8/2/2019 Gcc Emmr December11

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Value Month (%)Last 12 Months

Change (%)

nt Crude Oil (USD / per Barrel) 107.22 -2.85 +13.35

d 1 oz (USD) 1,564 -10.53 +10.22

GCC EQUITIES MARKETS MONTHLY REVIEWDecember 2011

In 2011, despite good economic growth rates due to relatively stable and high oil prices, the GCC markets reached their lowest levelsince 2005. The instability in the region was caused by the psychological fear and loss of risk appetite of local and foreign investors;

In December, the markets performed well in comparison with last month (Market capitalisation rose from $702 mln to $720 mln);however, over the whole 12 months of 2011 all markets fell, apart from Qatar which gained only +1.33%;

GCC economic growth may slow down in 2012 due to political unrest in the region, but a return of confidence could also see liquidlocal investors push up share prices from currently depressed levels

This Short Summaryis forgeneral information purposes only and is not intended to constitute investment advice. Whileevery efforthasbeenmadeto ensure that the data usedin thisdocumentis accurate,there canbe noguaranteethatit is correct andGulfConnect Capitalcan accept no liability whatsoeverin respectof anyerrors or omissions.Gulf ConnectCapital cannot anddoes notguaranteeany rateof returnon invested amount.Furtherdetailed analysiswouldbe requiredprior to entering intoany investment decision and investors maywish to seek independent advice. This document in whole or part may not be reproduced,distributed or transmitted withoutthe priorwrittenpermission of Gulf ConnectCapital.

donConnect Capital Ltdrosvenor Street

don W1K 3JB

Kuwait CityGulf Connect Capital

7 th F loor, Al Badour TowerAhmed Al Jaber Street, Sharq

2012 Gulf Co nne c t Ca pit al

www.gulfconnectcapital.co.uk

End ofMonth Value

MonthChange (%)

Last 12 MonthsChange (%)

AverageP/E

AverageP/B

AverageDividend Yield (%)

KSA Tadawul All Shares 6,418.13 +5.14 -3.06 13.78 1.85 3.47

Kuwait KSE 5,786.80 -0.23 -16.88 23.10 1.32 4.67

Qatar QE 20 8,779.03 +2.17 +1.33 13.10 1.88 3.46

UAE ADX General 2,402.28 -1.74 -11.10 13.58 1.02 3.25

UAE DFM General 1,353.39 -1.85 -16.54 40.33 0.90 2.31

Bahrain Bahrain All Share 1,143.69 -1.67 -19.88 11.07 0.91 4.79

Oman MSM 30 5,695.12 +5.07 -15.57 11.96 1.60 4.69

VolumeAverage Daily

(Mil)

ValueAverage Daily

(USD Mil)

No. OfTrades

Average Daily

KSA Tadawul All Shares 194.00 1,181.35 101,692

Kuwait KSE 155.87 88.41 2,510

Qatar QE 209.17 90.05 4,444

UAE ADX General 63.00 26.70 1,128

UAE DFM General 101.00 34.84 1,779

Bahrain Bahrain All Share 2.03 1.07 47

Oman MSM 30 9.34 10.05 1,409

7%DFM General

17%QE20

2%Bahrain

All Share

10%ADX General

2%MSM 30

15%KSE

USD720,471Million

iquidity Indicators (YTD) Market Capitalisation

47%Saudi Tadawul

All Share

Apr-11 Nov-11Oct-11Sep-11Aug-11Jul-11Jun-11May-11Mar-11Feb-11Jan-11

umulative Return Change (YTD)

All Indices rebased at 100 at the last day of December 2010

ommodities SnapshotSource:GCC Research; ThomsonOne Banker,FinancialTimes Limited; Reuters News; KSE; Tadawul; Qatar Exchange; Abu Dhabi Exchange; Dubai Financial Markets; Bahrain Bourse; MuscatSecurities Market.;Kamco Research.

Assumptions: These figures represent the available data of the last trading day in the titled month. The volume traded is in number ofshares.

erformance & Financial Indicators

101.33

80.12

84.43

88.90

83.46

96.94

ommentary

(Abu Dhabi)

(Dubai)

75

80

85

90

95

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KSE Price IndexI900012967

SAUDI TADAWUL ALLSHARE (TASI) I900286768

ADX General I900245981

DFM General I900246186

QE 20 Index I900520529

Bahrain All ShareI900245991

MSM 30 Index I000007132Feb-11Jan-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Dec-11 Nov-11

83.12

KSE Price Index

Saudi TadawulAll Share (TASI)

ADX General

DFM General

QE 20 Index

Bahrain All Share

MSM 30 Index

80.12

84.43

88.90

(Abu Dhabi)

(Dubai)