Weekly Stocks Review as on 17th November, 2022
Market down by 69.68 points and closed at 11142.02 points
Investors lost SR 122 billion in form of Market Capitalization
Subscription of American Restaurants IPO is going on and will end on 21.11.2022
By : Ghias Uddin, MBA
Saudi Stock Market remained dull despite good improvements in American and European markets. TASI was down by 69.68 points on WoW basis and closed at 11142.02. Total trading value increased by 3.84% while number of trades and volumes were down by 2.08% and 6.52% respectively. Due to reduction of prices the investors lost SR 122 billion in form of market capitalization.
Though trading value of Aramco improved by 31.22% yet price depressed by 1.46% and closed at SR 33.70. Because of price deterioration Aramco lost SR 110 billion in form of market capitalization. The market capitalization of Aramco summed to SR 7414 billion (US$ 1.977 trillion) Fallen below SR 2 trillion after long time.
Heavy Turnover:
Due to record selling of 12 million shares of Tadawul Group by PIF it has recorded highest sales value (SR 3.6 billion).its price however plummeted by 17.94% and closed at SR 172.00. PIF is still holding 72 million shares or 60% of company’s share capital. Al-Rajhi Bank attained 2nd highest turnover (SR 1.83 billion) Its value increased by 0.48% and ended at SR 84.50. SNB attained 3rd position with turnover of SR 1.800 billion and its price reduced by 0.73% and closed at SR 54.50. Saudi Aramco achieved turnover of SR 1.119 billion and its price plunged by 1.46% and ended at SR 33.70. Maaden was also in great demand at lower prices and shares worth SR 1.009 billion exchanged hands and its price tumbled by 3.78% and closed at SR 68.70.
Top Gainers:
Gulf Union Al-Ahlia was the top gainer of the week. Its price amplified by 21.18% and closed at SR 9.84. Al-Hokair Group augmented by 14.75% and ended at SR 20.70. AWPT enlarged by 14.70% and concluded at SR 142.00. APC improved by 9.26% and finished at SR 41.30. Al-Othaim Market declared 7.50% dividend with book closing on 20/11/22 and payment on 1/12/22. Its price improved by 8.32% and settled at SR 127.60
Other companies who contributed positively included were Shaker augmented by 7.66%; National Shipping amplified by 6.62%; National Glass increased by 6.48%,; Al-Jouf Cement up by 6.19% Saudi Kayan augmented by 5.71%, Petro Rabigh improved by 5.09%;
Top Losers:
AS indicted above PIF off-loaded 12 million shares of Tadawul Group and its price plunged by 17.94% and was the top looser of the week. Enaya Insurance tumbled by 15.66% and closed at SR 14.76. TECO whose book closing for 1000% Right shares is on 20.11.2022 was 3rd top looser whose price plummeted by 12.09% and concluded at SR 157.00. Arabian Drilling lost the value by 8.39% on WoW basis and closed at SR 115.80. Amiantit lost 7.77% its value and ended at SR 39.15.
Other companies who contributed negatively included SARCO down by 5.34%, Bank Al-Fransi plummeted by 4.89%, Sabic Agri Nutrient plunged by 2.74%, MEPCO plunged by 1.19% and AluJain tumbled by 1.87%.
Sector wise performance:
Last week 10 sectors closed in positive zone. Best performance was seen by Food and Staple Retailing whose Index gone up by 204.21%. Diversified Financial displayed worst performance whose index plummeted by 320.28%.
Dividend / Bonus / Right Shares / IPOs
Last week 4 companies announced dividends. Al-Othaim Markets declared 7.5% cash dividend with Book closing on 20/11/22 and distribution on 1/12/22. Its price flourished by 8.32% and closed at SR 127.60. Al-Amar Food affirmed 7% dividend with book closing on 27/11/22 and payment on 12/12/22. Its price improved by 4.21% and closed at SR 148.60. Theeb Rent A car announced to distribute 6.2% dividend with book closing on 15/11/22 and distribution on 27/11/22. AS it already become ex-Dividend, its price dropped by 1.59% and concluded at SR 67.90.
American Restaurants subscription of IPO still going on and will last till 21/11/22. Price SR 2.68/ share. Minimum lot 1000 shares.
TECO story for 1000% Right shares will end on 20/11/22 which is book closing day. Its price will drop in initial days of ex-Rights as there will lot of sellers and less buyers. But after months when TECO business will be well established then its market price will start improving. The cost price will remain fixed and investors will start taking profit. It requires patience. It is however recommended that if you are in profit on Book closing day, you should book profits. If you are interested to stay with TECO for long time. Then partially avail Right shares. Everyone should study it according to his/her own circumstances and should take his/ her own decision.
Perfect Presentation for Commercial Services, new IPO traded for 2 days in the week. And did not make any progress. IPO was offered at SR 185,00 and finished at SR 185.00
Marafiq IPO subscription finished on 29th October, 2022 but trading sill not started.
MEPCO who declared 33.3% Bonus shares further dropped by 1.19% and finished at SR 41.50. Its book closing is 24.11.2022. it was good offer but FED Reserve; it did not progress.
Another IPO Riyadh Cable Group company is in the offing. The book building process has started from 6th Nov and ended 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.
In coming days, Investors should focus on Marafiq and handle TECO with care.
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