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					                             N C B C O N T H E M A R K E T S | January 27, 2010
                                                                                                                           SAUDI ARABIA                 3       UAE – DUBAI                    9
                                                                                                                           UAE – ABU DHABI             10       KUWAIT                        11


                             Closing Bell                                                                                  QATAR
                                                                                                                           BAHRAIN
                                                                                                                                                       12
                                                                                                                                                       14
                                                                                                                                                                EGYPT
                                                                                                                                                                OMAN
                                                                                                                                                                                              13
                                                                                                                                                                                              15




MARKET RECAP                                                                 ECONOMY AND BUSINESS NEWS

•    Saudi Arabia: The benchmark TASI ended the day near                     •                  Saudi annual inflation accelerates to 4.2%: Saudi
     flat, declining 0.1% to close at 6,252.7, undermined by                                    Arabia's annualized inflation accelerated for the second
     heavyweight SABIC and STC, which fell 0.6% and 0.7%                                        consecutive month in December to 4.2% from 4.0% in the
     respectively. SAICO declined 5.4%, taking its month to                                     previous month. (Dow Jones)
     date decline to 18.2%                                                   •                  S&P assigns rating to Dar Al Arkan: S&P’s has assigned
•    Dubai: The DFM gained 0.6% to close at 1,565.5, paring                                     a ‘BB-’ long-term corporate credit rating with a stable
     off its intra day losses, led by heavyweights Dubai Financial                              outlook to Dar Al Arkan. S&P also assigned a ‘BB-’ rating to
     Market, Emaar Properties and Commercial Bank of Dubai,                                     the proposed benchmark sukuk notes issue. (Dow Jones)
     which rose 2.8%, 1.7% and 1.3% respectively                             •                  ACE Arabia receives SAMA’s approval: ACE Arabia has
•    Abu Dhabi: The Abu Dhabi index closed marginally higher                                    received a temporary approval from SAMA for the sale and
     at 2,602.0, up 0.1%, led by Aabar Investment and Union                                     marketing of 18 insurance products for a six-month period,
     National Bank, which gained 1.9% and 1.1% respectively,                                    effective January 24, 2010. (Tadawul)
     offsetting a 2.3% decline registered by Aldar Properties                •                  AXA-Cooperative gets nod for insurance products:
•    Kuwait: The Kuwaiti bourse lost 1.3% to end at 6,975.1,                                    AXA-Cooperative has received the final approval of SAMA
     dragged by heavyweight Zain, which plunged 5.3%. Gulf                                      for the sale and marketing of medical and car insurance
     Bank, Boubyan Bank and National Bank of Kuwait also                                        products. (Tadawul)
     shed 3.3%, 2.4% and 1.9% respectively                                   •                  Dubai Investment’s 4Q09 profit reached AED141mn:
•    Qatar: The Qatari bourse lost 1.1% to close at 6,502.9,                                    Dubai Investment announced that it posted a 4Q09 net
     undermined by Ezdan Real Estate, Industries Qatar and                                      profit of AED141mn, compared with a net loss of AED87mn
     Qatar National Bank, which slipped 2.2%, 1.6% and 1.3%                                     in the year earlier period. (Dow Jones)
     respectively. Masraf Al Rayan also ended 3.2% in the red                •                  Taqa board to discuss extension of share buyback:
•    Egypt: The EGX30 benchmark index gained 0.3% to close                                      Abu Dhabi National Energy Company’s board will discuss a
     at 6,586.7, led by EFH Hermes Holding and Al Ezz Dekheila                                  plan to seek regulatory approval to extend its share buy
     Steel, which rose 1.5% and 1.4% respectively. Orascom                                      back program by one year. (Bloomberg)
     Telecom dipped 3.2%                                                     •                  Qatar’s Barwa City plans QAR1.5bn tender: Barwa
•    Bahrain: The Bahraini bourse closed 0.2% higher at                                         City, a subsidiary Barwa Real Estate, will invite bids at the
     1,474.4, led by Ahli United Bank and BBK, which gained                                     end of the month for a $1.5bn contract to build amenities
     1.1% each. Gulf Finance House declined 1.6%                                                for the first phase of its project in Doha. (Dow Jones)
•    Oman: The MSM30 benchmark index advanced 1.2% to                        •                  Moody’s downgrades NIG: Moody’s has downgraded the
     end at 6,517.9, driven by banking heavyweights Bank                                        Corporate Family and Probability of Default Rating of
     Dhofar and Bank Muscat, which climbed 3.6% and 2.6%                                        National Industries Group and debt rating on the $475mn
     respectively. Oman Cement added 2.6%                                                       sukuk issued by NIG Sukuk Ltd to ‘B1’ from ‘Ba3’. (Zawya)


Market performance                                                           MSCI GCC vs. MSCI World– Last 14 days

Index                    Close     %Last      %MTD       %QTD      %YTD                         1,220                                                                     420

KSA (TASI)             6,252.7       (0.1)        2.1       2.1        2.1                      1,200                                                                     415
                                                                                                                                                                                Index value
                                                                                  Index value




UAE (DFM)              1,565.5         0.6     (13.2)    (13.2)     (13.2)
                                                                                                1,180                                                                     410
UAE (ADSM)             2,602.0         0.1      (5.2)     (5.2)      (5.2)
Kuwait (KWSE)          6,975.1       (1.3)      (0.4)     (0.4)      (0.4)                      1,160                                                                     405

Qatar (DSM)            6,502.9       (1.1)      (6.6)     (6.6)      (6.6)                      1,140                                                                     400
                                                                                                        13-Jan


                                                                                                                  15-Jan


                                                                                                                            17-Jan


                                                                                                                                     19-Jan


                                                                                                                                              21-Jan


                                                                                                                                                       23-Jan


                                                                                                                                                                 25-Jan




Egypt (EGX)            6,586.7         0.3        6.1       6.1        6.1
Oman (MSI)             6,517.9         1.2        2.3       2.3        2.3
Bahrain (BAX)          1,474.4         0.2        1.1       1.1        1.1                                       MSCI World                   MSCI GCC (RHS)

Source: Reuters, Bloomberg                                                   Source: Bloomberg




NCBC Research Team
research@ncbc.com


Please refer to the last page for important disclaimer
                          NCBC ON THE MARKETS | 27 January 2010




Regional market valuation and statistics
Regional market valuation
                                MCap($bn)           T/O($mn)              P/E-TTM                  PBV         DY-08(%) ROE-TTM(%) ROA-TTM(%)
Saudi Arabia                            331.1               711.9                17.4                 2.1                4.2                   3.7           1.0
United Arab Emirates                    108.6                99.1                 9.1                 1.0                4.9                   9.6           2.0
Kuwait                                    84.4              166.5                14.1                 1.3                4.7             (12.6)           (2.9)
Qatar                                     78.9               75.1                11.8                 1.9                7.0                  16.6           4.1
Egypt                                     72.9              110.4                11.6                 1.8                5.9                  15.0           4.4
Oman                                      16.0               15.0                12.3                 1.9                4.6                  13.1           2.7
Bahrain                                   15.8                 0.7               11.3                 1.1                6.1                   5.0           0.7
GCC                                    634.9            1,068.3                 13.5                  1.6                4.8                  4.0            1.0
GCC & Egypt                            707.8            1,178.8                 13.4                  1.6                4.9                  4.5            1.1
Source: Reuters, NCBC Research (Based on NCBC universe of companies – market depth for all 7 countries exceeds 90% of aggregate market cap)




At a glance – other global markets (data as at 12:00GMT)
Global equity indices                                                             Interest rates
                       Index value          % Chg         % YTD        Est P/E                                      1 month            3month           6month
DJIA                      10,194.29          (0.03)        (2.24)           15.2 KSA (SAIBOR)                             0.32                0.77        1.05
NASDAQ                      2,203.73         (0.32)        (2.88)           39.2 UAE (AEIBOR)                             1.58                1.98        2.23
FTSE                        5,242.60         (0.65)        (3.15)           55.0 LIBOR (US $)                             0.23                0.25        0.38
NIKKEI                    10,252.08          (0.71)        (2.79)               - US T-BILL (Yield)                       0.01                0.06        0.14
Singapore                   2,706.26         (1.24)        (6.60)           24.4 KSA Inter-bank Deposits                  0.15                0.60        0.68
HangSeng                  20,033.07          (0.38)        (8.41)           20.9 USA-10yr Govt (Yield)                                                    3.62
Source: Bloomberg                                                                 Source: Bloomberg



Currencies vs. USD                                                                Commodities market
Currencies                        Exchange rate           % Chg         % YTD                                                Price      % Chg           % YTD
Saudi Riyal                                 3.7500            0.00          0.02 Gold ($/OZ)                             1,095.93         (0.15)         (0.13)
Japanese Yen                               89.5750            0.10          3.98 Nat Gas 1M Fut. ($/MMBTU)                     5.44       (0.82)         (2.37)
Euro                                        1.4066         (0.26)           1.85 Brent ($/bbl)                              72.59             0.16       (0.57)
Great British Pound                         1.6210            0.35          0.39 OPEC Grade ($/bbl)                         71.94         (0.04)         (6.73)
Swiss Franc                                 1.0463         (0.26)           1.11 Copper ($/lb)                             332.90         (1.63)          0.05
Source: Bloomberg                                                                 Source: Bloomberg



Company events
Company events
Company                                                  Country            Event                                  Date               Details
Arab Banking Corporation                                 Bahrain            EGM                                    28 Jan 10
Dlala Brokerage and Investment Holding                   Qatar              AGM                                    28 Jan 10          At 18:00
Palm Hills Developments                                  Egypt              EGM                                    28 Jan 10
Arab Banking Corporation                                 Bahrain            Rights Issue Ex-Date                   31 Jan 10          Ratio 1.802:1 @ $ 1.0
Al Enma'a Real Estate Company                            Kuwait             AGM                                    31 Jan 10
Mazaya Qatar Real Estate Development Co                  Qatar              IPO – Subscription End                 31 Jan 10          QAR500mn offered
Orascom Telecom Holding                                  Egypt              Rights Issue Ex-Date                   31 Jan 10          Ratio 0.204:1@ EGP1.0
Alsorayai Trading Industrial Group                       Saudi Arabia       IPO - Subscription Start               01 Feb 10
Tourism Urbanization Company                             Egypt              Rights Issue Ex-Date                   01 Feb 10          Ratio 6 :1 @ EGP 10.25
Herfy Food Services Company                              Saudi Arabia       IPO - Listing Date                     02 Feb 10          2.41x Oversubscribed
Qatar National Bank                                      Qatar              AGM & EGM Date                         07 Feb 10
Qatar National Bank                                      Qatar              Cash dividend Ex-Date                  08 Feb 10          QAR 4 per share
Qatar National Bank                                      Qatar              Bonus shares Ex-Date                   08 Feb 10          Ratio 33.333:1
Nasr City Housing and Development Company                Egypt              AGM                                    09 Feb 10
Source: Zawya



                                                                              -2-
                                 NCBC ON THE MARKETS | 27 January 2010




Saudi Arabia
    Market recap: The benchmark TASI ended the day near flat, declining 0.1% to close at 6,252.7, undermined by
    heavyweight SABIC and STC, which fell 0.6% and 0.7% respectively. SAICO declined 5.4%, taking its month to date
    decline to 18.2%

    TASI intraday                                                                                          TASI 1-year movement and turnover

     6,270
                                                                                                                 8,000                                                                    12
     6,260
                                                                                                                 6,750                                                                    9
     6,250




                                                                                                                                                                                               (SR bn)
     6,240                                                                                                       5,500                                                                    6

     6,230                                                                                                       4,250                                                                    3

     6,220
                                                                                                                 3,000                                                                    0
               10:50


                         11:35


                                    12:20


                                                13:05


                                                             13:50


                                                                            14:35


                                                                                           15:20



                                                                                                                    Jan-09          Apr-09            Jul-09          Oct-09
                                                                                                                                         Turnover (RHS)                 TASI

    Source: Reuters, NCBC Research                                                                         Source: Reuters, NCBC Research



    Top gainers                                                      Top losers                                                           Most active
    Company                       Close %Chg             T/O Company                                       Close %Chg              T/O Company                              Close %Chg         T/O
    UCA                           31.20         4.3         6.9 SAICO                                      57.25         (5.4)     2.5    Al Inma Bank                      12.75    (0.4) 137.3
    Kingdom Holding                7.60         3.4      88.4 SADAFCO                                      43.30         (4.4)     4.4    Kingdom Holding                    7.60      3.4     88.4
    Alkhaleej Trng                42.70         2.6      10.0 Tawuniya                                     76.00         (2.3)     7.4    Saudi Kayan                       18.40    (1.1)     45.3
    Sahara Petrochemical 20.30                  2.3      13.3 Mubarrad                                     20.65         (2.1)     3.3    SABIC                             86.75    (0.6)     43.5
    Astra Ind                     34.80         2.1         3.0 Arabian Shield                             25.90         (1.9)     2.0    YANSAB                            34.30      0.6     22.6
    Source: Reuters, NCBC Research                                   Source: Reuters, NCBC Research                                       Source: Reuters, NCBC Research

    All Close values are in SR unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                             Close       T/O                  MCap                    Price change                        TTM (%)                  Valuation (x)             DY-08
    Company                                   (SR)      ($mn)               ($mn)             %Last        %MTD          %YTD              ROE        ROA       P/E-TTM             PBV        (%)
    SABIC                                    86.75       43.5               69,398                 (0.6)           5.2       5.2           4.6            1.7       54.3            2.5         3.5
    Al Rajhi                                 74.25       14.5               29,699                  0.0            4.2       4.2          25.4            4.1       16.6            4.1         4.0
    STC                                      43.80          7.4             23,359                 (0.7)         (0.7)     (0.7)          23.7            9.0         9.3           2.2         6.3
    Saudi Electricity                        11.85          2.5             13,166                  0.0            5.3       5.3          (1.8)       (0.6)          N/A            1.0         5.9
    SAMBA                                    53.50          1.0             12,840                  0.5            5.9       5.9          22.6            2.5       10.6            2.2         3.1
    Kingdom Holding                           7.60       88.4               12,768                  3.4           61.7      61.7         (99.9)      (50.8)          N/A            2.1        N/A
    RIBL                                     28.60          1.7             11,440                  0.0            6.3       6.3          10.0            1.7       16.2            1.6         4.9
    SABB                                     48.30          0.4                9,660               (0.4)          11.3      11.3          22.1            2.1       13.6            2.8        N/A
    SAFCO                                   127.25          5.1                8,483                0.0            5.2       5.2          30.7        25.1          14.4            4.8       10.2
    Etihad Etisalat                          45.10       10.5                  8,418               (0.2)           3.9       3.9          30.2        10.0          11.5            2.8         1.7
    Source: Reuters, NCBC Research



Top 5 stocks rising for 3 consecutive days                                                                   Top 5 stocks losing for 3 consecutive days
.                                                                                                            .




Company                             24-Jan 25-Jan 26-Jan 27-Jan                               1M ago Company                                 24-Jan 25-Jan 26-Jan 27-Jan                  1M ago
Kingdom Holding                         7.05         7.25            7.35           7.60            4.75     STC                                  44.70    44.60     44.10     43.80         44.50
Savola Group                         32.60        32.70        32.80           32.90               29.90     Etihad Etisalat                      45.70    45.60     45.20     45.10         43.20
Jabal Omar                           18.70        18.75        18.80           18.90               19.15     Al Inma Bank                         12.90    12.85     12.80     12.75         12.75
SAPTCO                                  8.25         8.35            8.40           8.45            8.30     Tawuniya                             79.75    79.00     77.75     76.00         71.25
Al Baha                              18.50        18.70        18.75           18.95               18.85     APPC                                 24.30    24.10     23.75     23.60         25.20
Source: Reuters, NCBC Research                                                                               Source: Reuters, NCBC Research




                                                                                                       -3-
                                                                                                       NCBC ON THE MARKETS | 27 January 2010




Companies touching a new 52-week high*                                                                                                                                                                                                                                                                                                         Companies touching a new 52-week low*

                                                                                                                                                                                         Intra day                                                                                                                            T/O                                                                                             Intra day                             T/O
Company                                                                                                                                         Close                                         high                                                                 %Chg                                                     ($mn) Company                                                                    Close                  low                      %Chg ($mn)




Source: Tadawul, NCBC Research                                                                                                                                                                                                                                                                                                                 Source: Tadawul, NCBC Research
*List includes top 5 companies by market cap who have crossed 52-week high today                                                                                                                                                                                                                                                               *List includes top 5 companies by market cap who have crossed 52-week low today




Sector performance – today                                                                                                                                                                                                                                                                                                                     Market volume and number of trades

            1.5                                                                                                                                                                                                                                                                                                                                           250                                                                                                            100
                    1.1
            1.0
                                                                                                                                                                                                                                                                                                                                                          200                                                                                                            85
 % Change




            0.5
                                               0.3 0.2 0.1
                                                           0.0




                                                                                                                                                                                                                                                                                                                                                                                                                                                                               ('000)
            0.0
                                                                                                                                                                                                                                                                                                                                                   (mn)
                                                                                                                                                                                                                                                                                                                                                          150                                                                                                            70
                                                                                                                                        (0.1) 0.1) (0.1)(0.2)(0.2)
                                                                                                                                            ( (0.1)
            (0.5)                                                                                                                                                (0.3)0.3)(0.4)
                                                                                                                                                                     (
                                                                                                                                                                                                                                                                                                       (0.7)                                              100                                                                                                            55
            (1.0)
                                                                                                                                                                                                                                                                                                           (1.0)
                                               B an k in g /F in a n cia l




                                                                                                                                                                                       R e tail
                    M u lti-in v e stm e n t




                                                                                                       Cem ent




                                                                                                                                                                                                                                                                                                                            T ra n sp o rt
                                                                                                                                         TASI




                                                                                                                                                                                                                                                                   Pe tro ch e m ica ls
                                                                             E n e rg y /U tilitie s




                                                                                                                                                                                                                                               C o n stru ctio n
                                                                                                                                                                                                                              R e al E state
                                                                                                                                                A g ri/F o o d




                                                                                                                                                                                                  M e d ia /P u b lish in g




                                                                                                                                                                                                                                                                                                            In su ra n ce
                                                                                                                                                                                                                                                                                          T e le co m /IT
                                                                                                                                                                 In d u stria l In v
                                                                                                                 H o te ls/T o u rism




                                                                                                                                                                                                                                                                                                                                                          50                                                                                                             40
                                                                                                                                                                                                                                                                                                                                                                  18-Jan

                                                                                                                                                                                                                                                                                                                                                                            19-Jan

                                                                                                                                                                                                                                                                                                                                                                                       20-Jan

                                                                                                                                                                                                                                                                                                                                                                                                 21-Jan

                                                                                                                                                                                                                                                                                                                                                                                                          22-Jan

                                                                                                                                                                                                                                                                                                                                                                                                                     23-Jan

                                                                                                                                                                                                                                                                                                                                                                                                                               24-Jan

                                                                                                                                                                                                                                                                                                                                                                                                                                          25-Jan

                                                                                                                                                                                                                                                                                                                                                                                                                                                    26-Jan

                                                                                                                                                                                                                                                                                                                                                                                                                                                               27-Jan
                                                                                                                                                                                                                                                                                                                                                                                     Volume                            No. of Trades (RHS)

Source: NCBC Research                                                                                                                                                                                                                                                                                                                          Source: NCBC Research


Saudi indices – performance and valuation

                                                                                                            Index                                                              No. of Turnover                                                                                                              Mkt cap Free float                                             Change (%)                              TTM (%)                         Valuation (%)
Index                                                                                                        value companies                                                                                                       (SR mn)                                                                  (SR mn)                                Wt (%)                   Last                YTD                ROE           ROA               PBV #                P/E TTM
TASI                                                                                                    6,252.7                                                                            135                                                        2,670 1,241,793                                                                                     100.0             (0.1)                2.1                3.7                 1.0              2.1                   17.4
Banking/Financial                                                                                      16,256.3                                                                                   11                                                               601                                        345,619                                      34.7                0.3               3.7               17.5                 2.3              2.2                   13.9
Petrochemicals                                                                                          5,473.1                                                                                   14                                                               593                                        418,019                                      26.8             (0.3)                1.4                3.2                 1.2              2.5                   42.7
Telecom/IT                                                                                              1,813.1                                                                                      4                                                             120                                        134,720                                       8.0             (0.4)                1.2               24.9                 9.2              2.2                     9.8
Cement                                                                                                  3,938.1                                                                                      8                                                                     30                                         42,501                                5.6                0.1               0.6               21.1           16.1                   2.4                   11.8
Agri/Food                                                                                               5,240.2                                                                                   14                                                               159                                                45,326                                5.5             (0.1)                4.6                9.2                 4.5              2.9                   27.1
Real Estate                                                                                             3,278.1                                                                                      7                                                                     56                                         47,443                                4.6             (0.2)                0.5                5.9                 4.5              1.2                   10.0
Industrial Inv                                                                                          4,599.5                                                                                   11                                                                       91                                         30,967                                3.0             (0.1)               (2.3)               4.5                 3.2              1.3                   26.1
Construction                                                                                            3,675.0                                                                                   13                                                               150                                                21,845                                2.8             (0.3)               (2.0)              12.0                 4.8              2.0                   17.0
Retail                                                                                                  4,351.2                                                                                      9                                                                     97                                         13,816                                2.0             (0.1)               (0.8)              21.2           11.3                   3.3                   15.2
Energy/Utilities                                                                                        4,399.2                                                                                      2                                                                     14                                         51,107                                2.0                0.2               4.5               (1.6)         (0.5)                   1.0                   17.0
Insurance                                                                                               1,051.9                                                                                   26                                                               289                                                23,136                                1.8             (0.7)               (2.6)               1.5                 0.6              3.1                   32.1
Multi-investment                                                                                        2,805.1                                                                                      7                                                             411                                                52,838                                1.2                1.1              14.8         (86.4)           (45.6)                     1.9                   40.3
Transport                                                                                               3,587.2                                                                                      4                                                                     40                                               8,602                           1.2             (1.0)                5.6                7.9                 4.3              1.3                   15.8
Media/Publishing                                                                                        1,786.2                                                                                      3                                                                                6                                     3,410                           0.4             (0.2)               (5.7)               9.3                 5.7              1.5                   16.1
Hotels/Tourism                                                                                          5,825.2                                                                                      2                                                                     10                                               2,443                           0.3                0.0              (1.2)              25.3           19.8                   1.4                     5.4

Source: Tadawul, NCBC Research
* Aggregate P/E calculation does not consider companies where earnings data is either unavailable or negative; # - based on latest available book value




                                                                                                                                                                                                                                                                                                                                             -4-
                           NCBC ON THE MARKETS | 27 January 2010




Saudi equities fact sheet – performance and valuation
Performance and valuation
Exchg                                   Close            T/O      Mkt cap             FF      Price change             TTM (%)              Valuation (x)            Div yld
code     Company name                    (SR)      (SR mn)        (SR mn) Wt (%)            % last      %YTD          ROE        ROA     P/E-TTM         PBV#       08 (%)

         Banking/Financial
1120     Al Rajhi                        74.3          54.4       111,375           11.2           -        4.2       25.4         4.1         16.6          4.1          4.0
1090     SAMBA                           53.5           3.7        48,150            4.9         0.5        5.9       22.6         2.5         10.6          2.2          3.1
1010     RIBL                            28.6           6.3        42,900            4.2           -        6.3       10.0         1.7         16.2          1.6          4.9
1050     Saudi Fransi                    41.6           5.5        30,086            3.3         1.5        2.2       18.9         2.2         11.1          1.9          2.4
1080     Arab National                   43.5           0.3        28,275            2.8         0.9        2.6       19.2         2.2         11.3          2.0          2.3
1150     Al Inma Bank                    12.8         514.8        19,125            2.7       (0.4)        0.4          -           -            -          1.2            -
1060     SABB                            48.3           1.4        36,225            2.4       (0.4)       11.3       22.1         2.1         13.6          2.8            -
1030     SIBC                            18.4           1.4         8,280            0.9         0.5        2.2        7.4         1.0         15.3          1.1            -
1140     Al Bilad                        18.2           4.7         5,460            0.9       (0.3)     (12.9)        0.7         0.1            -          1.7            -
1020     BJAZ                            17.8           7.8         5,325            0.7         0.6      (7.3)        4.2         0.8         26.4          1.1          2.8
1040     Saudi Hollandi                  31.5           1.1        10,419            0.6         0.6        5.0       14.6         1.3         12.5          1.7          1.9
         Petrochemicals
2010     SABIC                          86.8          163.1       260,250           11.9       (0.6)         5.2       4.6         1.7         54.3          2.5         3.5
2020     SAFCO                         127.3           19.0        31,813            2.4           -         5.2      30.7        25.1         14.4          4.8        10.2
2350     Saudi Kayan                    18.4          169.8        27,600            2.3       (1.1)         1.1     (0.2)       (0.1)          nm           1.8           -
2060     Industrialization              27.0           25.9        12,438            2.0       (0.7)       (3.9)       5.0         1.3         32.3          1.7         3.7
2250     SIIG                           20.9           13.3         9,383            1.7       (0.7)       (4.1)     (0.8)       (0.3)          nm           1.8           -
2290     YANSAB                         34.3           84.8        19,294            1.6         0.6         2.7     (0.5)       (0.2)          nm           3.4           -
2310     Sipchem                        23.0            5.8         7,650            1.3         0.9       (3.8)       2.4         1.1         64.2          1.6         4.4
2260     Sahara                         20.3           50.0         5,938            1.1         2.3       (4.0)       0.7         0.3            -          2.1           -
2380     Petro Rabigh                   32.9           26.0        28,820            1.0         0.3       (7.3)    (22.0)       (4.6)          nm           3.5           -
2330     APPC                           23.6            8.4         3,336            0.6       (0.6)       (5.2)       1.3         0.6            -          2.0           -
2210     Nama Chemicals                 10.1            4.4         1,292            0.3           -       (6.9)     (7.4)       (4.7)          nm           0.8           -
2002     Petrochem                      14.9           11.5         7,152            0.3       (0.7)       (4.2)         -           -            -          1.5           -
2170     Alujain                        17.5            4.9         1,208            0.2       (1.4)         1.7    (10.8)       (1.9)          nm           2.3           -
2001     Chemanol                       15.3            6.4         1,845            0.2           -       (0.6)       1.9         1.0         71.3          1.3           -
         Cement
3020     Yamamah Cement                  50.5            6.7         6,818            1.2        1.0         6.5      17.2       13.8          13.9          2.3          4.0
3030     Saudi Cement                    58.8            3.4         5,993            1.0          -         2.2      20.3       12.3          10.4          2.0          6.0
3050     Southern Cement                 65.5            5.8         9,170            0.8      (0.4)       (2.2)      32.6       28.2          12.6          4.0          7.6
3040     Qassim Cement                   68.8            6.2         6,188            0.6      (0.4)       (1.1)      31.0       23.7          12.1          3.7          5.8
3080     Eastern Cement                  47.5            0.5         4,085            0.6      (0.4)       (4.6)      19.4       16.7          10.9          2.1          6.3
3060     Yanbu Cement                    48.6            4.0         5,103            0.5      (0.4)         0.2      22.8       20.6           9.8          2.2          8.2
3010     Arab Cement                     43.0            2.8         3,440            0.5        1.4       (1.1)      13.3        8.7          11.3          1.5          7.0
3090     Tabuk Cement                    19.0            0.8         1,706            0.3      (0.3)       (2.1)      10.4        8.9          15.5          1.6            -
         Retail
4190     Jarir                         133.5             7.6         5,340            1.0      (0.4)       (0.2)      54.2       27.0          15.2          7.8          5.1
4240     AlHokair                       35.3             4.8         2,471            0.3        0.3       (4.3)      22.4       12.4          11.3          2.4            -
4200     Aldrees                        38.0             1.8           950            0.2        0.3         0.5      19.7        9.2          15.2          2.9          3.9
4001     Al Othaim                      56.0            18.5         1,260            0.1      (0.4)        10.3      23.1        5.8          17.7          3.9          2.7
4050     SASCO                          13.2             4.1           592            0.1          -       (1.9)       6.1        5.5          20.8          1.3            -
4180     Fitaihi Group                  14.1             5.5           705            0.1      (0.7)       (4.7)       1.1        0.9             -          1.1            -
4002     Mouwasat                       58.5             6.8         1,463            0.1        0.9       (4.5)         -          -          13.7          3.1            -
4160     Thim'ar                        39.5            10.3           395            0.1      (0.3)       (7.7)    (19.5)     (14.3)           nm           5.4            -
4290     Alkhaleej Trng                 42.7            37.7           641            0.1        2.6         4.4      21.6       11.2          15.8          3.2          1.8
         Energy & Utilities
5110     Saudi Electricity               11.9            9.3       49,374             1.7          -         5.3      (1.8)      (0.6)          nm           1.0          5.9
2080     GASCO                           23.1            5.2        1,733             0.2        1.5       (1.3)       10.2        7.3         17.0          1.8          6.5
         Agriculture/food
2050     Savola Group                   32.9            12.0       16,450             2.5        0.3         8.9       3.2        1.4          75.1          2.5          3.0
2280     Almarai                       169.0            15.2       19,435             1.8          -         2.4      27.1       12.1          18.2          4.7          2.0
6010     NADEC                          31.4             1.5        1,884             0.2      (0.9)       (6.8)     (1.4)      (0.6)           nm           1.9          2.4
2270     SADAFCO                        43.3            16.4        1,407             0.2      (4.4)         2.6      10.1        6.5          26.4          2.5            -
4061     Anaam Holding                  66.5            36.0          725             0.1        0.8        10.8     (1.3)      (0.7)           nm           6.1            -
6090     Jazan Development              13.8             4.6          690             0.1      (0.4)         2.6     (0.3)      (0.3)           nm           1.1          3.6
6070     Jouff Agriculture              35.2             3.6          704             0.1          -       (2.5)      13.0       11.6          11.2          1.4            -
6020     Qassim Agriculture             10.0             6.0          497             0.1      (1.0)       (3.4)     (1.5)      (1.1)           nm           1.2            -
6050     Saudi Fisheries                55.8            32.5        1,115             0.1        1.8         6.2    (14.9)     (12.1)           nm           7.5            -
2100     Wafra Food                     19.6             8.0          391             0.1      (1.0)       (2.0)       3.3        3.0          68.3          2.2            -
6001     Halwani Bros                   30.7             6.3          877             0.1      (1.0)       (3.2)       9.7        7.3          19.4          1.9          4.9
6040     Tabuk Agriculture               26.6            8.1           532            0.1           -      (0.4)        3.4        3.0         41.2          1.4          1.9
Source: Tadawul, NCBC Research
Note: YTD – indicates change in price from close at end of 2009 or the issue price during the IPO if listed in this year; # - based on latest available book value; ^Suspended


                                                                                   -5-
                           NCBC ON THE MARKETS | 27 January 2010




Performance and valuation
Exchg                                   Close            T/O      Mkt cap             FF      Price change             TTM (%)              Valuation (x)            Div yld
code     Company name                    (SR)      (SR mn)        (SR mn) Wt (%)            % last      %YTD          ROE        ROA      P/E-TTM        PBV#       08 (%)

6080     Bishah Agriculture^             69.8              -           349            0.1          -           -         -           -             -           -            -
6060     Eastern Agriculture             36.1            9.2           271            0.1      (1.6)       (4.7)    (10.5)       (8.2)           nm          3.1            -
         Telecom/IT
7020     Etihad Etisalat                 45.1           39.3       31,570             3.7      (0.2)         3.9      30.2       10.0          11.5          2.8         1.7
7010     STC                             43.8           27.6       87,600             2.9      (0.7)       (0.7)      23.7        9.0           9.3          2.2         6.3
7030     Zain KSA                        10.0           48.1       13,930             1.3      (0.5)       (2.0)         -          -           nm           1.5           -
7040     Atheeb Telecom                  16.2            5.1        1,620             0.1        0.9         0.3         -          -             -            -           -
         Insurance
8010     Tawuniya                       76.0            27.8         3,800            0.4      (2.3)        5.9       12.7        2.9          23.7         2.9          2.6
8030     MEDGULF                        25.1             7.8         2,008            0.1          -        2.4        9.1        4.1          26.5         2.3            -
8200     Saudi Re                       11.5             3.5         1,145            0.1          -      (1.7)          -          -          44.3         1.1            -
8180     Sagr Insurance                 53.5            41.5         1,070            0.1      (1.8)          -        0.4        0.3             -         5.3            -
8210     BUPA Arabia                    24.7            11.6           988            0.1      (0.6)      (2.4)          -          -           nm          2.4            -
8080     SABB Takaful                   30.5             4.0         1,037            0.1      (0.7)      (9.2)      (6.3)      (3.1)           nm          3.1            -
8230     ARCCI                          60.3             5.4         1,205            0.1      (0.4)      (6.6)          -          -             -           -            -
8020     Malath Insurance               24.8             7.0           744            0.1      (0.6)      (5.7)      (7.3)      (3.7)           nm          3.0            -
8140     Al-Ahlia                       75.5             4.3           755            0.1      (0.3)      (0.3)     (31.3)     (19.8)           nm         12.2            -
8220     Weqaya Takaful                 37.6             6.9           752            0.1      (0.8)     (24.3)          -          -             -           -            -
8130     ATC                           111.3            13.0         1,113            0.1        0.5       12.4      (9.2)      (7.0)           nm         13.9            -
8190     UCA                            31.2            26.0           624            0.1        4.3      (5.5)          -          -           nm          3.3            -
8170     Trade Union                    22.9            21.1           573            0.0        1.6      (4.8)          -          -           nm          2.3            -
8040     ALLIANZ SF                     76.5             7.7           765            0.0        0.3      (3.8)     (21.9)      (4.6)           nm         14.2            -
8250     AXA-Cooperative                28.9            12.6           578            0.0      (0.7)      (5.9)          -          -             -           -            -
8100     SAICO                          57.3             9.4           573            0.0      (5.4)     (18.2)      (8.8)      (7.2)           nm          6.9            -
8120     Gulf Union                     25.4             7.5           559            0.0        0.4     (11.2)      (0.4)      (0.3)           nm          2.9            -
8150     ACIG                           54.0             3.3           540            0.0        0.5          -     (41.3)     (37.6)           nm         10.6            -
8240     Ace Arabia                     54.0             5.6           540            0.0        0.5      (1.8)          -          -             -           -            -
8050     Saudi Salama                   53.8             6.6           538            0.0          -        2.4     (26.8)      (8.7)           nm          7.3            -
8070     Arabian Shield                 25.9             7.4           518            0.0      (1.9)      (5.5)        1.8        1.1             -         2.6            -
8110     Saudi Indian                   51.8             5.3           518            0.0          -      (1.4)     (25.8)     (14.2)           nm          8.2            -
8090     SANAD                          25.7             2.1           514            0.0          -      (5.9)      (9.4)      (6.1)           nm          3.2            -
8280     Al Alamiya                     34.1            27.8           682            0.0      (0.3)      (2.6)          -          -             -           -            -
8060     Walaa Insurance                25.0             5.5           500            0.0      (0.4)      (6.7)      (6.7)      (4.8)           nm          3.0            -
8160     AICC                           25.0             8.7           500            0.0        0.4     (10.4)          -          -           nm          3.1            -
         Multi Investment
4280     Kingdom Holding                  7.6         331.5        47,880             0.5        3.4        61.7    (99.9)     (50.8)           nm           2.1           -
4080     Assir                           15.4           8.2         1,940             0.2        0.3         1.0     (6.3)      (4.5)           nm           0.8         3.3
2190     SISCO                           13.5           6.2           918             0.2      (1.1)       (9.1)     (3.6)      (1.4)           nm           1.3           -
2030     SARCO                           48.0           5.0           720             0.1      (0.2)       (3.6)       0.6        0.5             -          1.8         1.0
2120     Saudi Advanced                  13.9           2.4           600             0.1      (0.4)       (0.7)       4.0        4.0          19.5          0.8         3.6
2140     Al Ahsa for Dev.                10.1           2.7           495             0.1      (1.0)       (6.5)     (3.0)      (2.2)           nm           1.2           -
4130     Al Baha                         19.0          55.0           284             0.1        1.1         5.3    (12.5)     (10.4)           nm           2.8           -
         Industrial Inv
1211     MA'ADEN                         16.8           29.5       15,540             1.1      (0.3)      (2.9)         1.1        0.8         85.3          1.0           -
2230     Saudi Chemical                  40.7           15.2        2,574             0.5        0.2      (1.7)        25.0       14.8          8.7          1.9           -
2070     SPIMACO                         30.6            4.0        2,400             0.3          -        1.7           -        5.1         18.0          1.3         3.7
2340     AlAbdullatif                    41.0            2.0        3,331             0.2      (0.5)      (1.0)        12.4        9.8         21.2          2.5           -
1212     Astra Ind                       34.8           11.3        2,579             0.2        2.1      (1.4)        12.1       10.1         14.4          1.7         1.4
2300     SPM                             52.3            5.1        1,568             0.2      (0.5)      (3.2)        19.5        7.5         17.7          3.2         1.9
1210     BCI                             31.2            9.1          858             0.1      (1.0)        3.3        17.4       10.0         15.6          2.5         1.3
2150     ZOUJAJ                          29.8            1.7          745             0.1          -      (2.3)         9.4        8.3         18.0          1.7         5.0
2220     Maadaniyah                      23.5            5.1          601             0.1      (0.6)      (7.1)       (4.8)      (3.2)          nm           1.8         1.7
4140     Saudi Export                    33.6            3.6          363             0.1          -      (7.4)       (8.5)      (7.6)          nm           3.4         3.0
2180     FIPCO                           35.5            4.1          408             0.1          -     (14.9)        15.4       11.7         23.4          3.3         2.5
         Construction
2160     Amiantit                       21.4            19.5         2,466            0.4      (1.4)      (7.4)       11.6        4.0          13.6         1.5          2.3
2240     Zamil Ind                      58.3            12.7         2,621            0.4      (0.4)        4.5       17.4        3.7          14.1         2.3          2.6
2040     Saudi Ceramics                117.0             7.8         2,925            0.4        0.6        4.2       24.6       11.6          15.9         3.6          2.1
2320     Al Babtain                     36.0             6.1         1,458            0.3        0.3        4.3       22.0        9.2          12.9         2.6          1.9
2110     Saudi Cables                   21.8            26.0         1,653            0.3      (0.5)     (11.2)        5.1        1.8          26.5         1.3          3.4
1310     MMG                            21.7            11.8         2,713            0.3        0.2      (9.6)        5.7        3.0          25.9         1.5          3.7
2200     Arabian Pipes                  30.2             9.4           951            0.2      (1.3)      (0.3)        4.8        2.2          27.8         1.3            -
2090     National Gypsum                39.6            12.7         1,254            0.1        1.3        3.4       18.5       16.4          12.7         2.3          6.3
Source: Tadawul, NCBC Research
Note: YTD – indicates change in price from close at end of 2009 or the issue price during the IPO if listed in this year; # - based on latest available book value; ^Suspended



                                                                                   -6-
                           NCBC ON THE MARKETS | 27 January 2010




Performance and valuation
Exchg                                   Close            T/O      Mkt cap             FF      Price change             TTM (%)              Valuation (x)            Div yld
code     Company name                    (SR)      (SR mn)        (SR mn) Wt (%)            % last      %YTD          ROE        ROA      P/E-TTM        PBV#       08 (%)
2370     MESC                            31.1           13.3         1,244            0.1      (1.9)     (11.6)        6.8        2.2          34.5         2.4           3.9
4230     Red Sea Housing                 60.3            4.7         1,808            0.1      (1.6)      (1.6)       22.1       16.2          12.4         2.7           5.8
1320     SSP                             32.5            9.6         1,656            0.1        0.3      (4.7)          -          -          16.9         1.9             -
2360     SVCP                            49.1           15.8           737            0.1        1.9       19.2       18.7        8.2          19.8         3.7           4.6
2130     SIDC                             9.0            1.1           360            0.1          -      (1.6)        0.7        0.4             -         1.2             -
         Real Estate
4300     Dar Al Arkan                    13.9           15.4       15,012             1.9          -       (1.1)       17.5       10.3          7.0          1.1            -
4100     Makkah                          28.2            2.6        4,648             0.8      (1.1)         4.8        5.2        4.8         23.3          1.2          5.3
4250     Jabal Omar                      18.9           10.0       12,689             0.7        0.5         0.3      (1.4)      (1.4)          nm           1.9            -
4220     Emaar E .C                      10.0           16.3        8,458             0.5      (0.5)         3.6      (3.6)      (3.0)          nm           1.1            -
4090     Taiba                           16.5            1.6        2,468             0.3      (0.3)       (2.1)        2.8        2.2         31.1          0.9          6.7
4150     Arriyadh Dev                    12.1            9.0        1,205             0.2      (0.4)         0.4        6.3        5.6         13.7          0.9          4.1
4020     Al Akaria                       24.7            1.4        2,964             0.2      (0.6)       (4.3)        3.5        3.4         27.6          1.0          4.0
         Transport
4030     NSCSA                           19.0           18.7         5,985            0.8      (1.6)         7.0       8.3        4.2          14.6          1.2          7.9
4040     SAPTCO                           8.5            7.0         1,056            0.2        0.6         3.0       3.2        2.4          24.0          0.8          5.9
4260     Budget Saudi                    65.0            2.3         1,190            0.1        1.6         7.9      22.8       10.7          14.4          3.1          2.7
4110     Mubarrad                        20.7           12.3           372            0.1      (2.1)       (5.5)       3.5        2.6          60.4          2.2            -
         Media & Publishing
4210     SRMG                            26.0            1.0         2,080            0.3      (0.4)       (7.1)       6.0         3.4         26.9          1.7          7.7
4270     SPPC                            16.4            0.3           981            0.1          -       (0.9)      14.9         9.8          8.8          1.3          9.2
4070     Tihama                          23.3            4.3           349            0.1        0.4       (6.4)      10.1         6.9         15.3          1.5          5.2
         Hotel & Tourism
4010     SHARCO                          30.6            1.3         2,112            0.2           -          -       26.6       20.7           5.4         1.3          3.9
4170     Shams                           32.7            8.9           332            0.1           -      (5.2)      (1.6)      (1.5)           nm          4.6            -
Source: Tadawul, NCBC Research
Note: YTD – indicates change in price from close at end of 2009 or the issue price during the IPO if listed in this year; # - based on latest available book value; ^Suspended




                                                                                   -7-
                        NCBC ON THE MARKETS | 27 January 2010




Appendix

Results monitor 4Q-2009 (All figures SR mn)
                                                      Mkt cap                  4Q – 09                     FY09
Date         Code         Company                    (SR mn)      Net Inc         % YoY    % QoQ      Net Inc     % YoY
20-Jan       4280         Kingdom Holding            47,880.0         156.0          nm     48.8       403.1        nm
20-Jan       2280         Almarai                    19,435.0         248.8         13.5   (31.5)    1,096.7       20.5
20-Jan       4220         Emaar E .C                  8,457.5         (69.9)         nm      nm      (308.9)        nm
20-Jan       3030         Saudi Cement                5,992.5         145.5         10.5    18.2       588.3       (5.3)
20-Jan       3010         Arab Cement                 3,440.0         (87.4)         nm      nm        171.8      (46.5)
20-Jan       2230         Saudi Chemical              2,573.9          65.0          7.8   (37.9)      300.9       49.6
20-Jan       8030         MEDGULF                     2,008.0          58.8          nm     62.1       146.5        nm
20-Jan       4080         Assir                       1,940.1          30.0          nm     98.2        79.2        nm
20-Jan       6010         NADEC                       1,884.0         (28.5)         nm      nm        (38.4)       nm
20-Jan       2080         GASCO                       1,732.5          30.3       (25.6)   (20.5)       91.8      (38.3)
20-Jan       2110         Saudi Cables                1,653.0          (9.1)         nm      nm        104.5      (50.7)
20-Jan       4002         Mouwasat                    1,462.5          24.6          2.1    12.4       107.1       10.3
20-Jan       2320         Al Babtain                  1,458.0          25.3        (9.8)   (11.3)      110.1      (14.7)
20-Jan       2210         Nama Chemicals              1,291.6          (5.9)         nm      nm        (34.3)       nm
20-Jan       4001         Al Othaim                   1,260.0          16.5         62.9   (34.5)       77.6       24.6
20-Jan       4260         Budget Saudi                1,189.5          22.5         17.3     2.5        85.8        2.2
20-Jan       8130         ATC                         1,112.5          (2.4)         nm      nm         (5.0)       nm
20-Jan       6050         Saudi Fisheries             1,115.0         (12.3)         nm      nm        (28.7)       nm
20-Jan       8080         SABB Takaful                1,037.0          (3.0)         nm      nm        (16.5)       nm
20-Jan       2190         SISCO                         918.0           1.4          nm     76.3         0.9        nm
20-Jan       2200         Arabian Pipes                 951.3           0.3       (96.8)   (96.2)       24.7      (78.9)
20-Jan       1210         BCI                           858.0          14.7         31.1    (0.9)       58.6       47.8
20-Jan       8040         ALLIANZ SF                    765.0         (10.7)         nm      nm        (22.5)       nm
20-Jan       8140         Al-Ahlia                      755.0         (10.7)         nm      nm        (32.0)       nm
20-Jan       8170         Trade Union                   572.5          (0.4)         nm      nm          0.3        nm
20-Jan       8120         Gulf Union                    558.8          (0.8)         nm      nm         (1.9)       nm
20-Jan       8050         Saudi Salama                  537.5           2.6          nm    (44.1)       12.2        nm
20-Jan       8150         ACIG                          540.0          (6.2)         nm      nm        (23.7)       nm
20-Jan       8070         Arabian Shield                518.0           1.6          nm    (32.0)        8.1      438.6
20-Jan       8110         Saudi Indian                  517.5          (5.0)         nm      nm        (20.8)       nm
20-Jan       8090         SANAD                         514.0          (3.1)         nm      nm        (14.6)       nm
20-Jan       6020         Qassim Agriculture            496.5          (2.2)         nm      nm         (6.9)       nm
20-Jan       4160         Thim'ar                       395.0          (2.3)         nm      nm        (10.3)       nm
20-Jan       2130         SIDC                          360.0          (2.0)         nm      nm         (3.6)       nm
19-Jan       2010         SABIC                    260,250.0      4,580.0        1,374.7    25.6     9,058.5      (58.9)
19-Jan       7010         STC                        87,600.0     2,941.0          152.3    22.4    10,821.6       (2.0)
19-Jan       2380         Petro Rabigh               28,820.4     (323.7)            nm      nm     (1,433.0)       nm
19-Jan       7030         Zain KSA                   13,930.0     (657.0)            nm      nm     (3,098.8)       nm
19-Jan       3050         Southern Cement             9,170.0         180.7          2.4    28.6       733.6       (7.3)
19-Jan       3040         Qassim Cement               6,187.5         179.4        119.4    39.3       608.0       19.8
19-Jan       4030         NSCSA                       5,985.0          48.1       (50.0)   (14.2)      362.8      (51.6)
19-Jan       2260         Sahara Petrochemical        5,938.4          52.9          nm     19.5        77.0        nm
19-Jan       2240         Zamil Ind                   2,621.3          64.0        219.4    18.9       230.1        2.2
19-Jan       4230         Red Sea Housing             1,807.5          23.0       (48.2)    (5.9)      124.0      (42.9)
19-Jan       1320         SSP                         1,656.1          13.2        145.3   (53.2)      105.8        nm
Source: Tadawul, Zawya, Reuters, NCBC Research




                                                                -8-
                                 NCBC ON THE MARKETS | 27 January 2010




UAE – Dubai
    Market recap: The DFM gained 0.6% to close at 1,565.5, paring off its intra day losses, led by Dubai Financial Market, Emaar
    Properties and Commercial Bank of Dubai, which rose 2.8%, 1.7% and 1.3% respectively. Emirates Integrated Telecom and Air
    Arabia also ended with a 1.1% gain each

    DFM intraday                                                                                          DFM 1-year movement and turnover

     1,570                                                                                                       2,600                                                                 3.2

                                                                                                                 2,250                                                                 2.4
     1,560




                                                                                                                                                                                             (AED bn)
                                                                                                                 1,900                                                                 1.6

     1,550
                                                                                                                 1,550                                                                 0.8


     1,540                                                                                                       1,200                                                                 0.0
                                                                                                                     Jan-09          Apr-09        Jul-09         Oct-09
               9:45




                              10:45




                                                           12:15




                                                                              13:15


                                                                                      13:45
                      10:15




                                       11:15


                                                  11:45




                                                                     12: 45




                                                                                               14:15


                                                                                                                                        Turnover (RHS)              DFM

    Source: Reuters, NCBC Research                                                                        Source: Reuters, NCBC Research



    Top gainers                                                       Top losers                                                         Most active
    Company                           Close %Chg              T/O Company                                 Close %Chg                T/O Company                           Close %Chg             T/O
    Drake and Scull                   0.84           5.0       5.1 Union Properties                              0.51     (5.6)     10.8 Emaar Properties                 2.95     1.7         17.5
    Dubai Inv                         0.89           3.5       1.0 Al Madina Fin                                 0.91     (4.2)      0.8 Arabtec Hldg                     2.16     3.3         13.4
    Arabtec Hldg                      2.16           3.3 13.4 Emirates NBD                                       2.45     (3.9)      0.3 Union Properties                 0.51    (5.6)        10.8
    Gulf General Inv                  0.95           3.3       0.0 DP World(USD)                                 0.52     (2.6)      0.3 DFM                              1.49     2.8             5.6
    DFM                               1.49           2.8       5.6 Deyaar Dev                                    0.50     (2.0)      0.8 Drake and Scull                  0.84     5.0             5.1
    Source: Reuters, NCBC Research                                    Source: Reuters, NCBC Research                                     Source: Reuters, NCBC Research

    All Close values are in AED unless specified otherwise, T/O in $ million



    Performance and valuation of market heavyweights
                                               Close          T/O                MCap                  Price change                      TTM (%)              Valuation (x)               DY-08
    Company                                (AED)           ($mn)               ($mn)          %Last       %MTD             %YTD          ROE        ROA P/E-TTM                  PBV           (%)
    DP World(USD)                               0.52           0.3              8,566          (2.6)              20.0       20.0        N/A         N/A         21.8            1.3             N/A
    Emaar Properties                            2.95         17.5               4,897            1.7             (23.6)    (23.6)       (1.1)      (0.6)          N/A            0.6             N/A
    Mashreqbank                                91.00           0.0              3,990            0.0               0.0        0.0        11.6        1.3         11.8            1.3              1.0
    Emirates NBD                                2.45           0.3              3,707          (3.9)             (16.9)    (16.9)        10.7        1.1          4.3            0.4              7.4
    DFM                                         1.49           5.6              3,246            2.8             (20.7)    (20.7)         1.0        0.9       144.3             1.5              5.4
    Emirates Int Telecom                        2.78           0.6              3,028            1.1              (4.5)     (4.5)         9.3        3.2         46.8            4.1             N/A
    Hikma Pharma(USD)                          17.71           0.0              2,987            0.0               6.8        6.8        N/A         N/A          N/A            N/A              0.2
    Dubai Islamic Bank                          2.03           2.6              2,000            1.0             (12.5)    (12.5)        11.7        1.3          6.5            0.8          11.7
    Comm Bk of Dubai                            3.80           0.1              1,826            1.3               2.7        2.7        13.8        1.9          9.6            1.3              3.2
    Air Arabia                                  0.90           2.0              1,144            1.1              (2.2)     (2.2)         8.8        8.0          8.9            0.8          11.1
    Source: Reuters, NCBC Research



Top 5 stocks rising for 3 consecutive days                                                                   Top 5 stocks losing for 3 consecutive days
.                                                                                                            .




Company                               24-Jan 25-Jan 26-Jan 27-Jan                             1M ago Company                                24-Jan 25-Jan 26-Jan 27-Jan                 1M ago




Source: Reuters, NCBC Research                                                                               Source: Reuters, NCBC Research




                                                                                                       -9-
                                 NCBC ON THE MARKETS | 27 January 2010




    UAE – Abu Dhabi
    Market recap: The Abu Dhabi benchmark index closed marginally higher at 2,602.0, up 0.1%, led by Aabar Investment and Union
    National Bank, which gained 1.9% and 1.1% respectively, offsetting a 2.3% and 1.6% decline registered by Aldar Properties and
    National Bank of Abu Dhabi

    ADX intraday                                                                                          ADX 1-year movement and turnover

     2,605                                                                                                    3,500                                                                1.2


     2,600                                                                                                    3,000                                                                0.9




                                                                                                                                                                                         (AED bn)
     2,595                                                                                                    2,500                                                                0.6


     2,590                                                                                                    2,000                                                                0.3


     2,585                                                                                                    1,500                                                                0.0
                                                                                                                  Jan-09         Apr-09       Jul-09         Oct-09
              9:50



                         10:30



                                    11:10



                                                11:50



                                                            12:30



                                                                           13:10



                                                                                          13:50




                                                                                                                                   Turnover (RHS)               ADI

    Source: Reuters, NCBC Research                                                                        Source: Reuters, NCBC Research




    Top gainers                                                     Top losers                                                      Most active
    Company                        Close %Chg            T/O Company                                          Close %Chg         T/O Company                         Close %Chg T/O
    Abu Dhabi Aviation              2.42       10.0      0.01 Waha Capital                                     0.85    (2.3)   0.42 Aldar Properties                  3.91    (2.3) 18.5
    Sharjah Cement                  1.41        9.3      0.01 Aldar Properties                                 3.91    (2.3) 18.48 Sorouh Real Estate                 2.23         0.5        3.6
    Abu Dhabi Nat Hotels            3.92        9.2      0.00 Nat Bank of RAK                                  4.50    (2.2)   0.10 Dana Gas                          0.88    (1.1)           3.0
    Nat Marine Dredging             8.67        8.4      0.32 First Gulf Bank                                 15.30    (1.6)   1.35 Abu Dhabi Comm Bk                 1.37         0.0        2.9
    Finance House                   5.92        4.6      0.03 RAK Ceramics                                     1.55    (1.3)   0.00 Emirates Telecom                 11.00         0.5        1.5
    Source: Reuters, NCBC Research                                  Source: Reuters, NCBC Research                                  Source: Reuters, NCBC Research

    All Close values are in AED unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                            Close        T/O                  MCap                   Price change                   TTM (%)              Valuation (x)               DY-08
    Company                                 (AED)       ($mn)               ($mn)            %Last        %MTD         %YTD          ROE       ROA P/E-TTM               PBV              (%)
    Emirates Telecom                        11.00          1.5             21,527                  0.5          0.0        0.0      25.8       12.9          9.6             2.3             4.5
    Nat Bank of AD                          11.05          0.3               6,542                (0.5)       (10.9)   (10.9)       18.9        1.9          7.4             1.2             2.5
    First Gulf Bank                         15.30          1.4               5,728                (1.6)        (4.7)     (4.7)      16.7        2.7          6.7             1.0             2.3
    Aldar Properties                         3.91        18.5                2,744                (2.3)       (21.5)   (21.5)        9.9        3.0          6.1             0.6             3.2
    AbuDhabi Nat Energy                      1.17          0.1               1,983                 0.0         (1.7)     (1.7)       5.1        0.6         14.6             0.8         12.8
    United Arab Bank                         6.80          0.0               1,845                 0.0          6.3        6.3      18.6        4.0         24.9             4.2            N/A
    Aabar Inv                                2.13          0.9               1,814                 1.9         (6.2)     (6.2)      22.6        9.5          4.0             0.5            N/A
    Abu Dhabi Comm Bk                        1.37          2.9               1,794                 0.0        (12.2)   (12.2)        5.9        0.6          7.0             0.3             7.3
    Nat Bank of Fujairah                     5.55          0.0               1,662                 0.0          0.0        0.0      (2.8)     (0.4)          N/A             3.7            N/A
    Union Nat Bank                           2.79          0.5               1,567                 1.1        (12.5)   (12.5)       12.5        1.4          5.8             0.7             3.3
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                                Top 5 stocks losing for 3 consecutive days
.                                                                                                         .




Company                             24-Jan 25-Jan 26-Jan 27-Jan                              1M ago Company                            24-Jan 25-Jan 26-Jan 27-Jan                  1M ago
Union Nat Bank                          2.69        2.71            2.76           2.79            3.20




Source: Reuters, NCBC Research                                                                            Source: Reuters, NCBC Research




                                                                                                     - 10 -
                                NCBC ON THE MARKETS | 27 January 2010




    Kuwait
    Market recap: The Kuwaiti bourse lost 1.3% to end at 6,975.1, dragged by heavyweight Zain, which plunged 5.3%. Gulf
    Bank, Boubyan Bank and National Bank of Kuwait also shed 3.3%, 2.4% and 1.9% respectively

    KSE intraday                                                                                         KSE 1-year movement and turnover

     7,090                                                                                                   9,500                                                              1200

     7,055                                                                                                   8,500                                                              900




                                                                                                                                                                                       (KWD mn)
     7,020                                                                                                   7,500                                                              600

     6,985                                                                                                   6,500                                                              300

     6,950                                                                                                   5,500                                                              0
              8:45


                       9:15


                                9:45


                                          10:15


                                                      10:45


                                                                 11:15


                                                                            11:45


                                                                                       12:15


                                                                                                 12:45
                                                                                                                 Jan-09         Apr-09        Jul-09          Oct-09
                                                                                                                                     Turnover (RHS)             KWSE

    Source: Reuters, NCBC Research                                                                       Source: Reuters, NCBC Research




    Top gainers                                                      Top losers                                                      Most active
    Company                       Close %Chg                  T/O Company                                    Close %Chg         T/O Company                             Close %Chg T/O
    Al Abraj Hldg                      0.03       10.4        0.59 Al-Safwa Group                             0.05    (8.6) 10.19 Mobile Telecom                        0.89    (5.3) 24.8
    United Industries                  0.13        8.5        2.29 Nat Ind Grp (Hldg)                         0.31    (7.5)     9.93 HITS Telecom                       0.10    (3.7) 13.0
    Al Madar Fin                       0.08        7.1        0.06 Al Safat Inv Co                            0.13    (7.4)     5.34 Int Financial Advisors             0.11    (1.9) 12.2
    Oula Fuel Marketing                0.50        5.3        0.09 Abyaar Real Estate                         0.05    (7.0)     3.88 Kuwait Fin House                   1.06         0.0 11.5
    Al Ahli Bank of Kuwait             0.49        3.2        0.15 Sokouk Holding                             0.05    (6.9)     2.23 Al-Safwa Group                     0.05    (8.6) 10.2
    Source: Reuters, NCBC Research                                   Source: Reuters, NCBC Research                                  Source: Reuters, NCBC Research

    All Close values are in KWD unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                              Close           T/O              MCap                Price change                      TTM (%)                  Valuation (x)            DY-08
    Company                              (KWD)           ($mn)               ($mn)             %Last     %MTD         %YTD            ROE           ROA P/E-TTM            PBV               (%)
    Mobile Telecom                            0.89            24.8          13,335              (5.3)        (12.7)   (12.7)         11.7           4.8        13.5            1.6                5.6
    Nat Bank of Kuwait                        1.06             9.7          11,054              (1.9)         (5.4)    (5.4)         12.5           1.7        14.8            1.8                3.9
    Kuwait Fin House                          1.06            11.5             8,570             0.0          (3.6)    (3.6)          3.3           0.4        57.2            2.0                3.4
    Comm Bk of Kuwait                         0.97             0.1             4,327            (1.0)          4.3        4.3        (1.3)      (0.1)           N/A            2.8                4.1
    Nat Mobile Telco                          1.52             0.8             2,687             0.0          (1.3)    (1.3)         27.9       12.4            6.9            1.7                3.3
    Gulf Bank                                 0.29             1.8             2,550            (3.3)         (3.3)    (3.3)      (103.8)       (9.2)           N/A            1.7            N/A
    Boubyan Bank                              0.40             1.0             2,453            (2.4)         (4.8)    (4.8)       (25.0)       (3.7)           N/A            5.8            N/A
    Agility                                   0.57             4.1             2,093             0.0           0.0        0.0        18.3           8.8         4.0            0.7            N/A
    Al Ahli Bank of Kuwait                    0.49             0.2             1,981             3.2          (5.8)    (5.8)         (0.0)      (0.0)           N/A            1.8                3.9
    Kuwait Proj Hldg                          0.48             1.0             1,923             0.0          (2.1)    (2.1)         (2.3)      (0.3)           N/A            1.0                8.4
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                               Top 5 stocks losing for 3 consecutive days
.                                                                                                        .




Company                            24-Jan 25-Jan 26-Jan 27-Jan                                 1M ago Company                            24-Jan 25-Jan 26-Jan 27-Jan                  1M ago
Oula Fuel Marketing                      0.43         0.45           0.48           0.50         0.41    Boubyan Bank                        0.43      0.42      0.41     0.40             0.42
United Industries                       0.10          0.11           0.12           0.13         0.08    Abyaar Real Estate                  0.06      0.06      0.06     0.05             0.05
                                                                                                         Investors Grp Hldg                  0.04      0.04      0.04     0.04             0.04




Source: Reuters, NCBC Research                                                                           Source: Reuters, NCBC Research




                                                                                                   - 11 -
                                   NCBC ON THE MARKETS | 27 January 2010




    Qatar
    Market recap: The Qatari bourse lost 1.1% to close at 6,502.9, undermined by Ezdan Real Estate Company, Industries Qatar and
    Qatar National Bank, which slipped 2.2%, 1.6% and 1.3% respectively. Masraf Al Rayan also ended 3.2% in the red

    DSM20 intraday                                                                                    DSM20 1-year movement and turnover

     6,580                                                                                                 8,000                                                                      0.9

     6,550                                                                                                 6,750
                                                                                                                                                                                      0.6




                                                                                                                                                                                            (QAR bn)
     6,520                                                                                                 5,500

                                                                                                                                                                                      0.3
     6,490                                                                                                 4,250


     6,460                                                                                                 3,000                                                                      0.0
                                                                                                               Jan-09              Apr-09            Jul-09       Oct-09
               9:50



                           10:15



                                       10:45



                                                       11:10



                                                                      11:45



                                                                                12:15



                                                                                          12:40

                                                                                                                                    Turnover (RHS)               DSM 20

    Source: Reuters, NCBC Research                                                                    Source: Reuters, NCBC Research




    Top gainers                                                        Top losers                                                     Most active
    Company                         Close %Chg                 T/O Company                             Close %Chg                 T/O Company                           Close %Chg          T/O
    Qatar Navigation               65.70          2.5          0.23 Qatar Insurance                   56.00         (5.2)     1.68 Industries Qatar                    105.10    (1.6)    13.5
    Qatar Nat Cement               76.50          0.8          0.24 Masraf Al Rayan                   12.20         (3.2)     6.20 Barwa Real Estate                    27.10      0.4        9.2
    Qatar Islamic Ins              30.80          0.7          0.04 Aamal                             29.20         (3.0)     0.22 Comm Bk of Qatar                     60.50      0.0        8.1
    Barwa Real Estate              27.10          0.4          9.22 United Dev                        29.30         (2.3)     4.80 Masraf Al Rayan                      12.20    (3.2)        6.2
    Qatar Ind Mfg                  42.90          0.2          0.02 Ezdan Real Estate                 35.60         (2.2)     0.02 Qatar Gas Trans                      21.20    (1.4)        6.0
    Source: Reuters, NCBC Research                                     Source: Reuters, NCBC Research                                 Source: Reuters, NCBC Research

    All Close values are in QAR unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                               Close           T/O             MCap               Price change                        TTM (%)                  Valuation (x)             DY-08
    Company                               (QAR)           ($mn)               ($mn)     %Last          %MTD           %YTD            ROE            ROA P/E-TTM                PBV         (%)
    Industries Qatar                     105.10                13.5           15,880     (1.6)              (7.9)      (7.9)          21.4       14.7           14.7            3.2          7.6
    Qatar Nat Bank                       146.00                 1.9           12,078     (1.3)              (2.1)      (2.1)          20.7            2.5       11.6            2.3          4.1
    Qatar Telecom                        150.10                 1.5            6,048        0.0              3.4            3.4       19.1            3.5        7.9            1.5          6.7
    Ezdan Real Estate                      35.60                0.0            4,469     (2.2)             (46.0)     (46.0)          18.7       16.9           14.0            2.4         N/A
    Qatar Islamic Bank                     71.60                3.4            4,067     (1.0)              (8.1)      (8.1)          19.0            4.2       10.6            1.9          9.8
    Comm Bk of Qatar                       60.50                8.1            3,599        0.0             (2.1)      (2.1)          14.0            2.6        8.9            1.2       11.6
    Qatar Gas Trans                        21.20                6.0            3,227     (1.4)             (11.7)     (11.7)           9.6            1.2       36.8            4.7         N/A
    Aamal                                  29.20                0.2            3,044     (3.0)             (17.0)     (17.0)           2.1            1.7      111.6            2.3         N/A
    Qatar Elec & Water                     98.60                0.6            2,709     (0.1)              (1.5)      (1.5)          28.3            6.1       11.2            3.5          4.6
    Masraf Al Rayan                        12.20                6.2            2,514     (3.2)              (9.6)      (9.6)          14.6            4.7       11.2            1.6          6.8
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                             Top 5 stocks losing for 3 consecutive days
.                                                                                                      .




Company                              24-Jan 25-Jan 26-Jan 27-Jan                        1M ago Company                                   24-Jan 25-Jan 26-Jan 27-Jan                  1M ago
Qatar Nat Cement                      75.20        75.80          75.90        76.50     78.90         Industries Qatar                  108.60 108.40 106.80 105.10                  114.10
                                                                                                       Qatar Nat Bank                    150.20 150.00 147.90 146.00                  153.70
                                                                                                       Ezdan Real Estate                     37.30     37.00     36.40     35.60         64.10
                                                                                                       Qatar Int Islamic Bk                  43.30     43.20     43.10     43.00         45.70
                                                                                                       Qatar Fuel                        160.10 159.80 158.20 157.00                  158.80
Source: Reuters, NCBC Research                                                                         Source: Reuters, NCBC Research




                                                                                                  - 12 -
                                NCBC ON THE MARKETS | 27 January 2010




    Egypt
    Market recap: The EGX30 benchmark index gained 0.3% to close at 6,586.7, led by EFH Hermes Holding and Al Ezz Dekheila
    Steel, which rose 1.5% and 1.4% respectively. Orascom Telecom dipped 3.2%

    EGX30 intraday                                                                                  EGX30 1-year movement and turnover

     6,600                                                                                              8,500                                                                2.4

     6,590                                                                                              7,000                                                                1.8




                                                                                                                                                                                   (EGP bn)
     6,580
                                                                                                        5,500                                                                1.2
     6,570
                                                                                                        4,000                                                                0.6
     6,560

     6,550                                                                                              2,500                                                                0.0
                                                                                                           Jan-09         Apr-09         Jul-09          Oct-09
              10:20


                        10:55


                                  11:30


                                            12:05


                                                      12:40


                                                                    13:15


                                                                              13:50


                                                                                      14:25

                                                                                                                            Turnover (RHS)                EGX 30

    Source: Reuters, NCBC Research                                                                  Source: Reuters, NCBC Research




    Top gainers                                                     Top losers                                               Most active
    Company                       Close %Chg             T/O Company                                    Close %Chg        T/O Company                         Close %Chg           T/O
    Societe Arabe ($)             18.12      20.0       0.00 Egyptian Media                             8.23 (11.0)     7.56 Orascom Telecom                  26.11     (3.2)     22.5
    Arab Cotton Ginning             5.31        5.8     8.82 Orascom Telecom                        26.11       (3.2) 22.54 EFG Hermes Hldg                   31.00      1.5      10.9
    Al Watany Bank                37.97         4.7     0.00 Exp Dev Bank Egypt                     11.62       (3.2)   0.03 Arab Cotton Ginning               5.31      5.8         8.8
    Suez Canal Bank                 9.35        4.0     0.06 Union National Bk                      12.70       (2.7)   0.08 AJWA Food                        13.20      1.8         7.7
    Misr Beni Suef Cem          142.00          3.9     0.67 Naeem Hldgs(USD)                           0.46    (2.1)   0.39 Orascom Const                 258.13       (0.8)          7.7
    Source: Reuters, NCBC Research                                  Source: Reuters, NCBC Research                           Source: Reuters, NCBC Research

    All Close values are in EGP unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                           Close         T/O                 MCap              Price change                   TTM (%)                 Valuation (x)             DY-08
    Company                                (EGP)      ($mn)                 ($mn)     %Last         %MTD         %YTD         ROE            ROA P/E-TTM               PBV        (%)
    Orascom Const                         258.13              7.7           10,158      (0.8)             3.4       3.4      13.6            5.2       23.4            3.4          2.2
    Telecom Egypt                          18.35              0.5            5,740            0.1         1.4       1.4      12.0            9.7        9.9            1.2          7.1
    Orascom Telecom                        26.11        22.5                 4,303      (3.2)             3.9       3.9      41.7            5.3        7.9            3.3          3.8
    Egyptian Mob Serv                     226.11              1.6            4,143      (0.9)           (6.0)     (6.0)      74.3        14.6          11.3            6.8          5.6
    Comm Int Bank                          58.55              1.0            3,138            0.9         7.1       7.1      23.6            2.4       12.0            2.5          1.7
    Talaat Moustafa Hldg                    7.04              2.8            2,619      (0.1)             2.2       2.2        5.5           2.4       11.5            0.6         N/A
    EFG Hermes Hldg                        31.00        10.9                 2,174            1.5        23.3     23.3         5.4           4.0       24.5            1.4          1.6
    Abu Qir Fertilizers                   222.02              0.0            2,053            0.0       (0.4)     (0.4)      56.3        32.7          10.5            5.8          6.9
    Al Ezz Dekheila Steel                 767.50              1.1            1,879            1.4         1.8       1.8      21.6            7.7       13.8            3.3        22.8
    Nat Societe Generale                   30.00              0.4            1,832      (0.6)             1.8       1.8      23.7            2.3        8.8            1.9          3.0
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                          Top 5 stocks losing for 3 consecutive days
.                                                                                                   .




Company                             21-Jan 24-Jan 26-Jan 27-Jan                       1M ago Company                             21-Jan 24-Jan 26-Jan 27-Jan                 1M ago
                                                                                                    Orascom Telecom                  29.96    28.03     26.67     26.11          24.13
                                                                                                    Egyptian Mob Serv            231.00 228.00 227.97 226.11                    239.20
                                                                                                    Misr Cement                      87.90    84.16     83.00     82.55          80.41
                                                                                                    Egypt Kuw Hldg(USD)               2.19     2.10      2.08         2.07        1.99
                                                                                                    Housing & Dev Bk                 22.13    21.28     21.00     20.92          19.80
Source: Reuters, NCBC Research                                                                      Source: Reuters, NCBC Research




                                                                                               - 13 -
                                NCBC ON THE MARKETS | 27 January 2010




    Bahrain
    Market recap: The Bahraini bourse closed 0.2% higher at 1,474.4, led by Ahli United Bank and BBK, which gained 1.1%
    each. Gulf Finance House declined 1.6%

    BAX intraday                                                                                       BAX 1-year movement and turnover

     1,480
                                                                                                           2,400                                                                 16
     1,478
                                                                                                           2,100                                                                 12




                                                                                                                                                                                      (BHD mn)
     1,475                                                                                                 1,800                                                                 8

     1,473                                                                                                 1,500                                                                 4

     1,470                                                                                                 1,200                                                                 0
                                                                                                               Jan-09         Apr-09        Jul-09         Oct-09
               9:20


                        9:40


                                  10:05


                                            10:30


                                                          11:10


                                                                        11:35


                                                                                 12:10


                                                                                         12:35


                                                                                                                                 Turnover (RHS)                  BAX

    Source: Reuters, NCBC Research                                                                     Source: Reuters, NCBC Research




    Top gainers                                                         Top losers                                                 Most active
    Company                        Close %Chg                T/O Company                                   Close %Chg         T/O Company                           Close %Chg          T/O
    Bahrain Duty Free               0.87            1.2      0.07 Gulf Fin House(USD)                       0.30    (1.6)     0.01 Bahrain Telecom                  0.59      0.0     0.27
    BBK                             0.41            1.0      0.01                                                                  Khaleeji Comm Bk                 0.13      0.0     0.15
    Ahli United Bank(USD)           0.53            1.0      0.07                                                                  Ahli United Bank(USD)            0.53      1.0     0.07
                                                                                                                                   Bahrain Duty Free                0.87      1.2     0.07
                                                                                                                                   Nass Corp                        0.27      0.0     0.06
    Source: Reuters, NCBC Research                                      Source: Reuters, NCBC Research                             Source: Reuters, NCBC Research

    All Close values are in BHD unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                          Close                   T/O           MCap              Price change                    TTM (%)                Valuation (x)              DY-08
    Company                               (BHD)           ($'000)               ($mn)    %Last         %MTD         %YTD          ROE           ROA P/E-TTM                PBV         (%)
    Ahli United Bank(USD)                  0.53               72.5              2,747            1.0        20.7      20.7         7.3          0.7       17.2             1.2            4.1
    Bahrain Telecom                        0.59             273.7               2,254            0.0         0.0        0.0       23.5       15.0          8.1             1.8            8.5
    Arab Banking(USD)                      0.67                   0.0           1,340            0.0         0.0        0.0        2.7          0.2       25.8             0.6          N/A
    Nat Bank of Bahrain                    0.60                   0.0           1,227            0.0         0.8        0.8       15.3          1.8       12.6             2.0            5.0
    Investcorp Bank(USD)              1,488.55                    0.0           1,191            0.0         0.0        0.0        N/A          N/A        N/A             1.3          N/A
    Al Baraka Bk(USD)                      1.58               31.3              1,176            0.0       (12.2)   (12.2)         8.1          0.8       12.3             1.0            2.4
    BBK                                    0.41               10.8               921             1.0         0.0        0.0       14.9          1.6       10.7             1.6            4.7
    United Gulf Bank                       0.40                   1.7            875             0.0         0.0        0.0        N/A          N/A        N/A             1.7            6.6
    Gulf Fin House(USD)                    0.30               14.3               559       (1.6)             7.1        7.1     (14.9)      (4.4)          N/A             0.7            9.4
    Ithmaar Bank(USD)                      0.20               22.1               457             0.0       (16.7)   (16.7)      (10.6)      (1.8)          N/A             0.5          N/A
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                             Top 5 stocks losing for 3 consecutive days
.                                                                                                      .




Company                             24-Jan 25-Jan 26-Jan 27-Jan                          1M ago Company                              24-Jan 25-Jan 26-Jan 27-Jan                 1M ago
                                                                                                       Gulf Fin House(USD)               0.33     0.33      0.31       0.30           0.30




Source: Reuters, NCBC Research                                                                         Source: Reuters, NCBC Research




                                                                                                  - 14 -
                                    NCBC ON THE MARKETS | 27 January 2010




Oman
    Market recap: The MSM30 benchmark index advanced 1.2% to end at 6,517.9, driven by banking heavyweights Bank Dhofar and
    Bank Muscat, which climbed 3.6% and 2.6% respectively. Oman Cement added 2.6%

    MSM30 intraday                                                                                      MSM30 1-year movement and turnover

     6,530                                                                                                  7,500                                                                80

     6,510
                                                                                                            6,500                                                                60




                                                                                                                                                                                      (OMR mn)
     6,490
                                                                                                            5,500                                                                40
     6,470

     6,450                                                                                                  4,500                                                                20

     6,430                                                                                                  3,500                                                                0
                            10:25



                                             11:05



                                                            11:45



                                                                           12:25



                                                                                          13:05
               9:45




                                                                                                               Jan-09          Apr-09        Jul-09         Oct-09
                                                                                                                                Turnover (RHS)               MSM 30

    Source: Reuters, NCBC Research                                                                      Source: Reuters, NCBC Research




    Top gainers                                                     Top losers                                                     Most active
    Company                          Close %Chg             T/O Company                                     Close %Chg        T/O Company                           Close %Chg           T/O
    Galfar Engg & Cont                0.53           4.6    0.11 ORIX Leasing                               0.21    (8.7)     0.01 Bank Muscat                      0.91     2.6           3.6
    ONIC Hldg                         0.53           3.7    0.71 Gulf Inv Serv                              0.11    (2.6)     0.09 Oman Cement                      0.72     2.6           3.2
    Bank Dhofar                       0.81           3.6    0.64 Al Anwar Hldg                              0.23    (2.1)     0.24 Oman & Emirates Inv              0.24     0.9           1.0
    Dhofar Insurance                  0.27           3.4    0.08 Al Jazeera Steel                           0.29    (2.1)     0.06 Global Financial                 0.10    (1.0)          0.8
    Bank Muscat                       0.91           2.6    3.61 Ahli Bank                                  0.24    (1.2)     0.24 ONIC Hldg                        0.53     3.7           0.7
    Source: Reuters, NCBC Research                                  Source: Reuters, NCBC Research                                 Source: Reuters, NCBC Research

    All Close values are in OMR unless specified otherwise, T/O in $ million


    Performance and valuation of market heavyweights
                                             Close          T/O               MCap                 Price change                    TTM (%)              Valuation (x)                DY-08
    Company                              (OMR)             ($mn)            ($mn)         %Last         %MTD         %YTD          ROE        ROA P/E-TTM                  PBV         (%)
    Bank Muscat                               0.91            3.6            2,543                2.6        10.3     10.3         11.6        1.5         11.6            1.4            2.2
    Oman Telecom                              1.28            0.5            2,494                0.6       (1.4)     (1.4)        30.8       18.1          8.2            2.4            7.8
    Bank Dhofar                               0.81            0.6            1,562                3.6        11.2     11.2         14.6        1.7         26.1            3.0            1.8
    Nat Bank of Oman                          0.33            0.5                  927            0.3         2.8       2.8        12.2        1.7         11.8            1.4            5.3
    Raysut Cement                             1.59            0.1                  826            2.3         6.6       6.6        25.2       21.8         12.6            3.1            6.3
    Oman Int Bank                             0.30            0.1                  700            1.0       (0.7)     (0.7)        14.3        2.3         11.3            1.6            9.2
    Oman Cement                               0.72            3.2                  617            2.6       (4.0)     (4.0)        14.7       13.1         12.7            1.8            3.1
    Bank Sohar                                0.23            0.0                  590      (0.9)             0.9       0.9         2.8        0.3         80.2            2.2           N/A
    Renaissance Serv                          0.79            0.6                  575            0.1         2.6       2.6         N/A        4.7         12.2            1.7            1.1
    Shell Oman Mktg                           2.00            0.7                  520      (0.1)           (2.2)     (2.2)        52.2       21.3         15.5            7.9            5.8
    Source: Reuters, NCBC Research


Top 5 stocks rising for 3 consecutive days                                                              Top 5 stocks losing for 3 consecutive days
.                                                                                                       .




Company                               24-Jan 25-Jan 26-Jan 27-Jan                         1M ago Company                              24-Jan 25-Jan 26-Jan 27-Jan                1M ago
Bank Muscat                             0.85           0.85         0.89           0.91       0.80
Renaissance Serv                        0.77           0.77         0.78           0.79       0.72
OMINVEST                                0.49           0.49         0.49           0.49       0.47
ONIC Hldg                               0.50           0.51         0.51           0.53       0.48
Oman & Emirates Inv                     0.22           0.23         0.24           0.24       0.24
Source: Reuters, NCBC Research                                                                          Source: Reuters, NCBC Research




                                                                                                   - 15 -
                        NCBC ON THE MARKETS | 27 January 2010




Glossary – Abbreviations used

            %Chg      % change                               MCap        Market capitalization            TTM        Trailing 12 month*
            bn        Billion                                mn          Million                          VAR        Variance
            DY        Dividend yield                         Nm          Not meaningful                   Vol        Volume (No of stocks traded)
            O/N       Overnight                              P/E         Price to earnings*               YoY        Year on Year
            Fut.      Futures’ prices (commodities)          PBV         Price to book value*             YTD        Year to date
            %Last     % change in last trading day           QoQ         Quarter on Quarter               MTD        Month to date
            Close     Adjusted Closing Price                 ROA         Return on assets*                QTD        Quarter to date
            T/O       Turnover (Value of stocks traded) ROE              Return on equity*                1M, 2M     1 Month, 2 Month etc
                       *P/E, ROE and ROA are based on normalized net income
                       *Aggregate P/E calculation does not consider companies where earnings data is either unavailable or negative
                       *P/E-09E: The estimated P/E ratios are based on NCBC estimates (where available) or estimates by other sell side brokerages
                       *PBV: Price to latest available book value up to Q3-09
                       *TTM: Up to Q3-09 figures for all companies




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                                                                            - 16 -

				
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