Weekly Stock Review as on 10th November, 2022
TASI suffered loss of 227.49 point on W/W basis and closed at 11560.72
Investors lost SR 94 billion in form of Market Capitalization
On Sunday, 13th November, Saudi Stock Market will take bullish turn.
By : Ghias Uddin, MBA
Saudi Stock Market remained under influence of international markets. and lost 227.49 point and closed at 11560.72 Most of the indicators closed in red zone. . Number of Trades were down by 16% while volumes deteriorated by 15.21%. Total trading value shrinked by 2.63%. Due to Price reduction the investors lost SR 94 billion in form of market capitalization.
The performance of Saudi Aramco was also not exemplary. Despite announcement of Dividend last week, its volumes plunged by 20.60%, Number of Trades fell by 36.39%. The investors did not lure to buy Aramco shares even after dividend declarations as trading value dropped by 20.59%. Trading prices ranged between SR 34.00 to SR 35.00 and concluded at R 34.20 which depicted price erosion by 0.29%. Due to reduction of price the Market Capitalization suffered a loss of SR 22 billion. The Market capitalization reduced to SR 7524 billion (US$ 2.00 trillion)
Heavy Turnover:
Arabian Drilling Co is new company taken debut on Saudi stock market on 7.11.2022 and shown best performance by turnover which was 3.616 billion and it’s price jumped by 26.40% and closed at SR 126.40. Al Rajhi Bank has been amongst the top 5 by highest turnover for few weeks, they are 2nd highest by turnover (SR 2.125 billion), the price however reduced by 0.24% and finished at SR 84.10. The price of SNB deteriorated by 5.34% and settled at SR 54.90 (with turnover of SR 1.067 billion) The price of Maaden dropped by 1.38% and closed at SR 71.40 with trading of (SR 0.929 billion) The turnover of Alinma Bank totaled to SR 0.862 billion and remain on 5th position by turnover.
Top Gainers:
New Company Arabian Drilling Co. was the top gainer of the week. Whose price augmented by 26.40% and finished at SR 126.40. The price of Amiantit amplified by 20.77% and settled at SR 42.45. The value of Enaya Insurance enlarged by 20.27% and ended at SR 17.50. The prices of Atheeb Telecom and Raydan flourished by 10.31% and SR 9.65% and concluded at SR 56.70 and SR 27.15 respectively.
Other companies who contributed positively included were APC enlarged by 8.46%, Alothaim Market up by 3.15%, SEERA up by 2.76%, Al-Arabia improved by 2.76% Budget Saudi up by 1.74%.
Top Losers:
Saudi German Health was the top loser of the week. Its price plummeted by 15.16% and closed at SR 27.15. The value of Bin Dawood and Mouwasat plunged by 14.96% and 14.12% and ended at R 54.00 and SR 181.20respectively. The price of AluJain dropped by 12.77% and finished at SR 42.70. Price of ACWA Power tumbled by 12.09% and closed at SR 151.20.
Many other companies who contributed negatively included SACO down by 11.26% Shaker 11.51%, Petro Rabigh tumbled by 9.39%, Sadr down by 9.39%, Bupa Arabia 9.27%, NGC 8.10%, MESC down 7.92%, Saudi Kayan down by 7.44% Yamama Steel down by 7.24%.
Sector wise performance:
The performance of the week was so bad that the sectors closed in negative zone
Dividend / Bonus / Right Shares / IPOs
Only Jarir declared dividend which is attractive 22.5% with Book closing on 14.11.22 and payment on 25.11.2022. However, its price dropped by 0.37% and ended at SR 161.40. Hopefully its price will increase in current week.
MEPCO who declared 33.3% Bonus shares further dropped by 10.45% and finished at SR 42.00. Its book closing is 24.11.2022. Hopefully its price will improve in coming days.
Another IPO Riyadh Cable Group company is in the offing. The book building process has started from 6th Nov and will end on 10 Nov. The price range is SR 39 to SR 43 per share. The IPO price will be determined after Book building process is complete.
The price of TECO and DWF tumbled by 9.54% and 6.06% and ended at SR178.60 and SR 204.60 respectively. The investors of TECO and DWF should hold the ground as those are going to take higher flight in coming days.
After light inflation report, USA markets made biggest rally on Thursday and Friday. The investors have hopes that inflation has already peaked and there will no interest rate hike in near future. On Sunday 13th November, Saudi Stock Market will take bullish turn. Most of the share prices will go up. The investors who are stuck with some stocks should not try to sell immediately. Saudi Market is likely to remain bullish for few days. See the trend and then try to sell at best prices.
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