Weekly Stock Review as on 20th October, 2022
Good Recovery last week, TASI up by 4.74%
Investors gained SR 286 billion in form of Market Capitalization.
CMA approved TECO request to increase capital by 1000% thru Right shares
By : Ghias Uddin, MBA
International markets jumped higher due to upbeat results and forecast from big firms like IBM, ATNT and Dow Inc. The news brought back the joy in the market and turned the market sentiments to positive. It also affected Saudi Stock market which had good recovery last week. TASI jumped by 4.74% and closed at 11963.88. Trading value increased by 10.72% and summed to SR 24.1 billion. Due to increase in prices the Investors gained SR 286 billion in form of Market capitalization. The market capitalization totaled to SR 11,842 billion.
Excessive activities were observed in Saudi Aramco. Trading value in Aramco flourished by 102.33% which reached to the level of SR 955 million. Volumes and number of trades amplified by 103.92% and 93.90% respectively. Price fluctuated between SR 34.70 to SR 36.05 during the week and ended at SR 36.05 showing an increase of 1.84% on WoW basis. AS the result of increase of price Saudi Aramco Market Capitalization enlarged by SR 143 billion. The market Capitalization of Saudi Aramco summed to SR 7931 billion (US$ 2.11 trillion).
Heavy Turnover:
Al-Rajhi bank was again on the top by turnover in which shares worth 1.82 billion were traded and its price increased by 7.87%% and closed at SR 87.70. The price of Alinma Bank improved by 2.65% and close at SR 36.75 with turnover of SR 1.28 billion. SNB was in the limelight in which shares worth SR 1.24 billion exchanged hands and price amplified by 7.70%. The trading in SABIC (Code: 2010) totaled to SR 986 million and its value increased by 2.78% and finished at SR 92.50. The turnover in Maaden totaled to SR 984 million and its price improved by 6.89% and concluded at SR 77.60.
Top Gainers:
National Shipping was the top gainer of the week which augmented by 11.30% and concluded at SR 11.30. Tadawul Group amplified by 10.24% and closed at SR 221.80. RIBL flourished by 9.95% and ended at SR 35.35. Astra Industrial and Yanbu Cement flourished by 8.52% and 8. 45% and closed at SR 58.60 and SR 41.70 respectively. In Banking Sector; Saudi Bank Al-Fransi and Bank Al-Bilad enhanced by 9.29% and SR 7.43% and closed at SR 44.40 and SR 53.30 correspondingly.
Further companies which contributed positively included ACWA Power amplified by 7.63% and closed at SR 172.00. SISCO augmented by 7.03% and ended at SR 23.46. Saudi Kayan enhanced by 6.47% and finished at SR 14.16%. Saudi Catering enriched by 5.49% and concluded at SR 76.90. Most of the Cement Companies also got wakeup call and moved upward e.g., Qassim Cement up by 5.34%, Jouf Cement increased by 5.54%, Eastern Province Cement Co gone up by 3.50%.
Top Losers:
Dallah Health was the top loser of the week. Its price after becoming ex-dividend is continuous declining. It deteriorated further by 7.5% last week and closed at SR 160. 40. Salama Insurance who was the top loser of previous week; fell further by 6.19% and closed at SR 13.34. GIG plunged by 5.27% and ended at SR 26.05. SABB Takaful and ACIG tumbled by 5.12% and 5.02% and finished at SR 11.50 and SR 12.50 respectively.
Further companies who contributed negatively includes Naseej, down by 4.85% and closed at SR 48.05. Al-Hokair fell by 4.81% and finished at SR 18.20. Halwani Brother plunged by 2.38% and closed at attractive level of SR 61.50.
Sector wise performance:
This was special week in which all the sectors were closed in green. No sector was down. The best performance was shown by Banking sector which was up by 7.09% on WoW basis. Utilities accelerated by 6.90% while Diversified Financials was up by 6.74%.
Dividend / Bonus / Right Shares / IPOs
Mulkia Reit declared 1.3% dividend with book closing on 23/10/22. Its price increased by 2.22% and closed at SR 8.76. Al-Jazira Reit announced to distribute 2.9% cash with book closing on 17/10/22 and payment on 31/10/22. Its value enriched by 2.37% and ended at SR 9.94.
Saudi Cable still have financial problems. BOD of Saudi Cables has decided to apply for capital reduction by 89.5% to settle down the accumulated losses. and then will increase the capital by 4000%. Ban on trading shares might be lifted after they sort out the accumulated losses.
Subscription of Arabian Drilling started on 18 October at price of SR 100.00 and finished on 19th. It was heavily subscribed. Final allocation will be made on 25th October. The subscription of Marafiq will start on 26/10/22 and will end on 29/10/22.
CMA has approved TECO request to increase the capital by issuing 1000% Right hares. It closed at SR 184.40 on Thursday. The price will start moving up on Sunday 23/10/2022. For the time being keep the target selling price at SR 400.00. The price will further accelerate after getting announcement of EGM, Book closing date. If the International and Local market conditions remain positive its price may cross SR 400.00 by the time of EGM.
Crown Price Mohammed Bin Salman announced National Industry Strategy on 18/10/222. Its main aim is to establish an Industrial Economy which would attract Foreign and Local Investment. It will help improve GDP and non-oil export which is in line the Vision 2030 The new strategy will attract additional investment in this sector to reach SR 1.3 trillion; create new jobs in technological sector and boost exports of technological products. Its purpose is to strengthen the local economy. The impact of this news is not yet seen in stock Market but will come gradually in coming months.
Due to good corporate results in Western World; Most of the American markets were closed in green on Friday. It is expected that due to influence of international markets and announcement of National Industrial Strategy and positive impact of CMA approval of TECO request to increase capital by 1000% thru Right shares; Saudi Stock Market will open in Green on Sunday, 23/10/22. Investors should focus on TECO which is likely to climb higher and higher in coming days.
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