Weekly Stocks Review as on 27th October, 2022
TASI down by 254.18 points on WoW basis and closed at 11709.50
Investors lost SR 345 billion in form of Market Capitalization.
TECO announced EGM to take place on 20th November, 2022 for approval of 1000% Right shares
By : Ghias Uddin, MBA
International markets tumbled after Q3 earing report. META stock plunged again. Its earnings per share dropped by 49% year over year in Q3. Report also influenced Saudi Stock Market as TASI was down by 254.18 Points on WoW basis and closed at 11709.50. Although all the indicators were up but prices were down. Due to deterioration in prices the Investors lost SR 345 billon in form of market capitalization which stood at SR 10697 billion as on 27th October, 2022.
Due to selling pressure Total Trading value increased by 29.64% which summed to SR 31.2 billion, Volumes surged by 29.64% and number of trades amplified by 18.52%.
The performance of Saudi Aramco was the worst as due declining of price by 3.74%; caused erosion of SR 297 billion from its market capitalization which reduced to SR 7634 billion (US$ 2.03 trillion). Saudi Aramco price fluctuated between SR 34.70 and SR 36.75 and closed to it lowest of the week to SR 34.70. Its trading value increased by 26.59% on WoW basis to the tune of SR 1.21 billion. Volumes augmented by 25.79% and number of trades enlarged by 25.92%.
Heavy Turnover:
Al-Rajhi bank was again on the top by turnover in which shares worth 2.49 billion were traded and its price tumbled by 0.80%% and closed at SR 87.00. The price of SNB declined by 8.98%% and closed at SR 59.80 with turnover of SR 2.29 billion. The price of Maaden improved by 6.57% and ended at SR 82.70 with turnover of SR 1.72 billion. The turnover in SABIC and STC were SR 1.42 billion and SR 1.31 billion respectively. The price of SABIC plummeted by 2.92% and settled at SR 89.80 while the value of STC increased by 2.58% and closed at SR 40.00.
Top Gainers:
SADAFCO was the top gainer of the week which augmented by 16.40% and closed at SR 230.00. Fitaihi Group twinkled by 15.16% and ended at SR 36.80. The Investors of DWF are waiting for the approval of 720% Right Shares. However, its price shoots up 14.06% in anticipation and closed at SR 219.00. TECO, after approval of 1000% Right shares from CMA, achieved its highest price of the week which was SR 214.60 on 24/10/2022 and declined later and closed at SR 205.00 which shows 11.17% increase on WoW basis. The price of Atheeb Telecom advanced by 9.61% and concluded at SR 43.35.
Further companies which contributed positively included Salama Insurance enhanced by 9.65% and closed at SR 13.96. SAPTCO enlarged by 4.69% and closed at SR 16.96. AWPT enriched by 4.12% and finished at SR 136.40. ACWA Power increased by 2.23% and closed at SR 176.00
Top Losers:
Al-Sager Insurance was he top loser which plummeted heavily by 26.94% and closed at SR 20.42. Enaya Insurance plunged by 11.83% and settled at SR 22.22. The subscription of Right shares of Saudi Papers Manufacturing started on 23/10/2022 and will end on 2/11/2022. However, its price deteriorated by 9.36% and closed at SR 29.05. The prices of SNB and National Glass tumbled by 8.98% and 8. 67% and conclude at SR 59.80 and SR 37.90 respectively.
Other companies which brought down the Index included; Solutions down by 7.76% and closed at SR 245.00. Petro Rabigh plunged by 7.19% and ended at SR 7.45. Chemanol tumbled by 8.56% and conclude at SR 31.00. Equipment House was deteriorated by 8.42% and ended at SR 67.00; Saudi Kayan dropped by 8.62% and closed at SR 12.94, SABIC Agri depreciated by 5.21% and ended at SR 163.80. SARCO reversed by 3.37% and settled at SR 91.80.
Sector wise performance:
Best performance was given by Telecom sector which was up by 104.40% and worst performance was given by Media and Entertainment sector which was down by 506.56%.
Dividend / Bonus / Right Shares / IPOs
Last week 3 companies announced to distribute dividends. Banan Real Estate declared 3% dividend with Book closing on 31/10/22 and payment on 20/11/2022. Its price ended at SR 50.00. STC professed 4% dividend with Book closing 20/11/2022 and payment on 22/11/2022. Its value enhanced by 2.56% on WoW basis and ended at SR 40.00. It has potential to progress to SR 48, SR 62 and then SR 80.00; on the condition that the International and Local market remain positive. Sulaiman Al-Habib declared 8.5% dividend with eligibility on 27/10/22 and payment on 14/11/2022. It already became ex-Dividend and price reduced by 3.92% and closed at SR 231.40.
Marafiq IPO is expected to be heavily oversubscribed. We will get the exact news on Sunday, 30.10.10.22. IPO price was SR 46.00 which seems low and expected to jump soon after trading starts.
There is good news for TECO Investors The company called EGM of shareholders on 20.11.2022 to get approval of 1000% Capital increase. The news was released on Thursday after trading hours. So, its impact will be seen on Sunday, 30.10.2022. It is likely to shoot up higher. The Investors have lot of time to buy or sell. Last week its price augmented by 11.17% on WoW basis and closed at SR 205.00. If at book closing it closes at SR 300 then its ex-Right price will be SR 36.35. If it reaches to SR 400.00 then its ex Right price will be SR 45.45. The investors who bought TECO at SR 211.00 and if avail the Right shares; their cost price will be SR 28.27 after availing Right shares. It has good potential to go higher and higher on the condition that International and local markets remain positive.
MEPCO. After approval of 33.33% Bonus shares from CMA; the company has called EGM on 24.11.22. Last closing price is SR 52.00. It is expected to shoot up on Sunday 30.10.22. Recommended to buy. The price may reach SR 72.00; if market conditions remain positive.
Investors of DWF are also waiting for the approval of 720% Right shares from CMA. Its price already amplified by 14.06% and ended at SR 219.00 in anticipation of positive response
On Friday most of the US stock markets closed on Positive note. Its is highly expected that Saudi stocks will open in green on Sunday, 30.10.2022. Investors should focus on TECO and MEPCO.
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