Weekly Stock Review as on 29.9.2022
Market Depression Little ease. TASI Lost 55.77 Points
Investors lost SR 29 billion in form of market capitalization.
All Indicators are up, Trading value increased by 61.59% to SR 30.3 billion
By : Ghias Uddin, MBA
Last week was little better than earlier weeks. TASI fluctuated within 159 Points and ended at 11415.32 showing loss of 55.77 points on WoW basis. All indicators are up. Trading value increased by 61.59% on WoW basis and totaled to SR 30.3 billion. Numbers of Trades and volumes surged by 39.89% and 57.59% respectively. However due to reduction of prices in general; the investors lost SR 29 billion in form of Market Capitalization as compared to SR 210 billion in week earlier. Market capitalization reduced from SR 10861 billion to SR 10832 billion.
Saudi Aramco price fluctuated between SR 34.00 to SR 35.85 and ended at SR 35.85 depicting down fall of 0.42% on WoW basis. Total trading value increased by 130.47% to the value of SR 1.263 billion. Volumes enlarged by 139.40% and number of trades improved by 83.27%. Due to decrease of price the market capitalization of Aramco plummeted by SR33 billion and reduced to SR 7887 billion (US$2.103 trillion).
Heavy Turnover:
Al-Rajhi Bank was most demanded scrip of the week in which shares worth 2.46 billion were traded but its price plunged by 3.79% and closed at SR 81.30. Trading in SABIC totaled to SR 1.98 billion and its price depleted by 1.55% and ended at SR 88.80. There was also good demand of SNB and turnover totaled to SR 1.53 billion. However no changed of price noticed on WoW basis and concluded at SR 63.10. There was surprise increase of demand in Maaden. All the shares offered at higher prices were purchased. Its price amplified by 8.24% and reached to SR 69.60. with total turnover of SR 1.42 billion. Aramco ranked 5th position by turnover as total trading value summed to SR 1.263 billion.
Top Gainers:
Dallah Health who declared 10% dividend with Book closing on 25/9/22 was the top gainer of the week as its price surged by 17.04% and ended at SR 158.00. It is strong share and can be seen that its price increased more after ex-dividend. Normally after ex-dividend the price goes down. The value of Anaam Holding augmented by 15.42% and finished at SR 23.50. National Gas and Ind Co (GASCO) who declared 8.5% dividend, placed in 3rd position by capital gain as its price increased by 12.57% and concluded at SR 56.40. The price of Shaker and Saudi Re-insurance amplified by 12.34% and 12.07% and closed at SR 19.12 and SR 16.16 correspondingly.
Some other companies came into limelight which contributed positively included ACWA Power augmented by 11.85% and ended at SR 168.00. In Cement Sector; EPCCO; Yanbu Cement Co, and Tabuk Cement Co. Improved by 4.19%, 4.47% and 4.93% and ended at SR 44.80, SR 37.0 and R 15.74% respectively. In Blue Chips Companies; Madden enlarged by 8.24%, SPM improved by 8.42% and DWF enlarged slightly by 0.42% and finished at SR 69.60, SR 52.82 and SR 190.80 correspondingly.
The price of STC Improved by 3.42% and ended at SR 39.35. It is likely to improve further in coming weeks. Shareholders should hold and not sell lower than current price. They are surely going to sell in good profit.
Top Losers:
Saudi Arabian Investment Bank (SAIB) was the top loser of the week. Its price plummeted by 9.13% and closed at SR 17.08. Sahara Petrochemicals (Sipchem) declined by 8.02% and finished at SR 41.85. ARDCO declared 2.5% dividend with book closing on 10/10/22 and payment on 30/10/2022 which was not liked by shareholders; they tried to sell and its price plunged by 5.62% and closed at SR 20.50. The prices of SRMG and Saudi German Health dropped by 5.56% and 5.25% concluded at SR 190.20. and SR 27.20 respectively.
Some other companies who contributed negatively included are; Nama Chemicals down by 5.18%; Saudi German Health plummeted by 5.25%, Savola plunged by 5.03% Naseej tumbled by 4.17% and Saudi Catering down by 2.86%.
TECO down was by 0.42% on WoW basis and ended at SR 190.00. TECO should improve on Sunday as they announced to acquire 3 Hotels owned by hospitality funds managed by SHUAA in Riyadh, Jeddah and Dammam for an amount of SR 735 million. Their application for capital increase by 1000% thru Right shares is under consideration at CMA. They are already planning good investment for future growth from expected inflow of funds thru sales of Right shares. TECO is likely to go beyond doubling the price within few months. It will flourish soon after getting official approval from CMA to issue Right shares.
Dividend / Bonus / Right Shares / IPOs
Three companies announced to distribute dividends in last week which included SEDCO Capital REITs declared 1.1813% cash dividend with Book Closing on 6/10/2022 and payment ton 17/10/2022. Its price increased slightly by 0.38% and finished at SR 10.70.
ARDCO declared 2.5% dividend with book closing on 10/10/22 and payment on 30/10/2022. We already discussed this in above paragraphs under “Top Losers “.
Advanced Petro chemicals affirmed to distribute 5.5% dividend with book closing on 8/12 and payment on 18/12/2022. Its price depressed by 2.93% and closed at SR 44.65.
CMA has approved Marafiq to offer 73 million shares in Tadawul thru IPO, which is 29.24% of Total capital. . Marafiq was formed in Y-2000. It is joint stock company owned by 4 major shareholders i.e. Saudi Aramco, Royal commission of Jubail and Yanbu, Sabic and Public Investment Fund each holding 24.81% shares. They started operation in January, 2003 with Capital of SR 2.5 billion. Their activity Is to provide energy for oil and petrochemical facilities owned by Aramco and SABIC. They still have to issue the Prospectus and then book building process will start. It will take 2-3 months.
Another IPO will be coming soon i.e., Arabian Drilling. Its book building process has already started on 28th September and will last till 5th October and base price is SR 90.00 to SR 100.00. They intend to offer 25.7 million shares thru IPO. Goldman Sachs and SNB have been appointed as joint financial advisors, bookrunners, and underwriters for the IPO. The subscription is likely to start from 18 or 19th October, 2022.
USA markets are still performing negatively, although there are good news floating around in Saudi Arabia yet investors of Tadawul should take special care when buying new shares. As per International influence; It may cause gap down opening on Sunday, 2nd October, 2022.
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