Docstoc

final GCC Equity Market 172

Document Sample
final GCC Equity Market 172 Powered By Docstoc
					             Despite the rally in oil prices which averaged USD 82.5 per barrel during April-

April 2010   10, up by 6.8% from last month's average of USD 77.2 per barrel on the back
             of sustainable global economic recovery, particularly in China and United
             States where the world's third economy and the largest economy grew at an
             annual rate of 11.9% and 3.2% respectively in the first quarter of 2010, the
             GCC equity markets started the second quarter of the year on a mixed note as
             investors concerns grew over the drop in Q1-10 profits by a majority of the
             listed banks on the back of slowdown in lending, drop in operating income and
             rising provisions for credit losses. Weak market sentiment during the month
             was triggered by the rising fears about Greek debt crisis along with concerns
             about additional provisions that GCC banks may have to book during 2010 and
             2011.

             The GCC equity markets have ended the month with mixed results where Dubai
             Financial Market was the worst performer with a loss of 5.62% followed by
             Abu Dhabi Securities Exchange which shed 4.52%, while Muscat Securities
             Market led the GCC region with a 2.9% gain for the month. The IMF's latest
             forecast calls for aggregate economic output in the Middle East and North
             Africa (MENA) region, to grow by 4.5% this year and 4.8% during 2011.

             Out of the total 630 listed stocks in the 7 GCC equity markets, 321 companies
             announced their Q1-10 earnings by the end of April-10. Corporate earnings in
             the Saudi Stock Exchange rose 70% to USD 4.77 billion up from USD 2.82
             billion in Q1-09, while Qatari firms reported a 16% increase in their Q1-10
             earnings to USD 2.15 billion. Aggregate Q1-10 earnings of half of listed
             companies on the equity markets in the GCC states were up by 25% to USD 11
             billion versus USD 8.8 billion for the same period last year.

             The combined market capitalizations of the 7 GCC bourses marginally dropped
             by 0.19% or USD 1.5 billion to record USD 766.2 billion at the end of April
             compared to USD 767.7 billion in March. Saudi Stock Exchange, which
             accounts for around 47.1% of the aggregate market capitalization of the 7
             GCC bourses, gained around USD 2.0 billion while Kuwait Stock Exchange,
             the second largest stock market incurred a loss of USD 1.5 billion. Stock
             markets in Dubai and Abu Dhabi together lost USD 5 billion during the month
             due to the weak outlook as economic performance is expected to be hindered by
             heavy corporate debt and slump in the property market.

             The GCC equity markets are currently trading at PE-09 Multiple of 18.21x
             and a PB-09 Multiple of 1.74x, while Dividend Yield remains low at 2.62%.
                                                                                                                                                                                                          KAMCO Research


                                                                                                                                                                                                          GCC Equity Markets Monthly Review




   Table of Contents
                                                                                                                                                                                                                                                              Page

GCC Equity Markets Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-5

Saudi Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-18

Kuwait Stock Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19-29

Abu Dhabi Securities Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-38

Dubai Financial Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39-47

Qatar Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48-54

Bahrain Stock Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55-61

Muscat Securities Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62-69
                                                                                 KAMCO Research


                                                                                 GCC Equity Markets Monthly Review




GCC Equity Markets Overview

Market Benchmarks Return Highlights
                                  GCC Indices Performance & Volatility
                                     Closing          Performance                               Volatility
                                         Value          Apr-10        YTD-10           Apr-10             YTD-10
Tadawul All Share Index               6,867.97           0.98%        12.19%           12.13%              9.24%
KAMCO TRW Index - KSE                 2,735.28         (0.94%)          9.35%           9.14%             10.31%
KSE Weighted Index                      435.65         (1.22%)        12.94%           11.91%             19.92%
ADX General Index                     2,777.12         (4.52%)          1.22%           9.41%             10.85%
DFM General Index                     1,739.88         (5.62%)        (3.53%)          21.40%             27.20%
QE 20 Index                           7,547.41           1.14%          8.45%          16.93%             14.80%
BSE All Share Index                   1,591.94           2.90%          9.17%          17.93%             11.87%
MSM 30 Index                          6,830.37           1.98%          7.25%           7.63%              8.60%
Source: KAMCO Research


April was a mixed month for the equity markets in the GCC. Abu Dhabi, Dubai, and Kuwait lost momentum
and erased part of the significant gains reported during the previous month. On the other hand, stock
markets in Saudi Arabia, Qatar, Bahrain, and Oman recorded marginal gains which ranged between 2.9% for
Bahrain and 0.98% for Saudi Arabia. Despite GCC States' strong fundamentals, an improvement in the
business environment and resilience of the banking system to the consequences of the financial and credit
turmoil along with healthy Q1-10 profits so far, which grew by 25% to USD 11 billion; the GCC equity markets
have shown a weak performance accompanied by low liquidity and rising concerns about any additional
provisions that GCC banks may book during the rest of the year. Provisions and impairments booked during
FY-09 by GCC banks reached unprecedented levels at USD 11.7 billion up from USD 7.1 billion booked
during 2008, thus exerting pressure on profitability prospects for the coming two years and delaying a
recovery in the stock markets. Nonetheless, 4 out of the 7 markets ended on a green note. Markets' positive
performance throughout the month came on the back of the rise witnessed in global markets, improved Q1-
10 earnings announcements by most bourses in the GCC region coupled with the rise in oil prices, which
averaged USD 82.47 per barrel during April-10, up by 6.8% from last month's average of USD 77.2 per
barrel. Oil prices closed the month at USD 84.13 per barrel, thereby indicating an improvement and stability
in the world's oil prices on the back of sustainable global economic recovery, particularly in China and U.S.
where the world's third economy and the largest economy grew at an annual rate of 11.9% and 3.2%
respectively in the first Quarter of 2010.

In Saudi Arabia, Tadawul All Share Index (TASI) maintained its previous month upward trend to gain 0.98%
and close at 6,867.97, thereby ending as the fourth best performer amongst its GCC peers. Market
heavyweight Petrochemical sector witnessed its total market cap rise 6.8% mainly on the back of the robust
Q1-10 earnings posted by a majority of the firms in the sector over renewed demand and better prices for
petrochemical products. The petrochemical sector turned its Q1-09 losses of SAR 550 million into a net profit
of SAR 7.4 billion fuelled by the healthy profits reported by SABIC which surged to SAR 5.43 billion.
However, due to weak Q1-10 profits by a majority of the listed banks, the market heavyweight banking sector
put pressure on the overall performance of the market during the month. Profits reported during Q1-10 by all
listed Saudi banks dropped by 9.5% to SAR 5.8 billion versus a net profit of SAR 6.4 billion reported in the
comparable period last year. As a result, the banking sector witnessed its market cap shed 2.5% during the


                                                                                                               1
                                                                                  KAMCO Research


                                                                                  GCC Equity Markets Monthly Review




month to SAR 368.5 billion at the end of April. Notwithstanding, aggregate corporate earnings of 134 listed
companies rose significantly by 69% to SAR 17.9 billion, up from SAR 10.6 billion reported in Q1-09. Total
market capitalization at the end of Apr-10 reached SAR 1.35 trillion, up 0.6% as compared to the previous
month. Gains recorded during the month enabled the TASI YTD-10 gains to rise to 12.19% and thereby end
as the second best performer in the GCC region.

In Kuwait, the KAMCO TRW Index bucked its previous month positive trend to shed 0.94% and end at
2,735.28 points. Delay in announcing Q1-10 earnings by a majority of listed firms coupled with the absence
of new growth drives and lack of confidence weighed on the performance of the market during the month.
Also, speculations surrounding market heavyweight's ZAIN and Agility added to the weak performance of the
market during the month. On the corporate earnings front, 38 out of 200 listed companies with quarter ending
March announced their Q1-10 financial results. The aggregate net profits announced so far stood at KD
196.1 million, as compared with a net profit of KD 172.8 million for FY-2008. Total market capitalization,
during the month, dropped 1.2% to KD 34.10 billion (USD 119.0 billion). Losses incurred during the month
pushed the KSE Weighted and KAMCO TRW Index YTD-10 gains to drop to 12.94% and 9.35%
respectively.

In Dubai, triggered by weak investor sentiment ahead of earnings season, Dubai World creditor's unease
about the proposed debt restructuring plan and the cancellation of the proposed merger between Aabar and
Arabtec, the index recorded a loss of 5.62% of its value, or 103.59 points, to end the month at 1,739.88
points. Dubai World, which made a debt restructuring offer during March including a 1% interest and 7 year
term for the loan, is now offering lenders a 1% interest rate and another 1% payment-in-kind, a lump sum
interest payment at the end of the loan maturity, which is an upgrade from last month's offer that was rejected
as being too low. Furthermore, ports operator DP World, a unit of conglomerate Dubai World and one of
largest port operators in the world announced this month that its shareholders approved an amendment
allowing the firm to seek listing on the London Stock Exchange (LSE). In addition, the construction giant,
Arabtec Holding, have called off a plan to sell a controlling interest worth USD 1.7 billion to Aabar
Investments of Abu Dhabi. The firm announced that it was abandoning the move that would have given the
Abu Dhabi's state-run fund a 70% stake in the troubled Dubai-based contractor.

In Abu Dhabi, the ADX General Index recorded a sharp decline of 4.52% to close at 2,777.12 points at the
end of April, driven by sharp dips recorded by the Real Estate and the Energy Sectors, as their market
capitalizations dropped by 12.43% and 5.58% respectively, the whole market suffered from losses except for
the Health Care sector. Market sentiment was adversely affected by the weak earnings announcements for
the first quarter of 2010, as the total announced earnings for Q1-10 recorded a decline of 10% to AED 7.3
billion (USD 1.99 billion) down form a net profit of AED 8.16 billion (USD 2.22 billion) reported during Q1-09.
Led by AL DAR Properties reported loss of AED 314 million, The Real Estate Sector reported a net loss of
AED 142 million during Q1-10 after reporting a net profit of AED 1.1 billion in Q1-09 and accordingly
witnessed the largest drop in market capitalization during the month. Thereby the ADX ended the month as
the second worst performing bourse amongst its peers in the GCC region. Furthermore, the market liquidity
as measured by volume and value traded deteriorated by 47% from that traded in Mar-10.

Driven by the 15.68% increase in Q1-10 earnings to USD 2.15 billion against USD 1.86 billion in Q1-09
coupled with the rise in the world's oil price to an average above USD 80 per barrel investor sentiment in
Qatar remained upbeat, thus leading the QE 20 Index to add 1.14% to 7,547.41 points and end as the third
best performing market in the GCC region during Apr-10. Total market capitalization during the month rose
1.90% to USD to reach QAR 410.83 billion (USD 112.85 billion) as compared to Mar-10 market cap of QAR
403.17 (USD 110.74 billion) on the back of gains witnessed among most stocks in the Index, as investor
sentiment remained upbeat throughout most of the month. QE was on a winning streak the first 9 trading


 2
                                                                                             KAMCO Research


                                                                                             GCC Equity Markets Monthly Review




sessions of the month, however, the winning streak came to an end as investors kept track of global markets'
performance and SEC's move to sue Goldman Sachs for fraud. Nonetheless, despite the drops witnessed
throughout the second trading week of the month, the QE 20 Index managed to recoup its losses and add
further gains to end the month on a positive note as further Q1-10 earnings of companies boosted investor
sentiment and Index's YTD-10 gains to 8.45%.

In Bahrain, BSE rose supported by the strong performance of the market heavyweight Ahli United Bank &
Bahrain Telecom. Bahrain All Share Index continued its upward trend and started Q2-10 on a positive note to
post a gain of 2.9% in April and closed the month at 1,591.94 points. Market heavyweight Ahli United Bank
(AUB), dominated the course of trade on the bourse during April-10, mainly over the announcement that the
Kuwaiti-based company, Tamdeen Investment Co., agreed with other investors to sell a 25% stake in AUB
for USD 1.35 billion. Gains reported during April boosted the benchmark YTD-10 gains to 9.17%, hence
causing the Bahrain Stock Exchange to rank as the third best performing market since the beginning of the
year among its peers in the GCC region.

In Oman, Supported by the heavyweight banking sector, the MSM 30 Index ended the month of April as the
second best performer following the Bahrain Stock Exchange, as it gained 1.98% to close at 6,830.37 points.
Foreign investors continued to target blue-chip companies whereas local investors bet on stocks of holding &
investment companies that would benefit from a rise in regional markets as they have significant exposure to
regional stocks. Gains recorded during the month enabled the MSM 30 Index to extend its YTD-10 gains to
rise to 7.25% and thereby end as the fifth best performer in the GCC region.



Market Capitalization
                                               Market Capitalization Summary
                                                  Listed              Market Cap (Mln USD)          M-T-M               % of
                                                  Stocks          31-Mar-10      30-Apr-10          % Chg              Total
Saudi Stock Exchange                                 138            358,618        360,662           0.57%           47.07%
Kuwait Stock Exchange                                211            120,482        119,028         (1.21%)           15.53%
Abu Dhabi Securities Exchange                         67             85,653         82,877         (3.24%)           10.82%
Dubai Financial Market                                66             57,056         54,810         (3.94%)            7.15%
Qatar Exchange                                        44            110,744        112,846           1.90%           14.73%
Bahrain Stock Exchange                                43             18,002         18,472           2.61%            2.41%
Muscat Securities Market                              61             17,110         17,506           2.31%            2.28%
Total GCC Equity Markets                             630            767,665        766,202         (0.19%)          100.00%
Market capitalization calculated based on the latest number of shares as of 30 April 2010
Source: KAMCO Research

Reflecting the weak performance of the UAE stock exchanges during April, the combined market
capitalization of the 7 GCC bourses dropped 0.19% or USD 1.5 billion to record USD 766.2 billion at the end
of Apr-10. Saudi Stock Exchange, which accounts for around 47.1% of the aggregate market capitalization of
the GCC bourses, advanced by USD 2.0 billion while Kuwait Stock Exchange, the second largest stock
market, dropped by USD 1.5 billion over the same period. Stock markets in Dubai and Abu Dhabi both lost
USD 5 billion during the month due to the weak outlook as economic performance is expected to be hindered
by heavy corporate debt and slump in the property market.




                                                                                                                           3
                                                                               KAMCO Research


                                                                               GCC Equity Markets Monthly Review




Liquidity & Market Movers
Kuwait Stock Exchange closed as the most active market for the month. KSE ended April with a total of 6.49
billion shares traded representing 40.4% of total volume of shares traded on the GCC equity markets at a
value of USD 5.15 billion, accounting for 15.0% of total value traded on the 7 bourses. Dubai Financial
Market on the other hand, came second in terms of volume with 4.35 billion shares traded, followed by Saudi
Stock Exchange with 3.47 billion shares traded during the month, contributing 27.1% and 21.6% to the total
volume respectively. However, Saudi Stock Exchange continued to dominate the GCC equity markets in
terms of value traded having recorded USD 23.32 billion, which is 67.8% of total value traded in the 7 GCC
markets during the month.

                                   Trading Activity Indicators (April-10)
                                      Traded Volume                    Traded Value                     Trades
                                   Mln Shares      % of Total       Mln USD       % of Total               '000
Saudi Stock Exchange                    3,468         21.6%          23,329          67.8%               1,709
Kuwait Stock Exchange                   6,493         40.4%            5,153         15.0%                  144
Abu Dhabi Securities Exchange           1,067           6.6%             638           1.9%                  28
Dubai Financial Market                  4,353         27.1%            2,750           8.0%                  94
Qatar Exchange                            259           1.6%           2,127           6.2%                 118
Bahrain Stock Exchange                     44           0.3%              24           0.1%                   2
Muscat Securities Market                  383           2.4%             384           1.1%                  66
Total GCC Equity Markets               16,067        100.0%           34,404       100.00%               2,161
Source: KAMCO Research

                                   Top 10 GCC Stock Gainers (April-10)
                                                                Closing            M-T-M           Market Cap
                                                                  Price            %Chg            ('000 USD)
Housing Finance Co. KD                                            0.172            56.4%               178,984
Tamdeen Investment Co. KD                                         0.385            45.3%               419,080
Oman Chromite OMR                                                 2.341            27.9%                18,242
Boubyan Bank KD                                                   0.530            26.2%             3,234,338
Yanbu National Petrochemicals Co. SAR                             48.80            25.4%             7,320,000
Doha Insurance QAR                                                29.60            24.4%               146,350
Medicare Group QAR                                                11.80            22.9%                91,221
Abdullah Al Othaim Markets Co. SAR                                71.75            20.1%               430,500
Al-Ahsa Development Co. SAR                                       14.25            19.7%               186,200
National Petrochemical Co. SAR                                    18.20            19.7%             2,329,600
Source: KAMCO Research




 4
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




                                             Top 10 GCC Stock Losers (April-10)
                                                                                   Closing                  M-T-M          Market Cap
                                                                                      Price                  %Chg          ('000 USD)
Gulf Glass Manufacturing Co. KD                                                      0.425                 (44.1%)             56,933
Mubarrad Transport Co. KD                                                            0.110                 (28.6%)             83,272
International Fish Farming Co. AED                                                   13.95                 (25.8%)            190,418
United Industries Co. KD                                                             0.099                 (25.0%)             85,607
National Agriculture Marketing Co. SAR                                               31.10                 (24.3%)             82,933
MAZAYA Holding Co. KD                                                                0.106                 (24.3%)            184,804
Ekttitab Holding Co. AED                                                             0.452                 (23.4%)             63,796
Kuwait & Gulf Link Transport Co. KD                                                  0.260                 (22.4%)            239,837
Ekttitab Holding Co. KD                                                              0.036                 (20.9%)             64,966
Gulf General Cooperative Insurance Co. SAR                                           22.30                 (20.4%)            118,933
We have excluded from the top losers list all the stocks that have traded on their X- dividend date during the month.
Source: KAMCO Research

             Relative P/E Multiples (April-10)                               Relative P/B & Dividend Yield (April-10)




P/E is based on the net pro®t for the FY 2009 and month-end market capitalization, P/B is based on 31 December 2009 equity ®gures
and yield is based on FY 2009 cash dividends and month-end market capitalization. We have excluded the ®nancial results of the 30
companies that reported the highest losses while calculating the Price-to-Earning Multiple (P/E) for Kuwait Stock Exchange.
Source: KAMCO Research




                                                                                                                                     5
                                                                                   KAMCO Research


                                                                                   GCC Equity Markets Monthly Review




Saudi Stock Exchange

                                 Closing               April-10         60 Day   90 Day       YTD-10     12 Month
Benchmark Return
                                   Value       Point              (%)      (%)      (%)          (%)          (%)

Tadawul All Share Index          6,867.97      66.96        0.98%       6.10%     9.84%       12.19%        22.09%



Performance Review

Led by the gains reported on the heavyweight petrochemical sector, Tadawul All Share Index (TASI)
maintained its previous month positive trend to gain 1% and close the month of Apr-10 at 6,867.97. Gains
recorded during the month enabled the TASI to end as the fourth best performer amongst its peers in the
GCC region. The petrochemical sector witnessed its market cap gain 6.8% mainly on the back of the robust
Q1-10 earnings posted by a majority of the firms in the sector over renewed demand and better prices for
petrochemical products. However, the banking sector continued to put pressure on the market performance
during the month as investors concerns grew over the drop in Q1-10 profits by a majority of the listed banks
due to a slowdown in lending, drop in operating income and rising provisions for credit losses. As a result, the
heavyweight banking sector witnessed its market cap shed 2.5% during the course of the month. Gains
recorded during the month enabled the TASI YTD-10 gains to rise to 12.19% and thereby end as the second
best performer in the GCC region after Kuwait which recorded a gain of 12.94%.


Led by losses incurred on the heavyweight banking and petrochemical sector which witnessed its market cap
shed 0.38% and 0.72% respectively, the TASI dropped 0.38% to close at 6,774.98 and end the first week of
trade on a negative note. The week also witnessed the TASI making its biggest decline in two months to
6,759.47 on 6 Apr-10 as some companies went x-dividend and investors cashed in on some of the gains
recorded during the previous month. The second week of trade witnessed the TASI buck its previous week
negative trend to gain 1.71% to close at 6,890.74. During the week, Saudi Arabian Fertilizers Co. (SAFCO)
beat analyst's forecasts and announced its highest quarterly net profit since the start of the global financial
crisis for Q1-10. SAFCO witnessed its Q1-10 net profit rise 33% to SAR 698 million as compared to SAR 525
million for the same period a year earlier. As a result, during the week, SAFCO witnessed its share price gain
3.3% to SAR 140.75.


Led by the losses incurred on the market heavyweight banking sector, which witnessed its market cap shed
2.69% to SAR 363.6 billion, the TASI reversed its previous week positive trend to fall 2.33% to close at
6,730.12 and end the third week of trade on a negative note. During the week, Banque Saudi Fransi (BSF)
and SAMBA's announcement of 3.6% and 4.8% drop in their Q1-10 earnings due to lower lending income
and rise in provisions weighed down on investor sentiments. During the same period, BSF and SAMBA
witnessed its share price drop nearly 2% and 1% to SAR 45 and SAR 60.5 respectively. Also, during the
week, in spite of announcing better than expected Q1-10 profits, market heavyweight SABIC witnessed its
share price drop 3.1% to SAR 100. HSBC's raising of market heavyweight SABIC's price target coupled with
Saudi Electricity Co's announcement that it will award contracts to build a 2,400 megawatt power plant after it
obtained a SAR 15 billion soft loan from the government boosted investor sentiments. As a result, the TASI
witnessed its last five trading sessions of the month gain 2.05% to close at 6,867.97. During the same period,
SABIC and Saudi Electricity Co. share prices advanced by 5.0% and 2.3% to SAR 105.0 and SAR 11.3
respectively.


 6
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




In other developments during the month, Fitch Ratings assigned Banque Saudi Fransi's USD 2 billion euro
medium-term note (EMTN) programme a Long-term senior debt rating 'A' and Short-term senior debt rating
at 'F1'. However, Fitch also stated that there is no assurance that notes issued in future under the
programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will
have the same rating as the programme rating. Fitch does not assign generic programme ratings to
subordinated debt, which will be rated on a case-by-case basis. Fitch has affirmed BSF's Long- term Issuer
Default Rating (IDR) at 'A' with a Stable Outlook, Short-term IDR at 'F1', Individual Rating at 'B/C', Support
Rating at '1' and Support Rating Floor at 'A-'.


TASI 52 Week Performance Relative to Volume


              7,050                                                                                        550
                                                                                                           500
              6,800
                                                                                                           450




                                                                                                                 Vol. Traded (shr. mil.)
              6,550                                                                                        400
 TASI Value




                                                                                                           350
              6,300
                                                                                                           300
                                                                                                           250
              6,050
                                                                                                           200
              5,800                                                                                        150
                                                                                                           100
              5,550
                                                                                                           50
              5,300                                                                                        0
                       29.4.09
                       13.5.09
                       27.5.09
                       10.6.09
                       24.6.09
                        8.7.09
                       22.7.09
                        5.8.09
                       19.8.09
                        2.9.09
                       16.9.09
                       30.9.09
                      14.10.09
                      28.10.09
                      11.11.09
                      25.11.09
                       9.12.09
                      23.12.09
                        6.1.10
                       20.1.10
                        3.2.10
                       17.2.10
                        3.3.10
                       17.3.10
                       31.3.10
                       14.4.10
                       28.4.10




Source: KAMCO Research

Market heavyweight Banking sector, which constitutes nearly 27.2% of the aggregate market cap, witnessed
its market cap shed 2.50% to SAR 368.5 billion (USD 98.3 billion) from SAR 377.9 billion (USD 100.8 billion)
a month earlier. This drop in market cap can be attributed to investors concerns over future profitability of the
sector amid the drop in Q1-10 profits by a majority of the listed banks triggered by the rise in provisions along
with the slowdown in credit growth. Al Rajhi Banking & Investment Group, the largest bank by market
capitalization, witnessed its monthly share price drop nearly 2.9% to SAR 83.00 mainly on back of its
announcement of worse than expected Q1-10 profits due to the booking of additional provisions to cover
doubtful loans. Al Rajhi witnessed its Q1-10 net profits drop 2.8% to SAR 1.68 billion as compared to SAR
1.73 billion for Q1-09.

Market heavyweight Petrochemical Industries sector gained 6.8% in its market cap to SAR 501.1 billion (USD
133.6 billion) from SAR 469.1 billion (USD 125.1 billion) a month earlier. Buying interest was seen on a
majority of petrochemical stocks, mainly on the back of better than expected Q1-10 profits by a majority of
firms in the sector due to improvement in the prices of petrochemical products and renewed demand driven
by the positive prospects of the global economy. During the month, SABIC witnessed its share price gain
5.53% to close the month at SAR 105. In due course of the month, SABIC beat analysts estimates and


                                                                                                                        7
                                                                                  KAMCO Research


                                                                                  GCC Equity Markets Monthly Review




announced a Q1-10 net profit of SAR 5.43 billion as compared to a net loss of SAR 970 million for Q1-09. In
other developments, HSBC raised SABIC's price target to SAR 120 from SAR 105 with an ``Overweight''
rating. During the month, SABIC also announced the start of its commercial production at a 2.8 million ton
expansion of a petrochemical joint venture with Japanese partners including Mitsubishi.

Total market capitalization gained a marginal 0.6% to record SAR 1.35 trillion (USD 360.7 billion) up from
SAR 1.34 trillion (USD 358.6 billion) a month earlier. The Building and Construction sector dropped 2.6% to
record SAR 22.9 billion (USD 6.1 billion). The Multi-investment sector incurred a marginal loss of 0.2% to end
at SAR 39.8 billion (USD 10.6 billion) while the Energy & Utilities sector shed 9.8% to record SAR 48.7 billion
(USD 12.9 billion). The Insurance sector shed 2.2% to end at SAR 23.9 billion (USD 6.4 billion), while the
Cement sector dropped 0.6% to SAR 44.9 billion (USD 11.9 billion).

                           Tadawul All Share Index Monthly Return & Volatility
Month                                                         Index Value             Return             Volatility
April-09                                                         5,625.51            19.60%               34.69%
May-09                                                           5,893.34              4.76%              25.03%
June-09                                                          5,596.46            (5.04%)              22.78%
July-09                                                          5,778.14              3.25%              21.90%
August-09                                                        5,660.89            (2.03%)              17.22%
September-09                                                     6,322.04            11.68%               13.95%
October-09                                                       6,268.55            (0.85%)              16.67%
November-09                                                      6,355.82              1.39%              11.46%
December-09                                                      6,121.76            (3.68%)              17.66%
January-10                                                       6,252.55              2.14%               9.74%
February-10                                                      6,437.50              2.96%               7.61%
March-10                                                         6,801.01              5.65%               7.10%
April-10                                                         6,867.97              0.98%              12.13%
Source: KAMCO Research

On the corporate earnings front, 134 out of 138 companies listed on the Saudi bourse announced their Q1-10
financial results. Aggregate corporate earnings of the Saudi market rose significantly by 69% to SAR 17.9
billion, up from SAR 10.6 billion reported in Q1-09. The growth was driven by the huge gains recorded by the
petrochemical sector, which witnessed its Q1-10 net profit increase to SAR 7.4 billion as compared to a net
loss of SAR 549.8 million for Q1-09. The Banking sector, however witnessed a drop of 9.5% in its earnings to
reach SAR 5.8 billion down from SAR 6.4 billion reported dung Q1-09.




 8
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




Liquidity
                                            Market Trading & Valuation Indicators
                                                                                    Month                 M-T-M         Average Daily
                                                                                    Value              % Change               YTD-10
Volume Traded (Mln Shares)                                                         3,468.2               19.26%                141.07
Value Traded (SAR Mln)                                                            87,482.1               24.30%               3,264.9
No. of Trades ('000)                                                                 1,709                4.65%                 83.03

                                                                                   April-10             March-10         December-09
P/E Multiple (X)                                                                      21.90                  21.78                 22.12
P/B Multiple (X)                                                                       2.21                   2.20                  2.01
Dividend Yield (%)                                                                   2.45%                  2.46%                 3.57%
PE is based on the net profits for the period ending FY-09 and Month end market capitalization. PB based on 31 Dec 09 Equity Figures,
yield is based on 2009 cash dividends and Month end market capitalization.
Source: KAMCO Research



                                                  Monthly Most Active Stocks
                                                                                  Volume                     Value                Close
                                                                             (000 shares)               (000 SAR)                 (SAR)
Saudi Kayan                                                                       746,941              15,696,628                  22.35
Alinma Bank                                                                       423,056                5,301,235                 12.30
Saudi Arabian Mining Co.                                                          179,033                3,505,377                 20.20
National Petrochemical Co.                                                        119,194                2,104,571                 18.20
Methonal Chemical Co.                                                             101,694                1,678,590                 16.40
Source: KAMCO Research




Market Movers
Despite Tadawul all Share Index marginal performance during the month, market breadth skewed towards
losers with advancer to decliner ratio of 49 -to- 84 while 5 stocks remained unchanged. Saudi Vitrified Clay
Pipes Co. ended as the month's top gainer, up by 26% at SAR 62.25, followed by Yanbu National
Petrochemicals Co. (YANSAB) and Abdullah Al Othaim Markets Co. gaining 25.5% & 20.1% to close at SAR
48.8 and SAR 71.75 respectively. National Agriculture Marketing Co. ended as the top loser for the month to
close at SAR 31.1, incurring a loss of 24.3% followed by Gulf General Cooperative Insurance Co. & Middle
East Specialised Cables falling 20.4% and 20.3% to end the month at SAR 22.3 & SAR 25.5 respectively.

                   Best Return Performers                                               Worst Return Performers
                                                  Close      M-T-M                                                     Close      M-T-M
                                                  (SAR)      % Chg                                                     (SAR)      % Chg
Saudi Vitrified Clay Pipes Co.                     62.25    26.01%      National Agriculture Marketing Co.              31.10   (24.33%)
Yanbu National Petrochemicals Co.                  48.80    25.45%      Gulf General Coop. Ins. Co.                     22.30   (20.36%)
Abdullah Al Othaim Markets Co.                     71.75    20.08%      Middle East Specialised Cables                  25.50   (20.31%)
Al-Ahsa Development Co.                            14.25    19.75%      Buruj Coop. Ins. Co.                            32.80   (20.00%)
National Petrochemical Co.                         18.20    19.74%      Al-Abdulatif Industrial Group                   37.40   (16.89%)
We have excluded from the top losers list all the stocks that have traded on their x dividend date during the month.
Source: KAMCO Research



                                                                                                                                     9
                                                                                              KAMCO Research


                                                                                              GCC Equity Markets Monthly Review




Sectors Performance
                                                     Sectors Performance
                                                                Monthly Trading Indicators        Valuation Multiples
                                       Market Cap        M-T-M      Volume           Value          P/E      P/B      Dividend
                                        (Mln SAR)        % Chg (Mln Shares)      (Mln SAR)          (X)       (X)    Yield (%)
Banks & Financial                          368,523      (2.50%)        520.2        9,697.6       16.58      2.32         2.1%
Petrochemical Industries                   501,095        6.80%      1,497.5       41,443.9       47.52      2.86         1.7%
Cement                                      44,948      (0.64%)         21.6        1,132.6       12.42      2.47         6.4%
Retail                                      15,995        7.65%         77.5        2,534.6       17.64      3.66         2.4%
Energy & Utilities                          48,740      (9.76%)         66.4          785.0       38.64      0.97         6.1%
Agriculture & Food Industries               51,710        1.81%        106.8        3,875.0       20.50      3.02         2.0%
Telecommunication & I.T.                   136,170      (6.45%)        142.9        3,345.4        9.84      2.13         5.0%
Insurance                                   23,861      (2.23%)        238.4        8,614.2       73.63      3.23         1.2%
Multi-Investment                            39,829      (0.15%)        197.5        2,736.3       76.87      1.36         0.3%
Industrial Investment                       35,856        1.54%        254.4        6,124.5       23.95      1.42         2.4%
Building & Construction                     22,958      (2.64%)        124.5        3,459.8       17.45      2.04         2.8%
Real Estate Development                     48,057      (2.08%)        149.4        2,215.4       21.80      1.22         0.7%
Transport                                    9,115        1.55%         48.2          853.8       18.78      1.31         3.9%
Media & Publishing                           3,239      (5.77%)          7.5          173.6       27.45      1.43         1.2%
Hotel & Tourism                              2,386      (5.74%)         15.4          490.3        6.30      1.41         4.3%
Total Saudi Market                       1,352,481        0.57%      3,468.2       87,482.1       21.90      2.21       2.45%
Market Cap, P/E, P/B & Yield as of 28 April 2010
Source: KAMCO Research




Corporate News
      *    Dallas-based Celanese Chemical Corp. will build a 50,000 ton polyacetal (POM) production facility
           in Saudi Arabia through a joint venture agreement with Saudi Basic Industries Corp. (SABIC) The
           joint venture with SABIC, with a total invested capital of USD 400 million, is called National Methanol
           Co. Celanese, which is an affiliate of Duke Energy, will hold a 25% stake in the venture, while
           Duke's stake will also be 25%. The remaining 50% will be held by SABIC. (Saudi Gazette)
      *    Saudi Chemical Co. announced that its subsidiary, Saudi International Trading Company, has
           signed a three-year agreement with Henkel Arabia for Home and Personal Care Products Company
           to distribute its products in the middle and southern region of Saudi Arabia. The agreement is
           expected to increase the company's annual sales by SAR 100 million. (Zawya Dow Jones
           Newswire)
      *    Red Sea Housing Services announced that it was awarded a SAR 480 million contract to establish
           housing units in Papua New Guinea. The project is expected to be completed by the end of
           November 2011. (Zawya Dow Jones Newswire)
      *    Saudi Paper Manufacturing Co. announced that its AGM approved the acquisition of a 30% stake in
           Saudi Arabia Global Health Center Company. (Zawya Dow Jones Newswire)
      *    Abdullah Al Othaim Markets Co. announced that its AGM approved the acquisition of an 115,623
           square-meter parcel of land in Al Madinah (Saudi Arabia) for a total value of SAR 98.28 million.
           (Zawya Dow Jones Newswire)
      *    Almarai Co. announced that its BOD approved the proposal to invest SAR 2 billion to raise the


10
                                                                                KAMCO Research


                                                                                GCC Equity Markets Monthly Review




      company's poultry production in Hail area, which will be reflected in the company's financial results
      during 2012. (Zawya Dow Jones Newswire)
  *   Saudi Arabian Fertilizer Co. (SAFCO) announced that it has sold its parcels of land located in
      Dammam, including its factory and housing complex for SAR 301.5 million, and realized a profit of
      SAR 263.3 million. (Zawya Dow Jones Newswire)
  *   Kingdom Holding Co. has sold 40% of its subsidiary, Fairmont Raffles Holdings International, to
      Qatari Diar Real Estate Investment Company for a total value of SAR 3.2 billion. (Zawya Dow Jones
      Newswire)
  *   Saudi Arabian Amiantit announced that its BOD approved the sale of the company's 51% stake in
      its subsidiary, Composite Pipes Industries (Oman) for a total value of USD 4.5 million. (Zawya Dow
      Jones Newswire)


Country & Economic News
  *   According to official data, the Kingdom's annual inflation accelerated to its highest level since Jun-
      09 to 4.7% in March-10 from 4.6% in Feb-10 on the back of a rise in food prices. Month-to-Month,
      the inflation rate, as measured by the cost of living index, rose 0.5% in March. The renovation, home
      rents, water and fuel cost index eased to 10.1% in March, down from 10.6% in February while the
      food and drinks cost index rose an annual 5% in March up from 4% the previous month. (Reuters)
  *   According to official data, Saudi money supply growth slowed for a sixth-consecutive month to 4.6%
      annually in March from 5.6% in February, while the central bank's foreign assets inched up 1.1%
      from the year ago period. M3, the broadest measure of money supply, came in at SAR 1.011 trillion
      in March, up from SAR 965.60 billion in the same month a year ago, and SAR 1.010 trillion in
      February. SAMA's net foreign assets edged up to SAR 1.558 trillion in March from SAR 1.554 trillion
      in February. The central bank's foreign assets came in at SAR 1.541 trillion in March 2009. Lending
      to the private sector rose to SAR 745.8 billion in March from SAR 742.1 billion in the month earlier
      and SAR 728.1 billion in March 2009. Bank credit in the kingdom increased to SAR 746.9 billion in
      March from SAR 743.5 billion in February, while commercial bank deposits at SAMA fell to SAR
      120.3 billion from SAR 137.3 billion over the same period. (SAMA Website)
  *   A consortium controlled by Alcoa has cut its stake in a planned USD 10.8 billion aluminium complex
      in Saudi Arabia by more than a third, according to its partner, the second time a foreign partner has
      reviewed its position in the plan. State-run Saudi Mining Co., the main stakeholder in the project,
      called the cut in the stake controlled by Alcoa to 25.1% from 40% ``a rejig'' in the joint venture
      project. The move raises the prospect if a cash injection by the Saudi Government in the project,
      crucial to the Kingdom's efforts to diversify the economy away from oil. Alcoa Inc, however,
      announced that it would increase its investment in the planned USD 10.8 billion aluminium complex.
      Alcoa will now pay about USD 1.1 billion over four years, up from the USD 900 million as previously
      agreed. Saudi Mining Co.announced that it would own 74.9% of the joint venture and Alcoa's stake
      will be 25.1%, but according to the filing, Alcoa has an option to increase its stake by a further 15%.
      (Reuters)
  *   The Kingdom of Saudi Arabia will need around 1 million new homes over the next five years to keep
      up with an estimated 3.3% compound annual growth rate (CAGR) in demand, according to a study
      by Saudi-based Jiwar Real Estate Management & Marketing. This pace translates to around 5.5
      million required units by 2014. The residential sector has grown substantially to account for 70% of
      the Kingdom's real estate market. Housing demand has risen steadily over the recent years due
      mainly to a young and rapidly growing population constantly seeking affordable homes. The other


                                                                                                             11
                                                                                      KAMCO Research


                                                                                      GCC Equity Markets Monthly Review




         30% is distributed among offices, retail outlets, hospitality and industrial sectors. The study also
         revealed that the short- to medium-term domestic residential outlook is very positive as demand is
         expected to surpass supply by 50,000 units annually over the next four to five years. (Saudi
         Gazette)
     *   Saudi Arabia plans to spend USD 80 billion on expanding its power generation capacity and
         transmission network in the next decade to meet rising demand. According to the Deputy Minister
         for electricity and acting chairman of the state-controlled utility, ``Two-thirds of the funding will be by
         Saudi Electricity Co. while one-third is expected to come from private investors''. He also said the
         Kingdom aims to step up its use of crude oil for power generation and that Saudi Arabia is planning
         to raise the use of feedstock for power generation to 2.5 million barrels of oil equivalent (BOE) on a
         daily average by 2020, from 1.5 million BOE last year. Saudi Electricity needs to boost capacity by
         3,000 megawatts a year to meet annual demand growth of 8%, spurred by a USD 400 billion, five-
         year government-spending program and a rising population. The utility plans to invest SAR 205
         billion in capacity expansion by 2018. The Kingdom will also look to boost capacity by 20,000
         megawatts in the next 10 years from 46,000 megawatts currently. Demand may rise by 3,000
         megawatts to about 45,000 megawatts this summer compared with last year, while winter
         consumption may reach 30,000 megawatts. Saudi Arabia awarded development contracts worth
         SAR 20.9 billion in Q1-10. The Kingdom boosted spending on infrastructure, health care and
         education to underpin economic growth. (Saudi Gazette)




12
                                              Q1-10 Corporate Earnings

                                                            Saudi Stock Exchange
                                            Net Profit/(Loss)                                      EPS
Company                                                                       % Change
                                         Q1-09               Q1-10                         Q1-09         Q1-10
All Figures are in Saudi Riyal
Riyad Bank                                  441,000,000        684,000,000        55.1%        0.29          0.46
Bank Al-Jazira                              102,000,000         13,000,000       (87.3%)       0.34          0.04
The Saudi Investment Bank                   241,000,000         21,000,000       (91.3%)       0.53          0.05
Saudi Hollandi Bank                         284,400,000        230,000,000       (19.1%)       0.86          0.70
Banque Saudi Fransi                         741,000,000        714,000,000        (3.6%)       1.02          0.99
The Saudi Biritish Bank                     760,000,000        621,000,000       (18.3%)       1.01          0.83
Arab National Bank                          695,000,000        634,000,000        (8.8%)       1.07          0.97
Samba Financial Group                     1,272,000,000      1,211,000,000        (4.8%)       1.41          1.35
Al-Rajhi Bank                             1,732,000,000      1,684,000,000        (2.8%)       1.15          1.12
Al-Bilad Bank                                22,400,000         52,600,000       134.8%        0.07          0.18
Alinma Bank                                 109,000,000        (75,000,000)     (168.8%)       0.07         (0.05)
Banking Sector                          6,399,800,000      5,789,600,000         (9.5%)

Methanol Chemicals Co.                        5,030,000          9,060,000        80.1%        0.04          0.08
National Petrochemical Co.                   (7,900,000)       (43,000,000)           NM      (0.04)        (0.09)
Saudi Basic Industries Corp                (970,000,000)     5,430,000,000            NM      (0.32)         1.81
Saudi Arabia Fertilizers Co.                525,000,000        698,000,000        33.0%        2.10          2.79
National Industrialization Co               (25,800,000)       332,800,000            NM      (0.06)         0.72
Alujain Corporation                         (10,829,442)        (6,671,313)      (38.4%)      (0.16)        (0.10)
Nama Chemicals Co.                          (32,400,000)         2,100,000      (106.5%)      (0.25)         0.02
Saudi Industrial Investment Group           (50,500,000)       142,000,000      (381.2%)      (0.11)         0.31
Sahara Petrochemical Co.                    (14,180,000)       116,020,000            NM      (0.08)         0.40
Yanbu National Petrochemicals Co.            (8,240,000)       259,430,000            NM      (0.02)         0.46
Saudi International Petrochemical Co.        29,200,000         81,200,000       178.1%        0.09          0.24
Advanced Petrochemical Company               42,870,000         52,560,000        22.6%        0.30          0.37
Saudi Kayan                                  (6,260,000)        (3,770,000)      (39.8%)      (0.00)        (0.00)
Rabigh Refining and Petrochemical Co.       (28,700,000)       271,500,000            NM      (0.03)         0.31
Petrochemical Industries Sector          (549,839,442)     7,375,168,687             NM

Arabian Cement Co.                         103,800,000         81,700,000        (21.3%)       1.30          1.02
Yamamah Saudi Cement Co.                   126,000,000        165,000,000         31.0%        0.93          1.22
Saudi Cement Co.                           152,000,000        176,600,000         16.2%        1.49          1.73
The Qassim Cement Co.                      151,531,313        145,226,748         (4.2%)       1.68          1.61
Southern Province Cement Co.               200,170,285        189,632,853         (5.3%)       1.43          1.36
Yanbu Cement Co.                           151,782,700        123,179,468        (18.8%)       1.45          1.17
Eastern Province Cement Co.                 97,000,000         92,000,000         (5.2%)       1.13          1.07
Tabuk Cement Co.                            33,500,000         34,020,000          1.6%        0.37          0.38
Cement Sector                           1,015,784,298      1,007,359,069         (0.8%)

Abdullah Al Othaim Markets Co.             16,400,000         31,700,000          93.3%        0.73          1.41
Mouwasat Medical Services Co.              26,600,000         32,400,000          21.8%        1.06          1.29
Saudi Automotive Services Co.                6,500,000          2,100,000        (67.7%)       0.15          0.05
National Agriculture Marketing Co.          (1,500,000)        (1,500,000)         0.0%       (0.15)        (0.15)
Fitaihi Holding Group                        6,400,000        12,700,000          98.4%        0.13          0.25
Jarir Marketing Co.                       107,000,000        118,000,000          10.3%        2.69          2.95
Aldrees Petroleum & Transport Co.          13,800,000         19,900,000          44.2%        0.55          0.79
Fawaz Abdulaziz Al-Hokair Co. *            15,820,000         27,740,000          75.3%        2.89          3.31
Al Khaleej Training & Development Co.      10,234,324         11,764,266          14.9%        0.68          0.78
Retail Sector                            185,434,324        227,064,266           22.4%

National Gas & Industrialization Co.         12,500,000         16,300,000        30.4%        0.17          0.22
Saudi Electricity Co.                      (771,000,000)      (782,000,000)        1.4%       (0.19)        (0.19)
Energy & Utilities Sector                (758,500,000)      (765,700,000)        (0.9%)

Savola Group                               193,000,000        394,000,000        104.1%        0.39          0.79
Food Products Co.                            2,764,386          3,051,697         10.4%        0.14          0.15
Saudi Dairy & Foodstuff Co. *                3,000,000        118,000,000             NM       0.87          6.25
AL-Marai Co.                               197,400,000        234,100,000         18.6%        1.81          2.04
Anaam International Holding Co.             (2,700,000)           236,000       (108.7%)      (0.25)         0.02
Halwani Brothers Co.                        12,500,000         21,000,000         68.0%        0.44          0.73
                                                         Q1-10 Corporate Earnings

                                                                       Saudi Stock Exchange
                                                       Net Profit/(Loss)                                      EPS
Company                                                                                  % Change
                                                    Q1-09               Q1-10                         Q1-09         Q1-10
All Figures are in Saudi Riyal
Herfy Food Services Co                                23,800,000         28,200,000          18.5%        0.88          1.04
National Agriculture Development Co.                   (4,400,000)         3,800,000       (186.4%)      (0.07)         0.06
Qassim Agriculture Co.                                    107,000          1,337,000             NM       0.00          0.03
Tabouk Agriculture Development Co.                    10,000,000          (2,500,000)      (125.0%)       0.50         (0.13)
Saudi Fisheries Co.                                    (3,980,000)        (5,510,000)        38.4%       (0.20)        (0.28)
Ash-Sharqiyah Development Company                        (796,005)        (3,022,265)       279.7%       (0.11)        (0.40)
Al-Jouf Agriculture Development Co.                   13,802,380           7,151,364        (48.2%)       0.69          0.36
Gizan Agriculture Development Co.                          67,179          3,017,181             NM      0.001          0.06
Agriculture & Food Industries Sector                444,564,940        802,860,977           80.6%
Saudi Telecom                                        2,488,000,000      1,772,000,000       (28.8%)       1.24          0.89
Al-Etihad Telecom Co.                                  480,000,000        714,000,000        48.8%        0.69          1.02
Mobile Telecom. Co. Saudi Arabia                      (765,000,000)      (663,000,000)      (13.3%)      (0.55)        (0.47)
Telecommunication & I.T. Sector                    2,203,000,000      1,823,000,000        (17.2%)

The Co for Cooperative Insurance                       25,973,000        105,812,000        307.4%        0.52          2.12
Malath Cooperative Ins. & Reins. Co.                     2,092,000          4,466,000       113.5%        0.07          0.15
Mediterranean & Gulf Ins. & Reins. Co                  27,560,000          36,711,000        33.2%        0.35          0.46
Saudi Fransi Cooperative Ins. Co.                       (3,274,000)        (3,649,000)       11.5%       (0.33)        (0.36)
Saudi Iaic Insurance Co-operative Co.                    1,599,000            695,000       (56.5%)       0.16          0.07
Saudi United Cooperative Insurance Co.                  (3,343,000)        (1,025,000)      (69.3%)      (0.17)        (0.05)
Arabian Shield Cooperative Insurance Co.                 1,773,000          1,998,000        12.7%        0.09          0.10
SABB Takaful                                            (5,696,000)        (2,410,000)      (57.7%)      (0.27)        (0.07)
Sanad Ins. & Reins. Cooperative Co.                     (4,801,724)         4,195,727      (187.4%)      (0.24)         0.21
Saudi Arabian Cooperative Insurance Co.                 (2,232,000)         1,984,000      (188.9%)      (0.22)         0.20
Saudi Indian Co. for Co- operative Ins.                 (6,066,000)        (5,426,000)      (10.6%)      (0.61)        (0.54)
Gulf Union Cooperative Insurance Co.                        32,000           (630,000)           NM       0.00         (0.03)
AL-Ahli Takaful Company                                   (593,000)        (2,883,000)      386.2%       (0.06)        (0.29)
Al Ahlia Insurance Company                              (3,764,000)        (5,710,000)       51.7%       (0.38)        (0.57)
Allied Cooperative Insurance Group                      (5,604,000)        (4,973,000)      (11.3%)      (0.56)        (0.49)
Arabia Insurance Cooperative Company                    (2,013,000)        (2,888,000)       43.5%       (0.10)        (0.14)
Trade Union Insurance Company                              750,578           (620,799)     (182.7%)       0.03         (0.02)
Al Sagr Company for Cooperative Insurance                  733,000         (1,587,000)     (316.5%)       0.04         (0.08)
Union Cooperative Assurance Co.                            435,681            292,662       (32.8%)       0.02          0.01
Saudi Re for Cooperative Reins. Co.                      6,323,412         (5,666,295)     (189.6%)       0.06         (0.06)
BUPA Arabia for Cooperative Insurance                   (5,579,000)       (12,906,000)      131.3%       (0.14)        (0.32)
Weqaya Takaful Insurance & Reinsurance Co.                      NA         (2,899,000)           NM         NA         (0.14)
Al-Rajhi Company for Cooperative Insurance                      NA         (8,204,083)           NM         NA         (0.41)
ACE Arabia Cooperative Insurance Co.                            NA           (602,726)           NM         NA         (0.06)
AXA Cooperative Insurance Company                               NA         (1,704,000)           NM         NA         (0.09)
Insurance Sector                                      24,305,947         94,074,486        287.0%
Saudi Arabia Refineries Co.                                 76,077           753,150        890.0%        0.01          0.05
Saudi Advanced Industries Co.                            6,184,785         2,671,358        (56.8%)       0.14          0.06
Al-Ahsa Development Co.                                 (6,300,000)        6,300,000       (200.0%)      (0.13)         0.13
Saudi Industrial Services Co.                              692,178         2,095,355        202.7%        0.03          0.01
Assir Trading, Tourism & Manufacturing Co.             13,000,000        20,000,000          53.8%        0.10          0.16
Al-Baha Investment & Development Co.                    (1,237,805)       (3,773,476)       204.9%       (0.08)        (0.25)
Kingdom Holding Company                                50,200,000        75,200,000          49.8%        0.01          0.02
Multi-Investment Sector                               62,615,235       103,246,387           64.9%
Basic Chemical Industries Co.                          12,942,291         15,911,434         22.9%        0.47          0.58
Saudi Arabian Mining Co.                               18,400,000         20,600,000         12.0%        0.02          0.02
Astra Industrial Group                                 49,200,000         57,900,000         17.7%        0.66          0.78
Al Sorayai Trading and Industrial Group Company        13,200,000         13,100,000         (0.8%)       0.44          0.44
Saudi Pharmaceutical Ind.& Med. Appliances Corp.       42,700,000         45,300,000          6.1%        0.71          0.58
The National Co. for Glass Industries                  20,600,000         17,400,000        (15.5%)       0.82          0.70
Filling & Packing Materials Manufacturing Co.           7,200,000          6,300,000        (12.5%)       0.63          0.55
National Metal Manufacturing & Casting Co.              1,040,000          8,160,000        684.6%        0.04          0.32
Saudi Chemical Co.                                     67,000,000         74,000,000         10.4%        1.06          1.17
Saudi Paper Manufacturing Co.                          22,620,000         29,820,000         31.8%        0.75          0.99
                                                     Q1-10 Corporate Earnings

                                                                    Saudi Stock Exchange
                                                    Net Profit/(Loss)                                     EPS
Company                                                                              % Change
                                                 Q1-09               Q1-10                        Q1-09         Q1-10
All Figures are in Saudi Riyal
Al-Abdulatif Industrial Group                      26,010,000         41,510,000         59.6%        0.32          0.51
Saudi Industrial Export Co.                         (1,400,000)        1,000,000       (171.4%)      (0.13)         0.09
Industrial Investment Sector                     279,512,291        331,001,434          18.4%

Mohammad Al Mojil Group Co.                          5,400,000        10,400,000         92.6%        0.04          0.08
Saudi Steel Pipe Co.                               33,610,000         20,030,000        (40.4%)       0.96          0.39
Saudi Ceramic Co.                                  41,000,000         58,000,000         41.5%        1.64          2.34
National Gypsum Co.                                28,910,000         17,350,000        (40.0%)       0.91          0.55
Saudi Cable Co.                                    46,260,000          1,070,000        (97.7%)       0.61          0.01
Saudi Industrial Development Co.                    (2,800,000)          135,000       (104.8%)      (0.07)         0.00
Saudi Arabian Amintit Co.                          48,000,000         50,000,000          4.2%        0.43          0.42
Arabian Pipe Co.                                     5,600,000         1,200,000        (78.6%)       0.18          0.04
Zamil Industrial Investment Co.                    52,500,000         55,100,000          5.0%        0.87          0.92
Al-Babtain Power & Telecommunications Co.          31,100,000         24,200,000        (22.2%)       0.77          0.60
Saudi Vitrified Clay Pipes Co.                       9,200,000        19,300,000        109.8%        0.61          1.29
Middle East Specialised Cables                     25,900,000          3,100,000        (88.0%)       0.65          0.08
Red Sea Housing                                    57,950,000         24,150,000        (58.3%)       1.93          0.80
Building & Construction Sector                   382,630,000        284,035,000        (25.8%)
Saudi Real Estate Co.                              31,000,000         30,600,000         (1.3%)       0.26          0.26
Taibah Holding Co.                                 13,894,738         14,337,015          3.2%        0.10          0.09
Makkah Construction & Development Co.*            179,000,000        161,000,000        (10.1%)       1.08          0.97
Arriyadh Development Co.                           22,000,000         23,000,000          4.5%        0.22          0.23
Emaar The Economic City                                (62,327)           (53,465)      (14.2%)      (0.07)        (0.06)
Jabal Omar Development Company                      (4,100,000)        (8,900,000)      117.1%       (0.01)        (0.01)
Dar Al Arkan Real Estate Development Co.          424,500,000        398,600,000         (6.1%)       0.39          0.37
Real Estate Development Sector                   666,232,411        618,583,550         (7.2%)
The National Shipping Co of Saudi Arabia          151,100,000        130,400,000        (13.7%)       0.48          0.41
Saudi Public Transport Co.                          (9,000,000)        (8,500,000)       (5.6%)      (0.07)        (0.07)
Saudi Transport & Investment Co.                       348,000         (8,930,000)           NM       0.02         (0.50)
United International Transportation Co. Ltd.       19,907,289         22,552,810         13.3%        1.09          1.23
Transport Sector                                 162,355,289        135,522,810        (16.5%)

Tihama Advertising & Public Relations Co. *         7,900,000         10,000,000         26.6%       2.00           0.50
Saudi Research and Marketing Group                 20,500,000         14,800,000        (27.8%)      0.26           0.18
Saudi Printing & Packing Co.                       15,700,000          7,200,000        (54.1%)      0.26           0.12
Media & Publishing Sector                         44,100,000         32,000,000        (27.4%)
Saudi Hotels & Resort Areas Co.                    28,200,000         31,100,000         10.3%        0.41          0.45
Tourism Enterprise Co.                                110,225             39,225        (64.4%)       0.01         0.004
Hotel & Tourism Sector                            28,310,225         31,139,225          10.0%

Total Market                                   10,590,305,518     17,888,955,891        68.9%

NA: Not Available
NM: Non-Meaningful
* Companies with different fiscal year
Source: Tadawul website & KAMCO Research
Saudi Stock Exchange Trading & Valuation Data Summary                                                                                                                                                                                  April-10
                                                                                          Monthly Trading Indicators                                                             Market Cap.                    Month-End Valuation Indicators

                                                Reuters   Traded Volume    Traded Value      Number of    Avg. Traded       Closing    MTM Price                                                               Trailing P/E   Trailing P/B    Dividend
 Company Name                                                                                                                                       High (SAR) Low (SAR)      ('000 SAR)          ('000 USD)
                                                 Ticker    ('000 Shares)     ('000 SAR)         Deals    Price (SAR)*   Price (SAR)   Change (%)                                                                        (X)             (X)       Yield

 Riyad Bank                                     1010.SE          17,949         524,100          5,772          29.20       28.90        (5.25%)         31.20     27.50      43,350,000         11,560,000          14.31            1.54      4.50%
 Bank Al-Jazira                                 1020.SE          20,265         368,131         10,257          18.17       17.20       (10.18%)         19.35     17.05       5,160,000           1,376,000           NM             1.15      0.00%
 The Saudi Investment Bank                      1030.SE           4,765          88,143          1,660          18.50       18.10        (4.23%)         19.05     17.65       8,145,000           2,172,000         15.61            1.10      0.00%
 Saudi Hollandi Bank                            1040.SE             874          29,055            693          33.22       33.10        (0.90%)         34.00     32.70      10,947,825           2,919,420           NM             1.94      0.00%
 Banque Saudi Fransi                            1050.SE           2,069          95,813          1,607          46.31       46.10        (1.91%)         47.90     43.60      33,340,165           8,890,711         13.49            2.12      2.17%
 The Saudi British Bank                         1060.SE           2,040          97,984          1,653          48.04       47.30        (1.87%)         48.90     47.00      35,475,000           9,460,000         17.46            2.72      1.75%
 Arab National Bank                             1080.SE           2,671         120,064          1,633          44.95       44.30        (3.06%)         46.50     43.40      28,795,000           7,678,667         12.15            2.00      2.26%
 Samba Financial Group                          1090.SE           5,335         323,716          3,598          60.68       60.25          2.12%         62.25     58.75      54,225,000         14,460,000          11.89            2.43      2.74%
 Al-Rajhi Banking & Investment Group            1120.SE          30,198       2,514,882         28,158          83.28       83.00        (2.92%)         86.00     78.00     124,500,000         33,200,000          18.40            4.33      1.81%
 Al-Bilad Bank                                  1140.SE          10,995         234,495         10,645          21.33       20.45        (3.76%)         22.40     19.70       6,135,000           1,636,000           NM             2.04      0.00%
 Al-Inma Bank                                   1150.SE         423,056       5,301,235         72,166          12.53       12.30        (4.65%)         13.00     12.10      18,450,000           4,920,000         30.48            1.18      0.00%
  Banks & Financial Sector                                     520,217      9,697,618         137,842                                   (2.50%)                            368,522,990          98,272,797          16.58            2.32      2.08%
 Methanol Chemicals Co.                         2001.SE         101,694       1,678,590         43,718          16.51       16.40          5.81%         17.15     15.15       1,977,840             527,424           NM             1.40      0.00%
 National Petrochemical Co.                     2002.SE         119,194       2,104,571         39,986          17.66       18.20         19.74%         19.70     15.05       8,736,000           2,329,600           NM             1.82      0.00%
 Saudi Basic Industries Corp                    2010.SE          76,810       7,877,800         63,671         102.56      105.00          5.53%        107.00     98.25     315,000,000         84,000,000          34.76            2.91      1.43%
 Saudi Arabia Fertilizers Co.                   2020.SE           5,961         842,430          9,035         141.32      140.00        (4.60%)        147.50    134.75      35,000,000           9,333,333         18.97            4.96      8.57%
 National Industrialization Co.                 2060.SE          42,354       1,402,016         15,660          33.10       30.90          0.32%         35.70     30.20      15,658,649           4,175,640         29.79            2.01      2.21%
 Alujain Corporation                            2170.SE          18,509         330,402          9,678          17.85       17.35        (0.86%)         19.40     17.00       1,200,620             320,165           NM             2.32      0.00%
 Arabian Industrial Development Co.             2210.SE          45,142         475,918         14,281          10.54       10.45        (0.48%)         11.00     10.10       1,343,034             358,142           NM             0.85      0.00%
 Saudi Industrial Investment Group              2250.SE          28,983         680,584         11,261          23.48       24.10         10.30%         25.30     21.75      10,845,000           2,892,000         38.06            1.98      2.07%
 Sahara Petrochemical Co.                       2260.SE          73,674       1,785,767         22,692          24.24       26.70         19.46%         27.20     21.90       7,810,551           2,082,814           NM             2.65      0.00%
 Yanbu National Petrochemicals Co.              2290.SE          87,778       4,002,552         49,223          45.60       48.80         25.45%         50.00     38.30      27,450,000           7,320,000           NM             4.84      0.00%
 Saudi International Petrochemical Co.          2310.SE          41,712       1,027,792         21,378          24.64       25.40          8.09%         26.10     23.25       8,466,658           2,257,776         60.10            1.72      3.94%
 Advanced Polypropylene Co.                     2330.SE          30,211         722,131         16,950          23.90       24.20          5.45%         25.20     22.80       3,421,275             912,340         26.91            2.05      4.13%
 S di K
 Saudi Kayan                                    2350 SE
                                                2350.SE         746 941
                                                                746,941     15 696 628
                                                                            15,696,628         105 673
                                                                                               105,673          21 01
                                                                                                                21.01       22 35
                                                                                                                            22.35         16 10%
                                                                                                                                          16.10%         22 85
                                                                                                                                                         22.85     18 95
                                                                                                                                                                   18.95      33 525 000
                                                                                                                                                                              33,525,000           8 940 000
                                                                                                                                                                                                   8,940,000           NM             2 17
                                                                                                                                                                                                                                      2.17      0 00%
                                                                                                                                                                                                                                                0.00%
 Rabigh Refining and Petrochemical Co.          2380.SE          78,524       2,816,717         38,115          35.87       35.00          2.64%         37.90     33.70      30,660,000           8,176,000           NM             3.92      0.00%
  Petrochemical Industries Sector                            1,497,484     41,443,896         461,321                                     6.80%                            501,094,627         133,625,234          47.52            2.86      1.71%
 Arabian Cement Co.                             3010.SE           2,943         121,266          2,773          41.21       40.70        (2.86%)         42.50     39.90       3,256,000             868,267         19.00            1.47      4.91%
 Yamamah Saudi Cement Co.                       3020.SE           5,924         310,002          3,979          52.33       52.75          2.93%         54.50     50.50       7,121,250           1,899,000         12.68            2.33      5.69%
 Saudi Cement Co.                               3030.SE           2,787         208,890          3,450          74.96       78.50          7.53%         79.50     72.00       8,007,000           2,135,200         13.61            2.60      4.46%
 The Qassim Cement Co.                          3040.SE           2,517         184,406          2,846          73.26       72.25        (3.02%)         75.50     71.75       6,502,500           1,734,000         10.70            3.54      8.30%
 Southern Province Cement Co.                   3050.SE             916          63,842            990          69.69       70.00        (0.71%)         71.25     68.00       9,800,000           2,613,333         13.36            3.98      7.14%
 Yanbu Cement Co.                               3060.SE           2,655         121,358          2,781          45.71       44.60        (4.70%)         47.10     44.50       4,683,000           1,248,800          9.66            1.94      6.73%
 Eastern Province Cement Co.                    3080.SE           1,729          83,365          2,030          48.22       45.40        (9.20%)         50.50     45.10       3,904,400           1,041,173         11.13            1.92      6.61%
 Tabuk Cement Co.                               3090.SE           2,093          39,483          1,685          18.86       18.60        (3.38%)         19.40     18.50       1,674,000             446,400         13.82            1.52      8.06%
  Cement Sector                                                 21,564      1,132,612          20,534                                   (0.64%)                             44,948,150          11,986,173          12.42            2.47      6.39%
 Abdullah Al Othaim Markets Co.                 4001.SE           5,846         382,283         13,182          65.40       71.75         20.08%         76.50     57.25       1,614,375             430,500         20.82            4.71      3.48%
 Mouwasat Medical Services Co.                  4002.SE           1,935         125,839          4,126          65.04       68.00         10.12%         69.50     60.75       1,700,000             453,333         15.88            3.54      1.47%
 Saudi Automotive Services Co.                  4050.SE           5,596          73,186          3,992          13.08       13.10        (1.50%)         13.45     12.25         589,500             157,200         17.39            1.18      0.00%
 National Agriculture Marketing Co.             4160.SE          31,040       1,053,597         34,630          33.94       31.10       (24.33%)         41.70     29.00         311,000              82,933           NM             4.44      0.00%
 Fitaihi Holding Group                          4180.SE          22,783         327,698         13,148          14.38       14.75          5.36%         15.10     13.65         737,500             196,667         70.20            1.20      0.00%
 Jarir Marketing Co.                            4190.SE           1,272         192,314          3,314         151.20      159.00          9.47%        162.25    141.75       6,360,000           1,696,000         17.01            8.80      4.14%
 Aldrees Petroleum & Transport Co.              4200.SE           3,489         141,697          5,198          40.61       42.60         13.60%         44.20     36.60       1,065,000             284,000         15.46            3.07      3.52%
 Fawaz Abdulaziz Al-Hokair Co.                  4240.SE           2,698         114,351          5,850          42.39       42.40          3.16%         44.70     39.50       2,968,000             791,467         14.62            2.78      0.00%
 Al Khaleej Training & Development Co.          4290.SE           2,849         123,676          5,598          43.40       43.30          2.12%         45.00     41.50         649,500             173,200         15.45            2.85      1.15%
  Retail Sector                                                 77,507      2,534,641          89,038                                     7.65%                             15,994,875           4,265,300          17.64            3.66      2.43%
 National Gas & Industrialization Co.           2080.SE           1,384          31,186          1,575          22.54       22.10        (3.70%)         23.05     21.90       1,657,500             442,000         18.05            1.65      2.26%
 Saudi Electricity Co.                          5110.SE          64,967         753,820         11,754          11.60       11.30        (9.96%)         12.60     10.95      47,082,501         12,555,334          40.25            0.96      6.19%
  Energy & Utilities Sector                                     66,351        785,005          13,329                                   (9.76%)                             48,740,001          12,997,334          38.64            0.97      6.06%
 Savola Group                                   2050.SE          12,268         452,130          7,857          36.85       36.00          0.84%         38.30     35.00      18,000,000           4,800,000         15.16            2.59      2.78%
 Food Products Co.                              2100.SE           9,122         191,864          9,624          21.03       20.55        (2.84%)         21.70     20.20         411,000             109,600         71.52            2.33      0.00%
 Saudi Dairy & Foodstuff Co.                    2270.SE           8,467         419,620         13,872          49.56       48.50          7.30%         55.25     44.80       1,576,250             420,333         18.51            2.66      0.00%
 AL-Marai Co.                                   2280.SE           3,297         640,998          9,342         194.41      199.00          3.24%        202.25    184.00      22,885,000           6,102,667         20.87            4.25      2.01%
 Anaam International Holding Grp. (suspended)   4061.SE           4,022         233,557         10,555          58.07       57.00        (5.00%)         60.50     55.00         621,300             165,680           NM             5.54      0.00%
 Halwani Brothers Co.                           6001.SE          14,307         506,563         14,153          35.41       36.10          5.87%         37.40     33.50       1,031,413             275,043         23.27            2.22      4.85%
 Herfy Food Services Co                         6002.SE           2,934         186,764          6,149          63.66       65.25          6.97%         67.00     61.00       1,761,750             469,800         15.37            5.56      1.15%
            g                 p
 National Agriculture Development Co.           6010.SE           3,164          96,545          4,118          30.52       29.50        (
                                                                                                                                         (4.22%))        31.80     28.70       1,770,000             472,000           NM             1.81      0.00%
 Qassim Agriculture Co.                         6020.SE          17,049         164,355          7,993           9.64        9.75        (1.52%)          9.95      9.05         487,500             130,000           NM             1.22      0.00%
 Tabouk Agriculture Development Co.             6040.SE           6,818         178,643          6,329          26.20       26.00          0.39%         27.60     24.60         520,000             138,667         73.83            1.41      1.92%
 Saudi Fisheries Co.                            6050.SE           4,381         219,646         10,724          50.13       49.90        (5.40%)         53.00     45.00         998,000             266,133           NM             7.36      0.00%
 Ash-Sharqiyah Development Co.                  6060.SE           7,606         273,917         10,300          36.01       37.70          6.80%         38.00     33.60         282,750              75,400           NM             3.34      0.00%
                                                                                                Monthly Trading Indicators                                                            Market Cap.                   Month-End Valuation Indicators

                                                      Reuters   Traded Volume    Traded Value      Number of    Avg. Traded       Closing    MTM Price                                                             Trailing P/E   Trailing P/B    Dividend
Company Name                                                                                                                                             High (SAR) Low (SAR)      ('000 SAR)         ('000 USD)
                                                       Ticker    ('000 Shares)     ('000 SAR)         Deals    Price (SAR)*   Price (SAR)   Change (%)                                                                      (X)             (X)       Yield

Al-Jouf Agriculture Development Co.                   6070.SE          6,429          205,457          8,060          31.96       29.50       (13.99%)        35.40     29.00         590,000            157,333          9.37            1.10      0.00%
Bishah Agriculture Development Co. (suspended)        6080.SE            -                -              -              NA          -            0.00%          NA        NA              -                  -              NA              NA      0.00%
Gizan Agriculture Development Co.                     6090.SE          6,945          104,947          4,463          15.11       15.50          4.73%        16.05     14.10         775,000            206,667           NM             1.19      0.00%
 Agriculture & Food Industries Sector                               106,810       3,875,007         123,539                                     1.81%                            51,709,963         13,789,323          20.50            3.02      2.01%
Saudi Telecom                                         7010.SE         25,166        1,139,619         12,546          45.28       42.40       (10.74%)        48.30     41.60     84,800,000         22,613,333           7.84            2.02      7.08%
Al-Etihad Telecom Co.                                 7020.SE         23,684        1,221,076         12,881          51.56       53.00          5.47%        53.25     49.90     37,100,000           9,893,333         12.31            3.03      2.36%
ZAIN KSA                                              7030.SE         80,577          750,762         35,078           9.32        8.95        (8.21%)         9.80      8.90     12,530,000           3,341,333           NM             1.45      0.00%
Etihad Atheeb Telecommunication Co.                   7040.SE         13,522          233,893          7,865          17.30       17.40          0.29%        17.90     16.90       1,740,000            464,000           NM             1.74      0.00%
 Telecommunication & I.T. Sector                                    142,949       3,345,350          68,370                                   (6.45%)                           136,170,000         36,312,000           9.84            2.13      5.05%
The Co for Cooperative Insurance                      8010.SE          8,474          796,759         15,019          94.03       91.00          4.60%       102.50     83.00       4,550,000          1,213,333         15.35            3.23      4.40%
Malath Cooperative Insurance & Reinsurance Co.        8020.SE          7,829          194,479         10,298          24.84       23.35        (4.11%)        26.10     23.00         700,500            186,800           NM             2.78      0.00%
Mediterranean & Gulf Insurance & Reinsurance Co       8030.SE         17,367          563,017         18,225          32.42       30.00        (2.91%)        34.50     28.80       2,400,000            640,000         16.38            2.59      2.50%
Saudi Fransi Cooperative Insurance Co.                8040.SE          9,901          483,515         24,047          48.83       40.40       (46.84%)        79.75     39.70         808,000            215,467           NM            18.89      0.00%
Saudi Iaic Insurance Co-operative Co.                 8050.SE          1,925           91,351          5,095          47.46       42.80        (9.89%)        49.80     42.20         428,000            114,133         36.40            5.62      0.00%
Saudi United Cooperative Insurance Co.                8060.SE          8,277          207,811          9,592          25.11       23.60        (4.65%)        26.40     23.30         472,000            125,867           NM             2.89      0.00%
Arabian Shield Cooperative Insurance Co.              8070.SE          8,856          250,303         11,768          28.26       27.90          6.08%        31.30     26.10         558,000            148,800         68.93            2.73      0.00%
SABB Takaful                                          8080.SE          9,938          269,566         11,275          27.13       25.90        (4.43%)        28.40     25.30         880,600            234,827           NM             2.67      0.00%
Sanad Insurance & Reinsurance                         8090.SE          5,336          135,557          7,051          25.41       24.85          0.20%        26.10     24.50         497,000            132,533           NM             3.16      0.00%
Saudi Arabian Cooperative Insurance Co.               8100.SE          3,304          177,459          7,498          53.71       49.90        (4.50%)        56.50     48.60         499,000            133,067           NM             6.12      0.00%
Saudi Indian Co. for Co- operative Insurance          8110.SE          2,741          127,994          6,313          46.70       42.80        (9.32%)        48.90     42.10         428,000            114,133           NM             7.45      0.00%
Gulf Union Cooperative Insurance Co.                  8120.SE          5,378          141,376          6,531          26.29       25.20        (3.45%)        27.60     24.80         554,400            147,840           NM             2.94      0.00%
Al-Ahli Takaful Co.                                   8130.SE          2,389          252,217         11,335         105.56       99.25        (4.80%)       111.75     98.25         992,500            264,667           NM            12.91      0.00%
Al Ahlia Insurance Co.                                8140.SE          3,936          311,812         11,608          79.23       71.25        (8.95%)        85.75     70.00         712,500            190,000           NM            13.95      0.00%
Allied Cooperative Insurance Group                    8150.SE          3,587          183,430          8,198          51.14       49.30          0.82%        53.50     47.00         493,000            131,467           NM            11.04      0.00%
Arabia Insurance Cooperative Co.                      8160.SE         10,829          277,646         12,526          25.64       23.35        (5.08%)        27.50     23.00         467,000            124,533           NM             2.99      0.00%
Trade Union Insurance Co.                             8170.SE          7,829          181,518         10,254          23.18       21.70        (4.41%)        24.25     21.50         542,500            144,667           NM             2.23      0.00%
Al Sagr Co. for Cooperative Insurance                 8180.SE         19,930        1,083,387         28,615          54.36       54.75         14.06%        59.50     45.90       1,095,000            292,000           NM             5.47      0.00%
United Cooperative Assurance Co.                      8190.SE         16,669          622,508         24,196          37.35       33.60        (8.70%)        39.60     31.70         672,000            179,200           NM             3.62      0.00%
Saudi Re for Cooperative Reinsurance Co. (Saudi Re)   8200.SE         15,875          181,102          8,422          11.41       11.10        (0.89%)        11.85     11.10       1,110,000            296,000           NM             1.10      0.00%
BUPA Arabia for Cooperative Insurance                 8210.SE         17,819          526,693         21,896          29.56       25.20        (6.32%)        32.60     25.10       1,008,000            268,800         17.46            2.29      0.00%
Weqaya Takaful Insurance & Reinsurance Co.            8220.SE          7,028          191,714          9,406          27.28       25.20        (7.35%)        28.50     25.10         504,000            134,400           NM             2.78      0.00%
Al-Rajhi Company for Cooperative Insurance            8230.SE          1,955          108,007          5,340          55.25       53.50        (2.73%)        57.75     52.75       1,070,000            285,333           NM             6.20      2.34%
ACE Arabia Cooperative Insurance Co.                  8240.SE          3,446          163,482          8,132          47.44       45.50        (2.36%)        49.90     44.10         455,000            121,333           NM             5.03      0.00%
AXA Cooperative Insurance Co.                         8250.SE          4,204          112,992          5,994          26.88       25.20        (5.26%)        27.60     25.20         504,000            134,400           NM             2.59      0.00%
Gulf General Cooperative Insurance Company            8260.SE         14,843          353,095         19,733          23.79       22.30       (20.36%)        25.20     22.00         446,000            118,933           NM             2.23      0.00%
Buruj Cooperative Insurance Company                   8270.SE         12,508          433,649         17,993          34.67       32.80       (20.00%)        36.50     32.10         426,400            113,707           NM             3.28      0.00%
Al Alamiya for Cooperative Insurance Company          8280.SE          6,219          191,804         10,090          30.84       29.40        (3.61%)        32.40     29.00         588,000            156,800           NM             4.52      0.00%
 Insurance Sector                                                   238,389       8,614,242         346,450                                   (2.23%)                            23,861,400          6,363,040          73.63            3.23      1.19%
Saudi Arabia Refineries Co.                           2030.SE          4,019          194,236          7,489          48.33       48.00          0.00%        49.50     47.20         720,000            192,000           NM             1.87      1.04%
Saudi Advanced Industries Co.                         2120.SE         16,952          231,510          8,435          13.66       13.40        (2.90%)        14.25     12.95         578,880            154,368         16.46            0.75      0.00%
Al-Ahsa Development Co.                               2140.SE         32,345          421,043         14,441          13.02       14.25         19.75%        14.60     11.40         698,250            186,200           NM             1.66      0.00%
Saudi Industrial Services Co.                         2190.SE         34,516          522,414         14,148          15.14       15.15        (5.02%)        15.95     14.25       1,030,200            274,720           NM             1.41      0.00%
Assir Trading, Tourism & Manufacturing Co.            4080.SE         29,745          483,743         11,272          16.26       16.50          4.43%        17.15     15.60       2,085,402            556,107         26.26            0.87      4.55%
Al-Baha Investment & Development Co.                  4130.SE         17,226          282,980         13,917          16.43       16.75        (2.33%)        17.30     14.20         251,250             67,000           NM             2.49      0.00%
Kingdom Holding Co.                                   4280.SE         62,742          600,361         17,309           9.57        9.30        (0.53%)        10.15      9.20     34,464,705           9,190,588           NM             1.40      0.00%
 Multi-Investment Sector                                            197,545       2,736,287          87,011                                   (0.15%)                            39,828,687         10,620,983          76.87            1.36      0.26%
Basic Chemical Industries Co.                         1210.SE          5,813          187,157          9,272          32.20       32.00        (0.31%)        33.70     30.50         880,000            234,667         15.02            2.48      4.38%
Saudi Arabian Mining Co.                              1211.SE        179,033        3,505,377         58,405          19.58       20.20          6.32%        20.80     18.65     18,685,000           4,982,667         46.27            1.13      0.00%
Astra Industrial Group                                1212.SE          3,994          163,077          9,328          40.83       39.60        (2.22%)        42.20     39.60       2,935,033            782,676         14.34            1.87      9.47%
Al Sorayai Trading and Industrial Group Company       1213.SE         15,984          500,842         16,417          31.33       29.70       (16.10%)        32.90     29.10         891,000            237,600         24.66            2.56      0.00%
Saudi Pharmaceutical Indus Corp                       2070.SE          5,080          177,908          4,189          35.02       33.90          1.19%        37.60     33.20       2,659,031            709,075         17.18            1.22      4.42%
The National Co. for Glass Industries                 2150.SE          8,049          255,241          6,421          31.71       31.50          0.00%        32.50     31.00         787,500            210,000         17.30            1.73      1.59%
Filling & Packing Materials Manufacturing Co.         2180.SE          4,013          139,507          6,797          34.76       33.60        (3.72%)        35.80     33.00         386,400            103,040         19.52            3.06      0.00%
National Metal Manufacturing & Casting Co.            2220.SE          8,639          209,802          8,079          24.29       23.75        (0.63%)        24.85     23.70         606,955            161,855         39.07            1.76      2.11%
Saudi Chemical Co.                                    2230.SE          6,156          274,610          5,161          44.61       45.80          6.76%        46.60     42.00       2,896,392            772,371          9.62            2.34      3.28%
Saudi Paper Manufacturing Co.                         2300.SE          3,171          179,435          4,516          56.58       58.00          6.42%        60.50     53.75       1,740,000            464,000         18.51            3.41      2.16%
Al-Abdulatif Industrial Group                         2340.SE          9,741          376,505         13,257          38.65       37.40       (16.89%)        45.00     36.90       3,038,750            810,333         18.03            2.20      9.36%
Saudi Industrial Export Co.                           4140.SE          4,716          155,025          6,002          32.87       32.40        (2.41%)        33.70     31.10         349,920             93,312           NM             3.41      0.00%
 Industrial Investment Sector                                       254,389       6,124,486         147,844                                     1.54%                            35,855,981          9,561,595          23.95            1.42      2.44%
Mohammad Al-Mojil Group                               1310.SE         14,615          336,310         14,069          23.01       22.30        (5.71%)        24.10     21.80       2,787,500            743,333         69.12            1.52      0.00%
                 Co.
Saudi Steel Pipe Co                                   1320.SE
                                                      1320 SE          6,413
                                                                       6 413          203,773
                                                                                      203 773          7,027
                                                                                                       7 027          31.77
                                                                                                                      31 77       30.60
                                                                                                                                  30 60        (7.27%)
                                                                                                                                               (7 27%)        33.10
                                                                                                                                                              33 10     29.80
                                                                                                                                                                        29 80       1,560,600
                                                                                                                                                                                    1 560 600            416,160
                                                                                                                                                                                                         416 160         13.83
                                                                                                                                                                                                                         13 83            1.74
                                                                                                                                                                                                                                          1 74      6.54%
                                                                                                                                                                                                                                                    6 54%
Saudi Ceramic Co.                                     2040.SE          1,308          173,507          4,196         132.61      137.00         12.76%       141.25    120.75       3,425,000            913,333         17.37            3.99      2.19%
National Gypsum Co.                                   2090.SE          1,810           69,588          3,350          38.45       37.50       (12.18%)        43.10     35.80       1,187,475            316,660         13.41            2.50      6.67%
Saudi Cable Co.                                       2110.SE         35,359          778,844         18,920          22.03       20.00       (14.71%)        24.10     19.75       1,520,000            405,333         14.71            1.17      0.00%
                                                                                                                                  Monthly Trading Indicators                                                                                        Market Cap.                          Month-End Valuation Indicators

                                                                         Reuters        Traded Volume            Traded Value          Number of       Avg. Traded         Closing      MTM Price                                                                                       Trailing P/E     Trailing P/B        Dividend
    Company Name                                                                                                                                                                                        High (SAR) Low (SAR)                     ('000 SAR)              ('000 USD)
                                                                          Ticker         ('000 Shares)             ('000 SAR)             Deals       Price (SAR)*     Price (SAR)     Change (%)                                                                                                (X)               (X)           Yield

    Saudi Industrial Development Co.                                     2130.SE                17,560               161,614               8,485                9.20         9.35            4.47%             9.85           8.55                 374,000                   99,733               NM              1.29          0.00%
    Saudi Arabian Amintit Co.                                            2160.SE                11,816               289,043               7,925               24.46        23.35          (4.50%)            25.20          23.00               2,696,925                  719,180             13.32             1.63          4.28%
    Arabian Pipe Co.                                                     2200.SE                 6,060               211,871               4,025               34.96        33.50          (5.90%)            36.80          32.40               1,055,250                  281,400             42.65             1.43          0.00%
    Zamil Industrial Investment Co.                                      2240.SE                 4,718               240,718               5,446               51.02        49.00         (26.87%)            67.75          46.60               2,940,000                  784,000             12.77             2.46          2.30%
    Al-Babtain Power & Telecommunications Co.                            2320.SE                 4,636               192,286               6,408               41.48        42.40            6.27%            43.40          38.90               1,717,200                  457,920             15.69             2.96          3.54%
    Saudi Vitrified Clay Pipes Co.                                       2360.SE                 5,662               330,712               9,119               58.41        62.25           26.01%            65.50          49.10                 933,750                  249,000             21.92             4.31          3.61%
    Middle East Specialised Cables                                       2370.SE                12,722               358,767              12,990               28.20        25.50         (20.31%)            32.50          25.30               1,020,000                  272,000             19.96             2.02          3.92%
    Red Sea Housing                                                      4230.SE                 1,854               112,786               5,202               60.84        58.00          (4.13%)            63.50          57.75               1,740,000                  464,000             14.91             2.48          3.45%
     Building & Construction Sector                                                           124,533             3,459,818             107,162                                           (2.64%)                                             22,957,700                6,122,053              17.45             2.04          2.76%
    Saudi Real Estate Co.                                                4020.SE                 2,046                51,824               2,028               25.32        24.60          (5.02%)            26.20          24.00               2,952,000                  787,200             32.17             0.97          3.05%
    Taibah Holding Co.                                                   4090.SE                 4,110                69,893               2,708               17.01        16.70          (4.57%)            17.50          16.55               2,505,000                  668,000             36.48             0.89          7.19%
    Makkah Construction & Development Co.                                4100.SE                 6,588               199,783               5,298               30.33        30.10            1.35%            31.20          29.50               4,960,962                1,322,923             30.85             1.28          0.00%
    Arriyadh Development Co.                                             4150.SE                13,595               178,575               4,783               13.14        13.10          (1.87%)            13.65          12.75               1,310,000                  349,333             14.13             0.92          5.73%
    Emaar The Economic City                                              4220.SE                47,285               451,846              18,263                9.56         9.20          (6.60%)            10.00           9.10               7,820,000                2,085,333               NM              0.99          0.00%
    Jabal Omar Development Co.                                           4250.SE                32,997               659,222              11,687               19.98        19.70          (1.75%)            20.30          19.55             13,226,580                 3,527,088               NM              1.99          0.00%
    Dar Al Arkan Real Estate Development Co.                             4300.SE                42,777               604,264              12,774               14.13        14.15            0.00%            14.60          13.70             15,282,000                 4,075,200              7.20             1.10          0.00%
     Real Estate Development Sector                                                           149,398             2,215,405              57,541                                           (2.08%)                                             48,056,542               12,815,078              21.80             1.22          0.72%
    The National Shipping Co of Saudi Arabia                             4030.SE                28,282               563,828               8,232               19.94        21.15            4.19%            21.95          18.95               6,662,250                1,776,600             18.36             1.34          4.73%
    Saudi Public Transport Co.                                           4040.SE                11,707                96,950               5,048                8.28         8.20          (2.96%)             8.50           8.10               1,025,000                  273,333             32.60             0.74          0.00%
    Saudi Transport & Investment Co.                                     4110.SE                 7,344               141,682               7,223               19.29        18.85          (7.82%)            20.65          16.80                 339,300                   90,480             61.80             2.00          0.00%
    United International Transportation Co. Ltd.                         4260.SE                   826                51,358               2,541               62.16        59.50          (5.93%)            64.25          59.00               1,088,850                  290,360             12.69             2.68          3.36%
     Transport Sector                                                                          48,159               853,818              23,044                                             1.55%                                              9,115,400                2,430,773              18.78             1.31          3.86%
    Tihama Advertising & Public Relations Co.                            4070.SE                 4,990               123,390               4,754               24.73        25.40            5.39%            26.20          22.50                 381,000                  101,600               NM              1.76          0.00%
    Saudi Research and Marketing Group                                   4210.SE                 1,134                29,685               1,807               26.17        24.40          (8.27%)            27.30          24.40               1,952,000                  520,533             43.04             1.54          2.05%
    Saudi Printing & Packing Co.                                         4270.SE                 1,327                20,565               1,418               15.50        15.10          (4.43%)            15.80          15.05                 906,000                  241,600             12.06             1.17          0.00%
     Media & Publishing Sector                                                                  7,451               173,640               7,979                                           (5.77%)                                              3,239,000                  863,733              27.45             1.43          1.23%
    Saudi Hotels & Resort Areas Co.                                      4010.SE                 1,362                41,774               1,567               30.66        29.90          (5.97%)            32.00          29.00               2,063,279                  550,208              5.42             1.27          5.02%
    Tourism Enterprise Co.                                               4170.SE                14,051               448,541              16,277               31.92        31.80          (4.22%)            34.10          27.20                 322,770                   86,072               NM              4.59          0.00%
     Hotel & Tourism Sector                                                                    15,413               490,316              17,844                                           (5.74%)                                              2,386,049                  636,280               6.30             1.41          4.34%
     Total Saudi Market                                                                    3,468,157             87,482,141           1,708,848                                              0.57%                                        1,352,481,367              360,661,698               21.90             2.21          2.45%

Source: Tadawul & Reuters
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for individual stocks is
based on Full Year 2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the month. MTM: Month to Month price
change for individual stocks is calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization.
                                                                                 KAMCO Research


                                                                                 GCC Equity Markets Monthly Review




Kuwait Stock Exchange
                                Closing                Apr-10         60 Day    90 Day      YTD-10     12 Month
Benchmark Return
                                  Value       Point             (%)      (%)       (%)         (%)          (%)

KSE Price Index                 7,299.40    (234.20)      (3.11%)     (1.08%)   3.76%        4.20%        (3.41%)

KSE Weighted Index               435.65       (5.37)      (1.22%)      2.47%    15.90%      12.94%        10.06%

KAMCO TRW Index                 2,735.28     (25.83)      (0.94%)      1.89%    11.33%       9.35%         6.30%



Performance Review
The absence of new growth drives and lack of confidence in the market led investors to remain on the
sidelines during the month. As a result, The KSE Weighted and KAMCO TRW Indices bucked its previous
month positive trend to shed 1.22% & 0.94% during April to close at 435.65 and 2,735.28 points and end as
the third worst performing market among its peers in the GCC region. The apparent negative mood prevalent
in the market was due to the delay in announcing Q1-10 results. Also, high speculations over developments
surrounding market heavyweights ZAIN and Agility shaped the market performance during the month.
Losses incurred during the month pushed the KSE Weighted Index and KAMCO TRW Index YTD-10 gains to
drop to 12.94% and 9.35% after recording 14.3% and 10.4% in Mar-10.

A positive turnaround in FY-09 earnings by listed companies as compared to the same period a year earlier
boosted investor sentiments as the KSE Weighted Index and KAMCO TRW Index gained 1.70% and 1.33%
to close the first six trading sessions of the month on an upbeat note. The aggregate net profit stood at KD
97.3 million as compared to a net loss of KD 101 million in 2008. Also, National Bank of Kuwait's (NBK)
announcement that it is considering to buy a stake in Garanti Bank (Turkey) added to the positive sentiments.
During the same period NBK witnessed its share price gain 3.3% to KD 1.240. During the second week of
trade, the filing of a new indictment by U.S authorities against market heavyweight Agility followed by the
latter's replacement as the main supplier to the U.S military in Kuwait and Iraq shaped the market's negative
performance during the week. Also, during the same period, International Investment Group's (IIG)
announcement that it had defaulted on a payment for its USD 200 million Islamic bond (Sukuk) too weighed
on sentiments. As a result, the KSE Weighted Index and KAMCO TRW Index, during the second week of
trade incurred losses of 3.06% and 2.32% respectively. During the same period, Agility witnessed its share
price drop 5% to KD 0.570.

Trading during the third week of trade remained highly volatile as investors closely followed the
developments surrounding Agility and awaited the declaration of the Q1-10 financial results. As a result, the
KSE Weighted Index and KAMCO TRW Index, reported marginal losses of 0.52% and 0.45% respectively.
Losses incurred during the week pushed the KSE Price Index to fall below 7,300 points and close at its
lowest level since 14 Feb-10 to 7,244.30 on 21 Apr-10. Led by gains recorded on market heavyweight Agility
over speculations that the firm was close to a out of court settlement with the U.S government to settle the
fraud charges charged against the firm led the market to post marginal gains and end the last week of trade
on a positive note. As a result, the KSE Weighted Index and KAMCO TRW Index, during the last five trading
sessions of the month, reversed their previous week downward trend to gain 0.72% and 0.54% respectively.
During the period, Agility witnessed its share price surge 12.5% to KD 0.630.

During the month, ZAIN witnessed its share price drop 2.94% to KD 1.320. ZAIN had come under selling


                                                                                                              19
                                                                                  KAMCO Research


                                                                                  GCC Equity Markets Monthly Review




pressure during the first half of the month over high investor speculation that the USD 10.7 billion deal with
Bharati Airtel to sell it African assets would take a considerable time to close. Also, Congo Republic's and
Gabon objections regarding the deal too had a negative impact on the stock. As a result, ZAIN witnessed its
share price drop nearly 6% to KWD 1.280 on 15 Apr-10. However, Bharti Airtel's announcement that it
expects to close its deal to acquire ZAIN's assets by mid- May coupled with ZAIN's announcement that the
Gabon Government approved the sale of ZAIN Gabon to Bharti boosted investor sentiments. As a result,
ZAIN, during the latter half of the month, managed to recoup some of its losses to gain 3.1% to KWD 1.320
on 29 Apr-10 as compared to its close on 15 Apr. Agility, another market heavyweight, witnessed its monthly
share price gain 5.00% to KD 0.630 over the U.S Governments announcement that it was close to a out of
court settlement with Agility to settle the fraud charges charged against the firm. In due course of the month,
Agility had also announced a 22% increase in its Q4-08 net profits which enabled the firms FY-09 profit to
rise to KD 156.4 million as compared to KD 141 million in 2008. Agility, however had come under selling
pressure during the first half of the month as news that the U.S authorities had filed a new indictment against
the firm weighed on sentiments. It would be worthy to note that the new indictment contained no new charges
against Agility, but instead extended existing charges to include two company affiliates.

During the month, the CBK announced the issuance of five tranches of one-year Treasury Bonds, totaling KD
410 million and carrying a coupon of 1.25% per annum. Treasury Bonds issues by the CBK serves to wipe off
excess cash in local banks and to create investment opportunities for risk-averse banks that are reluctant to
extend credit or invest amid the current turbulence in the capital markets.

The Banking sector which accounts for 34.2% of the total market capitalization gained 1.5% in its value to KD
11.67 billion (USD 40.7 billion) compared to KD 11.50 billion (USD 40.2 billion) at the end of Mar-10. Better
than expected Q1-10 earnings by a majority of the banks boosted investor sentiments. During the month,
National Bank of Kuwait (NBK) and Boubyan Bank witnessed its share price gain 3.3% and 26.1% to KD
1.240 & KD 0.530 respectively. In due course of the month, NBK announced a 20% increase in its Q1-10
profits as compared to the same period a year earlier while Boubyan had reported a profit of KD 1.6 million
against a net loss of KD 11.7 million for Q1-09. In other developments during the month, S&P Ratings
lowered Commercial Bank of Kuwait's (CBK) Long-Term Counter Party credit rating to 'BBB' from 'A-' and
affirmed its 'A-2' short-term rating. The outlook remains stable. The rating action reflects S&P's view that
CBK's asset quality has materially deteriorated, and is likely to continue its negative trend in the coming
quarters, which would thereby weigh heavily on the banks bottom line profitability.

The Investment sector which accounts for nearly 10% of the total market capitalization shed 6.2% to KD 3.29
billion (USD 11.5 billion) compared to KD 3.50 billion (USD 12.2 billion) in Mar-10. The Investment Dar (TID),
during the month, finally announced its FY-08 results. TID announced a net loss of KD 80.3 million for FY-08
as compared to a net profit of KD 126 million for FY-07. TID, however continues to remain suspended. In
other developments, Global Investment House (GLOBAL) witnessed its share price drop nearly 8.7% to KD
0.095. During the month, GLOBAL announced that it plans to raise its capital by KD 100 million to KD 231.24
million through issuing shares at a value of KD 0.100 per share. The firm announced that it will vote on the
capital hike at a shareholders meeting on 5 May-10. In due course of the month, GLOBAL had also
announced that it received arbitration rulings in its favor from Kuwait's Chamber of Commerce and Industry
over disputes with two local firms over USD 50.2 million.

Total market capitalization during the month dropped 1.2% to KD 34.10 billion (USD 119.0 billion) at the end
of April, down from KD 34.52 billion (USD 120.5 billion) recorded at the end of Mar-10. The Real Estate
sector shed nearly 4.7% to record KD 1.94 billion (USD 6.8 billion) while the Industrial sector dropped 3.3% to
end at KD 2.9 billion (USD 10.2 billion). The Services sector incurred losses of 1.8% to KD 9.9 billion (USD
34.5 billion).


20
                                                                                 KAMCO Research


                                                                                 GCC Equity Markets Monthly Review




KAMCO TRW Index 52 Week Performance Relative to Volume

                          2,925                                                                       1650
                          2,875                                                                       1500
                          2,825                                                                       1350
  KAMCO TRW Index Value




                          2,775                                                                       1200




                                                                                                               Vol. Traded (shr. mil.)
                          2,725                                                                       1050
                          2,675                                                                       900
                          2,625                                                                       750
                          2,575                                                                       600
                          2,525                                                                       450
                          2,475                                                                       300
                          2,425                                                                       150
                          2,375                                                                       0
                                   30.4.09
                                   14.5.09
                                   28.5.09
                                   11.6.09
                                   25.6.09
                                    9.7.09
                                   23.7.09
                                    6.8.09
                                   20.8.09
                                    3.9.09
                                   17.9.09
                                   1.10.09
                                  15.10.09
                                  29.10.09
                                  12.11.09
                                  26.11.09
                                  10.12.09
                                  24.12.09
                                    7.1.10
                                   21.1.10
                                    4.2.10
                                   18.2.10
                                    4.3.10
                                   18.3.10
                                    1.4.10
                                   15.4.10
                                   29.4.10
Source: KAMCO Research

On the corporate earnings front, 38 out of 201 listed companies with Q1 ending March have announced their
Q1-10 financial results. The aggregate net profits announced so far stood at KD 196.1 million, as compared
with a net profit of KD 172.8 million for Q1-2009. Aggregate Q1-10 profit of the 7 listed banks grew by 13.2%
to reach KD 131.1 million, as compared with KD 115.8 million for Q1-09, driven by the 20% growth in NBK's
Q1-10 net profit to reach KD 76.3 million. Out of the 38 companies that announced its Q1-10 results, 34
companies managed to post profits.

                                   KAMCO TRW Index Monthly Performance & Volatility
Month                                                           Index Value            Return             Volatility
April-09                                                           2,573.22             7.71%              16.92%
May-09                                                             2,790.38             8.44%              12.31%
June-09                                                            2,815.39             0.90%              13.45%
July-09                                                            2,754.29           (2.17%)              21.76%
August-09                                                          2,889.04             4.89%              11.72%
September-09                                                       2,835.25           (1.86%)              11.87%
October-09                                                         2,676.62           (5.59%)              12.09%
November-09                                                        2,505.34           (6.40%)              22.40%
December-09                                                        2,501.48           (0.15%)              16.60%
January-10                                                         2,450.13           (2.05%)              11.03%
February-10                                                        2,684.52             9.57%              10.72%
March-10                                                           2,761.11             2.85%               8.59%
April-10                                                           2,735.28           (0.94%)               9.14%
Source: KAMCO Research




                                                                                                                21
                                                                                                   KAMCO Research


                                                                                                   GCC Equity Markets Monthly Review




Liquidity
                                          Market Trading & Technical Indicators
                                                                                 Month                M-T-M          Average Daily
                                                                                  Value            % Change                YTD-10
Volume Traded (Mln Shares)                                                      6,492.6             (31.69%)                454.86
Value Traded (KD Mln)                                                           1,476.2             (12.66%)                 74.47
No. of Trades                                                                   144,088             (14.52%)                 7,385

                                                                               April-10             March-10          December-09
P/E Multiple (X)                                                                   26.00                 26.27                 36.09
P/B Multiple (X)                                                                    1.53                  1.54                  1.55
Dividend Yield (%)                                                                3.44%                 3.40%                 2.54%
PE is based on the net profits for the period ending FY-09 and Month end market capitalization. PB based on 31 Dec -09 Equity figures;
yield is based on 2009 cash dividends and Month end market capitalization. We have excluded FY-08 financial results of the 30
companies that reported the highest losses while calculating the Price-to-Earning Multiple (P/E).
Source: KAMCO Research

                                             Most Active Stocks for the Month
                                                                               Volume                   Value                  Close
                                                                          (000 shares)             (000 KWD)                  (KWD)
Mubarrad Transport Co.                                                         265,840                 34,395                  0.110
Al-Safwa Group Co. (Holding)                                                   257,840                 14,143                  0.053
Kuwait & Gulf Link Transport Co.                                               231,140                 72,758                  0.260
Kuwait Real Estate Co.                                                         229,400                 18,370                  0.076
Gulf Finance House                                                             212,560                 13,838                  0.060
Source: KAMCO Research




Market Movers
Reflecting the weak performance of the market during April, the market breadth skewed largely towards the
losers, with an advancer-to-decliner ratio 43-to-121, while 47 stocks remained unchanged from last month.
Housing Finance Co. ended as the months top gainer, advancing 56.4% to KD 0.172. Tamdeem Investment
Co. (TAMINV) advancing 45.3% to close at KD 0.385 mainly on the back of news that the company will sell
its stake in Ahli United Bank (AUB) along with other investors and expects to realize a net profit of. AUB
witnessed its share price gain 16% to KD 0.232 over its announcement that a Gulf entity has agreed to buy a
25% stake in the same in a deal estimated to be worth about USD 1.32 billion. Kuwait Portland Cement Co
advanced 14.9% during the month mainly over its announcement that it has authorized TAMINV to sell
atleast half of its stake in AUB. On the other hand, Gulf Glass Manufacturing Co. was the top loser falling
44.1% to close at KD 0.425 followed by Mubarrad Transport Co. and United Industries Co. dipping 28.6%
and 25.0% to close the month at KD 0.110 and KD 0.099 respectively.




22
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




                   Best Return Performers                                              Worst Return Performers
                                                    Close    M-T-M                                                      Close     M-T-M
                                                   (KWD)     % Chg                                                     (KWD)      % Chg
Housing Finance Co.                                 0.172   56.36%     Gulf Glass Manufacturing Co.                     0.425   (44.08%)
Tamdeen Investment Co.                              0.385   45.28%     Mubarrad Transport Co.                           0.110   (28.57%)
Boubyan Bank                                        0.530   26.18%     United Industries Co.                            0.099   (25.00%)
Ahli United Bank                                    0.232   16.00%     MAZAYA Holding Co.                               0.106   (24.29%)
Kuwait Portland Cement Co.                          1.540   14.93%     Kuwait & Gulf Link Trans. Co.                    0.260   (22.39%)
We have excluded from the top losers list all the stocks that have traded on their X-dividend date during the month.
Source: KAMCO Research


Sectors Performance
                                                       Sectors Performance
                                                                  Monthly Trading Indicators                Valuation Multiples
                                        Market Cap           M-T-M      Volume                Value           P/E      P/B       Dividend
                                        (000 KWD)            % Chg (000 Shares)          (000 KWD)            (X)       (X)     Yield (%)
Banking Sector                          11,669,397            1.45%     571,868             348,713         22.42      2.31        1.71%
Investment Sector                        3,287,673          (6.15%)   1,827,790             225,450           NM       0.79        1.40%
Insurance Sector                           310,545            0.17%       2,420                 791         72.89      1.12        4.52%
Real Estate Sector                       1,936,707          (4.72%)     895,540              98,344           NM       0.75        0.80%
Industrial Sector                        2,919,049          (3.32%)     596,605             171,106         39.31      1.49        1.60%
Services Sector                          9,874,731          (1.84%)   2,116,820             560,202         20.41      1.75        7.63%
Food Sector                                779,828          (5.16%)      29,825               6,135         15.92      1.86        3.90%
Non-Kuwaiti Sector                       3,322,536            1.71%     451,755              65,423         14.01      1.48        2.02%
Total Kuwaiti Market                    34,100,465          (1.21%)   6,492,623           1,476,165         26.00      1.53        3.44%
Market Cap, P/E, P/B & Yield as of 29 April 2010
Source: KAMCO Research


Corporate News
      *    Combined Group Contracting Co. announced that it has been awarded, in partnership with Abu
           Dhabi Land General Contracting Co., an 18-month KWD 41.2 million tender offer from Tamouh
           Investments Co. (Abu Dhabi), in which the company will be the leading partner (80.9%), to
           implement infrastructure projects in Al Reem Island (Abu Dhabi). The company also announced that
           it has won a six-month KWD 4.1 million civil work agreement from Al Ain Farms for Livestock
           Production to build concrete paving, water, and electricity infrastructure in Al Fawaa cow farms with
           a 12-month maintenance period. In other developments, the company also announced that it has
           signed a 2-year KWD 27.6 million contract with the Ministry of Public Works. (Zawya Dow Jones
           Newswire).
      *    Kuwait and Gulf Link Transport Co. announced that its fully owned subsidiary, KGL Transportation
           Company, has won a three-year KWD 3.8 million tender offer to rent buses. (Zawya Dow Jones Newswire).
      *    Al Kout Industrial Projects announced that it has signed a three-year KWD 3.6 million chlorine
           contract with The Public Authority for Industry. (Zawya Dow Jones Newswire)
      *    Al Safat Energy Holding Co. announced that its 70% owned subsidiary, Eastern Testing Services,
           has signed a two-month USD 1.2 million contract with OMV Company to provide oil wells testing
           services in Kurdistan (Iraq). (Zawya Dow Jones Newswire)
      *    Burgan Bank announced that it will grant a KWD 44.5 million credit facility to KGL International for


                                                                                                                                     23
                                                                                   KAMCO Research


                                                                                   GCC Equity Markets Monthly Review




         Ports, Warehousing and Transport to supply, install and operate container handling equipment at
         the Shuwaikh Port. (Zawya Dow Jones Newswire)
     *   Specialities Group Holding Co. announced that its fully owned subsidiary, Alghanem Specialities Co., has
         been awarded a five-year KWD 64.4 million tender offer from The Central Tenders Committee to
         manufacture, supply, install and maintain cranes for Shuaiba Port. (Zawya Dow Jones Newswire)
     *   United Industries Co. announced that its 25% owned subsidiary has been awarded a seven-year
         KWD 87.6 million tender offer from Kuwait Oil Company to construct, operate and maintain a
         production facility. (Zawya Dow Jones Newswire)
     *   Al Safat Investment Co. announced that one of its fully owned subsidiaries has exited its investment
         in China and realized a profit of KWD 4.25 million. (Zawya Dow Jones Newswire).
     *   National Real Estate Co. announced that one of its 100% owned subsidiaries in Lebanon has sold
         two of its subsidiaries in Lebanon for a total value of USD 21.8 million and realized a profit of USD
         14.9 million which will be reflected in the company's financial statement for Q1 2010. The company
         also announced an AED1.2 billion four-tower residential project to be developed on Najmat Abu
         Dhabi on Al Reem Island. (Zawya Dow Jones Newswire)
     *   Kuwait Portland Cement Co. announced that it has sold a part of its investment in Tamdeen
         Investment Company for a total amount of KWD 2.1 million and realized a profit of KWD 1.3 million
         which will be reflected in the company's financial statements for the second quarter ending 30 Jun-
         10. (Zawya Dow Jones Newswire)
     *   Mena Holding announced that it is undergoing negotiations with The Egyptain Kuwaiti Development &
         Investment Company to acquire an unspecified amount of the latter's shares. (Zawya Dow Jones Newswire)


Country & Economic News
     *   Kuwait real estate sales rose 130% in Mar-10 as compared to the same period a year earlier due to
         high turnover in residential and investment property. Sales rose to KD 205.8 million from KD 89.4
         million in Mar-09. Residential property deals, which represent the biggest portion of total real estate
         transactions, were up 194% to KD 141.6 million as compared to 48.2 million a year earlier.
         Investment property sales rose 90.0% to KD 49.6 million as compared to the same period a year
         earlier. (Reuters)
     *   According to EIU estimates, the income surplus will widen in 2010-11, as income from Kuwait"s
         extensive foreign investments rises, owing to a pick-up in world financial markets. Services debits
         are forecast to increase to USD 16 billion in 2011, as import spending rises and overseas activities
         in logistics, finance and telecommunications expand. Current transfer's outflows mainly remittances
         from expatriate workers are expected to grow in 2010-11, after stagnating in 2008-09 as expatriates
         felt the impact of the economic slowdown. As a result, the non-merchandise deficit will widen over
         the forecast period but will have little bearing on the overall current-account position, which will
         broadly mirror movements in the trade account, widening from an estimated 21.7% of GDP in 2009
         to 27.2% of GDP in 2010, before narrowing to 24.4% of GDP in 2011. (Economic Intelligence Unit)
     *   According to EIU estimates, export earnings (over 90% of which are generated by the oil sector) fell
         by over 40% in 2009, to just below USD 50 billion, owing to a decline in oil prices and output. In
         2010 a rise in production and prices is forecast to boost total export earnings to USD 64.6 billion.
         Lower oil prices in 2011 will be partly offset by stronger output growth, to generate a small rise in
         export revenue. Import spending, which is estimated to have dropped by 12% in 2009, is expected
         to pick up again over the forecast period. As a result, the trade surplus is projected to widen from
         around USD 29 billion in 2009 to USD 42.1 billion in 2010, slipping slightly to USD 40.8 billion in
         2011. (Economic Intelligence Unit)


24
                                                                   Q1-10 Corporate Earnings
                                                                                   Kuwait Stock Exchange
                                                     Net Profit/(Loss)                                        EPS
Company                                                                                 Change%
                                                 Q1-09               Q1-10                            Q1-09         Q1-10
All amounts are in KD

National Bank of Kuwait                            63,525,155             76,260,404         20.0%        0.020         0.024
Gulf Bank                                           1,593,000               524,000         (67.1%)       0.001         0.000
Al Ahli Bank of Kuwait                             15,116,000             15,283,000          1.1%        0.013         0.013
The Bank of Kuwait and The Middle East             10,219,913              6,243,659        (38.9%)       0.011         0.007
Kuwait International Bank                          (2,204,086)              290,863             NM       (0.002)        0.000
Kuwait Finance House                               39,293,717             30,905,654        (21.3%)       0.016         0.013
Boubyan Bank                                      (11,721,000)             1,620,000             NM      (0.008)        0.001
Banking Sector                                   115,822,699        131,127,580             13.2%

KIPCO Asset Management Co.                           251,970               1,023,541        306.2%        0.001         0.004
Investment Sector                                   251,970              1,023,541         306.2%

Gulf Insurance Co.                                  2,286,870              2,568,328         12.3%        0.014         0.016
Insurance Sector                                   2,286,870             2,568,328          12.3%

Union Real Estate Co.                                276,705                315,711          14.1%        0.001         0.002
AL Enmaa Real Estate Co.                             381,805                102,139         (73.2%)       0.001         0.000
Sanam Real Estate Co.                                (223,908)               215,356            NM       (0.002)         0.002
Kuwait Business Town Real Estate Co.                  373,316             (7,420,060)           NM        0.001         (0.009)
Real Estate Sector                                  807,918              (6,786,854)      (940.0%)

Shuaiba Industrial Co.                               282,607                385,559          36.4%        0.005         0.007
United Industries Co.                                (200,738)             2,790,332            NM       (0.001)        0.011
Gulf Glass Manufacturing Co.                         879,620                302,652         (65.6%)       0.023         0.008
Kuwait Building Materials Manufacturing Co.          244,827                 86,556         (64.6%)       0.009         0.003
Kuwait Gypsum Manufacturing & Trading Co.            125,979                113,484          (9.9%)       0.004         0.004
Qurain Petrochemical Industries Co.                 8,788,639              3,251,537        (63.0%)       0.008         0.003
Salbookh Trading Co.                                 (839,060)              (520,238)       (38.0%)      (0.004)        (0.003)
IKARUS Petroleum Industries Co.                    (4,436,681)             2,054,426             NM      (0.006)         0.003
Industrial Sector                                  4,845,193             8,464,308          74.7%

Kuwait National Cinema Co.                           576,352               1,604,117        178.3%        0.006         0.016
Kuwait Hotels Co.                                    736,377                353,451         (52.0%)       0.013         0.006
National Mobile Telecommunication Co.              15,306,000             16,206,000          5.9%        0.031         0.032
Kuwait & Gulf Link Transport Co.                    1,281,849              1,906,196         48.7%        0.005         0.007
Kuwait Cable Vision                                  (382,288)              (107,121)       (72.0%)      (0.007)        (0.002)
National Petroleum Services Co.                      251,597                293,096          16.5%        0.005         0.006
Privatization Holding Co.                          (2,628,322)             1,008,355            NM       (0.003)        0.001
National Slaughter Houses Co.                            23,877              37,271          56.1%        0.001         0.001
Aref Energy Holding Co.                                  88,716           13,346,513      14,944.1%       0.000         0.018
Future Communication Global Co.                      612,234                633,383           3.5%        0.008         0.008
Soor Fuel Marketing Co.                               523,966              1,313,078        150.6%        0.002         0.004
Future Kid Entertainment and Real Estate Co.         (162,545)                29,697            NM       (0.002)        0.000
Service Sector                                    16,227,813         36,624,036            125.7%

Danah Al Safat Foodstuff Co.                         (420,304)             2,303,995            NM       (0.001)        0.008
Food Sector                                         (420,304)            2,303,995             NM

Sharjah Cement & Industrial Development Co.         4,013,203              1,866,719        (53.5%)       0.007         0.003
Ras AL Khaimah Co. for White Cement                 1,033,797              1,690,410         63.5%        0.002         0.004
Inovest                                             3,158,364             (1,441,934)      (145.7%)       0.011         (0.005)
Ahli United Bank                                   24,813,115             18,696,993        (24.6%)       0.005         0.004
Non Kuwaiti Sector                                33,018,479         20,812,188            (37.0%)
Total Market                                     172,840,638        196,137,122             13.5%
Source: Kuwait Stock Exchange & KAMCO Research
Kuwait Stock Exchange Trading & Valuation Data Summary                                                                                                                                                                           April-10
                                                                                         Monthly Trading Indicators                                                                Market Cap.                     Valuation Indicators
                                                                                                                                                                                                                                         Current
                                                    Reuters    Traded Volume    Traded Value   Number of   Avg. Traded   Closing Price     MTM Price                                                        Trailing P/E Trailing P/B
 Company Name                                                                                                                                          High (KD)   Low (KD)       ('000 KD)      ('000 USD)                             Dividend
                                                     Ticker     ('000 Shares)      ('000 KD)      Deals    Price (KD)*           (KD)    Change (%)                                                                  (X)          (X)
                                                                                                                                                                                                                                            Yield
 National Bank of Kuwait                          NBKK.KW           61,140         74,597        1,381          1.220         1.240          3.33%        1.260      1.180      4,055,850      14,157,038        15.29         1.99      2.89%
 Gulf Bank                                        GBKK.KW           93,560         34,941        1,621          0.373         0.390          6.85%        0.390      0.350        978,004       3,413,745           NM         2.35      0.00%
 Commercial Bank of Kuwait                        CBKK.KW            1,040            968           42          0.931         0.910        (3.19%)        0.950      0.910      1,157,540       4,040,421           NM         2.63      0.00%
 Ahli Bank of Kuwait                              ABKK.KW            8,780          4,179          325          0.476         0.480          1.05%        0.510      0.445        691,766       2,414,627        17.66         1.66      2.48%
 United Ahli Bank                            ALMUTAHED.KW           23,365         12,584        1,135          0.539         0.510        (7.27%)        0.590      0.495        547,345       1,910,519        38.38         2.10      1.60%
 Kuwait International Bank                         KIBK.KW         102,820         24,419        1,790          0.237         0.224        (3.45%)        0.246      0.224        232,361         811,062           NM         1.21      0.00%
 Burgan Bank                                      BURG.KW           39,300         14,110        1,014          0.359         0.350        (6.67%)        0.385      0.325        490,466       1,711,982        78.97         1.09      0.00%
 Kuwait Finance House                              KFIN.KW
                                                   KFIN KW          95,758
                                                                    95 758        102,757
                                                                                  102 757        4,616
                                                                                                 4 616          1.073
                                                                                                                1 073         1.040
                                                                                                                              1 040        (7.14%)
                                                                                                                                           (7 14%)        1.160
                                                                                                                                                          1 160      0.990
                                                                                                                                                                     0 990      2,589,459
                                                                                                                                                                                2 589 459       9,038,567
                                                                                                                                                                                                9 038 567        21.81
                                                                                                                                                                                                                 21 81         1.90
                                                                                                                                                                                                                               1 90      2.20%
                                                                                                                                                                                                                                         2 20%
 Boubyan Bank                                     BOUK.KW          146,105         80,158        3,072          0.549         0.530         26.18%        0.590      0.500        926,606       3,234,338           NM         9.83      0.00%
  Banking Sector                                                  571,868        348,713       14,996                                       1.45%                             11,669,397      40,732,301        22.42         2.31      1.71%
 Kuwait Investment Co.                             KINV.KW          23,460          3,365          442          0.143         0.134        (5.63%)        0.152      0.126         73,868         257,836           NM         0.68      0.00%
 Commercial Facilities Co.                          FACI.KW          1,810            616           33          0.340         0.310        (8.82%)        0.350      0.310        166,397         580,812        11.66         1.08      6.41%
 Int'l Financial Advisors Co.                       IFIN.KW        159,160         15,247        1,694          0.096         0.091        (5.21%)        0.100      0.088         65,520         228,699           NM         0.41      0.00%
 National Investment Co.                           NINV.KW          51,530         18,904        2,000          0.367         0.375       (11.76%)        0.440      0.320        328,580       1,146,916           NM         1.74      0.00%
 Kuwait Projects Co.(Holding)                     KPRO.KW           69,730         31,074        1,406          0.446         0.425       (18.27%)        0.520      0.415        515,233       1,798,432        11.12         0.82      5.17%
 Al-Ahlia Holding Co.                              AINV.KW             -              -            -               NA         0.029          0.00%        0.030      0.028         24,017          83,830           NM         0.25      0.00%
 Coast Invest. & Development Co.                  COAS.KW           60,820          9,002        1,595          0.148         0.152        (6.17%)        0.170      0.132         95,045         331,755           NM         1.77      0.00%
 The International Investor Co.                     TIIK.KW         15,120            509          168          0.034         0.032       (20.00%)        0.040      0.031         15,751          54,980           NM         0.55      0.00%
 The Securities House Co.                         SECH.KW              -              -            -               NA         0.130          0.00%        0.130      0.116         88,400         308,562           NM         1.29      3.75%
 Industrial & Financial Invest. Co.                 IICK.KW          7,320            353           99          0.048         0.045        (7.22%)        0.057      0.043         20,249          70,678           NM           NM      0.00%
 Securities Group                                 SGCK.KW               50             13            2          0.251         0.255          3.66%        0.255      0.240         65,097         227,224           NM         0.91      0.00%
 International Finance Co.                         IMCK.KW               80            22            2          0.280         0.280        (1.75%)        0.285      0.260        130,400         455,166           NM         1.57      0.00%
 Kuwait Financial Centre                         MARKZ.KW
                                                 MARKZ KW           60,480
                                                                    60 480          8,029
                                                                                    8 029        1,149
                                                                                                 1 149          0.133
                                                                                                                0 133         0.124
                                                                                                                              0 124        (4.62%)
                                                                                                                                           (4 62%)        0.144
                                                                                                                                                          0 144      0.120
                                                                                                                                                                     0 120         62,744
                                                                                                                                                                                   62 744         219,009
                                                                                                                                                                                                  219 009        24.39
                                                                                                                                                                                                                 24 39         0.69
                                                                                                                                                                                                                               0 69      0.00%
                                                                                                                                                                                                                                         0 00%
 Kuwait & M.E. Financial Investment Co.           KMEF.KW            1,260            158           53          0.125         0.104         13.04%        0.144      0.090         27,437          95,769           NM         0.61      0.00%
 International Investment Group.                    IIGK.KW            -              -            -               NA         0.044          0.00%        0.045      0.044         20,095          70,142           NM         0.35      0.00%
 AREF Investment Group                             AIGK.KW          29,520          2,341          558          0.079         0.080       (14.89%)        0.097      0.074         84,903         296,357           NM         0.35      0.00%
 The Investment Dar                                TIDK.KW             -              -            -               NA         0.074          0.00%           NA         NA         70,607         246,456           NM           MN      0.00%
 Al-Aman Investment Co.                           AMAN.KW            5,480            376          104          0.069         0.067        (4.29%)        0.071      0.064         32,583         113,732           NM         1.08      0.00%
 First Investment Co.                             OLAK.KW            8,860            925          253          0.104         0.106        (7.02%)        0.116      0.102         69,014         240,893           NM         0.69      0.00%
 Al-Mal Investment Co.                            MALK.KW           78,980          8,563        2,237          0.108         0.110        (6.78%)        0.120      0.099         58,111         202,837           NM         0.88      0.00%
 Gulf Investment House                             GIHK.KW             920             61           22          0.067         0.063       (10.00%)        0.070      0.062         27,858          97,239           NM         0.63      0.00%
 A'ayan Leasing & Investment Co.                  AAYA.KW              -              -            -               NA         0.071          0.00%        0.076      0.071         45,356         158,317           NM         0.61      0.00%
 Bayan Investment Co.                              BAYK.KW         173,080         13,742        2,802          0.079         0.077         13.24%        0.094      0.063         30,235         105,536           NM         0.55      0.00%
 Global Investment House                          GLOB.KW           70,320          7,086        1,172          0.101         0.095        (8.65%)        0.114      0.094        124,681         435,201           NM         0.71      0.00%
 Osoul Investment Co.                             OSUL.KW           40,240          3,459          472          0.086         0.087          8.75%        0.090      0.078         30,279         105,691           NM         1.56      0.00%
 Gulfinvest International Co.                     GVES.KW              -              -            -               NA         0.021          0.00%        0.021      0.020          3,976          13,880           NM         0.31      0.00%
 Kuwait Finance & Investment Co.                   KFSK.KW           3,740            385          127          0.103         0.102       (10.53%)        0.126      0.086         42,770         149,288           NM         1.24      0.00%
 Kuwait Inv. Projects Asset Mgt Co.(KAMCO)        KAMC.KW            4,370          1,572           47          0.360         0.355       (11.25%)        0.405      0.325         93,472         326,267        15.23         0.97      2.57%
 International Leasing & Investment Co.              ILIC.KW           -              -            -               NA         0.094          0.00%           NA         NA         29,427         102,715           NM           NM      0.00%
 Kuwait Invest Holding Co.                         KTIN.KW             320             70           13          0.219         0.204       (12.07%)        0.232      0.204         66,740         232,959           NM         1.39      0.00%
 National International Holding Co.                NIHK.KW             160             13            4          0.079         0.080       (20.00%)        0.080      0.074         17,010          59,374           NM         0.35      0.00%
 Housing Finance Co.                               ISKN.KW           1,080            123           47          0.114         0.172         56.36%        0.172      0.097         51,277         178,984           NM         2.39      0.00%
 Al Madar Finance & Investment Co.                MADR.KW              920             51           22          0.056         0.051       (10.53%)        0.060      0.051         18,735          65,395           NM         0.47      0.00%
 Al-Deera Holding                                 DEER.KW           55,900          5,272          612          0.094         0.097        (2.02%)        0.100      0.087         72,212         252,058           NM         0.67      0.00%
 Al Safat Investment Co.                           SAFT.KW          83,560         11,555        1,734          0.138         0.136        (2.86%)        0.146      0.132        105,126         366,944           NM         0.90      0.00%
    S l
 Al Salam G Group H ldi Co.
                   Holding C                   ALSALAM.KW
                                               ALSALAM KW          161 960
                                                                   161,960         24 307
                                                                                   24,307        2 561
                                                                                                 2,561          0 150
                                                                                                                0.150         0 152
                                                                                                                              0.152          2 70%
                                                                                                                                             2.70%        0 158
                                                                                                                                                          0.158      0 142
                                                                                                                                                                     0.142         36 480
                                                                                                                                                                                   36,480         127 334
                                                                                                                                                                                                  127,334           NM         1 46
                                                                                                                                                                                                                               1.46      0 00%
                                                                                                                                                                                                                                         0.00%
 Ekttitab Holding Co.                              EKTT.KW          62,400          2,592          615          0.042         0.036       (20.88%)        0.047      0.036         18,612          64,966           NM         0.61      0.00%
 Al Qurain Holding Co.                            QURK.KW          143,680          4,160        1,254          0.029         0.026         10.64%        0.034      0.023         15,417          53,815           NM         0.68      0.00%
 Sokouk Holding Co.                               SHCK.KW           82,800          3,695          802          0.045         0.042        (1.18%)        0.050      0.040         42,000         146,602           NM         0.46      0.00%
 Al Madina For Finance & Investment Co.           MADI.KW           65,040          4,131        1,237          0.064         0.060        (7.69%)        0.070      0.057         22,668          79,125           NM         0.31      0.00%
 NOOR Financial Investment Co.                    NOOR.KW           17,800          1,505          313          0.085         0.077        (9.41%)        0.091      0.076         57,750         201,578           NM         0.68      0.00%
 Tamdeen Investment Co.                            TAMI.KW          56,350         21,701        2,388          0.385         0.385         45.28%        0.450      0.290        120,062         419,080        52.98         1.76      1.56%
 Kuwait Bahrain International Exchange Co.        EXCH.KW              990            273           77          0.276         0.290        (3.33%)        0.300      0.260         13,398          46,766        17.47         2.04      8.62%
 Damac Kuwaiti Holding Co.                        DAMK.KW                40             4            1          0.097         0.097       (14.91%)        0.097      0.097         17,460          60,945           NM         1.18      0.00%
 Kuwait Syrian Holding Co.                        KSHC.KW           43,300          4,692        1,285          0.108         0.106        (8.62%)        0.122      0.102         31,800         110,999           NM         1.01      0.00%
                                                                                   Monthly Trading Indicators                                                               Market Cap.                      Valuation Indicators
                                                                                                                                                                                                                                    Current
                                               Reuters   Traded Volume    Traded Value   Number of   Avg. Traded   Closing Price     MTM Price                                                         Trailing P/E Trailing P/B
Company Name                                                                                                                                     High (KD)   Low (KD)     ('000 KD)       ('000 USD)                               Dividend
                                                Ticker    ('000 Shares)      ('000 KD)      Deals    Price (KD)*           (KD)    Change (%)                                                                   (X)          (X)
                                                                                                                                                                                                                                       Yield
Strategia Investment Co.                    STRAT.KW          62,040          3,372          863          0.054         0.043        (2.27%)        0.073      0.038         7,558         26,382             NM          1.54      0.00%
Kuwait China Investment Co.                   KCIC.KW         46,660          4,700          875          0.101         0.093       (13.89%)        0.110      0.092        74,400        259,695           8.57          0.88      0.00%
Manafae Investment Co.                     MANFAE.KW          26,040          2,375          448          0.091         0.076       (14.61%)        0.096      0.075        15,267         53,290             NM          0.57      0.00%
Gulf North Africa Holding Co.
G lf N th Af i H ldi C                      GNAHC.KW
                                            GNAHC KW          46 340
                                                              46,340          4 702
                                                                              4,702        1 045
                                                                                           1,045          0 101
                                                                                                          0.101         0 093
                                                                                                                        0.093          0 00%
                                                                                                                                       0.00%        0 110
                                                                                                                                                    0.110      0 090
                                                                                                                                                               0.090        13 950
                                                                                                                                                                            13,950         48 693
                                                                                                                                                                                           48,693          11 62
                                                                                                                                                                                                           11.62          0 72
                                                                                                                                                                                                                          0.72      0 00%
                                                                                                                                                                                                                                    0.00%
Amwal International Investment Co.         AMWAL.KW            2,240            222            8          0.099         0.090        (6.25%)        0.100      0.090        16,250         56,720             NM          0.64      0.00%
Al Masar Leasing & Investment Co.           MASAR.KW           1,840            131           32          0.071         0.071       (13.41%)        0.082      0.065        11,396         39,776             NM          0.63      0.00%
 Investment Sector                                        1,827,790        225,450       32,673                                     (6.15%)                             3,287,673     11,475,698            NM           0.79      1.40%
Kuwait Insurance Co.                          KINS.KW          1,590            495           41          0.311         0.320          1.59%        0.320      0.310        62,093        216,736             NM          1.60      6.22%
Gulf Insurance Co.                            GINS.KW             240           104           12          0.433         0.405        (8.99%)        0.450      0.390        68,708        239,828          13.61          1.00      9.60%
Ahleiah Insurance Co.                         AINS.KW             260           126           10          0.484         0.485          0.00%        0.490      0.450        79,939        279,028           9.79          1.03      3.80%
Warba Insurance Co.                          WINS.KW              300            57           13          0.191         0.190        (1.04%)        0.196      0.184        32,830        114,594          19.51          0.82      0.00%
Kuwait Reinsurance Co.                       KWRE.KW              -             -            -               NA         0.240          0.00%           NA         NA        24,640         86,007          26.95          0.69      2.12%
First Takaful Insurance Co.                   FTIK.KW               30           10            3          0.318         0.355          9.23%        0.325      0.275        35,500        123,914             NM          3.17      0.00%
Wethaq Takaful Insurance Co.                 WETH.KW              -             -            -               NA         0.062          0.00%           NA         NA         6,836         23,859             NM          0.54      0.00%
 Insurance Sector                                             2,420            791           79                                       0.17%                               310,545      1,083,966          72.89          1.12      4.52%
Kuwait Real Estate Co.                        KREK.KW        229,400         18,370        1,812          0.080         0.076        (5.00%)        0.086      0.073        68,910        240,533          32.23          0.50      0.00%
United Real Estate Co.                       UREK.KW           9,000            764          136          0.085         0.083        (3.49%)        0.087      0.083        65,402        228,287          16.89          0.44      0.00%
National Real Estate Co.                     NREK.KW          65,680         13,376        1,363          0.204         0.214          3.88%        0.218      0.184       174,238        608,181           5.90          0.60      0.00%
S lhi Real Estate Co.
Salhia R l E t t C                            SREK.KW
                                              SREK KW          2,870
                                                               2 870            718          128          0.250
                                                                                                          0 250         0.240
                                                                                                                        0 240        (7.69%)
                                                                                                                                     (7 69%)        0.265
                                                                                                                                                    0 265      0.238
                                                                                                                                                               0 238        95,813
                                                                                                                                                                            95 813        334,438
                                                                                                                                                                                          334 438          13.22
                                                                                                                                                                                                           13 22          0.78
                                                                                                                                                                                                                          0 78      6.08%
                                                                                                                                                                                                                                    6 08%
Pearl of Kuwait Real Estate Co.               PEAR.KW             -             -            -               NA         0.234          0.00%           NA         NA        58,886        205,544             NM            NM      0.00%
Tamdeen Real Estate Co.                      TAMK.KW          75,240         25,563        3,293          0.340         0.305          0.00%        0.380      0.290       113,802        397,227          42.11          1.32      3.27%
Ajial Real Estate Entertainment Co.           AREC.KW             400            62           13          0.155         0.150        (8.54%)        0.166      0.148        26,460         92,359             NM          0.44      0.00%
Al Massaleh Real Estate Co.                  MREC.KW              120            12            6          0.103         0.104          1.96%        0.104      0.102        24,508         85,546             NM          0.57      0.00%
Arab Real Estate Co.                         ARAB.KW          51,640          3,415          721          0.066         0.062        (3.13%)        0.071      0.062        30,105        105,083           9.45          0.44      0.00%
Union Real Estate Co.                        UREC.KW              -             -            -               NA         0.108          0.00%           NA         NA        21,710         75,778          17.00          0.69      5.99%
AL-Enma'a Real Estate Co.*                   ENMA.KW            ,
                                                               3,800            354           71          0.093         0.088        (2.22%)
                                                                                                                                     (      )       0.098      0.087          ,
                                                                                                                                                                            39,647           ,
                                                                                                                                                                                          138,389             NM          0.76      0.00%
Mabanee Co.                                  MABK.KW           6,070          4,186          394          0.690         0.670        (1.47%)        0.720      0.650       338,427      1,181,286          22.11          2.75      1.35%
Injazzat Real Estate Development Co.           INJA.KW         5,600            625          206          0.112         0.104       (17.46%)        0.124      0.104        35,947        125,476             NM          0.65      0.00%
Jeezan Holding Co.                            JEZK.KW         43,240          2,505          681          0.058         0.058        (1.69%)        0.063      0.051        15,722         54,878             NM          0.67      0.00%
Investors Holding Group Co.                   INVK.KW             -             -            -               NA         0.027          0.00%        0.028      0.027        28,890        100,841             NM          0.31      0.00%
International Resorts Co.                     IRCK.KW         77,520          5,125          936          0.066         0.066          0.00%        0.070      0.060        10,196         35,589             NM          0.56      0.00%
The Commercial Real Estate Co.                 TIJK.KW        73,280          6,848          887          0.093         0.085       (19.81%)        0.108      0.081       155,959        544,379           8.18          0.60      0.00%
Sanam Real Estate Co.                        SANK.KW          11,660          1,912          341          0.164         0.154        (2.53%)        0.172      0.150        18,816         65,679             NM          0.98      0.00%
                    Co.
A'ayan Real Estate Co                         AYRE.KW
                                              AYRE KW         13,600
                                                              13 600          1,380
                                                                              1 380          230          0.101
                                                                                                          0 101         0.104
                                                                                                                        0 104          1.96%
                                                                                                                                       1 96%        0.108
                                                                                                                                                    0 108      0.096
                                                                                                                                                               0 096        37,341
                                                                                                                                                                            37 341        130,339
                                                                                                                                                                                          130 339          12.09
                                                                                                                                                                                                           12 09          0.54
                                                                                                                                                                                                                          0 54      0.00%
                                                                                                                                                                                                                                    0 00%
Aqar Real Estate Investment Co.              AQAR.KW              200            20            5          0.098         0.100          0.00%        0.100      0.095        23,425         81,766             NM          0.99      0.00%
Kuwait Real Estate Holding Co.               ALAQ.KW           1,040             46           13          0.045         0.044        (3.30%)        0.047      0.043        13,860         48,379             NM          0.49      0.00%
MAZAYA Holding Co.                           MAZA.KW           5,780            685          244          0.118         0.106       (24.29%)        0.142      0.102        52,945        184,804          10.27          0.38      0.00%
Al Dar National Real Estate Co.              ADNC.KW          20,160            616          229          0.031         0.029        (3.33%)        0.035      0.027        12,180         42,515             NM          0.76      0.00%
AL-Themar International Holding Co.          THMR.KW              220            26            3          0.117         0.118        (6.35%)        0.126      0.116       119,475        417,030             NM          1.20      0.00%
Grand Real Estate Projects Co.               GRND.KW              -             -            -               NA         0.036          0.00%        0.036      0.035        16,373         57,150             NM          0.30      0.00%
Tijara Real Estate & Investment Co.            TIJA.KW        18,880          1,003          329          0.053         0.051          0.00%        0.056      0.051        19,608         68,441             NM          0.45      0.00%
Al TAMEER Real Estate Investment Co.         AMAR.KW              640            38            2          0.060         0.060        (6.25%)        0.060      0.059        14,400         50,264             NM          0.53      0.00%
Arkan Al-Kuwait Real Estate Co.              ARKK.KW              280            18            6          0.065         0.058       (14.71%)        0.071      0.058        12,828         44,775             NM          0.48      0.00%
Safat Global Holding                          SAFA.KW             -             -            -               NA         0.049          0.00%           NA         NA         1,455          5,079             NM            NM      0.00%
Al-Argan International Real Estate Co.       ARGK.KW              360            71            3          0.199         0.198          0.00%        0.200      0.198        52,470        183,148          15.60          0.87      0.00%
Abyaar Real Estate Development Co.            ABYR.KW         98,000          5,269          939          0.054         0.051        (3.77%)        0.058      0.051        53,852        187,970             NM          0.49      0.00%
Munshaat Real Estate Projects Co.            MUNS.KW          23,640          1,600          430          0.068         0.060       (11.76%)        0.074      0.060        19,320         67,437             NM          0.32      0.00%
First Dubai For Real Estate Development      FIRST.KW          9,840            415          118          0.042         0.039        (8.24%)        0.048      0.037        39,000        136,130             NM          0.46      0.00%
Kuwait Business Town Real Estate Co.Co        KBTK.KW
                                              KBTK KW          1,800
                                                               1 800             92           31          0.051
                                                                                                          0 051         0.051
                                                                                                                        0 051          4.08%
                                                                                                                                       4 08%        0.055
                                                                                                                                                    0 055      0.048
                                                                                                                                                               0 048        40,070
                                                                                                                                                                            40 070        139,866
                                                                                                                                                                                          139 866             NM          0.54
                                                                                                                                                                                                                          0 54      0.00%
                                                                                                                                                                                                                                    0 00%
Manazel Holding Co.                          MANK.KW          39,680          1,923          392          0.048         0.043       (14.00%)        0.051      0.043        30,745        107,316             NM          0.53      0.00%
Real Estate Asset Management Co.             REAM.KW              260            27           13          0.106         0.102       (17.74%)        0.130      0.102        10,659         37,205          14.09          0.71      0.00%
MENA Real Estate Co.                         MENA.KW              760            78           26          0.102         0.096        (9.43%)        0.110      0.093        18,864         65,845          26.36          0.70      0.00%
Al Mudon International Real Estate Co.    ALMUDON.KW           4,880          1,199          184          0.246         0.244        (4.31%)        0.255      0.240        24,400         85,169             NM          1.45      0.00%
 Real Estate Sector                                         895,540         98,344       14,185                                     (4.72%)                             1,936,707      6,760,119            NM           0.75      0.80%
National Industries Group                    NIND.KW         110,690         44,453        1,832          0.402         0.375        (2.60%)        0.425      0.370       485,662      1,695,214             NM          1.19      0.00%
Kuwait Pipes Industries & Oil services        PIPE.KW        107,420         39,329        4,924          0.366         0.380         13.43%        0.405      0.310        85,626        298,879             NM          2.67      0.00%
Kuwait Cement Co.                            KCEM.KW           3,730          2,682          330          0.719         0.660       (12.00%)        0.750      0.660       400,812      1,399,043          31.28          2.70      1.40%
Refrigeration Industries & Storage Co.       REFR.KW              260            68           14          0.261         0.280          7.69%        0.280      0.255        23,839         83,212             NM          1.33      0.00%
Gulf Cable & Electrical Ind. Co.             CABL.KW           1,128          1,935          152          1.717         1.700        (4.49%)        1.800      1.640       356,883      1,245,707          33.91          2.27      2.94%
                                                                                              Monthly Trading Indicators                                                               Market Cap.                      Valuation Indicators
                                                                                                                                                                                                                                               Current
                                                          Reuters   Traded Volume    Traded Value   Number of   Avg. Traded   Closing Price     MTM Price                                                         Trailing P/E Trailing P/B
Company Name                                                                                                                                                High (KD)   Low (KD)     ('000 KD)       ('000 USD)                               Dividend
                                                           Ticker    ('000 Shares)      ('000 KD)      Deals    Price (KD)*           (KD)    Change (%)                                                                   (X)          (X)
                                                                                                                                                                                                                                                  Yield
Heavy Eng'g Ind. & Shipbuilding Co.                     SHIP.KW             395            194           39          0.491         0.495        (1.00%)        0.510      0.475        73,568        256,790          15.12          3.19      0.00%
Contracting & Marine Services Co.                       MARI.KW             255            132           22          0.517         0.420       (23.64%)        0.560      0.415        83,144        290,217          24.80          1.88      0.00%
Kuwait Portland Cement Co.                             PCEM.KW           11,913         17,666        1,057          1.483         1.540         14.93%        1.600      1.320       127,266        444,224          10.45          2.30      6.49%
Sh ib I d t i l C
Shuaiba Industrial Co.                                  PAPE KW
                                                        PAPE.KW             300             62           13          0 206
                                                                                                                     0.206         0 214
                                                                                                                                   0.214        (4.46%)
                                                                                                                                                (4 46%)        0.224
                                                                                                                                                               0 224      0 200
                                                                                                                                                                          0.200        11 913
                                                                                                                                                                                       11,913         41 582
                                                                                                                                                                                                      41,582           7 14
                                                                                                                                                                                                                       7.14          0 84
                                                                                                                                                                                                                                     0.84      6 85%
                                                                                                                                                                                                                                               6.85%
Metal & Recycling Co.                                  MRCK.KW           25,580          4,217          929          0.165         0.156          9.86%        0.180      0.140        12,879         44,954             NM          0.60      0.00%
Kuwait Foundry Co.                                      KFDC.KW               50            44           10          0.876         0.860       (10.42%)        0.960      0.820        94,695        330,534          13.83          1.94      2.32%
ACICO Industries Co.                                    ACIC.KW           5,780          2,019          230          0.349         0.350        (5.41%)        0.370      0.335        75,220        262,556          20.01          0.98      2.85%
United Industries Co.                                   UICK.KW          65,280          8,129        1,629          0.125         0.099       (25.00%)        0.160      0.099        24,526         85,607             NM          0.36      0.00%
Boubyan Petrochemicals Co.*                             BPCC.KW          23,390         12,340          711          0.528         0.530        (5.36%)        0.560      0.500       257,103        897,424          12.64          1.20      4.70%
Gulf Glass Manufacturing Co.                           GGMC.KW                60            31            8          0.512         0.425       (44.08%)        0.680      0.425        16,311         56,933           5.34          1.41      7.06%
Hilal Cement Co.                                       HCCK.KW            2,930            966          241          0.330         0.300          0.00%        0.375      0.255        19,058         66,521             NM          1.26      0.00%
Al Kout for Industrial Projects Co.                     ALKK.KW             -              -            -               NA         0.375          0.00%           NA         NA        33,075        115,449          13.69          1.70      4.00%
Kuwait Packing Materials Co.                            KPAK.KW                5             3            1          0.520         0.520       (13.33%)        0.520      0.520        21,984         76,734          14.98          2.24      3.85%
Kuwait Building Materials Co.                          KBMM.KW                90            33            7          0.363         0.340       (17.07%)        0.410      0.340         8,925         31,153          22.00          2.02      4.41%
National Industries Building Materials Co.              NIBM.KW             150             59           13          0.395         0.400        (2.44%)        0.410      0.375       138,415        483,140             NM          1.91      0.00%
Gulf Rocks Co.                                         ROCK.KW              280             77           28          0.276         0.275          1.85%        0.285      0.255        25,138         87,746          22.96          1.09      3.25%
Equipment Holding Co.                                   EQUI.KW          49,040          3,460          925          0.071         0.064       (11.11%)        0.080      0.062         8,730         30,471             NM          0.68      0.00%
Mena Holding Co.                                       MENA.KW           41,620         11,684        1,587          0.281         0.280        (3.45%)        0.300      0.265       168,000        586,408          23.47          1.07      0.00%
          Co.
National Co for Consumer Industries                     NCCI.KW
                                                        NCCI KW              40              4            1          0.093
                                                                                                                     0 093         0.093
                                                                                                                                   0 093          5.68%
                                                                                                                                                  5 68%        0.093
                                                                                                                                                               0 093      0.093
                                                                                                                                                                          0 093         8,370
                                                                                                                                                                                        8 370         29,216
                                                                                                                                                                                                      29 216             NM          0.89
                                                                                                                                                                                                                                     0 89      0.00%
                                                                                                                                                                                                                                               0 00%
Kuwait Gypsum Manufacturing & Trading Co.               GYPK.KW             -              -            -               NA         0.202          0.00%           NA         NA         5,640         19,687           9.63          1.25      7.95%
Qurain Petrochemical Industries Co.                     ALQK.KW          39,920          8,346        1,180          0.209         0.198          4.21%        0.220      0.186       217,800        760,236          30.68          1.21      0.00%
Salbookh Trading Co.                                    SALB.KW          55,120          4,833          690          0.088         0.078       (12.36%)        0.093      0.076        15,971         55,745             NM          0.57      0.00%
IKARUS Petroleum Industries Co.                         IKAR.KW          51,180          8,343        1,017          0.163         0.158          8.22%        0.176      0.140       118,500        413,627             NM          1.04      0.00%
 Industrial Sector                                                     596,605        171,106       17,590                                     (3.32%)                             2,919,049     10,189,008          39.31          1.49      1.60%
Kuwait National Cinema Co.                               KCIN.KW              50            35            3          0.695         0.660        (7.04%)        0.700      0.660        66,702        232,823          22.30          1.51      5.39%
Kuwait Hotels Co.                                       KHOT.KW             -              -            -               NA         0.255          0.00%           NA         NA          ,
                                                                                                                                                                                       14,025           ,
                                                                                                                                                                                                      48,955           6.80          1.39      3.83%
Agility (PWC Logistics)                                 AGLT.KW         130,055         78,331        4,863          0.602         0.630          5.00%        0.660      0.530       659,507      2,302,026           4.22          0.67      6.12%
Market Complex Co.                                      SHOP.KW           3,520            435          141          0.123         0.118       (15.71%)        0.140      0.114        31,427        109,697             NM          0.50      0.00%
Zain                                                     ZAIN.KW         96,828        128,877        4,425          1.331         1.320        (2.94%)        1.420      1.260     5,650,379     19,722,778          28.98          2.22     11.60%
Al-Safat Energy Holding Co.                             SENE.KW         141,280         12,711        1,236          0.090         0.088        (2.22%)        0.096      0.086        53,068        185,235             NM          0.74      0.00%
Educational Holding Group*                              EDUK.KW             100             11            5          0.112         0.110        (3.51%)        0.122      0.106        26,983         94,186             NM          0.77      0.00%
Independent Petroleum Group                              IPGK.KW            320            138            8          0.432         0.440          1.15%        0.455      0.430        66,990        233,830          11.18          1.04      6.47%
National Cleaning Co.                                   CLEA.KW         178,360         53,525        8,347          0.300         0.310         10.71%        0.375      0.240        29,832        104,128          33.37          1.46      0.00%
Sultan Center Food Products Co. Co                      SCFK.KW
                                                        SCFK KW           6,940
                                                                          6 940          1,305
                                                                                         1 305          249          0.188
                                                                                                                     0 188         0.198
                                                                                                                                   0 198        (1.98%)
                                                                                                                                                (1 98%)        0.210
                                                                                                                                                               0 210      0.172
                                                                                                                                                                          0 172       114,608
                                                                                                                                                                                      114 608        400,042
                                                                                                                                                                                                     400 042          30.17
                                                                                                                                                                                                                      30 17          0.97
                                                                                                                                                                                                                                     0 97      0.00%
                                                                                                                                                                                                                                               0 00%
Arabi Holding Group Co.                                 AGHC.KW          11,780          1,933          387          0.164         0.166          0.00%        0.176      0.138        22,547         78,702             NM          1.18      0.00%
City Group Co.                                      CITYGROUP.KW               5             3            1          0.630         0.630       (17.11%)        0.760      0.630        71,195        248,508          23.90          2.44      0.00%
National Mobile Telecom Co.                            NMTC.KW            4,038          6,626          485          1.641         1.720          8.86%        1.720      1.540       866,937      3,026,063           8.01          1.91      2.89%
Kuwait & Gulf Link Transport Co.                        KGLK.KW         231,140         72,758        8,261          0.315         0.260       (22.39%)        0.420      0.234        68,711        239,837             NM          0.94      0.00%
Kuwait Cable Vision Co.                                KWTV.KW              160             14            2          0.087         0.083        (6.74%)        0.088      0.083         4,751         16,585             NM          2.04      0.00%
Automated Systems Co.                                   ASCK.KW             300            112           25          0.374         0.370       (15.91%)        0.455      0.345        14,815         51,711           9.57          1.40     13.51%
National Petroleum Services Co.                         NAPS.KW           1,240            371           79          0.299         0.255       (17.74%)        0.330      0.255        13,991         48,835           6.44          1.13      9.38%
Kuwait Co. For Process Plant Const. & Cont.             KCPC.KW          19,925          8,802        1,497          0.442         0.405          3.85%        0.510      0.370        21,090         73,614          10.78          1.45      1.20%
Kuwait Slaughter House Co.                              KSHK.KW               10             3            1          0.325         0.325       (13.33%)        0.325      0.325         9,626         33,598          23.88          2.52      4.84%
EYAS for Higher & Technical Education Co.*              EYAS.KW             -              -            -               NA         0.330          0.00%           NA         NA        36,300        126,706             NM          2.16      0.00%
Hits Telecom Holding Co.                                HITS.KW          41,800          3,803          577          0.091         0.086       (10.42%)        0.098      0.085        61,999        216,408             NM          0.58      0.00%
Al-Safwa Group Co. (Holding)                            SAFK.KW         257,840         14,143        2,349          0.055         0.053        (5.36%)        0.058      0.052        68,900        240,497             NM          1.26      0.00%
Human Soft Holding Co.                                 HUMN.KW              380            122            4          0.320         0.320          0.00%        0.320      0.320        36,557        127,602          42.30          1.97      0.00%
Privatization Holding Co.                               KPPC.KW          23,920          2,211          389          0.092         0.080       (13.98%)        0.099      0.078        63,504        221,662          20.58          0.52      0.00%
Nafais Holding Co.                                      NAFA.KW          13,880            822          291          0.059         0.059          3.51%        0.064      0.053        36,779        128,377             NM          0.73      0.00%
National Slaughter Houses Co.                          NSHK.KW                80            15            3          0.183         0.192          4.35%        0.192      0.174         5,545         19,355             NM          1.83      0.00%
Aref Energy Holding Co.                                 AREF.KW           8,580          2,159          344          0.252         0.250        (1.96%)        0.260      0.230       187,500        654,473             NM          2.90      0.00%
Safwan Trading & Contracting Co.                       SAFW.KW            1,120            245           41          0.219         0.206          1.98%        0.234      0.202        10,300         35,952           6.22          1.15      9.60%
Gulf Petroleum Investment                               GPIK.KW          30,280          1,597          508          0.053         0.046        (9.00%)        0.057      0.046         9,951         34,735             NM          0.43      0.00%
Gulf Franchising Co.                                    GFCI.KW           1,920             74           22          0.038         0.036        (8.86%)        0.040      0.036         4,272         14,910             NM          0.62      0.00%
Credit Rating & Collection Co.                          TAHS.KW             -              -            -               NA         0.420          0.00%           NA         NA        69,300        241,893             NM          3.52      0.00%
National Ranges Co.                                    MAYA.KW          145,680          5,122        1,180          0.035         0.033        (1.49%)        0.038      0.032        33,000        115,187             NM          0.46      0.00%
B        Co. for Drilling, Trading, & Maintenance
Burgan C f D illi          T di       M i t             ABAR.KW
                                                        ABAR KW             945            483           68          0 512
                                                                                                                     0.512         0 520
                                                                                                                                   0.520        (3.70%)
                                                                                                                                                (3 70%)        0.540
                                                                                                                                                               0 540      0 500
                                                                                                                                                                          0.500       109 005
                                                                                                                                                                                      109,005        380 484
                                                                                                                                                                                                     380,484          15 89
                                                                                                                                                                                                                      15.89          2 13
                                                                                                                                                                                                                                     2.13      1 30%
                                                                                                                                                                                                                                               1.30%
IFA Hotels & Resorts Co.*                               IFAH.KW             100             56           18          0.561         0.560        (1.75%)        0.620      0.540       254,174        887,200           8.24          2.18      0.00%
Combined Group Contracting Co.                         CGCK.KW            1,115          1,911          173          1.714         1.720          2.38%        1.740      1.620       137,359        479,455          16.76          4.35      3.74%
                                                                                                                                       Monthly Trading Indicators                                                                                                Market Cap.                              Valuation Indicators
                                                                                                                                                                                                                                                                                                                                     Current
                                                                                    Reuters        Traded Volume           Traded Value          Number of     Avg. Traded      Closing Price       MTM Price                                                                                     Trailing P/E Trailing P/B
     Company Name                                                                                                                                                                                                     High (KD)         Low (KD)               ('000 KD)            ('000 USD)                                      Dividend
                                                                                     Ticker         ('000 Shares)             ('000 KD)             Deals      Price (KD)*              (KD)      Change (%)                                                                                               (X)          (X)
                                                                                                                                                                                                                                                                                                                                        Yield
     Jeeran Holding Co.*                                                          JEER.KW                 3,440                     619               159             0.180           0.166          (3.49%)              0.200             0.158              23,738               82,858                NM            0.95          0.00%
     Palms Agro Production Co.                                                   PAPK.KW                      40                      8                 2             0.198           0.200            1.01%              0.200             0.196              10,480               36,580              9.80            1.29          3.99%
     Al Safat TEC Holding Co.                                                    SAFH.KW                 53,320                  3,939                785             0.074           0.069         (10.39%)              0.080             0.068              27,600               96,338              9.53            0.63          0.00%
     Mi h f G
     Mishref General T di & Contracting Co.
                     l Trading C t ti C                                         MTCC.KW
                                                                                MTCC KW                  38 660
                                                                                                         38,660                  7 457
                                                                                                                                 7,457              1 346
                                                                                                                                                    1,346             0 193
                                                                                                                                                                      0.193           0 172
                                                                                                                                                                                      0.172         (14.85%)
                                                                                                                                                                                                    (14 85%)              0.218
                                                                                                                                                                                                                          0 218             0 164
                                                                                                                                                                                                                                            0.164              34 400
                                                                                                                                                                                                                                                               34,400              120 074
                                                                                                                                                                                                                                                                                   120,074             43 05
                                                                                                                                                                                                                                                                                                       43.05            1 41
                                                                                                                                                                                                                                                                                                                        1.41          0 00%
                                                                                                                                                                                                                                                                                                                                      0.00%
     United Projects Group                                                       UPAC.KW                     160                     52                14             0.323           0.320          (5.88%)              0.340             0.305              26,400               92,150              6.56            0.81         10.56%
     Al-Abraj Holding Co.                                                       ABRAJ.KW                     -                      -                 -                  NA           0.025            0.00%                 NA                NA               4,165               14,538                NM            0.18          0.00%
     ALAFCO Aviation Lease & Finance Co.*                                        ALAF.KW                  5,080                  1,018                151             0.200           0.202          (1.94%)              0.206             0.196             150,013              523,625             14.73            1.48          0.00%
     AL-Mowasat Healthcare Co.                                                  MHCK.KW                      -                      -                 -                  NA           0.176            0.00%                 NA                NA              17,037               59,467             57.28            1.16          0.00%
     Mashaer Holding Co.                                                         MASK.KW                  5,700                  1,794                251             0.315           0.310          (1.59%)              0.325             0.310              49,664              173,352             10.69            0.74          0.00%
     Oula Fuel Marketing Co.                                                     OULA.KW                 53,980                 22,757              1,028             0.422           0.400          (8.05%)              0.550             0.395             119,891              418,482             35.33            3.05          2.50%
     Villa Moda Life Style Co.                                                    VILK.KW                    -                      -                 -                  NA           0.188            0.00%                 NA                NA              12,690               44,295                NM              NM          0.00%
     Future Communications Global Co.                                            FUTK.KW                     560                    180                21             0.321           0.330         (10.81%)              0.330             0.305              26,741               93,341              7.89            1.76          7.22%
     Network Holding Co.                                                         VEND.KW                     -                      -                 -                  NA           0.045            0.00%                 NA                NA               6,750               23,561                NM              NM          0.00%
     Hayat Communications Co.                                                    HAYK.KW                 16,740                  5,450              1,039             0.326           0.315          (5.97%)              0.350             0.295              18,900               65,971             15.28            1.86          0.00%
     Mubarrad Transport Co.                                                     MBRD.KW                 265,840                 34,395              7,042             0.129           0.110         (28.57%)              0.162             0.084              23,857               83,272                NM            0.86          0.00%
     Kuwait Resorts Co.                                                         MUNK.KW                      -                      -                 -                  NA           0.081            0.00%                 NA                NA              15,156               52,902                NM            0.73          0.00%
     Advanced Technology Co.                                                     ATCK.KW                     110                     72                 9             0.655           0.670            8.06%              0.670             0.600              67,000              233,865             13.36            2.56          0.00%
     Yiaco Medical Co.                                                            YIAC.KW                43,220                  9,275                630             0.215           0.218            9.00%              0.224             0.184              35,970              125,554             25.83            1.57          2.29%
     Jazeera Airways CoCo.                                                        JAZK.KW
                                                                                  JAZK KW               147,000
                                                                                                        147 000                 31,927
                                                                                                                                31 927              2,593
                                                                                                                                                    2 593             0.217
                                                                                                                                                                      0 217           0.222
                                                                                                                                                                                      0 222           11.00%
                                                                                                                                                                                                      11 00%              0.232
                                                                                                                                                                                                                          0 232             0.186
                                                                                                                                                                                                                                            0 186              48,837
                                                                                                                                                                                                                                                               48 837              170,467
                                                                                                                                                                                                                                                                                   170 467                NM            2.50
                                                                                                                                                                                                                                                                                                                        2 50          0.00%
                                                                                                                                                                                                                                                                                                                                      0 00%
     Soor Fuel Marketing Co.                                                    SOOR.KW                   3,260                  1,091                229             0.335           0.320          (1.54%)              0.345             0.315              95,946              334,900             19.89            2.51          3.75%
     Kuwait National Airways Co.                                                 KNAK.KW                 15,540                  1,603                508             0.103           0.102          (1.92%)              0.110             0.099              51,000              178,017                NM            1.30          0.00%
     Future Kid Entertainment and Real Estate Co.                                KIDK.KW                     140                     15                 6             0.110           0.116            9.43%              0.116             0.106              12,470               43,527             27.33            0.68          0.00%
     KGL Logistics Co.                                                      LOGISTICS.KW                110,340                 39,798              4,664             0.361           0.280         (34.88%)              0.445             0.232              64,400              224,790             13.19            1.49          0.00%
      Services Sector                                                                                2,116,820                560,202             56,459                                            (1.84%)                                                9,874,731           34,467,979             20.41            1.75          7.63%
     Livestock Transport & Trading Co.                                           CATT.KW                     850                    277                49             0.326           0.330          (4.35%)              0.350             0.310              71,475              249,485             10.73            1.32          4.43%
     Danah Alsafat Foodstuff Co.                                                 DANK.KW                   ,
                                                                                                         28,020                   ,
                                                                                                                                 5,316                704             0.190           0.190          (3.06%)
                                                                                                                                                                                                     (      )             0.198             0.182                ,
                                                                                                                                                                                                                                                               54,863                 ,
                                                                                                                                                                                                                                                                                   191,499             16.06            1.20          4.64%
     Kuwait United Poultry Co.                                                   POUL.KW                       80                     8                 3             0.101           0.100            0.00%              0.102             0.100              11,540               40,282                NM            1.06          0.00%
     Kuwait Foods Co. (Americana)                                                FOOD.KW                     195                    294                48             1.508           1.500          (6.25%)              1.640             1.420             603,000            2,104,786             16.62            2.07          3.89%
     United Foodstuff Industries Group Co.                                        UFIG.KW                    430                    154                26             0.357           0.400           14.29%              0.400             0.345              13,340               46,565             66.23            2.46          1.24%
     Kout Food Group                                                             KOUT.KW                     250                     86                10             0.343           0.350            4.48%              0.350             0.320              25,610               89,391             10.38            1.10          4.29%
      Food Sector                                                                                       29,825                  6,135                840                                            (5.16%)                                                  779,828            2,722,007             15.92            1.86          3.90%
     Sharjah Cement Co.                                                         SCEM.KW                   5,100                     602               131             0.118           0.118          (1.67%)              0.122             0.114              65,249              227,753              8.24            0.53          6.09%
     Gulf Cement Co.                                                            GCEM.KW                   2,000                     332                55             0.166           0.170          (3.41%)              0.176             0.156             139,586              487,230             49.66            1.21          5.88%
     Umm Al-Qaiwain Cement Industries CoCo.                                     QCEM.KW
                                                                                QCEM KW                  14,600
                                                                                                         14 600                     860               207             0.059
                                                                                                                                                                      0 059           0.057
                                                                                                                                                                                      0 057            0.00%
                                                                                                                                                                                                       0 00%              0.061
                                                                                                                                                                                                                          0 061             0.055
                                                                                                                                                                                                                                            0 055              20,691
                                                                                                                                                                                                                                                               20 691               72,222
                                                                                                                                                                                                                                                                                    72 222                NM            0.40
                                                                                                                                                                                                                                                                                                                        0 40          0.00%
                                                                                                                                                                                                                                                                                                                                      0 00%
     Fujairah Cement Industries Co.                                             FCEM.KW                   7,660                     932               250             0.122           0.122          (4.69%)              0.130             0.116              43,416              151,543              7.02            0.56          4.92%
     Ras-Al-Khaimah for White Cement Co.                                        RKWC.KW                  13,680                  1,127                131             0.082           0.082          (1.20%)              0.083             0.081              38,294              133,666              7.02            0.68         10.98%
     Arab Insurance Group                                                        ARIG.KW                  1,280                     201                24             0.157           0.160          (6.98%)              0.160             0.154              35,200              122,866              5.61            0.44          3.74%
     United Gulf Bank                                                           UGBK.KW                   1,270                     336                86             0.265           0.280          (6.67%)              0.300             0.250             229,707              801,797             39.80            1.58          0.00%
     Egypt Kuwait Holding Co.                                                   EKHK.KW                  16,865                 11,191                647             0.664           0.650            0.00%              0.710             0.610             495,947            1,731,114             14.55            2.70          0.77%
     Bahrain Kuwait Insurance Co.                                                 BKIK.KW                    -                      -                 -                  NA           0.455            0.00%                 NA                NA              22,750               79,410              7.46            1.48          4.43%
     Gulf Finance House                                                         GFHK.KW                 212,560                 13,838              2,711             0.065           0.060         (15.49%)              0.072             0.058             111,815              390,292                NM            0.83          0.00%
     Commercial International Bank                                                CIBK.KW                    -                      -                 -                  NA           3.100            0.00%                 NA                NA             871,650            3,042,515              9.77            2.45          0.50%
     Inovest                                                                     INOV.KW                  4,680                     709               133             0.151           0.140         (13.58%)              0.162             0.140              40,112              140,011             12.34            0.54          0.00%
     Ahli United Bank                                                           AUBK.KW                 157,340                 34,513              2,666             0.219           0.232           16.00%              0.250             0.192           1,045,467            3,649,227             18.07            1.75          3.66%
     Ithmaar Bank                                                              ITHMR.KW                  14,720                     783               225             0.053           0.051          (5.56%)              0.057             0.047             162,653              567,743                NM            0.57          0.00%
      Non-Kuwaiti Sector                                                                               451,755                 65,423              7,266                                              1.71%                                                3,322,536           11,597,389             14.01            1.48          2.02%

      Total Kuwaiti Market                                                                           6,492,623             1,476,165            144,088                                             (1.21%)                                              34,100,465           119,028,466             26.00            1.53          3.44%

Source: Kuwait Stock Exchange
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for individual stocks is based on
Full Year 2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the month. MTM: Month to Month price change for individual
stocks is calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization.

We have excluded financial results of the 30 companies that reported the highest losses while calculating the Price to Earning Multiple (P/E) for the aggregate market and their respective sectors.
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




Abu Dhabi Securities Exchange
                                  Closing               Apr-10         60 Day      90 Day      YTD-10     12 Month
Benchmark Return
                                    Value       Point            (%)      (%)         (%)         (%)          (%)

ADX General Index                2,777.12     (131.37)     (4.52%)     1.93%       5.67%        1.22%         9.92%



Performance Review
Dragged by the sharp dips recorded by the Real Estate and the Energy Sectors, as their market capitalizations
dropped by 12.43% and 5.58% respectively, the whole market suffered from losses except for the Health Care
sector during April; leading the ADX General Index to record a sharp decline of 4.52% to close at 2,777.12
points. Market sentiment was adversely affected by the weak earnings announcements for the first quarter of
2010, as the total announced earnings for Q1-10 recorded a decline of 10% to AED 7.3 billion (USD 1.99 billion)
down form a net profit of AED 8.16 billion (USD 2.22 billion) reported during Q1-09. The Real Estate Sector
which reported a net loss of AED 142 million during Q1-10 after reporting a net profit of AED 1.1 billion in Q1-09
and accordingly witnessed the largest drop in market capitalization during the month. The main reason behind
the drop was Al DAR Properties which shocked the market by reporting a net loss of AED 314 million in Q1-10
compared to a net profit of AED 888.7 million in Q1-09. Triggered by these losses, the stock price lost around
15% of its value during April to close at AED 3.92. Thereby the ADX ended the month as the second worst
performing bourse amongst its peers in the GCC region. Furthermore, the market liquidity as measured by
volume and value traded deteriorated by 47% from that traded in March-10.

During the first six trading sessions of the month the ADX General Index lost 2.92% on the back of the weak
repayment offer received at the end of last month from Dubai World to its creditors which included periodic
interest payments of 1% on the loans to be repaid through a 7-year period. During the second trading week,
however, the ADX General Index managed to gain 1.18% after Dubai World creditors' rejection of the initial
repayment proposal and then received another enhanced offer which includes an extra 1% of interest paid as
a lump sum at the end of the loan period. The offer remains to be considered modest given that the interest
rate is very low compared to the prevailing bond rates of recent issues. By the end of the second trading
week on the 15th of April, Dubai's Arabtec declared the cancellation of their plan to sell a 70% controlling
stake worth USD 1.7 billion to Abu Dhabi's Aabar Investments, while the reasons behind the cancellation
weren't disclosed, both companies assured that they will continue to build a solid strategic partnership in the
future in Abu Dhabi; Dubai's market gained 1.5% on the back of the announcement while the ADX General
Index witnessed a slight gain of 0.11% on the same day. Furthermore, weak market sentiment due to the
weak Q1-10 earnings resulted in losses witnessed during the second half of the month which witnessed the
ADX General Index shed 2.78% and closed the month on a negative note.

During the month, 42 out of 67 companies listed on the ADX announced their Q1-10 earnings. The aggregate
corporate earnings recorded AED 7.3 billion a drop of 10% compared to AED 8.155 billion in Q1-09. Listed
banks witnessed mixed results in Q1-10; the heavyweight Banking Sector reported an increase in earnings of
6.4% to reach AED 3.62 billion down from AED 3.40 billion posted in the comparable period last year.
National Bank of Abu Dhabi, the largest lender in the UAE, reported a 34% increase in its Q1-10 net profit to
AED 1.03 billion. However, investors are aware that the Central Bank of UAE asked the local banks not to
record further provisions on Dubai World debt until there is more clarity and a final deal comes to agreement,
which means a hit by further provisions might be expected in Q2 and H2 of the current year as more precise
numbers on the expected losses prevail; Abu Dhabi Commercial Bank carried the heaviest decline in Q1


30
                                                                                 KAMCO Research


                                                                                 GCC Equity Markets Monthly Review




earnings within the Banking Sector with a drop of 38.2% to witness its stock price fall by 17.87% contributing
to the drop of 1.45% in market cap of the Banking Sector during April. The heavyweight Telecommunication
Sector also witnessed increased earnings in Q1-10 to AED 3.25 billion over Q1-09 net profit of AED 2.96
billion, the increase was on the back of good results reported by Qatar Telecom which saw its net profit rise
to AED 1.22 billion double from the same period last year at AED 599 million, while Emirates Telecom which
represents 28.8% of ADX's total market cap suffered a drop of 8.4% in earnings, driving its stock price to dip
15.2% during the month. The Real Estate Sector results were driven by the loss of AED 314 million incurred
by the sector heavyweight, AL DAR Properties, compared to a net profit for the sector of AED 1.08 billion in
Q1-09. On the other hand, the Insurance Sector managed to reverse its Q1-09 losses of AED 50.87 million to
record profits of AED 111.78 million during Q1-10.


ADX General Index 52 Week Performance Relative to Volume


                          3,300                                                                           650
                                                                                                          600
                          3,200
                                                                                                          550
                          3,100                                                                           500
ADX General Index Value




                                                                                                                 Vol. Traded (shr. mil.)
                                                                                                          450
                          3,000
                                                                                                          400
                          2,900                                                                           350
                          2,800                                                                           300
                                                                                                          250
                          2,700
                                                                                                          200
                          2,600                                                                           150
                                                                                                          100
                          2,500
                                                                                                          50
                          2,400                                                                           0
                                  15.10.09
                                  29.10.09
                                  12.11.09
                                  26.11.09
                                  10.12.09
                                  24.12.09
                                   30.4.09
                                   14.5.09
                                   28.5.09
                                   11.6.09
                                   25.6.09

                                   23.7.09

                                   20.8.09

                                   17.9.09
                                   1.10.09




                                   21.1.10

                                   18.2.10

                                   18.3.10

                                   15.4.10
                                   29.4.10
                                    9.7.09

                                    6.8.09

                                    3.9.09




                                    7.1.10

                                    4.2.10

                                    4.3.10

                                    1.4.10




Source: KAMCO Research

Total market capitalization shed around AED 10.17 billion or 3.24% to end the month at AED 303.58 billion
(USD 82.88 billion), down from AED 313.7 billion (USD 85.65 billion) recorded at the end of March. The
largest loss was recorded by the Real Estate Sector which saw its market cap dip 12.43% during the month
to AED 17.07 billion (USD 4.66 billion). The heavyweight sectors, the Telecommunication Sector and the
Banking Sector also recorded declines of 2.99% and 1.45% respectively in their market cap to end the month
at AED 113.5 billion (USD 31 billion) and AED 116.8 billion (USD 31.9 billion) respectively. On the other
hand, the Health Care Sector was the only sector to record a gain in its market value at 7.16%.




                                                                                                               31
                                                                                                   KAMCO Research


                                                                                                   GCC Equity Markets Monthly Review




                                    ADX General Index Monthly Return & Volatility
                                                                           Index Value                 Return              Volatility
April-09                                                                      2,526.53                  1.55%               24.55%
May-09                                                                        2,679.41                  6.05%               12.75%
June-09                                                                       2,631.32                (1.79%)               28.10%
July-09                                                                       2,800.81                  6.44%               14.48%
August-09                                                                     2,897.18                  3.44%               14.48%
September-09                                                                  3,124.22                  7.84%               17.10%
October-09                                                                    3,023.10                (3.24%)               14.56%
November-09                                                                   2,668.23               (11.74%)               33.80%
December-09                                                                   2,743.61                  2.83%               42.30%
January-10                                                                    2,633.37                (4.02%)               11.32%
February-10                                                                   2,703.56                  2.67%               11.85%
March-10                                                                      2,908.49                  7.58%                8.93%
April-10                                                                      2,777.12                (4.52%)                9.41%
Source: KAMCO Research


                                          Market Trading & Technical Indicators
                                                                                 Month                M-T-M          Average Daily
                                                                                  Value            % Change                YTD-10
Volume Traded (Mln Shares)                                                      1,067.3             (47.05%)                 68.30
Value Traded (AED Mln)                                                          2,335.4             (46.46%)                148.25
No. of Trades                                                                    27,960             (37.98%)              1,633.15

                                                                               April-10             March-10          December-09
P/E Multiple (X)                                                                   10.28                 10.62                 10.18
P/B Multiple (X)                                                                    1.17                  1.21                  1.18
Dividend Yield (%)                                                                3.17%                 3.07%                 3.98%
PE is based on the net profits for FY 2009 and Month end market capitalization. P/B based on 31 December 2009 Equity figures, yield is
based on 2009 cash dividends and Month end market capitalization.
Source: KAMCO Research



                                             Most Active Stocks for the Month
                                                                               Volume                  Value                   Close
                                                                          (000 shares)             (000 AED)                   (AED)
DANA GAS                                                                       349,350               313,297                     0.82
AL DAR Properties Co.                                                          156,973               681,587                     3.92
Sorouh Real Estate Co.                                                         123,452               301,852                     2.28
Ras Al Khaimah Properties                                                      120,236                63,130                     0.49
Waha Capital Co.                                                                52,337                44,071                     0.75
Source: KAMCO Research




Market Movers
The market performance during April resulted in a market breadth largely skewed towards losers with
advancers to decliner's ratio of 9-to-39, while 18 stocks remained unchanged. Qatar Telecom Co. ended the
month as the top gainer with the only double digit gain of 12.83% to close at AED 160.1 followed by
FOODCO Holding Co. with a gain of 5.77% to close at AED 3.30. On the other hand, International Fish


32
                                                                                                        KAMCO Research


                                                                                                        GCC Equity Markets Monthly Review




Farming ended the month as the worst performer in April falling by 25.8% to close at AED 13.95, followed by
Abu Dhabi Commercial Bank which shed 17.87% of its stock price to close at AED 1.70.

                   Best Return Performers                                               Worst Return Performers
                                                   Close      M-T-M                                                    Close      M-T-M
                                                   (AED)      % Chg                                                    (AED)      % Chg
Qatar Telecom. Co.                                  160.1    12.83%     International Fish Farming Co.                  13.95   (25.80%)
FOODCO Holding Company                               3.30     5.77%     Abu Dhabi Commercial Bank                        1.70   (17.87%)
The National Bank of Ras Al-Khaimah                  3.80     5.56%     Abu Dhabi National Hotels                        3.60   (16.28%)
Emirates Driving Co.                                 3.79     3.84%     AL DAR Properties Co.                            3.92   (14.97%)
Union Cement Co.                                     1.65     3.77%     Green Crescent Insurance Co.                     0.73   (14.12%)
We have excluded from the top losers list all the stocks that have traded on their x dividend date during the month.
Source: KAMCO Research




Sectors Performance
                                                       Sectors Performance
                                                                  Monthly Trading Indicators                Valuation Multiples
                                        Market Cap            M-T-M      Volume                 Value         P/E      P/B      Dividend
                                          (000 AED)           % Chg (000 Shares)           (000 AED)          (X)       (X)     Yield (%)
Banks & Financial Services              116,778,485          (1.45%)     145,195              425,185       10.56      1.11        1.82%
Health Care                                2,996,453           7.16%       2,755                5,655       14.13      1.53        1.83%
Real Estate                              17,070,348         (12.43%)     400,661            1,046,569       10.28      0.66        0.76%
Energy                                   19,358,510          (5.58%)     410,944              442,886        9.92      0.59        3.22%
Consumer                                   7,668,686        (10.70%)       9,516               26,752        9.41      0.67        5.29%
Construction                             10,991,802          (1.33%)      54,978               66,079       15.03      0.98        3.10%
Insurance                                11,487,088          (2.71%)      17,241               43,761       40.25      1.51        3.59%
Telecommunication                       113,501,259          (2.99%)      25,836              277,700        9.36      1.89        4.71%
Industrial                                 3,727,389         (5.05%)         197                  831        5.25      0.94        5.27%
Total Market                            303,580,020          (3.24%)   1,067,324            2,335,419       10.28      1.17        3.17%
Market Cap, P/E, P/B & Yield as of 29 April 2010
Source: KAMCO Research




Corporate News
      *    The construction giant, Arabtec Holding, have called off a plan to sell a controlling interest worth
           USD 1.7 billion to Aabar Investments of Abu Dhabi. The firm announced that it was abandoning the
           move that would have given the Abu Dhabi's state-run fund a 70% stake in the troubled Dubai-
           based contractor. (MENAFN)
      *    Abu Dhabi Commercial Bank, one of the region's most exposed banks to indebted conglomerate
           Dubai World, has set aside AED 681 million in impairment charges in the first quarter of 2010. Gross
           loans grew 8% in Q1-10 and deposits increased 23% compared to Q1-09. The bank raised USD 1
           billion in October-09 as the first tranche of its USD 7.5 billion bond program. (Reuters)
      *    Net impairment charges of the National Bank of Abu Dhabi for Q1-10 were AED 225 million, and out
           of this, collective provisions were AED 55 million, specific provisions and write-offs were AED 208
           million, offset by recoveries of AED 38 million. NBAD had non-performing loans ratio of 1.3% at the


                                                                                                                                     33
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




         end of March-10, and out of the total loan portfolio of AED 134 billion, loans of AED 1.78 billion were
         at the impaired loans category. The NPL ratio might go up to 2% by the end of the year, but the bank
         had made enough provisions for this as stated by bank's officials. (Khaleej Times)
     *   Abu Dhabi Commercial Bank (ADCB) chief executive officer has confirmed holding discussions with
         Royal Bank of Scotland (RBS) for a possible acquisition of its retail banking business in the country.
         The retail operations of RBS consist of three branches, an ATM network and a wealth management
         business. Edinburgh based RBS, owned by the UK government, is exiting several businesses
         across the globe where it is not a market leader, as part of a strategic plan announced in 2009. (Gulf
         Base)
     *   Etisalat has been named the Best Operator in Emerging Markets 2010, at the TMT Finance and
         Investments Middle East 2010 conference, which took place in Doha. The award recognizes the
         operator that has achieved remarkable growth in emerging markets. Etisalat won this award for its
         investment policy in emerging markets and its operation plans during the post acquisition period.
         This was especially noted in markets with high populations and low penetration for mobile services,
         such as Egypt, Pakistan, Saudi Arabia and Nigeria. (Reuters)


Country & Economic News
     *   The UAE market is looking positive for May with around 10 major private projects in tender
         submission in Abu Dhabi. Government entities such as the Dubai Electricity and Water Authority
         (DEWA), the UAE Federal Electricity and Water Authority (FEWA), the Police Projects Committee
         and the United Arab Emirates University have also invited tender bids for construction on smaller
         projects in the UAE. (Emirates Business 24I7)
     *   The UAE banks are likely to take Dubai World debt provisions hit in Q2-10 after the Central Bank of
         UAE told lenders they are not required to book provisions until there is more clarity on DW's deal
         with its creditors. In a circular dated April 22, the central bank told local banks they are not required
         to provision their related exposure to Dubai World. It said it would provide further guidance to banks
         concerning the treatment of Dubai World debt in their books. Banks in the United Arab Emirates
         have an estimated exposure worth of USD 15 billion to Dubai World. The central bank's circular
         allows domestic banks to avoid taking a full hit related to Dubai World in the first quarter. Once the
         banks accept the (Dubai World) proposal they will have to announce the accounting impact.
         (Reuters)
     *   The UAE Economy Minister Sultan bin Saeed Al Mansouri lowered the country's economic growth
         forecast for 2010 to 2.5% down from 3.2%, and said inflation is seen at 2%. The minister said the
         country is shifting its focus from real estate to other sectors such as trade, logistics and tourism.
         (Khaleej Times)
     *   The UAE consumer price index rose for the first time in four months in March, according to official
         data. The index, recorded 0.68% year-on-year growth in March, compared to the same period last
         year. The key housing and energy component rose 0.5% in March compared to the same period last
         year. The education component registered the biggest year-on-year rise, climbing 10.46%
         compared to 2009. (MENAFN)
     *   As part of efforts to reduce traffic congestion and build an efficient transportation system, the Abu
         Dhabi government is expected to spend USD 68 billion (AED 249.7 billion) on public transport
         schemes between 2010 and 2015. A large area of focus in Abu Dhabi's transportation plan is the
         introduction of more than 40 metro stations which will handle 40,000 to 70,000 travellers per day.
         The Abu Dhabi Urban Street Design Manual has been developed by the Abu Dhabi Urban Planning


34
                                                                           KAMCO Research


                                                                           GCC Equity Markets Monthly Review




    Council (UPC) in cooperation with Abu Dhabi's Department of Transport, (DoT), to lessen
    congestion and reduce dependence on motor vehicles by implementing a public transit network
    including high speed rail and rapid transit options such as trams and buses. (Gulf News)
*   About 15,000 new property units are expected to ready for delivery in Abu Dhabi this year and this
    will push down the sales price and rentals in the capital and Dubai, according to the Landmark
    Advisory report for the first quarter of 2010. The report released on the sidelines of the property
    show Cityscape Abu Dhabi forecasts the rents to crash down by 20% in the two emirates by the end
    of the year. According to the report, the new supply will push down sale prices and rents in the
    capital. (Gulf Base)
*   Etihad Airways, the national airline of the United Arab Emirates, reported 25.4% growth in revenue
    passenger kilometres (RPKs) in the first quarter of 2010, far outpacing the industry average and
    running ahead of the airline's available seat kilometres (ASKs) growth of 22%. The improvement,
    against the first quarter of 2009, was matched by an increase in seat factors, from 73% to 75%.
    Passenger numbers increased by 11% and, despite the continuing economic downturn affecting
    many of Etihad's international markets, premium traffic also increased by 5%. (AME Info)




                                                                                                        35
                                                         Q1-10 Corporate Earnings

                                                Abu Dhabi Securities Exchange
                                                    Net Profit / (Loss)                                    EPS
 Company                                                                              Change
                                                   Q1-09             Q1-10              (%)        Q1-09       Q1-10
All Figures are in AED
Abu Dhabi Commercial Bank                           353,705,000         218,557,000      (38.2%)       0.08       0.02
Abu Dhabi Islamic Bank                              268,790,000         293,267,000        9.1%        0.14       0.13
Bank Of Sharjah                                     108,160,000         132,796,000       22.8%        0.05       0.06
Commercial Bank International                         44,816,000         31,435,000      (29.9%)       0.03       0.02
First Gulf Bank                                     750,321,000         919,700,000       22.6%        0.47       0.59
Invest Bank                                           88,028,000         85,643,000       (2.7%)       0.08       0.07
National Bank Of Abu Dhabi                          770,465,000       1,030,835,000       33.8%        0.32       0.43
National Bank of Fujairah                             30,334,000         38,130,000       25.7%        0.03       0.04
National Bank of Umm Al-Qaiwain                     110,872,000         100,110,000       (9.7%)       0.07       0.06
Waha Capital Co.                                     (38,784,000)        33,418,000      186.2%       (0.02)      0.02
The National Bank of Ras Al-Khaimah                 160,372,000         228,065,000       42.2%        0.14       0.20
Sharjah Islamic Bank                                  84,974,000         67,469,000      (20.6%)       0.04       0.03
United Arab Bank                                      65,821,000         65,479,000       (0.5%)       0.07       0.07
Union National Bank                                 300,711,000         379,244,000       26.1%        0.13       0.14
 Banks & Financial Services Sector               3,404,934,606      3,624,148,000         6.4%
Gulf Medical Projects                                22,386,910          1,494,042       (93.3%)      0.05        0.00
Gulf Pharmaceutical Co.                              40,677,000         45,394,000        11.6%       0.06        0.07
 Health Care Sector                                 63,063,910         46,888,042       (25.6%)
AL DAR Properties Co.                               888,656,000       (314,211,000)     (135.4%)      0.34        (0.12)
Ras Al Khaimah Properties                             70,031,000        42,634,000       (39.1%)      0.04         0.02
Sorouh Real Estate Co.                              125,457,000        129,755,000         3.4%       0.05         0.05
 Real Estate Sector                              1,084,144,000      (141,822,000)      (113.1%)
AGTHIA Group                                          46,454,000        27,321,000       (41.2%)       0.08       0.05
International Fish Farming Co.                          (735,000)          (31,000)       95.8%       (0.01)      0.00
Emirates Driving Co.                                   7,689,418        25,127,559       226.8%        0.09       0.28
FUJAIRAH Trade Center                                    273,183           597,996       118.9%        0.04       0.09
National Corp for Tourism & Hotels                    48,262,754        39,767,371       (17.6%)       0.44       0.36
 Consumer Sector                                   263,011,059        92,782,926        (64.7%)
Arkan Building Materials Co.                         (91,167,000)       19,171,000      121.03%       (0.05)      0.01
Fujairah Building Industries Co.                     12,511,152         11,246,561       (10.1%)      0.10        0.09
Ras Al Khaimah Cement Co.                            29,396,283          3,000,000       (89.8%)      0.06        0.01
Ras Al Khaimah White Cement                          13,160,237         21,518,916        63.5%       0.03        0.05
Sharjah Cement & Industrial Development Co.          51,369,000         23,894,000       (53.5%)      0.09        0.04
 Construction Sector                               132,826,830         78,830,477       (40.7%)
Al Buhaira National Insurance Co.                    28,487,595        37,109,048         30.3%        0.11        0.15
Al Dhafra Insurance Co.                              15,551,503        22,791,444         46.6%        0.21        0.30
Emirates Insurance Co.                               19,384,486        30,319,174         56.4%        0.16        0.25
Green Crescent Insurance Co.                          (2,558,149)       (3,939,318)      (54.0%)      (0.01)      (0.02)
Ras Al Khaimah National Insurance Co.                16,420,713        16,806,995          2.4%        0.16        0.17
United Insurance Co.                                 11,482,949          8,692,029       (24.3%)       0.23        0.17
  Insurance Sector                                 (50,873,351)      111,779,372        319.7%
Emirates Telecom. Co.                              2,177,928,000      1,994,452,000       (8.4%)      0.28        0.25
Palestine Telecom. Co.                               100,002,960         32,666,696      (67.3%)      0.76        0.25
Qatar Telecom. Co.                                   598,910,006      1,223,426,123      104.3%       4.17        8.34
 Telecommunication Sector                        2,959,320,675      3,250,544,818         9.8%
Abu Dhabi Aviation Co.                               30,313,000        41,409,000         36.6%       0.07        0.10
Abu Dhabi Ship Building Co.                          10,740,000        27,045,000        151.8%       0.06        0.13
Abu Dhabi National Co. for Building Materials        16,818,290         9,213,022        (45.2%)      0.06        0.03
National Marine Dredging Co.                         55,670,000       114,346,000        105.4%       0.28        0.53
 Industrial Sector                                 113,541,290       192,013,022         69.1%

 Total Market                                    8,155,245,019      7,255,164,657       (11.0%)
NM: Not Meaningful
Source: Abu Dhabi Securities Exchange & KAMCO Research
Abu Dhabi Securities Exchange Trading & Valuation Data Summary                                                                                                                                                     April-10

                                                                                                                                                                                                       Month-End Valuation
                                                                                        Monthly Trading Indicators                                                          Market Cap.
                                                                                                                                                                                                           Indicators
                                           Reuters    Traded Volume    Traded Value   Number of    Avg.
                                                                                                   Avg Traded    Closing Price    MTM Price                                                                                Dividend
 Company Name                                                                                                                                 High (AED)   Low (AED)       ('000 AED)     ('000 USD)   P/E (X)   P/B (X)
                                           Ticker      ('000 Shares)     ('000 AED)      Deals    Price (AED)*          (AED)       Change                                                                                     Yield


 Abu Dhabi Commercial Bank                 ADCB.AD         27,829         54,170           789           1.95           1.70      (17.87%)        2.16         1.68       8,177,000       2,232,321       NM       0.43     0.00%
 Abu Dhabi Islamic Bank                    ADIB.AD         17,355         55,912           528           3.22           2.84       (8.97%)        3.38         2.77       6,715,765       1,833,404       NM       0.94     0.00%
 Bank Of Sharjah                           BOS.AD          13,219         22,127           255           1.67           1.70       (1.16%)        1.76         1.60       3,570,000         974,610      7.63      0.88     6.72%
 Commercial Bank International             CBI.AD           3,573          5,109             2           1.43           1.43         0.00%        1.43         1.43       1,916,221         523,128     36.56      1.14     0.00%
 Commercial Internaional Bank (Egypt)      CIB.AD             -              -             -              NA           23.90         0.00%         NA           NA        6,990,750       1,908,475      5.94      2.03     2.77%
 First Gulf Bank
 Fi t G lf B k                             FGB AD
                                           FGB.AD           7 112
                                                            7,112        132 414
                                                                         132,414           770          18 62
                                                                                                        18.62          18 45
                                                                                                                       18.45         2 50%
                                                                                                                                     2.50%       19 45
                                                                                                                                                 19.45        17 60
                                                                                                                                                              17.60      25 368 750
                                                                                                                                                                         25,368,750       6 925 669
                                                                                                                                                                                          6,925,669      7 66
                                                                                                                                                                                                         7.66      1 13
                                                                                                                                                                                                                   1.13     2 71%
                                                                                                                                                                                                                            2.71%
 Finance House                             FH.AD                10             41            5           4.03           4.01      (12.25%)        4.15         4.00       1,102,750         301,051      9.81      1.72     9.98%
 Invest Bank                               INVB.AD            260            503             2           1.94           1.94       (3.00%)        1.94         1.85       2,240,700         611,711      7.77      1.19     6.19%
 National Bank Of Abu Dhabi                NBAD.AD          5,940         70,461           742          11.86          12.00         0.00%       12.25        11.15      28,700,433       7,835,218      9.50      1.40     0.76%
 National Bank of Fujairah                 NBF.AD                1              5            1           5.00           5.00       (9.91%)        5.00         5.00       5,500,000       1,501,500     52.72      3.30     0.00%
 National Bank of Umm Al-Qaiwain           NBQ.AD             193            548             7           2.85           2.71       (9.67%)        3.05         2.71       4,249,714       1,160,172     12.46      1.41     4.10%
 Oman & Emirates Inv. Holding Co.          OEIH.AD            152            190             2           1.25           1.25       (9.42%)        1.25         1.25         152,344          41,590      8.76      0.82     0.00%
 Waha Capital Co.                          OILC.AD         52,337         44,071           839           0.84           0.75      (16.67%)        0.92         0.72       1,299,375         354,729      5.99      0.67     0.00%
 The National Bank of Ras Al-Khaimah       RAKB.AD              65           244             6           3.73           3.80         5.56%        3.81         3.61       4,386,868       1,197,615      6.04      1.57     2.19%
 Sharjah Islamic Bank                      SIB.AD           7,607          7,397           159           0.97           0.95       (1.04%)        0.99         0.94       2,304,225         629,053      8.86      0.54     5.01%
 United Arab Bank                          UAB.AD             -              -             -              NA            6.80         0.00%         NA           NA        6,775,529       1,849,719     24.13      4.07     2.21%
 Union National Bank                       UNB.AD           9,542         31,991           275           3.35           3.23       (7.45%)        3.59         3.10       7,328,063       2,000,561      6.32      0.86     0.00%
  Banks & Financial Services Sector                      145,195        425,185         4,382                                     (1.45%)                              116,778,485      31,880,527     10.56       1.11    1.82%
 Gulf Medical Projects                     GMPC.AD              21             52           5            2.44           2.60       (3.70%)         2.65        2.39       1,569,750        428,542      17.52      2.71     0.00%
 Gulf Pharmaceutical Co.                   GPHI.AD            ,
                                                             2,734           ,
                                                                            5,603          78            2.05           2.00       (0.50%)
                                                                                                                                   (     )         2.17        1.85         ,  ,
                                                                                                                                                                          1,426,703           ,
                                                                                                                                                                                           389,490      11.64      1.03     3.85%
  Health Care Sector                                        2,755          5,655           83                                       7.16%                                2,996,453        818,032      14.13       1.53    1.83%
 AL DAR Properties Co.                     ALDR.AD        156,973         681,587       6,585            4.34           3.92       (14.97%)        4.71        3.84      10,105,348       2,758,760     10.04      0.61     1.28%
 Ras Al Khaimah Properties                 RPRO.AD        120,236          63,130       1,283            0.53           0.49       (10.91%)        0.57        0.48         980,000         267,540      5.76      0.31     0.00%
 Sorouh Real Estate Co.                    SOR.AD         123,452         301,852       4,356            2.45           2.28        (8.06%)        2.57        2.21       5,985,000       1,633,905     12.40      0.99     0.00%
  Real Estate Sector                                     400,661       1,046,569      12,224                                     (12.43%)                               17,070,348       4,660,205     10.28       0.66    0.76%
 Aabar Energy                              AABAR.AD        48,035        112,721         1,893           2.35           2.17       (7.26%)         2.49        2.12       6,787,760       1,853,058      4.04      0.53     0.00%
 DANA GAS                                  DANA.AD
                                           DANA AD        349,350
                                                          349 350        313,297
                                                                         313 297         3,796
                                                                                         3 796           0.90
                                                                                                         0 90           0.82
                                                                                                                        0 82       (7.87%)
                                                                                                                                   (7 87%)         0.94
                                                                                                                                                   0 94        0.81
                                                                                                                                                               0 81       5,412,000
                                                                                                                                                                          5 412 000       1,477,476
                                                                                                                                                                                          1 477 476     61.50
                                                                                                                                                                                                        61 50      0.71
                                                                                                                                                                                                                   0 71     0.00%
                                                                                                                                                                                                                            0 00%
 Abu Dhabi National Energy Co.             TAQA.AD         13,560         16,868           610           1.24           1.15       (8.73%)         1.30        1.13       7,158,750       1,954,339     39.20      0.58     8.70%
  Energy Sector                                          410,944        442,886         6,299                                     (5.58%)                               19,358,510       5,284,873      9.92       0.59    3.22%
 Abu Dhabi National Hotels                 ADNH.AD           4,048         15,960          109           3.94           3.60       (16.28%)       4.51         3.53       3,600,000         982,800      8.32      0.44     6.94%
 Emirates Food Stuff & Mineral Water Co.   AGTH.AD           5,132         10,021          188           1.95           1.91          0.53%       2.03         1.83       1,146,000         312,858     11.01      1.27     0.00%
 International Fish Farming Co.            ASMK.AD               7            110             9         14.75          13.95       (25.80%)      18.80        13.95         697,500         190,418       NM       2.56     0.00%
 Emirates Driving Co.                      DRIV.AD              11              42            2          3.79           3.79          3.84%       3.80         3.70         340,290          92,899      4.62      1.32     3.96%
                               Co.
 Abu Dhabi National Foodstuff Co           FOOD.AD
                                           FOOD AD               1               2            1          3.30
                                                                                                         3 30           3.30
                                                                                                                        3 30          5.77%
                                                                                                                                      5 77%       3.30
                                                                                                                                                  3 30         3.30
                                                                                                                                                               3 30         330,000
                                                                                                                                                                            330 000          90,090
                                                                                                                                                                                             90 090     13.05
                                                                                                                                                                                                        13 05      1.29
                                                                                                                                                                                                                   1 29     1.52%
                                                                                                                                                                                                                            1 52%
 National Corp for Tourism & Hotels        NCTH.AD             -              -            -              NA            8.50          0.00%        NA           NA          935,000         255,255      6.33      1.37     4.71%
 Ras Al Khaimah Poultry & Feeding Co.      RAKP.AD             317            617            11          1.95           2.14        (6.55%)       2.14         1.79         184,896          50,477     10.98      0.50     7.01%
 Gulf Livestock Company                    GLS.AD              -              -            -              NA            4.35          0.00%        NA           NA          435,000         118,755       NA         NA     0.00%
  Consumer Sector                                           9,516         26,752          320                                    (10.70%)                                7,668,686       2,093,551      9.41       0.67    5.29%
 Arkan Building Materials Co.              ARKN.AD           8,369         18,374          674           2.20           2.10       (3.23%)         2.33        2.03       3,675,000       1,003,275       NM       2.35     0.00%
 Fujairah Building Industrial Co.          FBI.AD              -              -            -              NA            4.61         0.00%          NA          NA          583,165         159,204     13.15      2.45     2.60%
 Fujairah Cement Industries CoCo.          FCI.AD
                                           FCI AD              -              -            -              NA            3.00
                                                                                                                        3 00         0.00%
                                                                                                                                     0 00%          NA          NA        1,067,596
                                                                                                                                                                          1 067 596         291,454
                                                                                                                                                                                            291 454     13.21
                                                                                                                                                                                                        13 21      1.08
                                                                                                                                                                                                                   1 08     2.00%
                                                                                                                                                                                                                            2 00%
 Gulf Cement Co.                           GCEM.AD             269            536            24          1.99           2.06       (1.44%)         2.10        1.80       1,691,459         461,768     46.77      1.15     4.85%
 Umm Al-Qaiwain Cement Industries Co.      QCEM.AD           1,687          1,256           42           0.74           0.73       (2.67%)         0.83        0.70         264,990          72,342       NM       0.40     0.00%
 Ras Al Khaimah Cement Co.                 RKCC.AD          40,367         39,834          740           0.99           0.91       (4.21%)         1.05        0.89         440,440         120,240      6.13      0.54    10.99%
 Ras Al Khaimah Ceramic Co.                RKCE.AD           1,874          3,254           69           1.74           1.54       (9.41%)         1.85        1.60       1,040,483         284,052      3.22      0.55     0.00%
 Ras Al Khaimah White Cement               RAKC.AD           1,501          1,582           43           1.05           1.04         0.97%         1.08        1.01         485,680         132,591      6.94      0.67    11.54%
 Sharjah Cement Industrial Dev. Co.        SCID.AD             522            675            23          1.29           1.27       (2.31%)         1.35        1.24         638,415         174,287      6.30      0.45     7.87%
 Union Cement Co.                          UCC.AD              389            568            46          1.46           1.65         3.77%         1.65        1.31       1,104,573         301,548     19.52      0.79     6.06%
  Construction Sector                                      54,978         66,079        1,661                                     (1.33%)                               10,991,802       3,000,762     15.03       0.98    3.10%
                                                                                                                                                                                                                                                                                                   Month-End Valuation
                                                                                                                                           Monthly Trading Indicators                                                                                        Market Cap.
                                                                                                                                                                                                                                                                                                       Indicators
                                                               Reuters               Traded Volume                Traded Value          Number of       Avg. Traded       Closing Price        MTM Price                                                                                                                       Dividend
   Company Name                                                                                                                                                                                                  High (AED)         Low (AED)              ('000 AED)           ('000 USD)         P/E (X)        P/B (X)
                                                               Ticker                 ('000 Shares)                 ('000 AED)             Deals       Price (AED)*              (AED)           Change                                                                                                                            Yield


   Al Buhaira National Insurance Co.                           ABNI.AD                           -                        -                    -                  NA             9.27             0.00%                 NA                 NA            2,317,500               632,678             23.01          3.47        3.24%
   Abu Dhabi National Insurance Co.                            ADNI.AD                               63                   425                      4             6.70            6.50           (8.06%)                6.77               6.50           2,437,500               665,438             46.92          1.20        3.85%
   Al Fujairah National Insurance Co.                          AFNI.AD                         -                          -                    -                  NA           300.00             0.00%                 NA                 NA              225,000                61,425               NM           2.17        0.00%
   Al Khazna Insurance Co.                                     AKIC.AD                         -                          -                    -                  NA             0.98             0.00%                 NA                 NA              392,000               107,016              5.11          0.53        0.00%
   Al Ain Al Ahlia Insurance Co.                               AAIC.AD                         -                          -                    -                  NA            70.00             0.00%                 NA                 NA            1,050,000               286,650             14.02          0.96       10.71%
   Al Wathba Insurance Co.                                     AWNI.AD                         -                          -                    -                  NA             5.67             0.00%                 NA                 NA              680,400               185,749             52.81          1.43        1.23%
   Al Dhafra Insurance Co.                                     DHAF.AD                           67                       306                  3                 4.59            4.50           (3.23%)                4.65               4.50             337,500                92,138              7.00          1.18       11.11%
   Emirates Insurance Co.                                      EIC.AD                          -                          -                  -                    NA             6.22          (11.14%)                 NA                 NA              839,700               229,238             13.23          1.05        7.15%
   Green Crescent Insurance Co.                                GCIC.AD                       2,742                      2,191                 88                 0.80            0.73          (14.12%)                0.87               0.72             182,500                49,823               NM           1.05        0.00%
   Methaq Takaful insurance Co.
                              Co                               METH.AD
                                                               METH AD                      14,363
                                                                                            14 363                     40,817
                                                                                                                       40 817              1,165
                                                                                                                                           1 165                 2.84
                                                                                                                                                                 2 84            2.54           (7.64%)
                                                                                                                                                                                                (7 64%)                3.04
                                                                                                                                                                                                                       3 04               2.40
                                                                                                                                                                                                                                          2 40             381,000
                                                                                                                                                                                                                                                           381 000               104,013
                                                                                                                                                                                                                                                                                 104 013             22.40
                                                                                                                                                                                                                                                                                                     22 40          2.39
                                                                                                                                                                                                                                                                                                                    2 39        0.98%
                                                                                                                                                                                                                                                                                                                                0 98%
   Ras Al Khaimah National Insurance Co.                       RAKN.AD                         -                          -                  -                    NA             4.48             0.00%                 NA                 NA              448,000               122,304             23.40          2.85        2.01%
   Sharjah Insurance Co.                                       SIC.AD                          -                          -                  -                    NA             5.85             0.00%                 NA                 NA              804,375               219,594               NM           2.96        0.00%
   Abu Dhabi National Takaful Co.                              TKFL.AD                            5                         22                 5                 4.19            4.05          (10.00%)                4.50               4.05             294,030                80,270             72.83          2.76        0.00%
   United Insurance Co.                                        UIC.AD                          -                          -                  -                    NA             3.75             0.00%                 NA                 NA              187,500                51,188             12.47          1.16        6.67%
   Union Insurance Co.                                         UNIN.AD                         -                          -                  -                    NA             2.75             0.00%                 NA                 NA              910,083               248,453               NM           2.50        0.00%
    Insurance Sector                                                                       17,241                     43,761              1,265                                                (2.71%)                                                 11,487,088             3,135,975             40.25           1.51       3.59%

             Telecom. Co.
   Emirates Telecom Co                                         ETEL.AD
                                                               ETEL AD                      25,813
                                                                                            25 813                   274,840
                                                                                                                     274 840               1,655
                                                                                                                                           1 655               10.65
                                                                                                                                                               10 65            10.60
                                                                                                                                                                                10 60          (15.20%)
                                                                                                                                                                                               (15 20%)              12.65
                                                                                                                                                                                                                     12 65              10.40
                                                                                                                                                                                                                                        10 40          83,805,084
                                                                                                                                                                                                                                                       83 805 084            22,878,788
                                                                                                                                                                                                                                                                             22 878 788               9.48
                                                                                                                                                                                                                                                                                                      9 48          2.30
                                                                                                                                                                                                                                                                                                                    2 30         5.15%
                                                                                                                                                                                                                                                                                                                                 5 15%
   Palestine Telecom. Co.                                      PTEL.AD                        6.83                     177.5                   1               26.00            26.00           (3.70%)              26.00              26.00           3,422,250               934,274               9.41          1.88         0.00%
   Qatar Telecom. Co.                                          QTEL.AD                          17                     2,683                  29              157.57           160.10            12.83%             180.00             141.80          23,481,333             6,410,404               8.45          1.50         4.43%
   Sudan Telecom. Co.                                          SDTL.AD                         -                         -                   -                   NA              2.84             0.00%               2.94               2.80           2,792,592               762,378              19.54          0.44         0.00%
    Telecommunication Sector                                                               25,836                   277,700               1,685                                                (2.99%)                                               113,501,259            30,985,844               9.36           1.89        4.71%

   Abu Dhabi Aviation Co.                                      ADAV.AD                           73                        151                  4                2.05             1.99          (3.86%)                2.27               1.98              804,660              219,672              6.03          0.60         3.77%
   Abu Dhabi Ship Building Co.                                 ADSB.AD                           23                         82                  7                3.60             3.33          (7.50%)                3.94               3.33              705,933              192,720              6.18          2.05         3.00%
   Abu Dh bi N i     l C for Building Materials
   Ab Dhabi National Co. f B ildi M        i l                 BILD AD
                                                               BILD.AD                           38                         75                  5                1 99
                                                                                                                                                                 1.99             1 97
                                                                                                                                                                                  1.97            2 60%
                                                                                                                                                                                                  2.60%                2 10
                                                                                                                                                                                                                       2.10               1 92
                                                                                                                                                                                                                                          1.92              591 000
                                                                                                                                                                                                                                                            591,000              161 343
                                                                                                                                                                                                                                                                                 161,343             12 14
                                                                                                                                                                                                                                                                                                     12.14          1 62
                                                                                                                                                                                                                                                                                                                    1.62         7 61%
                                                                                                                                                                                                                                                                                                                                 7.61%
   National Marine Dredging Co.                                NMDC.AD                           63                        524                 25                8.26             7.50          (7.06%)                8.51               7.45            1,625,796              443,842              3.93          0.84         6.15%
    Industrial Sector                                                                           197                       831                  41                                              (5.05%)                                                   3,727,389            1,017,577              5.25           0.94        5.27%

     Total Market                                                                      1,067,324                 2,335,419               27,960                                                (3.24%)                                               303,580,020            82,877,346              10.28           1.17        3.17%

Source: Abu Dhabi Securities Exchange
                 g                                   pp               g                          p                                       p
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for individual stocks is
                                                                                                                                                                  g        g                        p          y            g                  q y                                        p
based on Full Year 2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the month. MTM: Month to Month price
change for individual stocks is calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization.
                                                                                     KAMCO Research


                                                                                     GCC Equity Markets Monthly Review




Dubai Financial Market
                                  Closing                Apr-10         60 Day     90 Day       YTD-10     12 Month
Benchmark Return
                                    Value        Point            (%)      (%)        (%)          (%)          (%)

DFM General Index                1,739.88     (103.59)      (5.62%)     8.96%       8.78%       (3.53%)        8.37%



Performance Review
On the back of weak investor sentiment ahead of earnings season along with Dubai World creditor's unease
about the proposed debt restructuring plan and the cancellation of the proposed merger between Aabar
Investment and Arabtec, the benchmark posted a loss of 5.62% of its value to end the month at 1,739.88
points. This loss came despite better than expected corporate earnings in the investment sector which
reported an increase in earnings of 170% since last year and in line with a drop in the banking sector
earnings of 18.1% registering AED 1.62 billion compared to a net profit of AED 1.98 billion reported during
Q1-09. In addition, turmoil in international markets due to the Greek debt crisis and rising worries about its
contagion to the rest of the Euro zone countries along with the S&P downgrading of Greek debt to junk while
downgrading Portugal's sovereign debt to A- and Spain's rating to AA contributed to the negative sentiment
and put further pressure on the stock markets and triggered regional sell-off on heavyweight stocks such as
EMAAR Properties, Dubai Financial Market and Dubai Islamic Bank which declined by 2.25%, 6.84% and
16.54%, respectively. Furthermore, April witnessed a slight decrease in volatility to register 21.4% as
compared to last month's 27%. On the GCC front, the Dubai General Index ended the month with the worst
performance, reversing the significant gain of 15.73% during March, followed by Abu Dhabi Securities
Exchange's loss of 4.52%. On the gainers side, Bahrain Stock Exchange led the region for this month with a
monthly gain of 2.9% followed by Muscat Securities Market which added 1.98%.

Dubai World, which made a debt restructuring offer during March including a 1% interest and 7 year term for
the loan, is now offering lenders a 1% interest rate and another 1% payment-in-kind, a lump sum interest
payment at the end of the loan maturity, which is an upgrade from last month's offer that was rejected as
being too low. The new revised offer aided DFM General Index gains of 1.5% during the day of the
announcement. The current plan is to be partly funded by asset sales, with any shortfall guaranteed by the
government. With Dubai Electricity and Water Authority offering 8.5% coupon on a recent bond issue, the
interest rate mismatch here is large and the banks are unlikely to be satisfied with the offer. Despite that,
there is a possibility that they may ultimately accept it given that the next step would be to transfer this matter
to a special tribunal which is untested and would further delay repayment.

Ports operator DP World, a unit of conglomerate Dubai World and one of largest port operators in the world,
announced this month that its shareholders approved an amendment allowing the firm to seek listing on the
London Stock Exchange (LSE). Shareholders have also voted in favour of a buyback proposal for a limited
number of ordinary shares without giving any specific figures for the exact number. The firm reported a rise in
first quarter container volumes and forecast improved earnings for the year 2010, partly due to cost cutting
measures. The firm has confirmed to its shareholders on multiple occasions that the aim of the LSE listing is
not to raise additional capital but to provide additional liquidity.

A merger of the UAE's two main bourses has been in talks with the exchanges seeking to create a single
market as trading revenue slumps. This merger is interpreted as good news for both markets, instead of
them competing against each other, and this would be a sign of the countries consolidation. Dubai Financial


                                                                                                                  39
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




Market's profit fell by almost half during 2009 as market turnover slumped about 43% to a five year low of
USD 47.2 billion, while, Abu Dhabi Securities Exchange turnover slid 70% last year to USD 19.1 billion. This
collapse in trading is spurring the UAE bourses to consolidate with many investors questioning the wisdom of
having three stock exchanges in a country of 5 million people given that consolidation would most likely boost
liquidity.

The construction giant, Arabtec Holding, have called off a plan to sell a controlling interest worth USD 1.7
billion to Aabar Investments of Abu Dhabi. The firm announced that it was abandoning the move that would
have given the Abu Dhabi's state-run fund a 70% stake in the troubled Dubai-based contractor. According to
Arabtec, the due diligence exercise by Aabar was expected to be concluded by April 16th 2010. Although, no
further details have been provided by the firm, it is believed that the recent Dubai World and Nakheel's
restructuring may have had an impact on the deal. The positive impact of the cancellation of this deal for the
shareholders of Arabtec would be the avoidance of the dilution of their stake in the company along with
investor's concern that the company was being sold at very low valuations (AED 2.3 per share). Arabtec has
also indicated in a press release that it will work towards forming a strategic partnership in Abu Dhabi. In
addition, Arabtec has accepted the property developer Nakheel's debt repayment offer of cash and new debt.
The repayment was through 40% cash and 60% in a tradable security with a 10% annual return. Arabtec's
stock hit three month high of AED 2.71 on the day of the announcement with the DFM General Index ending
on a positive note with a 0.12% gain.

Dubai Developer, Emaar Properties, announced this month that it will roll over a USD 1.23 billion debt
maturing in 2010 into long term project financing deals. The company fell 1% during the day of the
announcement to close at AED 4.04, after being up by 2% in the previous day, with other property related
stocks following a similar pattern, with Arabtec dropping 1.5% and Deyaar and Union Properties each down
by 2%. The loans maturing in the next one year are primarily bridge loans for Emaar's international projects,
and as per the terms of the roll over, are to be converted into longer term project financing. Rolling over the
debt would enable Emaar to avoid premature divestments of key investment properties with expectations that
the extension to pose no issue for most creditors but rates will likely see an increase. Emaar, which is 31.2%
owned by the Dubai Government, is the Arab world's largest listed developer with less debt than other Dubai
based property firms, and with the solid cash flow that the property has been able to bring in from its projects,
the debt rollover is seen as a positive move.

On the economic front, Dubai's inflation slowed to 0.83% on an annual basis in March, its lowest level in at
least two years, as housing and food prices fell. The consumer price index of Dubai showed inflation
decelerated for the third month in a row in March. It stood at 0.89% during February, well below the peak of
10.8% for the full year 2008. The global downturn slashed consumer prices growth across the Gulf oil
producing region from record peaks in 2008, with some countries such as UAE and Qatar experiencing
deflation last year. Furthermore, recently released data from the Dubai Statistical Center puts Dubai's real
GDP growth rate at 2.5% decline in 2009 on the back of a sharp reversal in private consumption and
investment spending. However, despite this challenging economic environment, Dubai's underlying strengths
remain intact due to its favourable business environment, a strategic location with a strong logistics
infrastructure to bolster trade positions globally, and a solid and continuously growing tourism sector.




40
                                                                                  KAMCO Research


                                                                                  GCC Equity Markets Monthly Review




DFM General Index 52 Week Performance Relative to Volume


                            2,400                                                                       1750

                            2,300                                                                       1575
  DFM General Index Value




                            2,200                                                                       1400




                                                                                                               Vol. Traded (shr. mil.)
                                                                                                        1225
                            2,100
                                                                                                        1050
                            2,000
                                                                                                        875
                            1,900
                                                                                                        700
                            1,800
                                                                                                        525
                            1,700                                                                       350
                            1,600                                                                       175

                            1,500                                                                       0
                                     30.4.09
                                     14.5.09
                                     28.5.09
                                     11.6.09
                                     25.6.09
                                      9.7.09
                                     23.7.09
                                      6.8.09
                                     20.8.09
                                      3.9.09
                                     17.9.09
                                     1.10.09
                                    15.10.09
                                    29.10.09
                                    12.11.09
                                    26.11.09
                                    10.12.09
                                    24.12.09
                                      7.1.10
                                     21.1.10
                                      4.2.10
                                     18.2.10
                                      4.3.10
                                     18.3.10
                                      1.4.10
                                     15.4.10
                                     29.4.10
Source: KAMCO Research

During the month, 14 out of 48 Emirati companies have announced their Q1-10 earnings. In the banking
sector, the Commercial Bank of Dubai reported AED 257.6 million which is a 10.1% increase in comparison
with a year ago, while Emirates NBD and Mashreq Bank reported AED 1.1 billion and AED 250.8 million
respectively. Emirates NBD, the UAE's third largest bank in market value, reported a 12% decrease in
earnings after an increased provision against doubtful loans. Furthermore, Dubai Investments reported
earnings of AED 277.6 million which is a 3.2% increase since last year's first quarter earnings of AED 269.1
million, while SHUAA Capital returned into profit this year with AED 19.5 million reversing last year losses of
AED 197.9 million. EMAAR Properties has reported earnings of AED 760 million which is a 220% increase
from last year's earnings of AED 237 million. Emaar posted revenue of AED 2.88 Billion (USD 786 million),
underpinned by the robust performance of the company's hospitality and shopping mall subsidiaries during
the period when the company opened the world's tallest building, Burj Khalifa.

Total market capitalization lost 3.94% to end the month at AED 200.8 billion (USD 54.8 billion) as compared
to AED 209 billion (USD 57 billion) a month earlier. The heavy weight banking sector, which accounts for
about 26.6% of the total market cap, lost 4.11% in terms of market cap to end the month at AED 53.3 billion
(USD 14.5 billion) down from AED 55.6 billion (USD 15.2 billion) reported at the end of March. Representing
20.3% of the total market cap, the Real Estate & Construction sector, lost 4% of its value during April to end
the month at AED 40.6 billion (USD 11.1 billion) as compared to AED 42.3 billion (USD 11.6 billion) recorded
a month earlier. The Investment & Financial sector also lost around 3.76% of its market cap to end the month
at AED 34.3 billion (USD 9.4 billion) from AED 35.7 billion (USD 9.7 billion) in March. The
Telecommunications sector lost 14.62% to end at AED 10.6 billion (USD 2.9 billion).




                                                                                                               41
                                                                                                   KAMCO Research


                                                                                                   GCC Equity Markets Monthly Review




                                    DFM General Index Monthly Return & Volatility
                                                                           Index Value                 Return              Volatility
April-09                                                                      1,605.51                  2.36%               31.40%
May-09                                                                        1,878.09                 16.98%               27.97%
June-09                                                                       1,784.45                (4.99%)               50.64%
July-09                                                                       1,818.34                  1.90%               35.03%
August-09                                                                     1,914.28                  5.28%               34.55%
September-09                                                                  2,191.03                 14.46%               25.64%
October-09                                                                    2,197.52                  0.30%               28.29%
November-09                                                                   1,940.36               (11.70%)               47.92%
December-09                                                                   1,803.58                (7.05%)               67.31%
January-10                                                                    1,589.97               (11.84%)               33.30%
February-10                                                                   1,592.91                  0.18%               22.16%
March-10                                                                      1,843.47                 15.73%               27.02%
April-10                                                                      1,739.88                (5.62%)               21.40%
Source: KAMCO Research




Liquidity
                                          Market Trading & Technical Indicators
                                                                                 Month                M-T-M          Average Daily
                                                                                  Value            % Change                 FY-09
Volume Traded (Mln Shares)                                                      4,352.8             (43.42%)                 228.9
Value Traded (AED Mln)                                                         10,072.3             (34.09%)                 459.4
No. of Trades                                                                    94,047             (33.93%)                 4,774

                                                                                 Apr-10                Mar-10                Dec-09
P/E Multiple (X)                                                                   14.42                 15.22                 23.89
P/B Multiple (X)                                                                    1.04                  1.08                  1.05
Dividend Yield (%)                                                                2.15%                 2.06%                 2.36%
PE is based on the net profits for FY 2009 and Month end market capitalization. P/B based on 31 December 2009 Equity figures, yield is
based on 2009 cash dividends and Month end market capitalization. Due to the massive losses, we have excluded all the losses incurred
by the Kuwaiti companies listed in DFM and Gulf Finance House which amounted to AED 14 billion while calculating the Price-to-
Earnings Multiple (P/E) for the aggregate market and their respective sector.
Source: KAMCO Research



                                                Monthly Most Active Stocks
                                                                               Volume                   Value                  Close
                                                                          (000 shares)             (000 AED)                   (AED)
EMAAR Properties                                                             1,142,208              4,575,987                   3.910
Arab Technical Construction Co.                                                855,637              2,247,228                   2.470
Dubai Financial Market                                                         825,929              1,591,222                   1.770
Air Arabia Co.                                                                 331,976                309,397                   0.943
Drake and Scull International                                                  256,742                247,266                   0.883
Source: KAMCO Research




42
                                                                                                        KAMCO Research


                                                                                                        GCC Equity Markets Monthly Review




Market Movers
During the month of April, the market breadth was skewed largely towards the decliners with an advancers-
to-decliners ratio of 4-to-32, while 30 stocks remained unchanged from last month. Jeema Mineral Water was
this month's top gainer adding 10% to close the month at AED 6.05 followed by Int'l Financial Advisors and
Gulf General Investment which gained 4% and 1.74% to close at AED 5.2 & AED 0.936, respectively.
Ekttitab Holding Company ended the month as the top loser falling by 23.39% to close at AED 0.452 followed
by Dubai Refreshments Co. and Gulf Finance House dipping by 20% and 17.72% to close the month at AED
7.6 and AED 0.757, respectively.

                   Best Return Performers                                               Worst Return Performers
                                                   Close      M-T-M                                                    Close      M-T-M
                                                   (AED)      % Chg                                                    (AED)      % Chg
Jeema Mineral Water                                 6.050    10.00%     Ekttitab Holding Company                        0.452   (23.39%)
Int'l Financial Advisors Co.                        5.200     4.00%     Dubai Refreshments Co.                          7.600   (20.00%)
Gulf General Investment Co.                         0.936     1.74%     Gulf Finance House                              0.757   (17.72%)
Global Investment House                             1.280     1.59%     Union Properties                                0.432   (15.29%)
                                                                        Emirates Integrated Telecom.                    2.450   (14.63%)
We have excluded from the top losers list all the stocks that have traded on their x dividend date during the month.
Source: KAMCO Research




Sectors Performance
                                                       Sectors Performance
                                                                  Monthly Trading Indicators                Valuation Multiples
                                        Market Cap            M-T-M      Volume                 Value         P/E      P/B       Dividend
                                         (Mln AED)            % Chg (000 Shares)           (000 AED)          (X)       (X)     Yield (%)
Banking                                  53,313,547          (4.11%)     233,731              526,364        8.02      0.77        4.25%
Consumer Staples                          1,027,004          (8.06%)         248                2,047        8.34      1.59        2.92%
Investment & Financial                   34,328,921          (3.76%)     945,491            1,715,655       21.14      1.16        2.28%
Insurance                                 9,402,051          (5.76%)     101,460               92,445       12.01      1.33        3.29%
Materials                                24,791,080            0.00%           -                    -       18.01      3.00        0.74%
Real Estate & Construction               40,654,896          (4.00%)   2,468,052            7,169,131       37.01      0.78        0.54%
Telecommunication                        10,571,381         (14.62%)      61,484              102,851       38.23      2.59        0.00%
Transportation                           26,159,060          (1.36%)     441,415              417,533       10.68      1.29        1.97%
Utilities                                   521,753         (12.24%)     100,871               46,260         NM       0.37        0.00%
Total Market                            200,769,694          (3.94%)   4,352,752          10,072,284        14.42      1.04        2.15%
Market Cap, P/E, P/B & Yield as of 29 April 2010
Source: KAMCO Research




Corporate News
      *    Construction firm, Arabtec, has accepted property developer Nakheel's debt repayment offer of
           cash and new debt. The repayment was through 40% cash and 60% in a tradable security with a
           10% annual return. (Reuters)


                                                                                                                                     43
                                                                                  KAMCO Research


                                                                                  GCC Equity Markets Monthly Review




     *   Ports operator DP World, a unit of conglomerate Dubai World and one of the largest port operators
         in the world announced this month that its shareholders approved an amendment allowing the firm
         to seek listing on the London Stock Exchange (LSE). Shareholders have also voted in favour of a
         buyback proposal for a limited number of ordinary shares without giving any specific figures for the
         exact number. (Arabian Business)
     *   The second UAE telecom provider Emirates Integrated Telecommunications Co., or ``du'',
         announced this month that it would launch an AED 1 billion rights issue to fund its mobile and
         broadband infrastructure upgrade program over the next four years. (MENAFN)
     *   The construction giant, Arabtec Holding, have called off a plan to sell a controlling interest worth
         USD 1.7 billion to Aabar Investments of Abu Dhabi. The firm announced that it was abandoning the
         move that would have given the Abu Dhabi's state-run fund a 70% stake in the troubled Dubai-
         based contractor. (MENAFN)
     *   Fitch ratings has assigned the Dubai Electricity and Water Authority's (DEWA) proposed USD 30
         billion global medium term note program a final rating of 'BBB-' and placed it on Rating Watch
         Negative (RWN). The rating is also in line with DEWA's Long-term Issuer Default Rating of 'BBB-',
         which is also on RWN. (Reuters)
     *   The S&P has lowered the ratings of three Dubai-based government related entities (GREs). The
         ratings on DP World Ltd., Dubai Multi Commodities Center Authority, and Emaar Properties were all
         lowered by one notch. The ratings on Dubai Multi Commodities Center Authority are on CreditWatch
         negative, and the outlook on Emaar Properties and DP World is negative. (Dow Jones Newswire)


Country & Economic News
     *   The Government of Dubai has set up a team to draw up the emirates financial plans for the 2011-
         2014 period, improve spending efficiency and develop new revenue structures. The team will
         operate under the supervision of the Dubai Department of Finance. (Reuters)
     *   Dubai's inflation slowed to 0.83% on an annual basis in March, its lowest level in at least two years,
         as housing and food prices fell. The consumer price index of Dubai showed inflation decelerated for
         the third month in a row in March. (Reuters)
     *   Dubai's government reported this month that direct exports in 2009 recorded a 22.9% surge to hit
         AED 52.4 billion while imports and re-exports declined. The value of Dubai's 2008 exports was AED
         42.6 billion. (MENAFN)
     *   Dubai's Department of Finance has repaid an AED 840 million Islamic Bond installment for Dubai
         Civil Aviation (DCA). The payment is the first of three equal installment of a USD 635 million multi
         currency Ijara setup in April of 2009 with the final instalment due in April 2011. (MENAFN)
     *   Dubai Airports recorded a 21.8% increase in passenger traffic during March, with more than 3.9
         million travellers, compared with the 3.2 million in the same period last year. Cargo continued its
         resurgence in March with volumes increasing 21.9% to 194,100 tonnes, compared with 159,301
         tonnes recorded in March 2009. (Emirates business 24/7)
     *   Dubai Ruler issued a decree this month expanding the role of the government's Financial Audit
         Department to include the monitoring of companies that are less than 25% government-owned.
         (Dow Jones Newswire)




44
                                                      Q1-2010 Corporate Earnings

                                                                       Dubai Financial Market
                                                      Net Profit / (Loss)             Change               EPS
Company
                                                    Q1-09             Q1-10            (%)         Q1-09         Q1-10
All Figures are in AED
Commercial Bank of Dubai                              233,902,000       257,619,000       10.1%       0.120         0.130
Emirates NBD                                        1,258,986,000     1,110,934,000     (11.8%)       0.230         0.200
Mashreq Bank                                          484,110,000       250,781,000     (48.2%)       2.860         1.480
 Banking Sector                                   1,976,998,000     1,619,334,000      (18.1%)

United Kaipara Dairies Co.                             3,056,000         2,913,000       (4.7%)      12.000        12.000
 Consumer Staples Sector                              3,056,000         2,913,000       (4.7%)
Dubai Financial Market                                58,479,000       53,581,000         (8.4%)      0.007         0.007
Dubai Investment                                     269,124,000      277,662,000           3.2%      0.080         0.080
SHUAA Capital.                                      (197,914,000)      19,486,000        109.8%      (0.408)        0.018
 Investment & Financial Sector                     129,689,000       350,729,000        170.4%
Arab Orient Insurance Co.                             51,708,000        56,505,000         9.3%      17.240        18.830
Arabian Scandinavian Insurance Co.                    10,004,538         3,600,586      (64.0%)       0.070         0.030
National General Insurance                            14,392,947        13,065,100       (9.2%)       0.096         0.087
 Insurance Sector                                    76,105,485        73,170,686       (3.9%)
Dubai Development Company                               186,111           122,772        (34.0%)      0.019         0.012
EMAAR Properties                                    237,000,000       760,000,000         220.7%      0.050         0.120
 Real Estate & Construction Sector                 237,186,111       760,122,772        220.5%
Gulf Navigation Holding                                6,377,000         3,072,000      (51.8%)       0.004         0.002
 Transportation Sector                                6,377,000         3,072,000      (51.8%)

National General Cooling Co. (Tabreed)                10,771,000        40,438,000       275.4%       0.010         0.020
 Utilities Sector                                    10 771 000
                                                     10,771,000        40,438,000
                                                                       40 438 000       275 4%
                                                                                        275.4%

 Total Market                                     2,440,182,596     2,849,779,458        16.8%

NM: Not Meaningful
Source: Dubai Financial Market & KAMCO Research
Dubai Financial Market Trading & Valuation Data Summary                                                                                                                                                                                        April-10

                                                                                                                                                                                                                         Month-End Valuation
                                                                                                      Monthly Trading Indicators                                                        Market Cap.
                                                                                                                                                                                                                             Indicators
                                                                                                                                                                                                                                                     Current
                                                                    Traded Volume     Traded Value     Number of   Avg. Traded        Closing    MTM Price                                                            Trailing P/E   Trailing P/B
 Company Name                                      Reuters Ticker                                                                                            High (AED)   Low (AED)      ('000 AED)      ('000 USD)                                 Dividend
                                                                      ('000 Shares)      ('000 AED)       Deals    Price (AED)*   Price (AED)   Change (%)                                                                     (X)            (X)
                                                                                                                                                                                                                                                        Yield


 Arab Emirates Investment Bank                     AEIB.DU                 -                -              -             NA       950.000          0.00%         NA           NA         426,907         116,546          43.62            3.43      0.00%
 Ajman Bank                                        AJBNK.DU          17,821.58           14,588            697         0.819        0.790        (7.06%)       0.860        0.761        790,000         215,670            NM             0.79      0.00%
 Al Salam Bank - Sudan                             SSUD.DU              324.76              805              35        2.479        2.230        (8.23%)       2.550        2.300        223,000          60,879           4.32            0.47     16.48%
 Amlak Finance                                     AMLK.DU                 -                -              -             NA         1.020          0.00%         NA           NA       1,530,000         417,690            NM             0.80      0.00%
 Commercial Bank of Dubai                          CBD.DU               507.46            1,571             24         3.095        3.150          0.00%       3.200        3.010      6,115,056       1,669,410           7.61            1.14      4.33%
 Dubai Islamic Bank                                DISB.DU          176,823.92          458,518          5,584         2.593        2.270       (16.54%)       2.860        2.190      8,622,716       2,354,002           7.14            0.96      6.29%
 Emirates Islamic Bank                             EIB.DU                  -                -              -             NA         0.677          0.00%         NA           NA         822,343         224,500           6.29            0.30      0.00%
 Emirates NBD                                      ENBD.DU            8,758.98           26,322            606         3.005        2.970        (3.57%)       3.150        2.870     16,506,592       4,506,300           4.93            0.52      6.73%
 Gulf Finance House                                GFH.DU            28,266.63           23,512            788         0.832        0.757       (17.72%)       0.940        0.751      1,425,563         389,179            NM             0.90      0.00%
 Mashreq Bank                                      MASB.DU                 -                -              -             NA        86.700          0.00%         NA           NA      14,658,974       4,001,900          14.65            1.30      1.65%
 Al Salam Bank - Bahrain                           SALAM.DU           1,227.89            1,048             48         0.853        0.803        (5.53%)       0.888        0.800      1,202,395         328,254           8.84            0.62      5.81%
 TAMWEEL                                           TAML.DU                 -                -              -             NA         0.990          0.00%         NA           NA         990,000         270,270            NM             0.44      0.00%
  Banking Sector                                                        233,731         526,364          7,782                                   (4.11%)                              53,313,547      14,554,598            8.02           0.77      4.25%

 Dubai Refreshments Co.                            DRC.DU                  243.1           2,019            12         8.307        7.600       (20.00%)       9.030        7.600       456,000         124,488           14.20            1.52     3.29%
 Gulfa Mineral Water & Processing Industries Co.   GULF.DU                     1               5             1         5.600        5.600          0.00%       5.600        5.600       140,000          38,220           50.78            4.70     0.00%
 Jeema Mineral Water                               JEEM.DU                   3.9              22             3         5.698        6.050         10.00%       6.050        5.500       181,500          49,550           41.33            2.49     0.00%
                   p y
 United Foods Company                              UFC.DU                    -               -             -             NA         5.980          0.00%         NA           NA           ,
                                                                                                                                                                                        149,500            ,
                                                                                                                                                                                                         40,814            2.70            1.44     5.02%
 United Kaipara Dairies Co.                        UNIK.DU                   -               -             -             NA       363.650        (1.72%)         NA           NA        100,004          27,301            3.51            0.71     7.50%
  Consumer Staples Sector                                                  247.9           2,047            16                                   (8.06%)                               1,027,004        280,372             8.34           1.59      2.92%

 Al Firdous Holding PJSC                           ALFH.DU                  -               -              -             NA          1.450         0.00%         NA           NA         870,000         237,510            NM             1.39     0.00%
 Al-Madina for Finance & Investment                MADI.DU               11,431           9,025            251         0.789         0.747      (11.07%)       0.870        0.720        280,935          76,695            NM             0.32     0.00%
 Bayan Investment Co.                              BAYN.DU                  -               -              -             NA          3.329         0.00%         NA           NA       1,307,178         356,860            NM             2.06     3.82%
 Dubai Financial Market                            DFM.DU               825,929       1,591,222         16,395         1.927         1.770       (6.84%)       2.040        1.650     14,160,000       3,865,680          40.85            1.76     2.82%
 Dubai Investment                                  DINV.DU               88,450          89,075          1,453         1.007         0.916      (10.20%)       1.060        0.881      3,356,934         916,443           3.49            0.42     9.92%
 Ekttitab Holding Company                          EKTT.DU                9,421           4,699            214         0.499         0.452      (23.39%)       0.600        0.450        233,684          63,796            NM             0.60     0.00%
 Gulf General Investment Co.                       GGIC.DU                  451             423             33         0.938         0.936         1.74%       0.990        0.865      1,676,688         457,736           7.98            0.49     0.00%
 Global Investment House                           GLOB.DU                  302             371             28         1.231         1.280         1.59%       1.360        1.160      1,670,914         456,160            NM             0.80     0.00%
 Gulf Petroleum Investment Co.                     GPI.DU                   -               -              -             NA          4.798         0.00%         NA           NA       1,123,825         306,804            NM             3.79     0.00%
 Int'l Financial Advisors Co.                      IFIN.DU                1,522           9,041              7         5.939         5.200         4.00%       6.150        5.200      3,744,000       1,022,112            NM             2.01     0.00%
 International Investment Group                    IIG.DU                   -               -              -             NA          4.000         0.00%         NA           NA       1,826,814         498,720            NM             2.53     0.00%
 Kuwait Finance & Investment Co.                   KFIC.DU                  -               -              -             NA          4.030         0.00%         NA           NA       2,568,524         701,207            NM             6.23     0.00%
 National International Holding                    NIHK.DU                  -               -              -             NA          3.400         0.00%         NA           NA         722,925         197,359            NM             1.05     0.00%
 SHUAA Capital*                                    SHUA.DU                7,985          11,799            456         1.478         1.430       (1.38%)       1.590        1.350        786,500         214,715            NM             0.46     0.00%
  Investment & Financial Sector                                         945,491       1,715,655         18,837                                   (3.76%)                              34,328,921       9,371,795          21.14            1.16      2.28%

 Alliance Insurance                                ALL.DU                   -               -              -             NA       383.500       (25.00%)         NA           NA         383,490        104,693            9.13            1.43      2.93%
 Dubai Islamic Insurance & Reinsurance Co.         AMAN.DU               16,328          14,409            529         0.882        0.829        (9.89%)       0.960        0.782        165,800         45,263            8.06            1.01      0.00%
 Arab Orient Insurance Co.                         AOIC.DU                  -               -              -             NA       110.460          0.00%         NA           NA         331,380         90,467            1.78            0.45     18.11%
 Arab Insurance Group                              ARIG.DU                  104             215              6         2.066        2.090        (2.79%)       2.090        2.000        459,800        125,525            5.73            0.47      0.00%
 Arabian Scandinavian Insurance Co.                ASCI.DU                  -               -              -             NA         2.990          0.00%         NA           NA         418,600        114,278           21.70            1.59      3.34%
 Al Sagr National Insurance Co.                    ASNC.DU                  -               -              -             NA         4.550          0.00%         NA           NA       1,046,500        285,695           34.58            1.75      0.00%
 Takaful House                                     DTKF.DU                3,564           4,588            208         1.287        1.190       (11.19%)       1.430        1.100        119,000         32,487             NM             1.22      0.00%
 Dubai Insurance                                   DINC.DU                  -               -              -             NA         1.840          0.00%         NA           NA         184,000         50,232            6.75            0.61     13.59%
 Dubai National Insurance & Reinsurance            DNIN.DU                   30              65              3         2.173        2.170        (9.58%)       2.280        2.070        238,700         65,165            5.27            1.31     12.57%
 Islamic Arabic Insurance Co.                      IAIC.DU               75,705          66,667          1,458         0.881        0.836       (10.11%)       0.970        0.800        919,600        251,051            7.91            0.62      0.00%
                                                                                                                                                                                                                                                                                                                                        Month-End Valuation
                                                                                                                                                               Monthly Trading Indicators                                                                                                   Market Cap.
                                                                                                                                                                                                                                                                                                                                            Indicators
                                                                                                                                                                                                                                                                                                                                                                          Current
                                                                                                          Traded Volume                   Traded Value            Number of        Avg. Traded              Closing           MTM Price                                                                                             Trailing P/E    Trailing P/B
   Company Name                                                                  Reuters Ticker                                                                                                                                                High (AED)        Low (AED)                   ('000 AED)             ('000 USD)                                           Dividend
                                                                                                            ('000 Shares)                    ('000 AED)              Deals         Price (AED)*         Price (AED)          Change (%)                                                                                                      (X)             (X)
                                                                                                                                                                                                                                                                                                                                                                             Yield


   National General Insurance                                                    NGIN.DU                             -                            -                     -                 NA                 8.180              0.00%                NA               NA                  1,226,625                334,869               36.78              4.14          1.31%
   Oman Insurance Co.                                                            OIC.DU                              111                          996                     4             8.980                8.980            (9.75%)              9.460            8.980                 3,770,556              1,029,362               19.88              2.45          4.05%
   Takaful Emarat                                                                TKFE.DU                           5,618                        5,505                   211             0.980                0.920           (10.68%)              1.050            0.900                   138,000                 37,674                 NM               0.94          0.00%
    Insurance Sector                                                                                           101,460                        92,445                 2,419                                                     (5.76%)                                                    9,402,051              2,566,760               12.01              1.33          3.29%

   ACICO Industries Co.                                                          ACIC.DU                              -                            -                    -                   NA              5.500                0.00%                NA                NA               1,182,020                 322,691               27.38              1.21         1.10%
   Al Jazeera Steel Products Co.                                                 AJTM.DU                              -                            -                    -                   NA              3.220                0.00%                NA                NA                 402,171                 109,793                 NM               1.43         2.08%
   National Cement Co.                                                           NCC.DU                               -                            -                    -                   NA              4.300                0.00%                NA                NA               1,542,840                 421,195               11.19              0.84        10.47%
   National Industries Group Holdings                                            NIND.DU                              -                            -                    -                   NA             13.630                0.00%                NA                NA              21,664,049               5,914,285                 NA               4.19         0.00%
    Materials Sector                                                                                                  -                            -                    -                                                        0.00%                                                  24,791,080               6,767,965               18.01              3.00          0.74%

   Arab Heavy Industries                                                         AHI.DU                            -                            -                      -                  NA             193.350                 0.00%               NA               NA                   129,981                  35,485                1.43              1.24        51.72%
   Arab Technical Construction Co.                                               ARTC.DU                      855,637                    2,247,228                 20,037               2.626              2.470               (8.86%)             2.830            2.260                2,954,120                 806,475                5.97              1.26         0.00%
   Dubai Development Company                                                     DDC.DU                            -                            -                      -                  NA               2.240                 0.00%               NA               NA                    22,400                   6,115               37.60              0.36         0.00%
   Deeyar Development Co.                                                        DEYR.DU                      146,053                       66,098                  1,621               0.453              0.420             (14.29%)              0.500            0.400                2,426,760                 662,505                 NM               0.79         0.00%
   Drake and Scull International                                                 DSI.DU                       256,742                      247,266                  3,633               0.963              0.883               (8.97%)             1.010            0.851                1,922,978                 524,973                5.53              0.83         7.93%
   EMAAR Properties                                                              EMAR.DU                    1,142,208                    4,575,987                 28,439               4.006              3.910               (2.25%)             4.200            3.700               23,816,743               6,501,971               72.81              1.10         0.00%
   Grand Real Estate Projects Co.                                                GRND.DU                           -                            -                      -                  NA               1.700                 0.00%               NA               NA                   773,163                 211,073                 NM               1.46         0.00%
   Kuwait Commercial Markets Complex Co.                                         SHOP.DU                           -                            -                      -                  NA               4.250                 0.00%               NA               NA                 1,147,655                 313,310                 NM               0.93         0.00%
   Al Mazaya Holding Co.                                                         MAZA.DU                           -                            -                      -                  NA               3.100                 0.00%               NA               NA                 1,548,378                 422,707                 NM               1.43         0.00%
   National Real Estate Co.                                                      NRE.DU                            -                            -                      -                  NA               5.476                 0.00%               NA               NA                 4,458,236               1,217,098               21.05              0.27         0.00%
             p
   Union Properties                                                              UPRO.DU                         ,
                                                                                                               67,411                         ,
                                                                                                                                            32,550                   ,
                                                                                                                                                                    1,155               0.483              0.432             (15.29%)
                                                                                                                                                                                                                             (        )            0.520            0.425                 ,   ,
                                                                                                                                                                                                                                                                                         1,454,482                    ,
                                                                                                                                                                                                                                                                                                                   397,074                 NM               0.00         0.00%
    Real Estate & Construction Sector                                                                        2,468,052                   7,169,131                 54,885                                                      (4.00%)                                                  40,654,896             11,098,787                37.01              0.78          0.54%

   Emirates Integrated Telecommunications Co.                                    DU.DU                           19,648                       53,808                 1,080              2.739                2.450           (14.63%)              2.920            2.400                 9,800,000              2,675,400               37.10              3.51          0.00%
   Hits Telecom Holding Co.                                                      HITS.DU                         41,836                       49,043                 1,283              1.172                1.070           (14.40%)              1.300            1.060                   771,381                210,587               62.19              0.60          0.00%
    Telecommunication Sector                                                                                     61,484                     102,851                  2,363                                                   (14.62%)                                                   10,571,381               2,885,987               38.23              2.59          0.00%
   Air Arabia Co.                                                                AIRA.DU                       331,976                      309,397                  4,107              0.932               0.943             (3.78%)              0.990            0.891                4,400,698               1,201,391                9.73              0.80        10.60%
   Gulf Navigation Holding                                                       GNAV.DU                        67,802                       37,975                    954              0.560               0.546             (9.00%)              0.610            0.503                  903,630                 246,691               34.04              0.54         5.49%
   Arab International Logistics Co.                                              ARMX.DU                        41,637                       70,161                  1,098              1.685               1.660            (12.63%)              1.900            1.580                2,430,406                 663,501               13.19              1.52         0.00%
   Agility (PWC Logistics)                                                       WARE.DU                           -                            -                      -                  NA               17.600               0.00%                NA               NA                18,424,326               5,029,841               10.31              1.60         0.00%
    Transportation Sector                                                                                      441,415                      417,533                  6,159                                                     (1.36%)                                                  26,159,060               7,141,423               10.68              1.29          1.97%

   National General Cooling Co. (Tabreed)                                        TABR.DU                       100,871                        46,260                 1,586              0.459                0.430           (12.24%)              0.490            0.420                    521,753               142,439                  NM              0.37          0.00%
    Utilities Sector                                                                                           100,871                        46,260                 1,586                                                   (12.24%)                                                        521,753               142,439                  NM              0.37          0.00%


    Total Market                                                                                             4,352,752                  10,072,284                 94,047                                                      (3.94%)                                                200,769,694              54,810,126                14.42              1.04          2.15%

Source: Dubai Financial Market
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for individual stocks is based on Full Year 2009 Dividend per Share &
month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the month. MTM: Month to Month price change for individual stocks is calculated based on the change in closing prices, while that for
sectors and market are based on the change in market capitalization.

We have excluded all the losses incurred by the kuwaiti companies listed in DFM and Gulf Finance House which amounted to AED 14 billion while calculating the Price-to-Earnings Multiple (P/E) for the aggregate market and their respective sector.
                                                                                     KAMCO Research


                                                                                     GCC Equity Markets Monthly Review




Qatar Exchange
                                  Closing                Apr-10         60 Day     90 Day       YTD-10     12 Month
Benchmark Return
                                    Value        Point            (%)      (%)        (%)          (%)          (%)

QE 20 Index                      7,547.41        84.92        1.14%     9.82%      14.49%        8.45%        37.83%



Performance Review
The Qatari bourse maintained its upward momentum and started Q2-10 on a positive note and added 1.14%
in Apr-10 to close at 7,547.41 points. Gains reported during April further pushed the QE-20 Index's YTD-10
gains to 8.45%., leading QE to rank as the fourth best performing market in the GCC region since the
beginning of the year. Throughout the month trading was concentrated in the Services and Banking &
Finance sectors as value traded reached QAR 3.52 billion and QAR 2.79 billion respectively, representing
82% of the total value traded during the month. Investor sentiment throughout the month was boosted with
the rise in world's oil prices above USD 80 per barrel after U.S. economic reports signalled better oil demand
ahead and the rise among most companies' first quarter earnings for the period. During the first 9 trading
sessions of the month the QE-20 Index was on a winning streak, leading the Index to surge to 7,801.33
points on 13-Apr-10, a level not witnessed since Oct-08. However, this winning streak came to an end the
next trading day after Qatar Islamic Bank's Q1-10 earnings came in below expectations. Profits of QIB, one
of the State's largest lenders, dropped 14% to stand at QAR 300 million in comparison to QAR 350 million in
Q1-09, hence causing the Index to register its first day-to-day loss for the month. Accordingly, the following 3
trading sessions, the QE-20 Index was beset by strong selling pressure and negative investor sentiment.

As investors kept track of global markets retreat, a drop in the world's oil prices, and the U.S. Securities and
Exchange Commission move to sue Goldman Sachs for fraud; the lack of positive cues to offset the drop
ultimately led investors to a sell-off. Nonetheless, despite the drops the QE-20 Index witnessed throughout the
month, the Index managed to recoup its losses and ended the month on a positive note. The 16% increase in
Q1-10 corporate profits of 42 listed companies, which recorded QAR 7.83 billion versus the QAR 6.75 billion
posted in the corresponding period in 2009, clearly boosted investor sentiment and Index's performance.

The double digit growth in net profit for Q1-10 is mostly attributable to the performance of the Services
Sector, which recorded a staggering 57% increase in Q1-10 net profits to QAR 3.06 billion vs. QAR 1.94
billion in Q1-09. Large cap equity stocks namely; Qatar Telecom, Qatar National Bank and Barwa Real
Estate Co. reported promising Q1-10 earnings. Qtel reported a 104% increase in earning to reach QAR 1.2
billion in Q1-10 compared to QAR 593.7 million reported in the same period last year. The State owned
telecom company doubled its first quarter profit as it increased its customer base and benefited from the
reduction in royalty fees, which were halved from 25% of net profits to 12.5%, thereby resulting in an increase
in net profits of approximately QAR 554 million from the royalty fee reduction alone. The royalty fee cut by the
government was necessitated as the government opened up the Telecommunication Sector to competition,
leading Vodafone Qatar to penetrate the market.

Moreover, despite the reduction in earnings among 5 out of the 9 listed banks, market capitalization of the Banking
& Finance Sector rose 2.22% to reach QAR 127.2 billion (USD 34.9 billion) compared to QAR 124.4 billion (USD
34.2 billion). Market heavyweight Qatar National Bank, which constitutes 43% of the Banking & Finance Sector and
13% of the Qatari market in terms of market cap, witnessed its Q1-10 profits rise 25% to QAR 1.27 billion
compared to QAR 1 billion in Q1-09 as its lending activities rose and profits from its Islamic banking operations


48
                                                                                                                                                                                                                             KAMCO Research


                                                                                                                                                                                                                             GCC Equity Markets Monthly Review




surged 119% to QAR 93 million. Other Qatari banks also reported strong earnings including Masraf Al Rayan
reporting a 44% increase in quarterly profit to QAR 301 million. The positive performance of stocks within the
Services sector and banking stocks coupled with investors' positively embracing earnings news, led the QE-20
Index to edge higher and total market cap of the Qatari bourse to rise to QAR 410.8 billion (USD 112.8 billion), up
by 1.90% from Mar-10 total market cap of QAR 403.2 billion (USD 110.7 billion.)

QE 20 Index 52 Week Performance Relative to Volume


                     8,000                                                                                                                                                                                                                                                              50

                                                                                                                                                                                                                                                                                        45
                     7,600
                                                                                                                                                                                                                                                                                        40




                                                                                                                                                                                                                                                                                             Vol. Traded (shr. mil.)
                                                                                                                                                                                                                                                                                        35
 QE 20 Index Value




                     7,200
                                                                                                                                                                                                                                                                                        30

                     6,800                                                                                                                                                                                                                                                              25

                                                                                                                                                                                                                                                                                        20
                     6,400
                                                                                                                                                                                                                                                                                        15

                                                                                                                                                                                                                                                                                        10
                     6,000
                                                                                                                                                                                                                                                                                        5

                     5,600                                                                                                                                                                                                                                                              0
                             30.4.09
                                       14.5.09
                                                 28.5.09
                                                 11.6.09
                                                           25.6.09
                                                                     9.7.09
                                                                              23.7.09
                                                                                        6.8.09
                                                                                                 20.8.09
                                                                                                            3.9.09
                                                                                                           17.9.09
                                                                                                                     1.10.09
                                                                                                                               15.10.09
                                                                                                                                          29.10.09
                                                                                                                                                     12.11.09
                                                                                                                                                                26.11.09
                                                                                                                                                                           10.12.09
                                                                                                                                                                                      24.12.09
                                                                                                                                                                                                 7.1.10
                                                                                                                                                                                                          21.1.10
                                                                                                                                                                                                                    4.2.10
                                                                                                                                                                                                                              18.2.10
                                                                                                                                                                                                                                        4.3.10
                                                                                                                                                                                                                                                 18.3.10
                                                                                                                                                                                                                                                           1.4.10
                                                                                                                                                                                                                                                                    15.4.10
                                                                                                                                                                                                                                                                              29.4.10
Source: KAMCO Research

Moreover, on an economic front; driven by a rise in natural gas investments, rise in government spending, higher
oil prices, and improvement in the banking sector's profitability as evidenced in Q1-10 are clearly set to serve as a
boost to Qatar's economic growth, thus leading Qatar to continue outperforming its neighbours in the GCC region.

                                                                                   QE 20 Index Monthly Return & Volatility
                                                                                                                                                                Index Value                                                        Return                                         Volatility
April-09                                                                                                                                                           5,603.25                                                       14.66%                                           30.81%
May-09                                                                                                                                                             6,980.76                                                       24.58%                                           39.20%
June-09                                                                                                                                                            6,491.65                                                       (7.01%)                                          29.62%
July-09                                                                                                                                                            6,707.73                                                         3.33%                                          37.87%
August-09                                                                                                                                                          7,117.25                                                         6.11%                                          20.52%
September-09                                                                                                                                                       7,414.25                                                         4.17%                                          16.37%
October-09                                                                                                                                                         7,135.08                                                       (3.77%)                                          14.67%
November-09                                                                                                                                                        7,193.38                                                         0.82%                                          24.05%
December-09                                                                                                                                                        6,959.17                                                       (3.26%)                                          37.55%
January-10                                                                                                                                                         6,558.45                                                       (5.76%)                                          15.72%
February-10                                                                                                                                                        6,872.82                                                         4.79%                                          16.12%
March-10                                                                                                                                                           7,462.49                                                         8.58%                                          15.99%
April-10                                                                                                                                                           7,547.41                                                         1.14%                                          16.93%
Source: KAMCO Research



                                                                                                                                                                                                                                                                                             49
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




Liquidity
                                           Market Trading & Technical Indicators
                                                                                    Month                 M-T-M          Average Daily
                                                                                     Value             % Change                YTD-10
Volume Traded (Mln Shares)                                                           259.2               25.15%                   9.05
Value Traded (QAR Mln)                                                             7,743.6                7.17%                 292.95
No. of Trades                                                                      117,637                3.69%                  4,902

                                                                                   April-10             March-10         December-09
P/E Multiple (X)                                                                      16.56                  16.25                 13.01
P/B Multiple (X)                                                                       2.19                   2.15                  2.04
Dividend Yield (%)                                                                   3.35%                  3.42%                 5.09%
P/E calculated based on the net profit for the FY 2009 and month end market capitalization. Trailing P/B is based on the equity figures as
of 31 Dec 2009; yield is based on FY 2009 cash dividends and Month end market capitalization.
Source: KAMCO Research



                                                  Monthly Most Active Stocks
                                                                                  Volume                    Value                  Close
                                                                             (000 shares)              (000 QAR)                  (QAR)
Vodafone Qatar                                                                     32,923                 285,359                   8.95
Barwa Real Estate Co.                                                              23,667                 805,293                  34.10
Qatar Gas Transport Company                                                        17,264                 391,422                  22.10
Qatar Meat & Livestock Trading Co.                                                  9,299                 174,027                  18.50
Industries Qatar                                                                    6,909                 805,638                 114.70
Source: KAMCO Research


Market Movers
Reflecting the positive performance of the market during the month, market breadth was skewed towards
gainers with an advancer-to-decliner ratio of 29-to-13. Doha Insurance and Medicare Group ended at the top
two performing companies for the month, after recording gains of 24.37% and 22.92% to close the month at
QAR 29.60 and QAR 11.80 respectively. On the losers' side Qatar Fuel ranked as the top loser after
shedding 13.13% to close at QAR 166.80 followed by United Development Co. which shed 5.21% to close at
QAR 27.30.

                   Best Return Performers                                               Worst Return Performers
                                                  Close      M-T-M                                                      Close   M-T-M
                                                  (QAR)      % Chg                                                     (QAR) % Chg
Doha Insurance                                     29.60    24.37%      Qatar Fuel Co.                                 166.80 (13.13%)
Medicare Group                                     11.80    22.92%      United Development Co.                          27.30 (5.21%)
Qatari German Co. for Medical Devices               9.70    18.29%      Qatar Islamic Bank                              77.20 (3.86%)
AlKhaleej Insurance                                39.70    16.76%      Qatar Gas Transport Co.                         22.10 (3.07%)
Al Ahli Bank of Qatar                              57.00    16.33%      Gulf International Services                     31.90 (3.04%)
We have excluded from the top losers list all the stocks that have traded on their x dividend date during the month.
Source: KAMCO Research




50
                                                                                                 KAMCO Research


                                                                                                 GCC Equity Markets Monthly Review




Sectors Performance
                                                        Sectors Performance
                                                                   Monthly Trading Indicators        Valuation Multiples
                                       Market Cap           M-T-M      Volume            Value         P/E      P/B      Dividend
                                        (000 QAR)           % Chg (000 Shares)      (000 QAR)          (X)       (X)    Yield (%)
Banking & Finance Sector               127,207,620           2.22%      88,852       2,793,888       12.79      1.98       5.12%
Insurance Sector                         8,575,685         10.25%        2,872         127,791       11.01      1.66       6.54%
Industrial Sector                       74,818,586         (0.09%)      31,398       1,302,460       12.18      2.75       4.12%
Services Sector                        200,224,270           2.12%     136,106       3,519,428       25.25      2.19       1.81%
Total Market                           410,826,160           1.90%     259,227       7,743,568       16.56      2.19       3.35%
Market Cap, P/E, P/B & Yield are as of 29 April 2010.
Source: KAMCO Research




Corporate News
      *    Qatar Telecom (Qtel) successfully secured a USD 2 billion 5-year dual tranche revolving credit
           facility that is expected to reduce the Company's borrowing costs. The deal, which entails the
           refinancing of a forward start loan agreed to last Sep-09, is the first one with a 5 year tenor that has
           been completed in the GCC since 2008. The new deal is split between a USD 1.25 billion 3 year
           tranche that pays a full 125 basis point over LIBOR and is due in 2013, with the remaining USD 750
           million in a 5 year tranche due in 2015 which pays 155 basis points over LIBOR. The facility was
           arranged by a group of regional and international banks, thus illustrating the strong support that Qtel
           has from creditors in carrying out its long-term targets and objectives. (Qatar Exchange & Reuters)
      *    Shareholders of Qatar Real Estate Investment Co., who accepted Barwa Real Estate Co.'s offer to
           acquire the share capital of the company in exchange for shares in the latter, were issued
           80,753,893 new shares of Barwa. The new shares, which represent 85% of the capital, were issued
           to shareholders of Qatar Real Estate Investment Co. While a further 19,892,295 shares were issued
           to Qatari Diar in order to maintain the 45% equity shareholding in Barwa, as per the terms within the
           Offer Document. (Qatar Exchange)
      *    Vodafone Qatar announced that its customer base reached 464,962 subscribers at the end of the
           company's fiscal year, which ended on March 31, 2010. According to the announcement, the
           majority of the customers were acquired in less than 7 months since the launch of Vodafone's
           prepay product - Red- in Sep-09. Whereas an estimated 50% of account customers joined
           Vodafone's online store. In fact, Vodafone's CEO stated that the results exceeded expectations and
           targets for customer numbers. However, the firm is enjoying a promising number of customers as a
           result of the innovative services and promotions it has to offer its customers. (Qatar Exchange)
      *    Doha Insurance Co. announced that an insurance agency contract was signed between the
           company and Arab Orient for Business Development, where the latter is expected to act as an
           exclusive agent for the Doha Insurance within Qatar. Under the contract, Arab Orient for Business
           Development is authorized to issue insurance policies on behalf of Doha Insurance. (Qatar
           Exchange)
      *    Barwa Real Estate Co. which is 45% owned by Qatari Diar - the real estate arm of Qatar's sovereign
           wealth fund, announced that it will continue to sell assets throughout 2010 and 2011 to meet its
           obligations. As it repaid QAR 4.3 billion worth of Islamic credit facilities, according to a statement


                                                                                                                              51
                                                                                   KAMCO Research


                                                                                   GCC Equity Markets Monthly Review




         made by the firms' Chairman and Managing Director, through the sale of some of its assets and on
         settlement of claims for projects that were undertaken for the government and third parties.
         (Reuters)
     *   Fitch Ratings affirmed Qatar Real Estate Investment Co.'s (Alaqaria) Long-Term Issuer Default
         Rating (IDR) and senior unsecured rating at ``BBB+'' while its short term IDR was rated at ``F2.'' The
         Outlook is stable. Although Alaqaria has been taken over by Barwa, according to the statement
         released by Fitch, there will be no major change in the business strategy of the firm or financial
         profile. Alaqaria will become a subsidiary of Barwa, however it will remain a separate legal entity
         and the acquisition will not result in a requirement to prepay Alaqaria's debt. Also no cash is
         expected to be extracted by Barwa from the company in a way that would have a material impact on
         Alaqaria's credit profile. Therefore, the ratings continue to reflect Alaqaria's sound business model
         and profile. (Reuters)


Country & Economic News
     *   Consumer prices fell 3% on an annual basis in Mar-10, but grew 0.1% from Feb-10 on the back of a
         rise in transport and communication costs of 1.3%, hence causing the CPI to stand at 121.4.
         Rentals on the other hand, decreased by 1.1% from Feb-10. However, inflation in Qatar is expected
         to be in the single digits in 2010 as stated by Qatar's Central Bank Governor in Feb-10. (Qatar
         Statistics Authority)
     *   Qatar's sulphur production is expected to more than double to 2.5 million tonnes per year by 2015.
         These production levels will be achieved through the commissioning of new projects. Qatar
         currently produces an estimated 1.2 million tonnes per year of sulphur, a byproduct of petroleum
         products. Currently, a USD 1 billion Common Sulphur Facility handles 12,000 tonnes of liquid
         sulphur per day and converts it into granules, which are later stored in a silo and sent to customers
         worldwide. Thus revealing how Qatar is indeed active and continuously embarking on further
         developing and boosting its energy and petroleum export products. (Gulf Times)
     *   Qatar Investment Authority's real estate arm - Qatari Diar- purchased shares from Canadian hotel
         chain -Fairmont Raffles, as part of its aim in diversifying and increasing its real estate investments.
         Fairmont Raffles, whose biggest shareholder is Kingdom Holding (a private Saudi investment firm)
         sold new shares equivalent to 40% of its capital to Qatari Diar and Cayman Islands based - Voyager
         Partners Limited as part of a USD 847 million deal to fund the company's global expansion. The
         deal brings Kingdom Holdings' stake in Fairmont to 35% while Fairmont is set to generate USD 467
         million from the stake sale, USD 275 million from the sale of a hotel in Singapore to Qatari Diar and
         USD 105 million from promised management contracts. (Reuters)
     *   Qatar Exchange is set to reshuffle its QE-20 Index from May 6, 2010. The following companies are
         expected to join the Index: Qatar Electricity & Water, Vodafone Qatar, Gulf International Services,
         and Qatar Insurance. While the following companies are expected to leave the Index: Qatar Fuel,
         Medicare Group, Qatar Islamic Insurance Agency, Qatar Meat & Livestock, and Gulf Warehousing
         Co. Stocks weightings in the newly reshuffled index will be determined by companies free-float
         capitalization and their average daily traded value on the market close on April 29, 2010. This
         selection method for the stocks lead to increased levels of transparency as the selections of stocks
         is more clear and predictable. Adding, in order to be included in the ``revamped'' index stocks have
         to trade in a minimum 5 percent range annually and individuals must be allowed to own at least 1%
         of the company's share. (Qatar Exchange & Reuters)




52
                                                         Q1-10 Corporate Earnings

                                                                                Qatar Exchange
                                                Net Profit / (Loss)             Change                EPS
Company
                                             Q1-09             Q1-10             (%)          Q1-09         Q1-10
All Figures are in QAR

Qatar National Bank                          1,010,611,000     1,265,790,000        25.2%         2.60          3.20
Qatar Islamic Bank                             350,227,000       300,103,000       (14.3%)        1.74          1.43
The Commercial Bank of Qatar                   610,119,000       410,136,000       (32.8%)        2.89          1.84
Doha Bank                                      329,678,000       315,031,000        (4.4%)        1.82          1.66
Ahli Bank                                       86,254,000        78,000,000        (9.6%)        1.45          1.26
Qatar International Islamic Bank               136,734,000       140,971,000         3.1%         0.99          1.02
Masraf Al-Rayan                                209,793,000       301,811,000        43.9%         0.28          0.40
Al Khaleej Commercial Bank                      51,749,000        58,138,000        12.3%         0.14          0.16
First Finance Co.                               25,092,000        13,277,000       (47.1%)        0.49          0.21
Banking & Finance Sector                   2,810,257,000     2,883,257,000           2.6%

Qatar Insurance Co.                          212,090,000       216,649,000           2.1%         2.85          2.91
Doha Insurance Co.                             6,416,958        18,392,000         186.6%         0.36          1.02
Qatar General Ins. & Reins. Co.               45,447,000        69,582,000          53.1%         1.78          2.18
Al-Khaleej Insurance & Reinsurance Co.        37,624,841        48,972,000          30.2%         2.64          3.44
Qatar Islamic Insurance Co.                    8,866,000        14,321,000          61.5%         0.59          0.95
Insurance Sector                            310,444,799       367,916,000           18.5%

Qatar Industrial Manufacturing Co.              38,659,431        46,899,000        21.3%         1.29          1.31
Qatar National Cement Co.                      136,503,000       111,420,000       (18.4%)        3.06          2.50
Zad Holding Co.                                 16,433,319        33,632,000       104.7%         1.80          3.68
Industries Qatar                             1,412,322,000     1,214,175,000       (14.0%)        2.57          2.21
United Development Co.                         102,236,000       113,884,000        11.4%         0.76          0.85
Qatari German Co. for Medical Devices              244,739          (116,000)     (147.4%)        0.02         (0.01)
Gulf Holding Co.                                 5,026,866        11,009,000       119.0%         0.06          0.09
Industrial Sector                          1,711,425,355     1,530,903,000        (10.5%)

Qatar Telecommunications (Q-Tel)              593,715,000      1,212,814,000      104.28%         4.05          8.27
Qatar Electricity & Water Co.                 143,256,000        154,950,000          8.2%        1.43          1.55
Qatar Real Estate Investment Co.               63,795,000         64,053,000          0.4%        0.74          0.74
Salam International Investment                 33,401,374         39,091,000        17.0%         0.34          0.39
National Leasing Holding                       16,608,000         41,788,000       151.6%         0.49          1.27
Qatar Navigation Co.                          163,159,000        552,555,000       238.7%         2.27          4.83
Medicare Group                                  4,449,811          5,803,000        30.4%         0.16          0.20
Qatar Cinema & Film Distribution Co.            3,057,406          3,536,000        15.7%         1.18          1.36
Qatar Fuel Co. (Woqod)                        257,747,784        247,441,000         (4.0%)       8.59          7.86
Qatar Co. for Meat & Livestock Trading          2,629,791          2,840,000          8.0%        0.08          0.16
Gulf Warehousing Co.                              326,000          3,330,000       921.5%         0.01          0.13
Qatar Gas Transport Co.                        54,108,000        163,364,000       201.9%         0.10          0.29
Dlala Brokerage & Investment Holding Co.        2,110,775          6,124,000       190.1%         0.11          0.31
Barwa Real Estate Co.                         193,790,000        209,583,000          8.1%        0.75          0.82
Mannai Corporation                             51,256,000         65,058,000        26.9%         2.16          2.74
Aamal Co.                                     122,120,978         60,304,000       (50.6%)        0.32          0.16
Qatar Oman Investment Co.                       8,840,005          3,854,000       (56.4%)        0.29          0.13
Ezdan Real Estate Co.                          97,991,914         71,585,000       (26.9%)        0.21          0.03
Islamic Finance Securities Co.                    574,546            789,000        37.3%         0.14          0.20
Gulf International Services Co.               132,017,000        148,682,000        12.6%         0.98          1.10
Al Meera Consumer Goods Co.                     8,358,000          9,237,000        10.5%         0.84          0.92
Services Sector                            1,944,954,384     3,057,544,000          57.2%

Total Market                               6,777,081,538     7,839,620,000         15.7%

Source: Qatar Exchange & KAMCO Research
Qatar Exchange Trading & Valuation Data Summary                                                                                                                                                                                                                                             April-10
                                                                                                                              Monthly Trading Indicators                                                                               Market Cap.                      Month-end Valuation Multiples
                                                                                                                                                                   Avg.                                                                                                                                   Current
                                                         Reuters             Traded Volume             Traded Value         Number of Avg. Traded                            MTM Price                                                                                 Trailing P/E Trailing P/B
  Company Name                                                                                                                                                  Closing                      High (QAR)      Low (QAR)            ('000 QAR)             ('000 USD)                                      Dividend
                                                         Ticker               ('000 Shares)              ('000 QAR)            Deals         Price                          Change (%)                                                                                          (X)      (X)
                                                                                                                                                                  Price                                                                                                                                      Yield
   Qatar National Bank                                    QNBK.QA                      2,072                 288,363             2,802           139.20          139.10             2.88%         143.00         134.00             54,451,673            14,956,785         12.96           2.75           2.21%
   Qatar Islamic Bank                                     QISB.QA                      7,070                 558,127             7,082            78.94           77.30           (3.74%)          81.70          75.10             16,743,342             4,599,061         12.66           1.86           7.41%
   The Commercial Bank of Qatar                           COMB.QA                      5,913                 457,175             4,201            77.31           77.30             4.60%          80.20          72.60             17,533,638             4,816,140         11.51           1.46           7.41%
   Doha Bank                                              DOBK.QA                      6,004                 306,534             2,784            51.05           50.70           (0.20%)          52.00          50.00              9,606,280             2,638,653          9.87           1.64           9.41%
   Al Ahli Bank of Qatar                                  AABQ.QA                        193                   9,822                82            51.01           53.00             8.16%          57.00          48.50              3,404,629               935,183         11.33           1.74           9.01%
   Qatar International Islamic Bank                       QIIB.QA                      3,818                 175,041             3,453            45.85           45.20           (2.16%)          47.20          44.80              6,271,712             1,722,714         12.27           1.65           8.45%
   Al Rayan Bank                                          MARK.QA                     56,494                 850,551            12,158            15.06           15.20            11.76%          16.00          13.40             11,399,041             3,131,089         12.94           1.91           8.32%
   Al Khaleej Commercial Bank                             AKCB.QA                      5,371                 105,885             1,824            19.72           17.70           (3.28%)          22.30          17.60              6,372,000             1,750,261         38.09           1.32           0.00%
   First Finance Co.                                      FFCK.QA                      1,917                  42,390             1,098            22.11           22.30             2.29%          22.50          21.10              1,425,304               391,503         20.85           1.22           5.38%
   Banking & Finance Sector                                                          88,852               2,793,888            35,484                                              2.22%                                        127,207,620            34,941,389           12.79           1.98           5.12%

   Qatar Insurance                                        QINS.QA                      1,012                  67,721              1,086           66.92           71.70            12.38%          73.40          63.20              5,329,049             1,463,783         10.00           1.87           6.97%
   Doha Insurance                                         DICO.QA                        854                  22,286                632           26.10           28.80            21.01%          32.00          23.50                518,400               142,394          9.95           1.40           8.68%
   Qatar General Insurance & Reinsurance                  QGIR.QA                          6                     272                  6           48.42           50.00           (0.99%)          50.00          47.00              1,598,438               439,059         18.57           1.38           4.00%
   Al-Khaleej Insurance & Reinsurance                     KINS.QA                        637                  24,707                618           38.76           40.50            19.12%          41.30          32.60                576,299               158,298          7.81           1.14           7.41%
   Qatar Islamic Insurance                                QIIC.QA                        363                  12,804                399           35.29           36.90             8.53%          38.00          32.10                553,500               152,035         16.16           2.10           6.78%
   Insurance Sector                                                                   2,872                 127,791              2,741                                           10.25%                                           8,575,685             2,355,569           11.01           1.66           6.54%

   Qatar Industrial Manufacture                           QIMC.QA                        584                  25,162                523           43.06           43.60             3.81%          45.00          41.30              1,569,600               431,138          9.79           1.60           3.82%
   Qatar National Cement                                  QANC.QA                        325                  26,091                328           80.23           82.40             8.56%          83.00          75.20              3,678,081             1,010,295          8.82           1.91           7.28%
   Zad Holding Co.                                        QFMC.QA                        460                  29,791                652           64.80           60.40          (11.82%)          74.90          58.00                607,767               166,941         10.77           1.20           1.25%
   Industries Qatar                                       IQCD.QA                      6,909                 805,638              7,586          116.61          115.00           (0.26%)         121.00         112.60             63,250,000            17,373,510         12.97           3.32           4.35%
   United Development Co.                                 UDCD.QA                      5,480                 154,952              3,127           28.27           27.00           (6.25%)          29.40          26.90              3,619,688               994,256          7.16           1.36           0.00%
                  Co.
   Qatari German Co for Medical Devices                   QGMS.QA
                                                          QGMS QA                      4,023
                                                                                       4 023                  38,050
                                                                                                              38 050              1,467
                                                                                                                                  1 467            9.46
                                                                                                                                                   9 46           10.10
                                                                                                                                                                  10 10            23.17%
                                                                                                                                                                                   23 17%          10.30
                                                                                                                                                                                                   10 30           8.20
                                                                                                                                                                                                                   8 20                116,655
                                                                                                                                                                                                                                       116 655                32,043
                                                                                                                                                                                                                                                              32 043          1.98
                                                                                                                                                                                                                                                                              1 98           0.57
                                                                                                                                                                                                                                                                                             0 57           0.00%
                                                                                                                                                                                                                                                                                                            0 00%
   Gulf Holding Co.                                       GCCD.QA                     13,616                 222,775              4,986           16.36           15.90           (0.62%)          17.30          15.50              1,976,796               542,986         28.25           1.07           0.00%
   Industrial Sector                                                                 31,398               1,302,460            18,669                                            (0.09%)                                         74,818,586            20,551,169           12.18           2.75           4.12%

   Qatar Telecommunications (Q-Tel)                       QTEL.QA                      1,939                 309,188             2,464           159.45          166.80            11.35%         169.00         145.00             24,464,000             6,719,771          8.80           1.57           4.20%
   Qatar Electricity & Water Co.                          QEWC.QA                      1,172                 125,537             1,044           107.08          111.50             8.04%         112.50         102.00             11,150,000             3,062,682         12.10           3.11           4.48%
   Qatar Real Estate Investment Co.                       QREC.QA                      5,475                 186,217             3,002            34.01           34.20             3.64%          35.50          32.00              2,954,880               811,646         13.79           1.41           5.85%
   Salam International Investment                         SALM.QA                      6,735                  79,680             1,882            11.83           11.80             5.36%          12.30          11.10              1,167,889               320,796          9.06           0.75           5.93%
   National Leasing Co.                                   NLCS.QA                      4,103                 122,611             2,273            29.88           30.50            11.72%          31.60          27.00              1,006,097               276,355         11.15           1.87           6.56%
   Qatar Navigation                                       QNNC.QA                      4,729                 369,964             4,487            78.23           79.20             8.79%          81.70          71.60              9,070,396             2,491,456         19.20           0.89           3.18%
   Medicare Group                                        MCGS.QA                       3,540                  40,602             1,236            11.47           12.70            32.29%          12.90           9.50                357,430                98,179           NM            0.47           0.00%
   Qatar Cinema & Film Distribution                       QCFD.QA                       1.34                      45                 6            33.86           33.70             3.69%          35.00          33.00                 87,464                24,025         12.45           1.34           2.97%
   Qatar Fuel Co. (Woqod)                                 QFLS.QA                        360                  61,675             1,072           171.16          166.90          (13.07%)         194.00         162.30              5,783,085             1,588,498          6.65           1.81           5.45%
   Qatar Meat & Livestock Trading Co.                     QMLS.QA                      9,299                 174,027             3,791            18.72           18.60             3.91%          19.80          17.30                334,800                91,963         17.68           1.61           2.69%
   Gulf Warehousing Co.                                   GWCS.QA                      4,247                  82,753             2,379            19.49           19.20             2.67%          20.50          18.50                480,000               131,846         48.85           1.61           0.00%
   Qatar Gas Transport Co.                                QGTS.QA                     17,264                 391,422             6,111            22.67           22.20           (2.63%)          23.30          22.00             12,299,380             3,378,394         37.84           4.95           2.25%
   Dlala Brokerage & Investment Hldg. Co.                 DBIS.QA                      4,290                  80,253             2,048            18.71           18.30             3.98%          19.50          16.80                366,000               100,533           NM            1.69           0.00%
   Barwa Real Estate Co.                                 DBIS.QA                      23,667                 805,293            12,763            34.03           34.00             5.92%          36.10          31.40             12,346,970             3,391,466         23.36           2.47           4.25%
   Mannai Corporation                                     MCCS.QA                       56.1                   6,924                59           123.51          127.00             4.01%         127.00         122.00              3,017,520               828,852         16.38           4.16           2.62%
   Aamal Company                                         AHCS.QA                       1,689                  46,287             1,417            27.41           23.20          (17.73%)          29.00          23.00             10,440,000             2,867,659           NM            2.18           0.00%
   Qatar Oman Investment Co.                             QOIS.QA                       5,465                  46,795             1,691             8.56            8.80             7.98%           9.25           8.00                264,000                72,516         12.82           0.83           5.68%
   Ezdan Real Estate Co.                                 ERES.QA                         257                   9,228               395            35.85           34.70           (2.80%)          38.00          34.00             92,041,635            25,281,996         79.22           3.13           0.00%
   Islamic Finance Securities                            IFFS.QA                       1,960                  60,215               885            30.72           30.60             1.32%          32.20          29.90                122,400                33,621         25.16           2.87           3.19%
   Gulf International Services                           GISS.QA                       6,508                 209,703             4,447            32.22           31.80           (3.34%)          34.00          30.50              4,297,992             1,180,573          7.61           2.10           5.35%
   Vodafone Qatar                                        VFQS.QA                      32,923                 285,359             6,086             8.67            8.95             7.19%           9.10           8.15              7,566,330             2,078,320           NM            0.97           0.00%
   Al Meera Consumer Goods Co.                           MERS.QA                         424                  25,651             1,205            60.46           60.60             3.06%          64.50          57.10                606,000               166,456         11.22           2.64           7.43%
   Services Sector                                                                  136,106               3,519,428            60,743                                              2.12%                                        200,224,270            54,997,602           25.25           2.19           1.81%

   Total Market                                                                     259,227               7,743,568           117,637                                              1.90%                                        410,826,160           112,845,729           16.56           2.19           3.35%
Source: Qatar Exchange
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for
individual stocks is based on Full Year 2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the
month                                                                                                          prices                                                                        capitalization..
month. MTM: Month to Month price change for individual stocks is calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




Bahrain Stock Exchange
                                 Closing                Apr-10         60 Day     90 Day       YTD-10     12 Month
Benchmark Return
                                   Value        Point            (%)      (%)        (%)          (%)          (%)

Bahrain All Share Index          1,591.94       44.81        2.90%     4.87%       8.15%        9.17%        (0.32%)



Performance Review
For the fifth consecutive month, Bahrain Stock Exchange rose supported by the strong performance of the
market heavyweight Ahli United Bank & Bahrain Telecom. Market heavyweight Ahli United Bank (AUB),
which dominated the course of trade on the bourse during April-10, witnessed its share price surge 18.4% to
close at USD 0.805 mainly over the announcement that the Kuwaiti-based company, Tamdeen Investment
Co., agreed with other investors to sell a 25% stake in AUB for USD 1.35 billion. The Bahrain All Share Index
continued its upward trend and started Q2-10 on a positive note to post a gain of 2.9% in April and closed the
month at 1,591.94 points. Gains reported during April boosted the benchmarck YTD-10 gains to 9.17%,
hence causing the Bahrain Stock Exchange to rank as the third best performing market since the beginning
of the year among its peers in the GCC region. During the month, most of the trading was concentrated on
the Commercial Banking and Services Sectors, which witnessed their value traded for the month record BHD
6 million and BHD 1.6 million respectively, representing 84% of the total value of shares traded on the
Bahraini Bourse. Volatility in the market increased for the third consecutive month to 17.93% from 10.48%
and 9.9% in March and February respectively.

Despite the negative performance by most listed commercial banks, market capitalization of the Commercial
Banking sector gained 8.61% to reach BHD 2.72 billion (USD 7.21 billion) compared to BHD 2.50 billion (USD
6.64 billion) in March-10. Market heavyweight Ahli United Bank (AUB) which accounts for 53.3% of the
Commercial Banking sector and 20.8% of the total Bahraini Market in terms of market cap, witnessed its market
cap surge 18.4%. During the month AUB reported a net profit of USD 65.7 million for Q1-10, a drop of 23.5%
compared to USD 85.9 million reported in the same period last year. This result represents a substantial rise of
284% over Q4-09 profit of USD 17.1 million and reflects a strong improvement in core earnings relative to the
comparative period in 2009. The Q1-10 results include a loan loss provision charge of USD 51.8 million which
enabled the Bank to fully provide for its exposures, particularly impaired Saudi corporate assets.

On the corporate earnings front, 16 out of 43 companies announced their Q1-10 results. Total earnings shed
nearly 17.2% to BHD 103.6 million from BHD 125.26 million reported for the same period a year earlier. The
drop in profits was mainly due to the tumble in the profitability of commercial banks, driven by the fall in the
value of their investment portfolios and the decision to book additional provisions as a precautionary measure
against any protracted impact of the global financial crisis on the local economy. All sectors earnings declined
except for the Tourism sector which recorded an increase of 12.9% to BHD 5.4 million compared to BHD 4.8
million reported for the same period a year earlier. The Investment Sector was the worst performer with a
22.3% drop in its profits to BHD 14.8 million followed by the Commercial Banks Sector with a 21.6% drop in
its profits to BHD 54.4 million compared to BHD 72 million reported in Q1-09.

Market heavyweight Bahrain Telecommunication Co., which accounts for 73% of the Services sector and 13% of
the total Bahraini Market in terms of market cap, posted during the month a 7.6% fall in its Q1-10 results to BHD
24.3 million compared to BHD 26.3 million reported in Q1-10. Bank of Bahrain and Kuwait was able to boost Q1-10
profits by 5.1% to BHD 12.5 million compared to BHD 11.9 million last year. Arab Banking Corp. was also able to
boost Q1-10 results by 28.1% over the same period, from BHD 15.5 million to BHD 12.1 million.


                                                                                                                 55
                                                                                            KAMCO Research


                                                                                            GCC Equity Markets Monthly Review




Bahrain All Share Index 52 Week Performance Relative to Volume


                                 1,675                                                                              80

                                 1,650
                                                                                                                    70
 Bahrain All Share Index Value




                                 1,625




                                                                                                                         Vol. Traded (shr. mil.)
                                                                                                                    60
                                 1,600

                                 1,575                                                                              50
                                 1,550
                                                                                                                    40
                                 1,525

                                 1,500                                                                              30

                                 1,475
                                                                                                                    20
                                 1,450
                                                                                                                    10
                                 1,425

                                 1,400                                                                              0
                                          30.4.09
                                          14.5.09
                                          28.5.09
                                          11.6.09
                                          25.6.09
                                           9.7.09
                                          23.7.09
                                           6.8.09
                                          20.8.09
                                           3.9.09
                                          17.9.09
                                          1.10.09
                                         15.10.09
                                         29.10.09
                                         12.11.09
                                         26.11.09
                                         10.12.09
                                         24.12.09
                                           7.1.10
                                          21.1.10
                                           4.2.10
                                          18.2.10
                                           4.3.10
                                          18.3.10
                                           1.4.10
                                          15.4.10
                                          29.4.10
Source: KAMCO Research

Total Market capitalization rose 2.61% to BHD 6.96 billion (USD 18.47 billion) in April from a previous BHD
6.79 billion (USD 18 billion) lead by the Commercial Banking Sector, which added 8.61% to its market cap to
reach a total of BHD 2.72 billion (USD 7.21 billion) up from BHD 2.5 billion (USD 6.64 billion) recorded at the
end of Mar-10, followed by the Services Sector which gained 1.58% to BHD 1.21 billion (USD 3.20 billion)
compared to BHD 1.19 billion (USD 3.15 billion) in Mar-10. Investment Sector was the only loser during the
month shedding 2.25% of its market cap to BHD 2.66 billion (USD 7.05 billion).

                                          BSE All Share Index Monthly Return & Volatility
                                                                       Index Value              Return             Volatility
April-09                                                                  1,596.04               0.01%              19.67%
May-09                                                                    1,622.15               1.64%              12.63%
June-09                                                                   1,581.67             (2.50%)              12.67%
July-09                                                                   1,502.23             (5.02%)              12.93%
August-09                                                                 1,517.02               0.98%               8.68%
September-09                                                              1,554.51               2.47%               6.52%
October-09                                                                1,525.83             (1.84%)               8.91%
November-09                                                               1,438.32             (5.74%)               6.59%
December-09                                                               1,458.24               1.38%               9.66%
January-10                                                                1,478.23               1.37%               6.77%
February-10                                                               1,518.06               2.69%               9.88%
March-10                                                                  1,547.13               1.91%              10.48%
April-10                                                                  1,591.94               2.90%              17.93%
Source: KAMCO Research




56
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




Liquidity
                                           Market Trading & Technical Indicators
                                                                                    Month                 M-T-M         Average Daily
                                                                                    Value              % Change               YTD-10
Volume Traded (Mln Shares)                                                           43.65              (73.27%)                3.836
Value Traded (BHD Mln)                                                                9.04              (59.80%)                0.643
No. of Trades                                                                        2,277               (1.47%)                  111

                                                                                  April-10             March -10         December-09
P/E Multiple (X)                                                                      19.91                  19.40                 22.66
P/B Multiple (X)                                                                       1.26                   1.22                  1.06
Dividend Yield (%)                                                                   3.87%                  3.97%                 5.83%
P/E calculated based on the net profit for the FY 2009. Trailing P/B is based on the equity figures as of 31 December 2009; yield is based
on FY 2009 cash dividends and Month end market capitalization.
Source: KAMCO Research



                                                  Monthly Most Active Stocks
                                                                                  Volume                   Value                  Close
                                                                             (000 shares)              (000 BHD)                  (BHD)
Ahli United Bank (Price in USD)                                                    16,885                   4,776                  0.805
Salam Bank                                                                          7,128                     625                  0.085
Ithmar Bank (Price in USD)                                                          6,978                     476                  0.190
Gulf Finance House (Price in USD)                                                   2,685                     241                  0.210
Al Khaleej Commercial Bank                                                          2,678                     284                  0.101
Source: KAMCO Research




Market Movers
Despite the positive performance of the market during April, market breadth was skewed towards the losers
with an advancer-to-decliner ratio of 11-to-12, while 21 stocks remained unchanged from last month. Ahli
United Bank ended as the month's top gainer, advancing 18.38% to close at USD 0.805, while Bahrain Car
Park Co. and Bahrain Commercial Facilities Co. gained 9.38% and 5.63% to close at BHD 0.175 & BHD
0.450 respectively. On the other side, Inovest closed as the month's top loser falling 10.48% to close at USD
0.470 followed by Al Khaleej Commercial Bank and Esterad Investment Co. dipping 9.01% and 7.41% to
close the month at BHD 0.101 and BHD 0.250 respectively.

                   Best Return Performers                                              Worst Return Performers
                                                  Close      M-T-M                                                     Close    M-T-M
                                                  (BHD)      % Chg                                                     (BHD) % Chg
Ahli United Bank (Price in USD)                    0.805    18.38%     Inovest (Price in USD)                           0.470 (10.48%)
Bahrain Car Park Co.                               0.175     9.38%     Al Khaleej Commercial Bank                       0.101 (9.01%)
Bahrain Commercial Facilities Co.                  0.450     5.63%     Esterad Investment Co.                           0.250 (7.41%)
Gulf Hotels Group                                  0.640     2.73%     Salam Bank                                       0.085 (6.59%)
Bahrain Duty Free Complex                          0.780     2.63%     Baraka (Price in USD)                            1.600 (5.88%)
We have excluded from the top losers list all the stocks that have traded on their X-dividend date during the month.
Source: KAMCO Research



                                                                                                                                     57
                                                                                                KAMCO Research


                                                                                                GCC Equity Markets Monthly Review




Sectors Performance
                                                       Sectors Performance
                                                                  Monthly Trading Indicators        Valuation Multiples
                                        Market Cap         M-T-M      Volume           Value          P/E      P/B      Dividend
                                         (000 BHD)         % Chg (000 shares)      (000 BHD)          (X)       (X)    Yield (%)
Commercial Banks                          2,719,847         8.61%      27,527           5,998       18.49      1.49       3.91%
Investment                                2,659,090       (2.25%)      10,817           1,134         NM       1.04       2.00%
Insurance                                   180,657         0.97%       1,342             292        9.81      0.99       4.98%
Services                                  1,207,090         1.58%       3,942           1,604        8.08      1.51       7.61%
Hotel & Tourism                             180,671         1.11%          18               7        9.58      1.20       4.28%
Industrial                                   16,597         0.00%           1               0        6.90      0.57       6.43%
Total Market                              6,963,952         2.61%      43,647           9,035       19.91      1.26       3.87%
Market Cap, P/E, P/B & Yield are as of 29 April 2010
Source: KAMCO Research




Corporate News
      *    Ithmaar Bank announced during the month that it is transformed into a premier retail-focused
           Islamic Bank following final written approval from the Central Bank of Bahrain (CBB). The CBB's
           formal approval allowed Ithmaar to immediately implement its highly anticipated plans for a
           comprehensive reorganization with its wholly-owned subsidiary, Shamil Bank. (Bahrain Stock
           Exchange)
      *    During April, Ahli United Bank (AUB) announced that the Kuwait-Based Tamdeen Investment Co.
           and other unnamed shareholders had agreed to sell the 25% stake in AUB to an undisclosed buyer
           from the Gulf region, in a deal estimated at about USD 1.35 billion. (Reuters)
      *    Al Baraka Banking Group, the largest publicly traded Islamic tender in Bahrain, announced during
           the month that it plans to merge the Pakistan operations of Al Baraka Islamic Bank and Emirates
           Global Islamic Bank to create a bank with assets of USD 582 million. (Bloomberg)
      *    Fitch Ratings downgraded Bahrain-based TAIB Bank's long-term issuer default rating (IDR) to 'B+'
           from 'BB' with the outlook at negative. The individual rating was also downgraded to 'D' from 'C/D'.
           (AME Info)
      *    Gulf Finance House expects to sell its entire stake in Khaleeji Commercial Bank this year.
           (Bloomberg)
      *    BMB Investment bank plans to boost its capital to USD 100 million from USD 54 million by the end
           of 2010. The capital increase was approved by the Central Bank after losses eroded capital.
           (Zawya)


Country & Economic News
      *    Bahrain's Inflation edged up to 1.8% year on year in March-10, from 1.7% in the previous month, on
           higher food and clothing prices. The consumer price index rose by 0.1% in March-10 after a 0.2%
           increase in Feb-10. (Reuters)
      *    According to the Central Bank of Bahrain Annual Report for 2009, the outstanding loans and credit


58
                                                                             KAMCO Research


                                                                             GCC Equity Markets Monthly Review




    facilities of retail banks stood at BHD 5.885 billion (USD 15.608 billion) at the end of 2009, a 0.05%
    decline compared to BHD 5.887 billion at the end of 2008. The business sector accounted for 64.9%
    of total loans and credit facilities, while individuals and the government sector represented 28.5%
    and 6.7% respectively.(GulfBase)
*   The Bahrain Financial Exchange (BFX), the first multi-asset class exchange in the Middle East
    region to allow trade in cash instruments, structured products and Sharia-compliant financial
    instruments as well as derivatives, plans to start operations during October 2010. (Bahrain Financial
    Exchange)
*   According to the Central Bank of Bahrain, the combined assets of Islamic banks in Bahrain grew
    3.6% to USD 24.72 billion in February from USD 23.86 billion a year earlier. The growth was a result
    of a 3.7% increase in banks' foreign assets. (Al Waqt Daily)




                                                                                                          59
                                                     Q1-10 Corporate Earnings

                                                          Bahrain Stock Exchange
                                                    Net Profit / (Loss)                                  EPS
Company                                                                            % Change
                                                  Q1-09            Q1-10                         Q1-09         Q1-10
All Figures are in Bahraini Dinar
Ahli United Bank                                    32,399,003      24,769,277        (23.5%)       0.007         0.005
Bahrain Islamic Bank                                 6,005,000       1,202,000        (80.0%)       0.008         0.002
Bank of Bahrain and Kuwait                          11,901,000      12,504,000           5.1%       0.014         0.015
National Bank of Bahrain                            13,700,000      13,220,000         (3.5%)       0.018         0.017
Al Salam Bank                                        7,630,461       4,478,572        (41.3%)       0.006         0.003
The Bahraini Saudi Bank                                374,000         273,000        (27.0%)       0.001         0.001
Commercial Banks Sector                            72,009,464      56,446,849        (21.6%)
Inovest                                              4,105,907       (1,874,444)     (145.7%)       0.015        (0.007)
Arab Banking Corp.                                  12,064,000      15,457,000           28.1%      0.008         0.008
Bahrain Commercial Facilities Co.                    2,821,000        2,446,000       (13.3%)       0.018         0.016
Esterad Investment Co.                                  56,933       (1,219,210)            NM      0.000        (0.008)
Investment Sector                                  19,047,840      14,809,346        (22.3%)
Bahrain Cinema Co.                                     839,887          962,971          14.7%      0.019         0.022
Bahrain Mari. and Mer. Inter Co.                     2,253,310        1,710,446       (24.1%)       0.020         0.015
Bahrain Telecommunications Co.                      26,300,000      24,300,000          (7.6%)      0.018         0.017
Service Sector                                     29,393,197      26,973,417         (8.2%)
Gulf Hotels Group                                    3,151,198        3,355,293           6.5%      0.021         0.022
BANADER Co. For Hotels                                   9,142          (45,004)            NM      0.000        (0.001)
National Hotels Co.                                  1,650,725        2,121,476          28.5%      0.017         0.021
Tourism Sector                                      4,811,065       5,431,765          12.9%

Total Market                                      125,261,566     103,661,377        (17.2%)
NM: Not Meaningful; NA: Not Available
Source: Bahrain Stock Exchange & KAMCO Research
Bahrain Stock Exchange Trading & Valuation Data Summary                                                                                                                                                                                                                                                                               April-10

                                                                                                                                          Monthly Trading Indicators                                                                                           Market Cap.                                 Technical Indicators
                                                                            Reuters            Traded Volume          Traded Value        Number of            Avg. Traded            Closing         MTM Price                                                                                        Trailing P/E                              Dividend
    Company Name                                                                                                                                                                                                      High (BHD)      Low (BHD)                ('000 BHD)              ('000 USD)                   Trailing P/B (X)
                                                                             Ticker                ('000 Shrs)          ('000 BHD)           Deals            Price (BHD)*       Price (BHD)         Change (%)                                                                                                 (X)                                  Yield

    Ahli United Bank (Price in USD)                                     AUBB.BH                        16,885                 4,776              936                 0.750           0.805                18.38%           0.845           0.675              1,450,967               3,848,719               19.17                1.72            2.48%
    Bahrain Islamic Bank                                                BISB.BH                            299                      57               22              0.190           0.187               (4.10%)           0.198           0.185                136,246                 361,396                  NM                0.97            0.00%
    Bank of Bahrain and Kuwait                                          BBKB.BH                            213                      91               28              0.428           0.432                 1.41%           0.434           0.420                367,786                 975,559               10.50                1.59            5.79%
    National Bank of Bahrain                                            NATB.BH                            265                  161               29                 0.607           0.625                 2.46%           0.625           0.585                486,000               1,289,125               11.35                2.01            5.60%
    Al Salam Bank                                                       SALAM.BH                         7,128                  625              269                 0.088           0.085               (6.59%)           0.091           0.085                127,277                 337,605                9.12                0.64            5.60%
    The Bahraini Saudi Bank                                             BSBB.BH                                60                    4                4              0.070           0.070                 0.00%           0.070           0.070                  35,000                  92,838                 NM                0.80            0.00%
    Al Khaleej Commercial Bank                                          KHCB.BH                          2,678                  284              160                 0.106           0.101               (9.01%)           0.111           0.099                116,570                 309,205               37.60                0.92          12.67%
     Commercial Banks Sector                                                                          27,527                5,998            1,448                                                        8.61%                                             2,719,847               7,214,447                18.49                1.49           3.91%
    Inovest(Price in USD)                                               INOV.BH                            535                  102                  41              0.507           0.470              (10.48%)           0.530           0.470                  50,767                134,660               11.89                0.57            0.00%
    Arab Banking Corporation. (Price in USD)                            ABCB.BH                                12                    3                2              0.608           0.620                 2.48%           0.620           0.605                726,931               1,928,200               15.80                0.88            0.00%
    Bahrain Commercial Facilities Co.                                   BCFC.BH                            253                  110               32                 0.435           0.450                 5.63%           0.450           0.422                  73,508                194,980                7.63                1.05            5.24%
    Bahrain Middle East Bank                                            BMEB.BH                            -                    -                -                      NA           0.075                 0.00%               NA             NA                  16,486                  43,731                 NM                1.85            0.00%
    Al Baraka Banking Group (Price in USD)                              BARKA.BH                           296                  188                  31              1.679           1.600               (5.88%)           1.700           1.500                476,830               1,264,800               13.78                1.04            3.53%
    Esterad Investment Co.
                       Co                                               EICB.BH
                                                                        EICB BH                                57                14                  9               0.251
                                                                                                                                                                     0 251           0.250
                                                                                                                                                                                     0 250               (7.41%)
                                                                                                                                                                                                         (7 41%)           0.256
                                                                                                                                                                                                                           0 256           0.250
                                                                                                                                                                                                                                           0 250                  38,750
                                                                                                                                                                                                                                                                  38 750                102,785
                                                                                                                                                                                                                                                                                        102 785                  NM                0.72
                                                                                                                                                                                                                                                                                                                                   0 72            0.00%
                                                                                                                                                                                                                                                                                                                                                   0 00%
    Gulf Finance House (Price in USD)                                   GFHB.BH                          2,685                  241              130                 0.238           0.210              (19.23%)           0.260           0.210                150,133                 398,230                  NM                0.92            0.00%
    Investcorp Bank (Price in USD) ^                                    INVB.BH                            -                    -                -                      NA           1,489                 0.00%               NA             NA                448,947               1,190,840               19.78                1.24            6.05%
    Ithmar Bank (Price in USD)                                          ITHMR.BH                         6,978                  476              238                 0.181           0.190                 0.00%           0.195           0.170                200,854                 532,770                  NM                0.75            0.00%
    Taib Bank (Price in USD)                                            TAIB.BH                            -                    -                -                      NA           2.730                 0.00%               NA             NA                115,645                 306,750                  NM                2.98            0.00%
    United Gulf Bank                                                    UGBB.BH                            -                    -                -                      NA           0.400                 0.00%               NA             NA                332,240                 881,273               43.86                1.74            1.18%
    United Gulf Investment Corp                                         UGIC.BH                            -                    -                -                      NA           0.140                 0.00%               NA             NA                  28,000                  74,271               7.91                0.87            5.36%
     Investment Sector                                                                                10,817                1,134               483                                                    (2.25%)                                              2,659,090               7,053,289                   NM                1.04           2.00%
    Al-Ahlia Insurance Co.                                              AAIC.BH                            -                    -                -                      NA           0.378                 0.00%               NA          0.378                  20,423                  54,171              10.12                1.61            0.98%
    Arab Insurance Group (Price in USD)                                 ARIG.BH                          1,297                  273               48                 0.559           0.560                 1.82%           0.560           0.550                  46,446                123,200                5.64                0.46          11.16%
    Bahrain and Kuwait Insurance Co.                                    BKIC.BH                            -                    -                -                      NA           0.672                 0.00%               NA             NA                  43,680                115,862               10.84                1.79            3.05%
    Bahrain National Holding Co.                                        BNHB.BH                                45                   19                6              0.423           0.458                 1.78%           0.458           0.418                  51,983                137,886               13.08                1.35            4.37%
    Takaful International Co.                                           TAKA.BH                            -                    -                -                      NA           0.290                 0.00%               NA             NA                  18,125                  48,077                 NM                2.70            0.00%
     Insurance Sector                                                                                  1,342                   292               54                                                       0.97%                                                180,657                 479,196                 9.81               0.99           4.98%
    Bah. Ship. Repairing and Engineering Co.                            BSRC.BH                            -                    -                -                      NA           1.526                 0.00%               NA             NA                  21,364                  56,668              10.47                1.20            2.81%
    Bahrain Car Park Co.                                                PARK.BH                                10                    2                1              0.175           0.175                 9.38%           0.175           0.160                  12,306                  32,641              11.70                1.03            6.86%
    Bahrain Cinema Co.                                                  CNMA.BH                                11                    8                3              0.740           0.740               (1.33%)           0.750           0.740                  33,967                  90,099               9.09                1.07            6.76%
    Bahrain Duty Free Complex                                           DUTY.BH                                95                   73               10              0.770           0.780                 2.63%           0.780           0.765                  53,004                140,594                8.64                1.71            4.93%
    Bahrain Mari. and Mer. Inter Co.                                    BMMI.BH                            829                  492               38                 0.593           0.585               (1.68%)           0.600           0.585                  70,794                187,782                7.85                1.59            7.77%
    Bahrain Telecommunications Co.                                      BTEL.BH                          1,223                  735               97                 0.601           0.610                 2.52%           0.610           0.595                878,400               2,329,973                8.36                1.78            8.20%
    General Trading and Food Proc. Co.                                  GTFP.BH                                 4                    1                1              0.272           0.260                 0.00%           0.260           0.260                  20,976                  55,638              13.12                1.05            6.15%
    Nass Corporation                                                    NASS.BH                            479                  115               81                 0.241           0.240               (3.23%)           0.246           0.234                  52,800                140,053                3.84                1.06            8.33%
    Seef Properties                                                     SEEF.BH                         1,292                   178               57                 0.138           0.138               (2.82%)           0.142           0.138                  63,480                168,382                9.00                0.63            3.62%
     Services Sector                                                                                   3,942                1,604               288                                                       1.58%                                             1,207,090               3,201,831                  8.08               1.51           7.61%
    Bahrain Family Leisure Co.                                          FMLY.BH                            -                    -                -                      NA           0.140                 0.00%               NA             NA                   5,600                  14,854                 NM                1.37            3.54%
    Gulf Hotels Group                                                   BHTL.BH                                 3                    2                1              0.640           0.640                 2.73%           0.640           0.623                  96,197                255,164                9.40                2.14            4.26%
    Bahrain Toursim Co.                                                 BTCB.BH                                15                    5                1              0.342           0.342               (2.29%)           0.350           0.342                  24,624                  65,316               7.79                0.88            5.85%
    BANADER Co. For Hotels                                              BANA.BH                            -                    -                -                      NA           0.065                 0.00%               NA             NA                   9,750                  25,862                 NM                1.01            0.00%
    National Hotels Co.                                                 NHTL.BH                              1                   0.3                 1               0.446           0.445                 0.00%           0.445           0.445                 44,500                 118,037                7.35               0.70            4.49%
     Hotel & Tourism Sector                                                                                 18                      7                3                                                    1.11%                                                180,671                 479,233                 9.58               1.20           4.28%
    Bahrain Flour Mills Co.                                             BFMC.BH                              1                      0                1               0.370           0.398                 0.00%           0.398           0.398                   9,883                 26,216                8.99               0.63            4.79%
    Delmon Poultry Co.                                                  DPCB.BH                            -                    -                -                      NA           0.215                 0.00%               NA             NA                   6,714                  17,809               5.14                0.51            8.86%
     Industrial Sector                                                                                         1                    0                1                                                    0.00%                                                 16,597                  44,025                 6.90               0.57           6.43%

     Total Market **                                                               43,647               9,035        2,277                                              2.61%                                     6,963,952                                                       18,472,021                 19.91                1.26           3.87%
           g           ,    f            ,           p     ,                     p               f g g            p                ,                                 p
** Excluding IPO Shares, Preferred Shares, Closed Companies, and Non-Bahraini Companies. Prices of Highlighted Companies are in USD, while Traded Value and Market Capitalization data is in BHD. 1 USD = 377 Bahraini Fils
Source: Bahrain Stock Exchange
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield for individual stocks is based on Full Year
2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded volume for the month. MTM: Month to Month price change for individual stocks is
calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization.
                                                                                    KAMCO Research


                                                                                    GCC Equity Markets Monthly Review




Muscat Securities Market
                                  Closing               Apr-10         60 Day      90 Day      YTD-10     12 Month
Benchmark Return
                                    Value       Point            (%)      (%)         (%)         (%)          (%)

MSM 30 Index                     6,830.37      132.86        1.98%     2.11%       4.89%        7.25%        34.31%



Performance Review
Supported by the heavyweight banking sector, the MSM 30 Index ended the month of April as the second
best performer following the Bahrain Stock Exchange, as it gained 1.98% to close at 6,830.37 points. Once
again the banking and investments sector was the main market mover as 228 million shares exchanged
hands with a total value of OMR 71.78 million resulting in a strong gain compared to its peers in the region.
Volatility in the Omani Bourse reversed the downtrend it has been in since the beginning of 2010 as it rose to
7.63% in April-10 from 5.91% in March-10.

After the 0.12% marginal gain witnessed the previous month, the MSM 30 Index was able to gather enough
bullish momentum to surge to a 17 month high of 6,889 points on April 11; the highest index closing since
November 5, 2008; supported by the 1.00% increase in the heavyweight banking sector. Foreign investors
continued to target blue-chip companies whereas local investors bet on stocks of holding & investment
companies that would benefit from a rise in regional markets as they have significant exposure to regional
stocks.

Regarding earnings, aggregate Q1-10 earnings for companies who have announced during the month
increased by 5.8% from OMR 104.58 million in Q1-09 to OMR 110.60 million in Q1-10. Ahli Bank, one of the
fastest growing banks in the Sultanate, reported earnings growth of 123% to reach OMR 3.15 million in Q1-
10 from OMR 1.41 million for the corresponding period of the previous year. The bank was able to deliver
healthy profits due to several cost reductions and efficiency improvement measures that reduced its cost to
income ratio to 36% in Q1-10 from 51% in Q1-09. Bank Sohar also posted strong earnings as the bank
turned into profit during Q1-10 posting earnings of OMR 2.83 million from a loss of OMR 0.78 million in Q1-
09. On the other hand, market heavyweight Bank Muscat, which accounts for 34% of the Banking and
Investment Sector, reported that net income had fallen 49% to OMR 24.5 million from OMR 48.4 million in
Q1-09 as provisions on doubtful loans remained elevated and after a stake sale boosted earnings in Q1-09.
The National Bank of Oman, the third largest bank by market value, said that Q1-10 earnings slumped 10.3%
to OMR 6.58 million from OMR 7.33 million in Q1-09 as customer deposits decreased and operating costs
mounted. Also, Raysut Cement, Oman's largest cement manufacturer; reported lower earnings of OMR 6.81
million in Q1-10 from OMR 7.84 million in Q1-09 after sales revenue fell to OMR 16.3 million during the three
months ending March-10.

Meanwhile on the economic front, according to the monthly statistical bulletin published by the Central Bank
of Oman, M1 measure of money supply increased 11.9% on an annual basis in February 2010 to reach OMR
2.44 billion whereas M2 rose 6.2% to OMR 8.10 billion from OMR 7.63 billion in Feb-09, while quasi Money
increased by 3.9% to OMR 5.67 billion on an annual basis. The increase in M2 was in large part due to rise in
domestic and net foreign assets of the CBO and commercial banks which grew at 5.5% and 6.6%
respectively. In addition, the Sultanate stated that it had reduced its forecasted fiscal deficit by approximately
84% in 2009 as they reduced spending and boosted revenue. The sharp increase in public revenue to nearly


62
                                                                                 KAMCO Research


                                                                                 GCC Equity Markets Monthly Review




OMR 6.68 billion helped reduce the deficit to OMR 128.3 million from an initial estimated 2009 deficit of OMR
810 million.


MSM 30 Index 52 Week Performance Relative to Volume


                       7,000                                                                            195
                                                                                                        180
                       6,750
                                                                                                        165




                                                                                                              Vol. Traded (shr. mil.)
                       6,500                                                                            150
  MSM 30 Index Value




                                                                                                        135
                       6,250                                                                            120
                                                                                                        105
                       6,000
                                                                                                        90
                       5,750                                                                            75
                                                                                                        60
                       5,500                                                                            45
                                                                                                        30
                       5,250
                                                                                                        15
                       5,000                                                                            0
                                30.4.09
                                14.5.09
                                28.5.09
                                11.6.09
                                25.6.09
                                 9.7.09
                                23.7.09
                                 6.8.09
                                20.8.09
                                 3.9.09
                                17.9.09
                                1.10.09
                               15.10.09
                               29.10.09
                               12.11.09
                               26.11.09
                               10.12.09
                               24.12.09
                                 7.1.10
                                21.1.10
                                 4.2.10
                                18.2.10
                                 4.3.10
                                18.3.10
                                 1.4.10
                                15.4.10
                                29.4.10
Source: KAMCO Research

Total market capitalization rose by OMR 152.3 million (USD 395.6 million) to end the month at around OMR
6.74 billion (USD 17.51 billion), adding 2.31% in April as compared to OMR 6.59 billion (USD 17.11 billion) in
March-10. The market heavyweight Banking & Investment sector added 4.71% to its market cap to OMR
3.54 billion (USD 9.21 billion) up from OMR 3.38 billion (USD 8.79 billion) recorded a month earlier. The
Services & Insurance sector, which represents around 31% of the aggregate market cap recorded losses of
0.43% during the month to end at OMR 2.11 billion (USD 5.48 billion) compared to OMR 2.12 billion (USD
5.50 billion) recorded in March-10, while the Industrial sector recorded a marginal gain of 0.20% during the
month to end at OMR 1.09 billion (USD 2.821 billion) compared to OMR 1.08 billion (USD 2.815 billion)
recorded a month earlier.




                                                                                                              63
                                                                                                   KAMCO Research


                                                                                                   GCC Equity Markets Monthly Review




                                        MSM 30 Index Monthly Return & Volatility
                                                                           Index Value                 Return              Volatility
March-09                                                                      4,628.64                (4.64%)               17.19%
April-09                                                                      5,128.88                10.81%                35.05%
May-09                                                                        5,500.32                  7.24%               22.87%
June-09                                                                       5,612.21                  2.03%               16.26%
July-09                                                                       5,846.22                  4.17%               22.53%
August-09                                                                     6,345.06                  8.53%               11.65%
September-09                                                                  6,572.25                  3.58%               13.08%
October-09                                                                    6,354.92                (3.31%)               12.56%
November-09                                                                   6,357.23                  0.04%                7.41%
December-09                                                                   6,368.80                  0.18%               22.64%
January-10                                                                    6,532.16                  2.57%               10.73%
February-10                                                                   6,689.31                  2.41%                8.77%
March-10                                                                      6,697.51                  0.12%                5.91%
April-10                                                                      6,830.37                  1.98%                7.63%
Source: KAMCO Research



Liquidity
                                          Market Trading & Technical Indicators
                                                                                 Month                M-T-M          Average Daily
                                                                                  Value            % Change                YTD-10
Volume Traded (Mln Shares)                                                       383.20              38.00%                  14.13
Value Traded (OMR Mln)                                                           148.01               5.50%                   5.83
No. of Trades                                                                    66,126               2.99%                  2,783

                                                                               April-10             March-10          December-09
P/E Multiple (X)                                                                   13.10                 12.80                 16.09
P/B Multiple (X)                                                                    1.91                  1.87                  1.81
Dividend Yield (%)                                                                3.83%                 3.91%                 3.79%
P/E is based on the net profit for the FY 2009 and month-end market capitalization, PB based on 31 December 2009 Equity Figures; yield
is based on FY 2009 cash dividends and Month end market capitalization.
Source: KAMCO Research

Global Finance Investment Company was the most active stock for the fourth consecutive month as 32.27
million shares were traded at a value of OMR 3.05 million to end the month at OMR 0.095. Al Anwar Ceramic
Tiles Co. came second with 28.33 million shares exchanging hands at a value of OMR 8.97 million to close
the month at OMR 0.316. The third most active stock was Al Anwar Holding as 28.21 million shares were
traded at a value of OMR 6.56 million to close the month at OMR 0.229.

                                                Monthly Most Active Stocks
                                                                               Volume                   Value                  Close
                                                                          (000 shares)             (000 OMR)                  (OMR)
Global Finance Investment Co.                                                   32,265                  3,050                  0.095
Al Anwar Ceramic Tiles Co.                                                      28,332                  8,965                  0.316
Al Anwar Holding                                                                28,207                  6,559                  0.229
Bank Muscat                                                                     21,821                 18,902                  0.902
Gulf Investment Services                                                        20,731                  2,467                  0.117
Source: KAMCO Research


64
                                                                                                       KAMCO Research


                                                                                                       GCC Equity Markets Monthly Review




Market Movers
The market breadth was skewed towards the gainers this month as the advancers to decliners ratio was 30-
to-26 while 5 stocks remained unchanged from last month. Best performers list for the month was lead by
Oman Chromite with a monthly gain of 27.92% to close at OMR 2.341 followed by Majan College
appreciating by 19.57% to OMR 0.275. On the other hand, worst performers were topped by The Financial
Corporation as it lost 10.67% of its value followed by Al Batinah Development Investment Holding falling
10.10% to end the month at OMR 2.010 and OMR 0.089 respectively.

                   Best Return Performers                                               Worst Return Performers
                                                    Close    M-T-M                                                      Close   M-T-M
                                                   (OMR)     % Chg                                                     (OMR) % Chg
Oman Chromite                                       2.341   27.92%      The Financial Corporation                       2.010 (10.67%)
Majan College                                       0.275   19.57%      Al Batinah Dev. Inv. Holding                    0.089 (10.10%)
Ahli Bank                                           0.284   15.92%      Oman International Bank                         0.290 (9.66%)
Dhofar Cattlefeed                                   0.271   15.32%      Taageer Finance                                 0.265 (8.93%)
Al Hassan Engineering                               0.488   13.49%      Construction Materials Ind.                     0.090 (7.22%)
We have excluded from the top losers list all the stocks that have traded on their x dividend date during the month.
Source: KAMCO Research




Sectors Performance
                                                       Sectors Performance
                                                                  Monthly Trading Indicators                Valuation Multiples
                                         Market Cap          M-T-M      Volume                 Value          P/E      P/B     Dividend
                                          (000 OMR)          % Chg (000 Shares)           (000 OMR)           (X)       (X)   Yield (%)
Banking & Investment                       3,544,037          4.71%     228,016               71,783        17.00      1.77      2.53%
Industrial Sector                          1,086,440          0.20%      96,292               45,635        12.67      2.04      4.15%
Services & Insurance                       2,109,378        (0.43%)      58,894               30,595         9.57      2.14      5.83%
Total Muscat Market                        6,739,855          2.31%     383,202              148,014        13.10      1.91      3.83%
Market Cap, P/E, P/B & Yield as of 29 April 2010
Source: KAMCO Research




Corporate News
      *    Oman Air, the national carrier of Oman, raised its authorised capital to OMR 500 million from OMR
           300 million and expanded its flight plan to eight new destinations. (Gulfbase)
      *    Shell Oman Marketing Company SAOG won two new contracts for supplying aviation fuel to Fly
           Dubai and Aviation Services Management at Muscat International Airport. (Oman Daily Observer)
      *    Fitch Ratings assigns Bank Sohar a BBB+ Long Term Issuer Default Rating. This was due to the
           bank's rising market share and good commercial franchise. Bank Sohar enjoys a very low non-
           performing loan ratio and a good provisioning coverage ratio which indicated excellent asset quality
           and the possibility for ratings to improve with a longer operating history. (Oman Daily Observer)
      *    Standard & Poor's Ratings Services removed Oman Insurance Co from CreditWatch after it has


                                                                                                                                    65
                                                                                KAMCO Research


                                                                                GCC Equity Markets Monthly Review




         been resolved on its parent, Mashreqbank. The ratings on Oman Insurance have been raised to
         BBB+/Stable, in line with Oman Insurance's stand-alone credit profile. (Reuters)
     *   Al Jazeira Services proposed to buy an additional 15% stake in Al Anwar Ceramic Tiles Co for a
         total value of OMR 8.42 million. The deal is subject to approval by the Ordinary General Meeting
         (OGM) to be held during May-2010. (Muscat Securities Market)


Country & Economic News
     *   According to the monthly statistical bulletin published by the Central Bank of Oman, M1 measure of
         money supply increased 11.9% on an annual basis in February 2010 to reach OMR 2.44 billion
         whereas M2 rose 6.2% to OMR 8.10 billion from OMR 7.63 billion in Feb-09, while quasi Money
         increased by 3.9% to OMR 5.67 billion on an annual basis. (Central Bank of Oman)
     *   The Minister of National Economy said that he expects Oman to report GDP growth of 6% in 2010.
         (Bloomberg)
     *   Annual inflation in Oman accelerated to an eight month high of 2.0% in February and is expected to
         reach as high as 4%-5% in 2010 according to Central Bank officials. Inflation is being imported due
         to the local currency's peg with the dollar. (Reuters)
     *   Official data showed that the Sultanate reduced its forecasted fiscal deficit in 2009 by 84% as
         revenues were higher than expected and as the government spent less. Oman had originally
         forecasted a budget deficit of OMR 810 million in 2009 however the sultanate registered an actual
         deficit of OMR 128.3 million (Business 24|7)




66
                                                      Q1-10 Corporate Earnings

                                                              Muscat Securities Market
                                                      Net Profit / (Loss)            Change                EPS
Company
                                                    Q1-09            Q1-10            (%)          Q1-09         Q1-10
All Figures are in OMR

Bank Sohar                                               (776,000)      2,831,000        464.8%      (0.008)        0.028
Al Anwar Holding*                                       2,620,000       3,500,000          33.6%      0.024         0.032
Ahli Bank                                               1,408,000       3,151,000        123.8%       0.002         0.004
Bank Muscat                                           48,400,000       24,500,000       (49.4%)       0.045         0.023
Financial Services                                       (704,327)       (477,484)         32.2%     (0.000)       (0.000)
National Bank of Oman                                   7,334,000       6,576,000       (10.3%)       0.068         0.061
National Finance Co.                                      592,000         418,000       (29.4%)       0.004         0.003
Oman International Bank                                 6,366,000       5,656,000       (11.2%)       0.007         0.006
Oman Investment & Finance*                              2,030,000       3,130,000          54.2%      0.020         0.031
 Banking & Investment Sector                         79,519,908       60,340,677       (24.1%)
Al Anwar Ceramic Tiles co.                              1,261,224       1,439,897          14.2%      0.008         0.009
Al Jazeera Steel Products Co.                          (2,990,877)        551,551        118.4%      (0.024)        0.004
Majan Glass                                               435,546         733,305          68.4%      0.131         0.221
Muscat Gases                                              397,156         466,007          17.3%      0.016         0.019
National Aluminium Products                               172,000         520,000        202.3%       0.021         0.062
National Gas                                              214,582         260,745          21.5%      0.098         0.119
Oman National Dairy Products                              272,000       8,416,000             NM      0.110         3.425
Oman Cable Industry                                      (946,000)      1,726,000        282.5%      (0.011)        0.019
Oman Cement Co.                                         4,660,000       7,118,000          52.7%      0.056         0.086
Oman Chlorine                                             630,000         601,000         (4.6%)      0.011         0.011
Oman Flour Mills*                                       3,439,000       7,790,000        126.5%       0.022         0.049
Raysut Cement                                           7,840,976       6,812,881       (13.1%)       0.392         0.341
 Industry Sector                                     15,476,706       36,800,042      137.78%
Dhofar Insurance                                       2,007,000        2,822,000         40.6%       0.100         0.141
Al Maha Petroleum Products Marketing                   1,259,000        1,715,000         36.2%       0.182         0.249
Majan College*                                           257,056          456,758         77.7%       0.009         0.015
Oman Oil Marketing                                     1,084,521        1,581,957         45.9%       0.017         0.025
Oman United Insurance                                    648,022        1,045,625         61.4%       0.043         0.070
Shell Oman Marketing                                   2,870,000        3,535,000         23.2%       0.029         0.035
United Power                                             180,000          647,000        259.4%       0.008         0.034
 Services & Insurance Sector                          9,581,639       13,462,397        40.5%

Total Market                                        104,578,253      110,603,116         5.8%
NM: Not Meaningful NA: Not Applicable
* Different fiscal year
Source: Muscat Securities Market & KAMCO Research
Muscat Securities Market Trading & Valuation Data Summary                                                                                                                                                  April-10
                                                                                                                                                                                             Month-End Valuation
                                                                                     Monthly Trading Indicators                                                    Market Cap.
                                                                                                                                                                                                 Indicators

                                        Reuters   Traded Volume    Traded Value   Number of Avg. Traded        Closing    MTM Price                                                                             Dividend
 Company Name                                                                                                                          High (OMR)   Low (OMR)   ('000 OMR)     ('000 USD)   P/E (X)   P/B (X)
                                        Ticker     ('000 Shares)    ('000 OMR)       Deals Price (OMR)*   Price (OMR)    Change (%)                                                                                 Yield


 Bank Sohar                             BKSB.OM         15,982           3,823       1,454       0.239        0.239           3.91%        0.249        0.228       239,000       620,779    29.79      2.27       0.00%
 Al Anwar Holding                       AITC.OM         28,207           6,559       4,169       0.233        0.229           4.57%        0.246        0.217        25,190        65,429     7.57      1.28       2.46%
 Al Batinah Dev. Inv. Holding           ALBI.OM          1,251             116         238       0.093        0.089        (10.10%)        0.098        0.088         5,340        13,870      NM       0.82       5.62%
 Al Sharqia Inv. Holding                SINV.OM          1,383             163         169       0.118        0.121           4.31%        0.122        0.111         9,680        25,143    17.85      0.74       0.00%
 Ahli Bank                              ABOB.OM          9,503           2,571       1,386       0.271        0.284          15.92%        0.286        0.242       202,317       525,499    23.69      2.18       2.35%
 Bank Dhofar                            BDOF.OM          3,878           3,133         530       0.808        0.800           3.90%        0.880        0.770       650,836     1,690,483    25.63      3.19       1.70%
 Bank Muscat                            BMAO.OM         21,821          18,902       5,320       0.866        0.902           6.62%        0.909        0.840     1,214,468     3,154,463    16.47      1.71       1.77%
 Dhofar Intl. Dev.& Invest. Holding     DIDI.OM          5,709           2,593         843       0.454        0.462           5.24%        0.475        0.411        92,400       240,000     9.45      1.29       6.49%
 Financial Services                     FSCI.OM          4,757             570         533       0.120        0.120           2.56%        0.130        0.112         7,800        20,260    30.59      0.98       0.00%
 The Financial Corporation              FINC.OM               3               7           3      2.009        2.010        (10.67%)        2.024        1.575        13,279        34,492    12.51      1.64       4.52%
 Global Finance Investment Co.          GFIC.OM         32,265           3,050       2,049       0.095        0.095         (1.04%)        0.098        0.089        22,285        57,884      NM       0.60       0.00%
 Gulf Investment Services               GIS.OM          20,731           2,467       1,943       0.119        0.117           0.00%        0.124        0.112        17,577        45,656    17.87      1.02       5.98%
 Muscat Finance Co.                     MF.OM                67              19          10      0.276        0.284           1.07%        0.300        0.260        31,242        81,148    11.56      1.88       4.80%
 Muscat National Holding                MICO.OM            -               -           -            NA        2.230           0.00%           NA           NA        11,150        28,961     3.70      0.86       4.48%
 National Bank of Oman                  NBO.OM          18,829           6,420       2,054       0.341        0.346           8.12%        0.354        0.318       374,026       971,496    14.33      1.46       3.47%
 Oman & Emirates Investment             OEIO.OM         18,434           4,320       2,669       0.234        0.244          11.93%        0.249        0.217        29,738        77,240      NM       1.52       0.00%
 Oman International Bank                OIB.OM           7,522           2,234       1,107       0.297        0.290         (9.66%)        0.324        0.287       264,845       687,908    12.31      1.55       7.59%
 Oman Investment & Finance              OIFL.OM         16,217           5,297       3,177       0.327        0.330           4.76%        0.339        0.312        33,000        85,713    13.07      2.16       0.00%
 Oman Holding International             OHII.OM            351             113           52      0.321        0.322           3.54%        0.325        0.300        35,514        92,243     9.41      0.97       5.92%
 OMINVEST                               OMAN.OM          5,515           2,548       1,287       0.462        0.459         (6.33%)        0.492        0.432       105,569       274,205     9.25      1.27       1.89%
 ONIC. Holding
 ONIC H ldi                             ONIC.OM
                                        ONIC OM         11,387
                                                        11 387           6 291
                                                                         6,291       2 291
                                                                                     2,291       0 552
                                                                                                 0.552        0 557
                                                                                                              0.557          10 52%
                                                                                                                             10.52%        0 565
                                                                                                                                           0.565        0 500
                                                                                                                                                        0.500        91 997
                                                                                                                                                                     91,997       238 953
                                                                                                                                                                                  238,953    18 13
                                                                                                                                                                                             18.13      2 17
                                                                                                                                                                                                        2.17       3 42%
                                                                                                                                                                                                                   3.42%
 Taageer Finance                        TFC.OM             420             117           36      0.278        0.265         (8.93%)        0.293        0.262        24,116        62,639    10.95      1.28       2.82%
 Transgulf Ind. Inv. Holding            TGI.OM           2,339             276         363       0.118        0.118           2.61%        0.120        0.115        11,800        30,649    55.14      1.66       6.36%
 United Finance                         UFIN.OM          1,446             195         222       0.135        0.132         (4.35%)        0.140        0.129        30,869        80,178    33.07      1.00       0.00%
  Banking & Investment                                228,016          71,783      31,905                                    4.71%                              3,544,037     9,205,291      17.00      1.77      2.53%

 Al Anwar Ceramic Tiles Co.             AACT.OM         28,332           8,965        5,035      0.316        0.316           1.61%        0.330        0.305        51,272       133,174    10.38      2.78       0.00%
 Al Hassan Engineering                  HEC.OM           4,142           1,971          848      0.476        0.488          13.49%        0.500        0.430        36,702        95,329    13.90      2.71       2.87%
 Construction Materials Ind.            CMI.OM           5,313             506          766      0.095        0.090         (7.22%)        0.100        0.089         5,400        14,026    10.70      0.57       8.89%
 Al Jazeera Steel Products Co.          AJTM.OM         19,958           7,362        4,212      0.369        0.359         (1.37%)        0.393        0.350        44,838       116,463      NM       1.52       0.00%
 Taghleef Industries                    PPI.OM               8              19           6       2.209        2.208         (5.64%)        2.222        2.106         9,227        23,967      NM       0.52       0.00%
 Dhofar Cattlefeed                      DCAT.OM          3,965           1,040          733      0.262        0.271          15.32%        0.275        0.235        18,970        49,273      NM       0.48       0.00%
 Majan Glass                            MGC.OM              43              33           11      0.761        0.775         (2.52%)        0.785        0.745        25,746        66,871     8.34      2.19       5.16%
 Muscat Gases                           MING.OM            630             293         155       0.466        0.500          11.11%        0.520        0.445        12,075        31,364     9.33      2.18       8.00%
 National Mineral Water                 NMW.OM               5               1           5       0.158        0.160           0.00%        0.160        0.155         3,220         8,365      NM       1.19       0.00%
 National Aluminium Products            NAP.OM          13,904           7,479        4,076      0.538        0.522           0.77%        0.566        0.512        17,524        45,518     6.91      2.45      11.49%
 National Gas                           NGAS.OM             11              45           12      4.192        4.200         (6.38%)        4.480        4.038         9,240        24,000    13.25      1.16       4.76%
 Oman Cable Industry                    OCAB.OM          2,870           4,059        1,393      1.414        1.332         (6.06%)        1.510        1.315       119,480       310,339    17.90      2.96       2.25%
 Oman Cement Co.                        OCCO.OM          7,845           5,674        1,926      0.723        0.728           7.85%        0.742        0.670       240,875       625,650     9.94      1.77       5.08%
 Oman Chlorine                          OCLO.OM          1,094             393          187      0.360        0.367           1.94%        0.373        0.350        21,591        56,080     8.69      1.81       2.60%
 Oman Chromite                          OCPP.OM            253             506         126       2.003        2.341          27.92%        2.349        1.830         7,023        18,242    10.18      1.63       6.41%
 Oman Flour Mills                       OFM.OM           3,302           2,290          657      0.694        0.693           2.82%        0.710        0.670       109,148       283,500    20.81      2.45       0.00%
 Raysut Cement                          RAYC.OM          2,509           3,864          559      1.540        1.504         (6.00%)        1.649        1.450       300,800       781,299    10.49      2.82       6.65%
 Salalah Mills Co.                      SFM.OM             205             132         123       0.643        0.647         (0.15%)        0.650        0.631        26,689        69,321     7.93      2.33       4.22%
 Voltamp Energy                         VOES.OM          1,903           1,002       1,306       0.526        0.484         (7.28%)        0.560        0.470        26,620        69,143    12.12      1.79       6.57%
  Industrial                                           96,292          45,635      22,136                                    0.20%                              1,086,440     2,821,922      12.67      2.04      4.15%

 AES Baraka                             AESB.OM             399            557           82      1.395        1.400         (6.42%)        1.496        1.350       44,800       116,364      5.57      2.71       7.50%
 Al Jazeira Services                    AJS.OM           16,696          4,323        2,667      0.259        0.255           2.41%        0.273        0.242       28,488        73,994      8.20      1.72       3.92%
 Dhofar Insurance                       DIPP.OM           1,239            339          211      0.274        0.280           5.26%        0.289        0.260       56,000       145,455     10.29      1.80       3.57%
 Dhofar Power                           DHP.OM               14             23          24       1.674        1.700           0.00%        1.700        1.500       33,493        86,996     10.83      2.14       0.00%
                      g
 Oman National for Eng. & Invest. Co.   NELE.OM              46             27           25      0.596        0.595         (
                                                                                                                            (0.83%))       0.600        0.570         ,
                                                                                                                                                                    23,800          ,
                                                                                                                                                                                  61,818     14.32      2.02       1.26%
 Galfar Engineering & Contracting       GECS.OM          15,058          7,460        3,572      0.495        0.498           6.87%        0.514        0.454      164,340       426,857     40.63      2.00       1.83%
 Al Maha Petroleum Products Marketing   MAHA.OM             108          1,022          119      9.487        9.489         (2.24%)        9.799        9.156       65,474       170,063     11.55      2.20       5.80%
                                                                                                                                                                                                                                                                 Month-End Valuation
                                                                                                                   Monthly Trading Indicators                                                                            Market Cap.
                                                                                                                                                                                                                                                                     Indicators

                                                      Reuters         Traded Volume         Traded Value       Number of Avg. Traded                Closing      MTM Price                                                                                                                      Dividend
   Company Name                                                                                                                                                                 High (OMR)      Low (OMR)             ('000 OMR)            ('000 USD)         P/E (X)         P/B (X)
                                                      Ticker           ('000 Shares)         ('000 OMR)           Deals Price (OMR)*           Price (OMR)      Change (%)                                                                                                                          Yield

   Majan College                                      BAC.OM                      227                 59               84           0.259           0.275            19.57%           0.280           0.225                 8,250              21,429            35.11             1.56            10.91%
   Oman Fisheries Co.                                 OFC.OM                    1,531                213              274           0.139           0.138           (2.82%)           0.143           0.126                17,250              44,805            11.83             1.11             7.25%
   Oman Oil Marketing                                 BPO.OM                      162                155               79           0.958           0.946           (3.86%)           0.980           0.920                61,017             158,486            11.38             2.53             3.70%
   Oman United Insurance                              OUIC.OM                   9,534              2,238            1,066           0.235           0.234           (0.85%)           0.247           0.225                23,400              60,779             6.17             1.25             5.34%
   OmanTelecommunication Co.                          OTL.OM                    5,427              7,151            1,645           1.318           1.273           (0.86%)           1.306           1.261               954,750           2,479,870             7.63             2.27             7.86%
   Port Services Corporation                          PSC.OM                    1,389                871              363           0.627           0.611             1.83%           0.640           0.560                58,069             150,830            10.83             1.72            16.37%
   Renaissance Services                               RSC.OM                    6,501              5,244            1,444           0.807           0.799             0.88%           0.830           0.786               225,394             585,439             8.99             1.52             1.50%
   Salalah Port Services                              SPS.OM                        5                  2                8           0.457           0.500             0.00%           0.490           0.450                89,920             233,558            19.83             2.27             2.00%
   Shell Oman Marketing                               SHEL.OM                     281                540              108           1.923           1.900           (5.00%)           2.000           1.850               190,000             493,506            14.59             6.70             6.32%
   United Power                                       UPC.OM                       55                 51              20            0.929           0.950           (3.06%)           0.980           0.836                24,844              64,531            14.61             0.76             8.42%
   Sohar Power                                        SHPS.OM                     222                320             294            1.443           1.442           (1.57%)           1.470           1.425                40,088             104,124            12.32             2.90             0.00%
    Services & Insurance                                                      58,894             30,595          12,085                                            (0.43%)                                            2,109,378           5,478,903               9.57             2.14            5.83%


     Total Regular Market                                                   383,202            148,014           66,126                                              2.31%                                            6,739,855          17,506,117              13.10             1.91            3.83%




Source: Muscat Securities Market Website & Reuters
NM: Not Meaningful. N/A: Not Available, NA: Not Applicable, Trailing P/E is based on the net profit for the FY 09 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM. Trailing P/B is based on equity as at 31 Dec 09 and current market cap. Dividend Yield
for individual stocks is based on Full Year 2009 Dividend per Share & month end closing prices, while the average for sectors is a weighted average based on market cap and total cash dividends.*Average Traded price for the month is calculated by dividing total traded value over total traded
volume for the month. MTM: Month to Month price change for individual stocks is calculated based on the change in closing prices, while that for sectors and market are based on the change in market capitalization.
This page is left intentionally blank.
This page is left intentionally blank.
This page is left intentionally blank.
This document has been compiled and is issued by KIPCO Asset Management Company KSC (Closed) (KAMCO),
which has obtained the information used in this document from sources it believes to be reliable, but the issuer has
not carried out an independent verification of the data contained herein and does not guarantee neither its accuracy
nor its completeness. This document is not an offer to sell or a solicitation to buy any securities. The opinions and
estimates expressed herein are those of the issuer and subject to change at any time without any prior notice. Past
performance is not an indicator of future results. This original document or any copy is not to be redistributed inside
Kuwait or distributed in any jurisdiction outside Kuwait where this action is restricted by law.
# KIPCO Asset Management Company KSC (Closed) 2010

				
DOCUMENT INFO