Address: Dubai World Trade Center, Suite 600, P.O. Box 9436, Dubai, UAE, T: (+971 4) 332 4140, F: (+971 4) 332 4240, E: info@daman.ae 1

Daman Morning Call

11 October 2017

GCC MarketWatch UAE Indices

UAE Market Commentary

UAE equity markets closed mixed yesterday, as gains in finance and industrial sector stocks were overshadowed by losses in property and insurance

sector stocks.

Financial stocks, SHUAA Capital, Al Waha Capital, Amanat Holdings, Gulf General Investment Co and Dar Al Takaful rose 3.6%, 1.8%, 0.9%, 0.5% and

0.3%, respectively.

Industrial stocks, Gulf Navigation Holding, National Marine Dredging Co, Drake & Scull International and Aramex surged 13.6%, 4.4%, 2.1% and

0.4%, respectively.

On the losing side, real estate sector stocks, Eshraq Properties Co, Union Properties, Deyaar Development, Emaar Properties and DAMAC Properties

Dubai Co fell 2.5%, 1.1%, 0.8%, 0.7% and 0.3%, respectively.

Insurance companies, Takaful Emarat Insurance, Dubai Islamic Insurance & Reinsurance Co and Islamic Arab Insurance Co eased 2.1%, 0.3% and

0.2%, respectively.

Elsewhere, in the UK, industrial production rose higher- than-expected in August, while the total trade deficit widened more-than-expected in

August. Further, the NIESR estimated gross domestic product rose in the July-September 2017 period.

The Abu Dhabi Securities Exchange (ADX) general index ended 0.5% higher at 4,472.0, while the Dubai Financial Market index closed 0.1% lower at

3,608.8.

Company Events This Week

Dubai Date Company Event

10/9/2017 - -

10/10/2017 - -

10/11/2017 Dubai Islamic Bank PJSC Q3

10/12/2017 - -

Upcoming UAE Economic Events This Week

Release Date Event Month Survey Actual Prior Revised Relevance

- - - - - - - -

Last

Close

1D

Chg

1D %

Chg

YTD%

Chg

1M %

Chg

1Y %

Chg

P/E

Multiple (x)

Abu Dhabi

Securities

Market General

4472.04 21.39 0.48% -1.63% 0.76% 2.24% 16.48

UAE DFM Index 3608.82 -2.00 -0.06% 2.21% -1.24% 6.44% 102.05

Bloomberg GCC

200 Index 64.64 0.00 0.00% -0.89% 0.00% 11.14% 16.42

Bahrain BSE

index 1271.66 -1.52 -0.12% 4.20% -2.97% 12.51% 7.50

Kuwait KSE Index 6613.22 -35.97 -0.54% 15.05% -4.53% 23.60% 17.81

Saudi Arabia

TASI 7041.28 -72.73 -1.02% -2.35% -4.99% 24.50% 17.16

Oman MSM30

Index 5130.59 -36.03 -0.70% -11.28% 1.82% -10.05% 11.94

Qatar DSM Index 8253.34 40.48 0.49% -20.92% -3.27% -20.88% 13.45

4,375

4,407

4,440

4,472

4,504

3,528

3,565

3,603

3,641

3,679

10

-Se

p

12

-Se

p

14

-Se

p

18

-Se

p

20

-Se

p

24

-Se

p

26

-Se

p

28

-Se

p

2-O

ct

4-O

ct

8-O

ct

10

-Oc

t

UAE DFM Index (LHS) ADSMI (RHS)

Abu Dhabi Date Company Event

10/9/2017 - -

10/10/2017 - -

10/11/2017 Abu Dhabi Ship Building Company PJSC, Al Buhairah Q3

10/12/2017 Invest bank PSC, United National Bank PJSC Q3

www.damansecurities.com 2

Following a daily upper Bollinger band crossover on Monday,

the stock posted mild losses in the prior session and settled

at AED0.414, after touching a low at AED0.406.

With the daily MACD sharply heading upwards and the RSI

placed near its overbought region, the near-term technical

outlook appears to be bullish. In addition, the weekly RSI and

stochastic indicators are trading at a higher level above their

midlines, further validating the above outlook.

The key technical barrier is situated at the AED0.417 level,

followed by the AED0.422 and the 200day SMA (currently

placed at AED0.428). A surge above the latter might lead to

bullish momentum in the stock.

On the contrary, key support is observed at the AED0.410

level, followed by the AED0.406 and AED0.400 levels. A

breach below the latter might trigger further bearishness in

the stock.

The stock traded lower in the previous session and finished

at AED8.58, after touching a low at AED8.54.

Currently, the weekly RSI and stochastic oscillators are

tranquil above their 50lines, hinting at the bullish

momentum in the coming week. However, the daily

momentum oscillators are trading with a downside bias,

indicating a likely correction in the near term. Moreover, a

potential signal line crossover from above by the weekly

MACD, further endorses the bearish view.

Key support is positioned at the 50day SMA (currently placed

at AED8.51), followed by the AED8.45 and AED8.41 levels. A

move back below the latter might lead to further negativity

in the stock.

Meanwhile, important resistance is located at the 20day

SMA (currently placed at AED8.65), followed by the AED8.72

and AED8.80 levels. A break above the latter might trigger

strength in the stock.

The stock traded in the red in the last session and closed at

AED1.09, after making a low at AED1.08.

Even though the daily MACD is heading upwards, the RSI and

stochastic indicators are showing loss of upward potential,

reflecting at a bearish technical scenario. Important support

is seen at the 20day SMA (currently trading at AED1.08),

followed by the AED1.06 level and the daily lower Bollinger

band (currently trading at AED1.04). A breach below the

latter might lead to further bearish pressure on the stock.

However, the weekly momentum oscillators are trading with

a slightly positive showing, suggesting that the room for

upside still exists. Key resistance is placed at the 200day SMA

(currently trading at AED1.11), followed by the AED1.12 level

and the daily upper Bollinger band (currently trading at

AED1.13).

Technical Picks

Amlak Finance

Emaar Properties

Gulf General Investment Co

0

50

100

50.7

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0

50

100

52.6

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0

50

100

65.3

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0.868

0.948

1.027

1.106

1.185

1.265SMAVG (20) on Close SMAVG (100) on Close 1.100O: 1.100H: 1.080L: 1.090C:

1.090

6.821

7.282

7.744

8.206

8.667

9.129SMAVG (20) on Close SMAVG (100) on Close 8.610O: 8.640H: 8.540L: 8.580C:

8.580

0.325

0.361

0.398

0.434

0.470

0.506SMAVG (20) on Close SMAVG (100) on Close 0.418O: 0.429H: 0.406L: 0.414C:

0.414

www.damansecurities.com 3

The stock advanced for the second straight session yesterday

to finish above the daily upper Bollinger band (currently

trading at AED2.36) at AED2.37.

As of now, the daily MACD and RSI are heading north,

accompanied by the stochastic oscillator trading above its

overbought region, reflects a bright technical picture.

Likewise, the weekly momentum oscillators are trading with

a bullish showing, further confirming the above view.

Key resistance resides at the AED2.40 level, followed by the

AED2.43 and AED2.46 levels. A break above the latter might

lead to further bullishness in the stock.

However, a daily upper Bollinger band crossover suggests a

potential correction in the short term. Intraday support is

seen at the AED2.33 level, followed by the 20day SMA

(currently trading at AED2.30) and AED2.26 levels. A breach

below the latter might turn the trend to bearish.

After trading firmer for two successive sessions, the stock

recorded modest losses in the previous session and closed at

AED0.500.

Although the daily MACD is heading higher, the RSI and

stochastic are trading with a downside bias, hinting at

possible negative momentum in the coming session. Key

near-term support is positioned at the AED0.496 level,

followed by the AED0.492 and AED0.486 levels. A move back

below the latter might lead to further downside momentum

in the stock.

However, the weekly RSI and stochastic indicators are

trading with a positive showing, indicating that the downside

might remain limited. The key technical obstacle is placed at

the AED0.505 level, followed by the 100day SMA (currently

trading at AED0.512) and AED0.517 levels. A sustained break

above the latter might lead to positivity in the stock.

The stock traded with a bullish tone in the last session and

ended at AED0.978.

A recent signal line crossover from below by the daily MACD,

along with the RSI and stochastic trading with a positive

showing, hints the presence of bullish momentum in the

coming session. On the weekly chart, the RSI and stochastic

are attempting to move out of their oversold regions, further

substantiating the above view.

Immediate resistance resides at the AED0.985 level, followed

by the 20day SMA (currently located at AED0.996) and

AED1.010 levels. A break and stability above the latter might

trigger a further acceleration to the upside.

On the other hand, crucial support is seen at the AED0.970

level, followed by the AED0.959 and AED0.944 levels. A

move back below the latter might lead to weakness in the

stock.

Technical Picks

Takaful House

Deyaar Development

Aldar Properties

0

50

100

38.9

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0

50

100

45.6

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0

50

100

57.0

Relative Strength Index (RSI)(14)

0

50

100

Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17

%K(9) %D(5)

0.925

1.043

1.161

1.279

1.398

1.516SMAVG (20) on Close SMAVG (100) on Close 0.970O: 0.978H: 0.970L: 0.978C:

0.978

0.441

0.476

0.510

0.545

0.579

0.614SMAVG (20) on Close SMAVG (100) on Close 0.505O: 0.505H: 0.500L: 0.500C:

0.500

2.058

2.144

2.230

2.316

2.403

2.489SMAVG (20) on Close SMAVG (100) on Close 2.350O: 2.370H: 2.330L: 2.370C:

2.370

www.damansecurities.com 4

13 January 2016

Dubai Abu Dhabi

Top Gainers & Losers Top Gainers & Losers

Sector Performance Sector Performance

Market Overview Market Overview

10-Oct-17 9-Oct-17 Change % Change

Index (Last) 3608.8 3610.8 -2.0 -0.1%

Volume (000's) 409911.0 310873.0 99038.0 31.9%

Deals 5645.0 4871.0 774.0 15.9%

Value (mill) 609.3 433.3 176.0 40.6%

Company Traded 34.0 35.0 -1.0 -2.9%

Gainers 12.0 18.0 -6.0 -33.3%

Laggards 15.0 12.0 3.0 25.0%

No Change 7.0 5.0 2.0 40.0%

10-Oct-17 9-Oct-17 Change % Change

Index (Last) 4472.0 4450.7 21.4 0.5%

Volume (000's) 169092.0 217809.0 -48717.0 -22.4%

Deals 1748.0 1871.0 -123.0 -6.6%

Value (mill) 198.5 200.7 -2.2 -1.1%

Company Traded 30.0 29.0 1.0 3.4%

Gainers 17.0 14.0 3.0 21.4%

Laggards 9.0 12.0 -3.0 -25.0%

No Change 4.0 3.0 1.0 33.3%

52 Week High

3725.9

52 Week Low

3196.6

52 Week High

4715.1

52 Week Low

4179.1

Top Volume

Company

Drake & Scull International PJSC

114,580,897

Union Properties PJSC 62,961,012

Gulf Navigation Holding PJSC

41,913,584

Gulf General Investment Co

21,019,718

Dubai Financial Market PJSC

14,567,685

Volume Gainers

Company

Gulf Navigation Holding PJSC 1031%

SHUAA Capital PSC 570%

Ajman Bank PJSC 349%

Dubai Financial Market PJSC 145%

Air Arabia PJSC 113%

Top Volume

Company

Dana Gas PJSC 45,721,180

Eshraq Properties Co PJSC 19,115,685

RAK Properties PJSC 10,351,135

Aldar Properties PJSC 9,012,565

Abu Dhabi National Energy Co PJSC

4,072,376

Volume Gainers

Company

Al Waha Capital PJSC 12164%

International Fish Farming Holding Co PJSC

297%

Abu Dhabi Islamic Bank PJSC 244%

Arkan Building Materials Co 192%

Union National Bank PJSC 177%

Market Roundup

0.9%

0.9%

2.1%

3.6…

13.6%

-0.8%

-0.8%

-1.1%

-1.8%

-2.1%

-14% -7% 0% 7% 14%

Deyaar Development PJSC

Marka PJSC

Union Properties PJSC

Amlak Finance PJSC

Takaful Emarat Insurance PSC

Amanat Holdings PJSC

Emaar Malls PJSC

Drake & Scull International PJSC

SHUAA Capital PSC

Gulf Navigation Holding PJSC

2.2%

2.5%

2.6%

3.7%

4.4%

-2.5%

-4.4%

-7.3%

-7.6%

-8.6%

-10% -5% 0% 5% 10%

Eshraq Properties Co PJSC

Gulf Medical Projects

United Arab Bank PJSC

Gulf Cement Co PSC

Fujairah Cement Industries Co

Abu Dhabi Islamic Bank PJSC

Ras Al Khaimah Ceramics

Dana Gas PJSC

Al Khazna Insurance Co PSC

National Marine Dredging Co

-0.1%

0.0%

0.5%

-0.2%

0.4%

0.9%

0.4%

0.2%

-0.4%

Banks

Industrials

Services

Insurance

Consumer Staples

Transportation

Telecommunication

Investment & Financial Services

Real Estate & Construction

0.5%

0.5%

0.1%

-0.6%

0.1%

0.3%

0.3%

1.6%

2.4%

Banks

Real Estate

Insurance

Consumer Staples

Services

Industrial

Telecommunication

Investment & Financial Services

Energy

www.damansecurities.com 5

Foreign Activity

Value of Stocks Bought Value of Stocks Sold

Company Name Allow Foreign

Ownership

Allowed For

Foreigners

Current

Foreigner Share

NBAD OneShare MSCI UAE ETF Yes 100.00% 0.00%

Al Buhaira Insurance Yes 25.00% 10.82%

AD Aviation No 0.00% 0.00%

AD Commercial Bank Yes 49.00% 14.91%

Emirate of Abu Dhabi No 0.00% 0.00%

AD Islamic Bank No 0.00% 0.00%

ADIB Right Issue Shares 2015 No 0.00% 0.00%

AD National Hotels Yes 25.00% 1.05%

AD National Insurance Yes 25.00% 0.18%

AD Ship Building Yes 25.00% 0.68%

Fujairah National Insurance No 0.00% 0.00%

AGTHIA GROUP PJSC Yes 25.00% 13.22%

Al Khazna Insurance Yes 25.00% 4.67%

Al Ain Al Ahlia Insurance No 0.00% 0.00%

ALDAR Properties Yes 40.00% 25.46%

Arkan Building Materials No 0.00% 1.46%

International Fish Farming Yes 49.00% 6.97%

Al Wathba Insurance No 0.00% 1.17%

Green Crescent Insurance Yes 25.00% 24.02%

AD for Building & M Yes 25.00% 4.59%

Bank of Sharjah Yes 30.00% 21.12%

Commercial Bank International Yes 49.00% 48.99%

Dana Gas Yes 49.00% 59.15%

Al Dhafra Insurance No 0.00% 0.00%

Emirates Driving No 0.00% 0.00%

Emirates Insurance Yes 0.00% 0.25%

Eshraq properties Co. Yes 49.00% 35.12%

Yes 20.00% 7.48% Etisalat

Fujairah Building Industries No 0.00% 0.00%

Fujairah Cement Yes 0.00% 7.27%

Finance House Yes 20.00% 11.24%

Foodco Holding No 0.00% 0.79%

Gulf Cement Yes 49.00% 17.56%

Gulf Medical Projects Yes 49.00% 7.77%

Insurance House P.S.C Yes 25.00% 0.39%

Invest Bank Yes 20.00% 0.38%

Company Name Allow Foreign

Ownership

Allowed For

Foreigners

Current

Foreigner Share

Gulf Pharmaceutical Yes 49.00% 37.44%

Gulf Livestock Company Yes 49.00% 67.09%

MANZEL Real Estate Yes 0.00% 21.02%

Methaq Takaful Insurance Yes 25.00% 19.35%

National Bank of AD Yes 25.00% 10.94%

NBAD Convertible Notes Yes 100.00% 0.00%

National Bank of Fujairah No 0.00% 0.00%

National Bank of Um Al-Qaiwain No 0.00% 0.39%

National for Tourism & Hotels No 0.00% 0.00%

National Marine Dredging Yes 5.00% 1.27%

Oman & Emirates Holding Yes 0.00% 0.10%

Ooredoo Yes 100.00% 87.58%

Umm Al-Qaiwain Cement Yes 49.00% 9.52%

National Bank of RAK Yes 40.00% 18.50%

RAK Cement Yes 49.00% 28.90%

RAK Ceramic Yes 49.00% 51.07%

RAK National Insurance Yes 25.00% 0.00%

RAK Properties Yes 49.00% 31.98%

RAK White Cement Yes 49.00% 18.50%

RAK Poultry & Feeding Yes 14.00% 15.91%

Sharjah Cement Yes 15.00% 1.19%

Sharjah Group Company Yes 49.00% 20.94%

Sharjah Islamic Bank Yes 0.00% 20.21%

Sharjah Insurance Yes 0.00% 0.00%

Sudatel Yes 100.00% 80.08%

AD National Energy No 0.00% 0.00%

AD National Takaful No 0.00% 0.00%

The National Investor company No 0.00% 0.00%

United Arab Bank Yes 49.00% 47.15%

Union Cement Yes 49.00% 2.94%

United Insurance Yes 25.00% 25.00%

Union National Bank Yes 40.00% 12.26%

Union Insurance Yes 25.00% 0.32%

Waha Capital PJSC Yes 49.00% 9.35%

National Takaful Company Yes 25.00% 12.83%

Abu Dhabi Foreign Ownership Limit

Dubai Foreign/Domestic Market Activity

34

157

280

404

03

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t-1

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09

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10

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In A

ED

mil

lio

ns

Foreigners UAE Nationals

38

165

292

419

03

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t-1

7

04

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Foreigners UAE Nationals

www.damansecurities.com 6

All opinions, news, analysis, prices or other information contained in this report are provided as general market commentary and does not constitute investment advice,

nor a solicitation or recommendation for you to buy or sell any over-the-counter product or other instrument.

Daman Securities, its employees and its independent third party provider make no representation as to the accuracy or completeness of this report. This report should

therefore not be relied on as accurate or complete. The facts and opinions on this report are subject to change without notice. Daman Securities, its employees and its

independent third party provider have no obligation to modify or update this report in the event that any information on this report becomes inaccurate.

Shares Risk Warning

The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. Past performance is

not necessarily a guide to future performance.

Disclaimer