Thousands

alrajhicapital

2kUfrNl

Thousands

10:00

10:15

10:30

10:45

11:00

11:15

11:30

11:45

12:00

12:15

12:30

12:45

13:00

13:15

13:30

13:45

14:00

14:15

14:30

14:45

19-Jan

22-Jan

23-Jan

24-Jan

25-Jan

26-Jan

29-Jan

30-Jan

31-Jan

1-Feb

Daily Market Report

Saudi Arabia Stock Exchange

02 February 2017

TASI Index 7,100.9 -0.01%

Turnover (SAR mn) 4,445.3 14%

TASI Intra Day Movement

Global commentary

Research Department

research@alrajhi-capital.com

Tel:+966 11 211 9370

7,120

7,115

7,110

7,105

7,100

7,095

7,090

7,085

7,080

7,075

7,070

Intraday

TASI – Activity Trend (Last 10 Days)

-

6

4

2

Turnover (LHS, SAR bn)

Previous Close

TASI Index (RHS)

9,000

8,500

8,000

7,500

7,000

6,500

6,000

5,500

5,000

Regional Indices

Close 1D% WTD% YTD%

KSA (TASI) 7,101 0.0 -0.5 -1.5

Qatar (DSM) 10,596 0.0 -3.6 1.5

Kuw ait (KSE) 6,848 0.2 -0.1 19.1

Abu Dhabi (ADSM) 4,526 -0.5 -2.1 -0.4

Dubai (DFM) 3,654 0.3 -1.3 3.5

Oman (MSM30) 5,793 0.3 0.7 0.2

Bahrain (BSE) 1,297 -0.5 -0.3 6.2

MSCI GCC 482 0.0 -1.3 1.1

Major Commodities / Currencies

Close 1D % WTD % YTD %

Gold Spot $/Oz 1,215 0.5 2.0 5.5

Silver Spot $/Oz 17.61 0.3 2.7 10.6

Crude Oil (Brent) 56.52 -0.5 1.5 -1.7

OPEC Basket 52.19 -1.1 -1.3 -2.1

Euro 1.08 0.3 0.8 2.5

USD Index 99.56 -0.1 -1.0 -2.6

JPY 112.790 0.6 2.0 3.7

Major Global Indices

Close 1D % WTD % YTD %

DJ Industrial 19,891 0.1 -1.0 0.6

S&P 500 2,280 0.0 -0.7 1.8

Nikkei 225 18,964 -1.0 -2.6 -0.8

Hang seng 23,171 -0.6 -0.8 5.3

FTSE 100 7,108 0.1 -1.1 -0.5

CAC 40 4,795 1.0 -0.9 -1.4

MSCI World 1,793 0.1 -0.6 2.4

MSCI EM 913 0.4 -0.3 5.9

Interest Rates

1M 3M 12M 3M Chg 1Y

LIBOR (USD) 0.78 1.03 1.71 0.42

SAIBOR 1.73 1.99 2.38 0.26

EIBOR 0.99 1.40 2.09 0.36

Data Sources: Bloomberg

Updated as of 02/Feb/2017 7:59 AM






US stock markets advanced on Wednesday, as the Fed kept its key

interest rates unchanged and stated that consumer and business

sentiments have lately witnessed an improvement. The Nasdaq

Composite Index rose 0.5%, as Apple posted strong corporate

results, while the Dow Jones edged up 0.1%. Meanwhile, the S&P

500 ended the session on a flat note.

European markets gained on Wednesday, supported by strong

corporate earnings. Further, the positive global economic data also

helped the indices. The DAX rose 1.1%, driven by industrials,

technology and construction sectors, while the CAC 40 jumped 1.0%.

Meanwhile, the FTSE 100 edged up 0.1%, backed by mining stocks.

GCC markets ended on a mixed note yesterday. Dubai advanced

0.3%, driven by Damac Properties and Emaar Malls, while Oman

and Kuwait rose 0.3% and 0.2%, respectively. However, Abu Dhabi

dropped 0.5%, dragged down by banking stocks, while Bahrain, too,

fell 0.5%. Meanwhile, Qatar ended the session on a flat note.

Most Asian markets are trading in the red this morning. The Hang

Seng Index is down 0.5%, while the Nikkei 225 is down 0.3%,

backed by the stronger yen. However, the KOSPI is up 0.1%,

supported by strong inflation data. Meanwhile, the Shanghai

Composite Index is closed on account of a holiday.

Brent crude rose 2.2% on Wednesday, as OPEC members and Russia

indicated signs that the agreed output quotas are being complied.

Key crude contracts Brent and WTI ended at US$ 56.80 (+2.2%) and

US$ 53.88 (+2.0%), respectively.

Saudi commentary






Tadawul All Share Index (TASI) marginally declined by

0.93 point or 0.01 % to close at 7,100.93. Twelve of the twenty

sector indices closed higher. The advance decline ratio was 82/84.

Trading turnover was around SAR 4.45bn.

Saudi Arabia to launch renewable energy projects, says Al-

Falih: Saudi Arabia is planning to soon launch a renewable energy

program to produce 9.5 gigawatts (GW) of power until 2020, the

kingdom’s energy minister Khalid Al Falih said at a press

conference. (Argaam)

Taiba to convert into real estate development company:

Taiba Holding Co.’s board of directors on Wednesday approved a

new restructuring strategy to help it face local and global market

challenges. (Argaam)

Financial solvency delays Red Sea project in Qatar: Red Sea

Housing Services said that it has been a delay in executing

construction workers community in Qatar due to certain financial

challenges. (Mubasher)

City Cement’s grinding unit to start commercial operations

in H1: City Cement Co. will launch commercial operations in its

grinding units in the first half of 2017, the company said in a

statement to Tadawul Wednesday. (Argaam)

Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts

who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and

FINRA-member broker-dealer. 1


Cement

Industries

Building

Retail

Energy

Transport

Multi invt

Hotels

Media

Daily Market Report

Saudi Arabia Stock Exchange

TASI – Large Cap (>10% Index weight) Sectors’ Performance

TASI – Top Gainers / Losers

0.3

0.2

0.1

0.0

-0.1

-0.2

-0.3

-0.4

1D % (LHS) MTD % (LHS) YTD % (RHS)

TASI Petrochem Banks Telecom

0.0

-0.2

-0.4

-0.6

-0.8

-1.0

-1.2

-1.4

-1.6

-1.8

Company Last Price Chg % Vol (mn) Value Trd (SAR mn)

Thimar 36.56 9.6 3.716 132.55

Etihad Atheeb 3.50 9.4 4.753 16.64

Al-Ahsa 15.71 4.9 7.523 116.91

Shams 34.91 4.5 1.947 67.35

Saudi Indus Expo 37.84 4.1 1.726 64.57

Company Last Price Chg % Vol (mn) Value Trd (SAR mn)

Amana Coop Ins 8.9 -56.7 1.943 17.27

Umm Al Qura Cem 22.8 -6.5 3.344 79.24

Nama Chemicals 4.8 -5.2 1.919 9.19

Arabian Shield 64.6 -3.0 0.837 55.82

Filing & Packing 37.7 -2.4 0.580 22.08

TASI – Mid Cap (5 -10% index weight) Sectors’ Performance

TASI – Top Index Movers / Losers (Heavy weight stocks)

1.0

0.8

0.6

0.4

1D % (LHS) MTD % (LHS) YTD % (RHS)

2.0

1.5

1.0

Company Last Price Chg % Index Imp Value Trd (SAR mn)

Sabic 96.35 0.8 4.8 3.18

NIC 16.54 3.4 3.2 1.86

Saudi Elec 22.49 1.4 2.3 1.45

Maaden 43.10 0.9 1.5 0.72

Sipchem 19.43 2.1 1.3 0.62

0.2

0.0

-0.2

-0.4

Insurance Real Estate Agri

0.5

0.0

-0.5

Company Last Price Chg % Index Imp Value Trd (SAR mn)

Alinma Bk 14.75 -2.2 -3.7 790.35

Amana Coop Ins 8.86 -56.7 -3.0 17.27

Sabb 22.13 -2.3 -2.6 8.88

Samba 22.28 -0.6 -1.3 7.49

Bupa Arabia 126.94 -1.6 -1.2 7.07

TASI – Small Cap (


Thousands

19-Jan

19-Jan

24-Oct

22-Jan

22-Jan

25-Oct

23-Jan

23-Jan

26-Oct

24-Jan

27-Oct

24-Jan

25-Jan

30-Oct

25-Jan

26-Jan

31-Oct

26-Jan

29-Jan

1-Nov

29-Jan

30-Jan

2-Nov

30-Jan

31-Jan

3-Nov

31-Jan

1-Feb

6-Nov

1-Feb

KSE

ADSM

DFM

Technology

Real Estate

Investment

Bank

Industrial

Energy

Real estate

Reality

Telecome

Bank

Insurance

Fin. Services

Banks

Parallel

Investment

Fin.Services

Services

Telecom

Industrial

Transport

Consumer

Services

Insurance

Telcom

Basic material

Insurance

Oil&Gas

Services

Consumer

Healthcare

Daily Market Report

Saudi Arabia Stock Exchange

Performance of Regional markets

Country

Last Index Change (%) MCap Volume Turnover P/E (x) P/E (x) P/E (x) P/B (x) Div Yld

Close 1D 1M YTD US$ bn mn shr US$ mn 12M 2016E 2017E Current 12M (%)

Saudi Arabia 7,101 0.0 0.0 -1.5 442 218 1,185 17.6 14.5 12.9 1.6 3.3

Qatar 10,596 0.0 0.0 1.5 134 7.0 52 15.7 13.1 -4.0 1.6 3.8

Dubai 3,654 0.3 0.3 3.5 85 262 116 12.2 10.6 1.0 1.3 3.7

Abu Dhabi 4,526 -0.5 -0.5 -0.4 118 217 106 11.9 11.9 6.3 1.4 5.4

Kuw ait 6,848 0.2 0.2 19.1 97 586 180 23.2 NA 8.5 1.2 3.5

Oman 5,793 0.3 0.3 0.2 17 12 11 10.8 9.6 -8.2 1.2 4.9

Bahrain 1,297 -0.5 -0.5 6.2 20 3.5 2 10.6 NA NA 0.4 4.3

Data Sources: Al Rajhi Capital, Bloomberg

Dubai – Activity Trend (Last 10 Days) Dubai – Sector Performances Dubai – Top Gainers / Losers

2.0

1.6

1.2

0.8

0.4

0.0

Turnover (LHS, AED bn)

DFMGI Index (RHS)

3,740

3,720

3,700

3,680

3,660

3,640

3,620

3,600

5.0

0.0

-5.0

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

Amanat Holdings 1.20 4.4 95.03

Damac Properties 2.78 3.0 23.63

Dubai Invest 2.50 1.2 2.80

Arabtec 1.36 0.7 21.16

Air Arabia 1.39 0.7 3.85

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

-6.0

Company Last Price Change % Vol (mn)

Takaful Emarat Ins 2.51 -3.5 0.01

Marka 1.48 -2.6 0.21

Gulf General Inv 0.51 -1.9 3.03

Gulf Navigation 0.45 -1.8 1.31

Takaful House 1.14 -1.7 1.18

Abu Dhabi – Activity Trend (Last 10 Days) Abu Dhabi – Sector Performances

Abu Dhabi – Top Gainers / Losers

1.0

0.5

0.0

Turnover (LHS, AED bn)

ADSMI Index (RHS)

1.0

5,000 0.5

0.0

-0.5

4,500 -1.0

-1.5

-2.0

-2.5

4,000

-3.0

-3.5

-4.0

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

20.0 Natl Marine Dredg 4.70 2.2 0.010

RAK Ceramics 2.45 2.1 1.040

15.0 Agthia Group 6.90 1.5 1.525

Abu Dhabi Nat Hotels 3.14 1.3 0.000

10.0

Etisalat 18.00 0.6 0.726

5.0

0.0

-5.0

-10.0

Company Last Price Change % Vol (mn)

Abu Dhabi Ship 2.88 -10.0 0.008

National Takaful 0.65 -9.7 0.173

Intl Fish Farming 2.14 -9.7 38.782

Union Cement 1.18 -7.8 0.001

Abu Dhabi Nat Co 0.61 -7.6 0.019

Kuwait – Activity Trend (Last 10 Days) Kuwait – Sector Performances Kuwait – Top Gainers / Losers

40

35

30

25

20

15

10

5

0

Turnover (LHS, KWD mn)

KWSEIDX Index (RHS)

5,460

5,440

5,420

5,400

5,380

5,360

5,340

5,320

5,300

5,280

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

25.0 GFH 116 9.4 2.431

20.0 Hets telecom 39.5 6.8 3.600

City finance 44.5 6.0 1.380

15.0

Human Soft 1780 6.0 0.055

10.0 Al Salam Group Hldg 45.5 5.8 11.872

5.0

0.0

-5.0

-10.0

-15.0

-20.0

Company Last Price Change % Vol (mn)

Hilal Cement Co 118 -7.8 0.004

Housing Finance 48.5 -6.7 3.627

Kuw ait Fin & Invest 33 -5.7 0.044

Ifa Hotels & Res 160 -4.8 0.000

Al-Mazaya Hldg 110 -3.5 2.566

Data Sources: Al Rajhi Capital, Bloomberg

Disclosures Please refer to the important disclosures at the back of this report. 3


Thousands

24-Oct

24-Oct

25-Oct

25-Oct

26-Oct

26-Oct

27-Oct

27-Oct

30-Oct

30-Oct

31-Oct

31-Oct

1-Nov

1-Nov

2-Nov

2-Nov

3-Nov

3-Nov

6-Nov

6-Nov

BSE

Banks

Hotel & Tourism

Insurance

Industries

Services

Daily Market Report

Saudi Arabia Stock Exchange

Oman – Activity Trend (Last 10 Days) Oman – Sector Performances Oman – Top Gainers / Losers

8

4

0

Turnover (LHS, OMR mn)

MSM30 Index (RHS)

5,540

5,520

5,500

5,480

5,460

5,440

5,420

0.6

0.5

0.4

0.3

0.2

0.1

0.0

-0.1

-0.2

-0.3

-0.4

-0.5

1D % (LHS) MTD % (LHS) YTD % (RHS)

MSM 30 Bank Industry Services

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

Company Last Price Change % Vol (mn)

NBO 0.227 3.2 0.055

Gulf Invest Svcs 0.107 1.9 0.158

Al Sharqiya Inv 0.115 1.8 0.171

Ooredoo 0.640 1.3 0.211

Al Anw ar Holding 0.164 0.6 0.830

Company Last Price Change % Vol (mn)

Sembcorp 0.235 -4.1 0.078

Bank Nizw a 0.078 -1.3 2.459

Bank Muscat 0.410 -1.0 0.325

NA NA NA NA

NA NA NA NA

Bahrain – Activity Trend (Last 10 Days) Bahrain – Sector Performances Bahrain – Top Gainers / Losers

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

-

Turnover (LHS, BHD mn)

BHSEASI Index (RHS)

1,152

1,150

1,148

1,146

1,144

1,142

1,140

1,138

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

-2.0

1D % (LHS) MTD % (LHS) YTD % (RHS)

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

-16.0

-18.0

Company Last Price Change % Vol (mn)

NBB 0.705 2.2 0.002

Ahli United Bk 0.635 0.8 0.300

BMMI 0.835 0.6 0.025

NA NA NA NA

NA NA NA NA

Company Last Price Change % Vol (mn)

Bahrain Islamic Bk 0.108 -6.1 0.153

Khaleeji Com Bk 0.055 -3.5 0.170

Albaraka Banking 0.470 -2.1 0.081

Nass Corp 0.105 -0.9 0.100

NA NA NA NA

Data Sources: Al Rajhi Capital, Bloomberg

Disclosures Please refer to the important disclosures at the back of this report. 4


Daily Market Report

Saudi Arabia Stock Exchange

IMPORTANT DISCLOSURES FOR U.S. PERSONS

This research report was prepared by Al Rajhi Capital (Al Rajhi), a company authorized to engage in securities activities in Saudi Arabia. Al

Rajhi is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research

reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in

reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the

“Exchange Act”).

Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on

the information provided in this research report should do so only through Rosenblatt Securities Inc, 40 Wall Street 59th Floor, New York,

NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any

transaction to buy or sell securities or related financial instruments through Al Rajhi. Rosenblatt Securities Inc. accepts responsibility for the

contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S.

institutional investor.

The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry

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applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a

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Rosenblatt Securities Inc. or its affiliates does not ‘beneficially own,’ as determined in accordance with Section 13(d) of the Exchange Act,

1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers,

directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent

of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this

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Compensation and Investment Banking Activities

Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past

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Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Al

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Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express

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guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information

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misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any

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Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or

investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may

not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value

of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or

income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its

officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related

investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi

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5


Daily Market Report

Saudi Arabia Stock Exchange

Disclaimer and additional disclosures for Equity Research

Disclaimer

This research document has been prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been prepared

for the general use of Al Rajhi Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or

manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement

not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to

public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be

reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the

data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free

from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the

information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment

products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account

the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document.

Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or

investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may

not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value

of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or

income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its

officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related

investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi

Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business

from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for

any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this

research document.

This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no

responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered,

duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to

or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such

distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any

registration or licensing requirement within such jurisdiction.

Explanation of Al Rajhi Capital’s rating system

Al Rajhi Capital uses a three-tier rating system based on absolute upside or downside potential for all stocks under its coverage except

financial stocks and those few other companies not compliant with Islamic Shariah law:

"Overweight": Our target price is more than 10% above the current share price, and we expect the share price to reach the target on a 12

month time horizon.

"Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price

on a 12 month time horizon.

"Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12

month time horizon.

"Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods

appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis.

Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or

if a company’s profits or operating performance exceed or fall short of our expectations.

Contact us

Al Rajhi Capital

Research Department

Head Office, King Fahad Road

P.O. Box 5561, Riyadh 11432

Kingdom of Saudi Arabia

Email: research@alrajhi-capital.com

Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, License No. 07068/37.

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