3,480.43 (4.1%) (1.4%) 12.1% UAE - Abu Dhabi ……………………19 UAE- Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ▼ 3,288.87 (2.4%) (0.2%) 7.5% Qatar ……………………………………22 UAE- Abu Dhabi ADX General Index ▼ 4,443.53 (2.4%) (2.3%) 5.6% Bahrain …………………………………25 Qatar QE 20 Index ▼ 10,390.60 (2.9%) (0.4%) 0.1% Oman ……………………………………28 Bahrain Bahrain All Share ▲ 1,355.99 0.5% 11.1% 0.4% Egypt ………………………………….31 Oman MSM 30 Index ▼ 5,550.60 (4.0%) (4.0%) 7.0% Jordan …………………………………..34 Egypt EGX 30 ▲ 12,994.80 8.9% 5.3% 76.2% Tunisia ………………………………….39 Jordan ASE Index ▲ 2,250.18 1.7% 3.7% 1.6% Lebanon ……………………………….42 Lebanon Blom Stock Index ▲ 1,235.82 0.4% 1.9% 3.7% Morocco……………………….. 44 Tunisia Tunisia Index ▼ 5,543.07 (1.1%) 1.0% 8.9% Syria ……………………………… 47 Morocco MASI ▼ 11,379.71 (4.6%) (2.3%) 30.5% Syria DSE Weighted Index ▲ 3,065.72 12.8% 89.5% 31.7% Emerging Markets China SSE Composite Index ▼ 3,222.51 (0.6%) 3.8% (12.3%) Russia RUSSIAN RTS INDEX ($) ▲ 1,113.76 1.3% (3.3%) 52.2% India SENSEX ▲ 29,620.50 3.1% 11.2% 1.9% Brazil BOVESPA Stock Index ▼ 64,984.07 (2.5%) 7.9% 38.9% Mexico BOLSA Index ▲ 48,541.56 3.6% 6.4% 6.2% Korea KOSPI Index ▲ 2,160.23 3.3% 6.6% 3.3% Taiwan TAIEX Index ▲ 9,811.52 0.6% 6.0% 11.0% Global Markets World MSCI World Index ▲ 1,853.69 0.8% 5.9% 5.3% Asia MSCI Asia Pacific ▲ 146.92 1.3% 8.8% 2.3% Europe DJ Stoxx 600 ▲ 381.14 2.9% 5.5% (1.2%) Europe FTSEurofirst 300 ▲ 1,503.03 3.0% 5.2% (0.6%) Emerging Markets MSCI EM Index ▲ 958.37 2.3% 11.1% 8.6% U.S.A S&P 500 ▼ 2,362.72 (0.0%) 5.5% 9.5% U.S.A DJIA ▼ 20,663.22 (0.7%) 4.6% 13.4% U.S.A NASDAQ Composite ▲ 5,911.74 1.5% 9.8% 7.5% UK FTSE 100 ▲ 7,322.92 0.8% 2.5% 14.4% Germany DAX ▲ 12,312.87 4.0% 7.2% 6.9% Japan NIKKEI 225 ▼ 18,909.26 (1.1%) (1.1%) 0.4% Hong Kong HANG SENG INDEX ▲ 24,111.59 1.6% 9.6% 0.4% Investment Research Department [email protected] Commodities ▼ P.O.Box 28873,Safat 13149 Kuwait Oil OPEC Crude 50.20 (6.0%) (5.8%) 67.1% Tel: (965) 1852626, Extn: 1153 / 1146 Oil Brent ▼ 53.53 (5.8%) (8.4%) 47.5% Fax: (965) 22492395 Oil Kuwait ▼ 49.98 (5.9%) (6.3%) 85.5% http://www.kamconline.com Natural Gas NYMEX Natural Gas (USD/MMBtu) ▲ 3.19 11.1% (10.0%) 57.6% KAMCO Investment Company - K.S.C ▲ (Public) Gold Gold Spot $/Oz 1,249.20 0.1% 8.9% 8.0% Source: Bloomberg & KAMCO Research KAMCO Research Boursa Kuwait Monthly Databank March-2017 Sector Weight by Market Cap Weighted Sectoral Indices Insurance Financial Services 1% Real Estate 10% Technology Weighted Monthly YTD-17 FY-2016 0.2% 8% Indices % Chg % Chg % Chg Oil & Gas Weighted Index 413.3 ▼ (2.5%) 8.7% (0.4%) 1% Oil & Gas 290.3 ▼ (2.7%) 8.1% (15.2%) Basic Materials Basic Materials 732.1 ▲ 1.3% 30.2% 4.6% 3% Industrials 644.0 ▲ 1.6% 9.6% 17.9% Industrials Consumer Goods 931.5 ▼ (3.5%) (1.4%) 16.5% Banks 10% Health Care 638.9 ▲ 8.0% 7.8% 25.2% 48% ▼ Consumer Goods Consumer Services 456.3 (4.1%) 0.8% (3.0%) 5% Telecommunications 352.5 ▼ (3.1%) 6.8% 11.3% Telecom 11% Banks 468.7 ▼ (3.5%) 8.9% (7.1%) Insurance 577.5 ▼ (6.0%) (3.6%) (10.8%) Consumer Health Care Services 0.9% Real Estate 582.8 ▼ (1.5%) 5.3% (4.8%) 2% Financial Services 502.6 ▼ (2.8%) 16.8% 3.3% ▼ Top 10 Companies by Market Capitalization Technology 414.5 (7.7%) 28.9% (13.7%) Market Breadth 49 109 20 Company Name Market Cap. P/E ROE* Benchmark Return Closing Monthly Monthly YTD-17 FY-2016 (Mn KWD) (X) (%) Value Chg % Chg % Chg % Chg Price Index 7,029.43 246.4 3.6% 22.3% 2.4% 1- National Bank of Kuwait 3,905.5 14.3 9.4% Weighted Index 413.27 (10.8) (2.5%) 8.7% (0.4%) 2- Kuwait Finance House 3,055.8 18.7 9.0% Kuwait 15 Index 933.84 (30.2) (3.1%) 5.5% (1.7%) 3- Zain 1,968.8 12.3 10.6% Market Cap (KWD Mn) 28,354 (748.5) (2.6%) 8.0% 0.4% 4- Ahli United Bank - Bahrain 1,640.0 9.7 15.8% Index Performance relative to Volume 480 1,300 5- Kuwait Food Co. (Americana) 997.0 18.7 18.3% 1,200 460 6- Boubyan Bank 932.6 23.5 11.8% 1,100 440 7- Ahli United Bank - Kuwait 796.9 18.6 11.0% 1,000 900 8- Agility (PWC Logistics) 751.3 13.0 6.3% 420 800 9- Gulf Bank 749.8 17.8 7.5% 400 700 10- Mabanee Co. 749.4 15.5 14.7% 380 600 500 360 400 Total 15,547 14.79 10.4% Volumetraded (shr.mil.) Weighted Index Weighted 340 300 *: ROE is calculated based on TTM 9M-2016 net profit & shareholders' equity as of 30-Sep-16 200 320 100 Monthly Top Movers and Most Active Stocks 300 0 Jul-16 Apr-16 Oct-16 Jan-17 Jun-16 Feb-17 Sep-16 Mar-16 Dec-16 Mar-17 Aug-16 Nov-16 Close Change Percent May-16 Best Return Performers (KWD) (KWD) Change National Co. for Consumer Industries 0.130 0.080 160.0% Market Trading Data and Volatility Amwal International Investment Co. 0.083 0.044 112.8% Real Estate Asset Management Co. 0.600 0.225 60.0% Trading Indicators Monthly Monthly Monthly Average Daily Educational Holding Group 0.270 0.066 32.4% Value Chg % Chg YTD 2017 YTD 2016 Hilal Cement Co. 0.216 0.046 27.1% Volume (Shrs Mn) 7,105 (1,752) (19.8%) 472.7 150.1 Value Traded (KWD Mn) 653 (213) (24.6%) 42.9 13.3 Close Change Percent No. of Trades 147,735 (24,083) (14.0%) 8,708 3,444 Worst Return Performers (KWD) (KWD) Change Jeeran Holding Co. 0.047 (0.027) (36.3%) Credit Rating & Collection Co. 0.033 (0.016) (32.3%) Market Volatility** Volatility Since January: Kuwait Building Materials Co. 0.128 (0.042) (24.7%) 2016 2015 2014 2013 2012 Al-Mal Investment Co. 0.020 (0.006) (23.5%) Price Index 9.7% 9.1% 9.6% 10.2% 9.8% Ithmaar Bank 0.048 (0.013) (21.3%) Weighted Index 11.1% 10.2% 10.3% 9.7% 9.4% **: Annualized Standard Deviation of Daily Returns Close Percent Volume Close Percent Value Most Active Stocks by Volume Monthly Most Active by Value (KWD) Change (Shares) (KWD) Change (KWD) Abyaar Real Estate Development Co. 0.028 (15.2%) 645,562,210 Alimtiaz Investment Group 0.180 2.3% 58,113,287 Ithmaar Bank 0.048 (21.3%) 490,442,363 Kuwait Finance House 0.530 (13.1%) 44,750,032 A'ayan Leasing & Investment Co. 0.046 (5.2%) 485,476,824 Zain 0.455 (5.2%) 41,804,910 Alimtiaz Investment Group 0.180 2.3% 312,222,014 National Bank of Kuwait 0.660 (10.8%) 37,092,714 Investors Holding Group Co. 0.029 (3.4%) 287,593,187 Ahli United Bank - Bahrain 0.218 (11.4%) 27,559,674 Source: KAMCO Research & Boursa Kuwait 2 KAMCO Research MENA Monthly Databank KUWAIT 15 INDEX Monthly Databank March-2017 Closing Price Market Capitalization Valuation Multiples Monthly Trading Indicators Monthly Weight in Weight in YTD-17 Volume Value Kuwait 15 Index Constituents KWD KWD Mn P/E (X) P/BV (X) Yield Beta ROE Return Kuwait 15 Total Market Price (Mn Shrs) (KWD Mn) Return ▼ National Bank of Kuwait 0.660 (10.81%) 3,906 23.5% 13.8% 14.3 1.34 4.3% 1.35 9.4% 1.5% 51.3 37.1 ▼ Kuwait Finance House 0.530 (13.11%) 3,056 18.4% 10.8% 18.7 1.69 2.9% 1.35 9.0% (1.9%) 74.2 44.8 ▼ Zain 0.455 (5.21%) 1,969 11.8% 6.9% 12.3 1.29 6.9% 1.54 10.6% 11.0% 93.2 41.8 ▼ Boubyan Bank 0.410 (3.53%) 933 5.6% 3.3% 23.5 2.77 1.4% 1.15 11.8% 3.8% 16.2 6.8 ▼ Kuwait Food Co. (Americana) 2.480 (5.34%) 997 6.0% 3.5% 18.7 3.41 3.9% 0.75 18.3% (4.6%) 0.0 0.0 ▼ Kuwait Projects Co.