Weekly Stocks Review as on 24th November, 2022
Lack Luster performance in Saudi Stock Market. TASI lost 203.27 points and closed at 10938.75
Investors suffered losses of SR 149 billion in form of Market Capitalization
Due to short week (4 working days) Trading down by 39.26%
By : Ghias Uddin, MBA
Saudi Stock Market has seen lake luster performance. Due to short week (4 working days) Trading value was down by 39.26%. TASI lost 203.27 points and closed at 10938.75. Number of trades and volumes deteriorated by 29.86% and 32.84% respectively. Due to lowering of prices the investors lost SR 149 billion in form of market capitalization.
Trading in Saudi Aramco plummeted by 62.82% and summed to SR 416 million. Number of trades and volumes plunged by 49.81% and 62.41% respectively. Price of Aramco fluctuated between SR 32.90 and SR 33.90 an ended at SR 33.20 depicting decline of 1.48% on WoW basis. Due to deterioration of price the market capitalization dropped by SR 110 billion and totaled to SR 7304 billion (US$ 1.947 trillion).
Heavy Turnover:
Marafiq has taken debut last week and best bestseller of the week in term of value (SR 2.054 billion). Marafiq was offered at SR 46.00 thru IPO. It opened at SR 50.60 but later on tumbled and closed at SR 47.50 showing decline of 3.48% on WoW basis.
Al-Rajhi Bank and SNB remained on 2nd and 3rd position by trading values which totaled to SR 1.098 billion and SR 0.891 billion and prices closed negatively by 2.01% and 2.75% respectively. The price of Alinma bank tumbled by 7.5%% with turnover of SR 705 million, while STC turnover summed to SR 624 million. A special deal worth SR 253 million at SR 38.95 included. At that time the market price was also SR 38.95 so despite heavy volumes, they did not get any advantage on price. . Later on price increased to SR 39.10 which shows increase by 3.85% on WoW basis
Top Gainers:
TECO after becoming ex-Right on 21.11.2022, it closed consecutively 3 days on upper limit of circuit breaker. Therefore gained 19.66% on WoW basis and was the top gainer of the week. It closed at SR 29.15. Its trading of Right shares may start on 27/28th November. Then story will be different. There will be many sellers and few buyers. Therefore, the price is expected to drop.
Bank Al-Saudi Al-Fransi was the 2nd top gainer who climbed by 5.22% and closed at SR 42.35. STC got little boost and amplified by 3.85% and closed at SR 39.10. Tawuniya improved by 3.82% and ended at SR 81.50. MIS enlarged by 3.77% and finished at SR 96.40.
Some other companies who contributed positively included Elm up by 3.26% and finished at SR 310.00, ANB improved by .36% and closed at SR 33.86%. Al-Hokair Group increased by 1.93% and concluded at SR 21.10. Fitness Time improved by 0.60% and closed at SR 84.10.
Top Losers:
Othaim Markets who declared 7.5%% dividend became ex dividend on 21.11.2022. Therefore, its price dropped by 12.23% and was he top loser of the week. The value of Amiantit plunged by 12.13% and ended at SR 34.40. Atheeb Rent A Car after becoming ex -dividend declining continuously. Last week it declined by 10.96% and closed at SR 52.80.
Perfect Presentation for Commercial Service Co (2P) after taking debut on 16.11.2022, and touching highest of SR 222, declined 10.96% on WoW basis and closed at SR 166.00. Al-Yamama Steel plummeted by 9.91% and finished at SR 25,00
Other companies contributed negatively includes Sharqiyah Development down by 9.66%, GACO fell by 8.58%, Saudi Ceramic plunged by 8.05%, TASNEE lost value by 8.01%, TADCO suffered by 7.28% Saudi Fisheries down by 7.26%, , SPM value suffered by 7.94%, HCC tumbled by 7.50%, SIECO plummeted by 7.99%. etc.
Sector wise performance:
Last week only 3 sectors closed in positive zone. Best performance was seen by Software and services whose Index gone up by 2.69%%. Food and Staple Retailing displayed worst performance whose index plummeted by 7.29%.
Dividend / Bonus / Right Shares / IPOs
Last week 2 companies announced dividends. Qassim Cement declared 6.0% cash dividend with Book closing on 22/11/22 and distribution on 12/12/22. It is already become ex-dividend and its price plunged by 3.77% and closed at SR 63.80. Al-Mahathir Reit affirmed 4.4% dividend with Book Closing on 24.11.22 and payment on 6.12.22. its price improved by 0.11% and ended at SR 9.00.
MEPCO who declared 33.3% Bonus shares with Book Closing on 24.11.22 has ended with decline of 5.54% and closed at SR 39.20. It is likely to drop to SR 29.40 on Sunday due to ex-Bonus
New IPO of Luberef. is in the offing They will float 50.045 million shares thru Tadawul. Luberef is affiliated to Aramco and world leading supplier of High-quality base oil which is used in high brand lubricants. It is a prestigious organization and it is recommended to subscribe soon after launch. Price not yet decided.
Marafiq IPO was launched at SR 46.00. Last week closed at SR 47.60 which is an attractive price. Investors should accumulate slowly. This week TECO Right share trading will start. Its price is expected to drop. Shareholders should tackle it with care.
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