Weekly Stocks Review as on 23rd February, 2023
Saudi Market down drastically. TASI plunged by 395.15 points and closed at 10153.30. Total trading plummeted by 26.85% and restricted to SR 14.02 billion
Investors lost SR 381 billion in form of Market capitalization.
Market capitalization closed below SR 10 trillion.
By : Ghias Uddin, MBA
Saudi Market remained under influence of US market and was down drastically. TASI fluctuated within 403 points and closed at 10153.30 depicting reversal of 395.15 points on WoW basis. One of the reasons for low volume was also that last week had 4 working days, Market was closed on 22nd February due to Foundation Day. All the indictors were down. Numbers of trades were down by 27.48% while volumes plunged 55.11%. The Value of trade plummeted by 26.85% and constrained to SR 14.02 billion. Due to decrease in prices the Investors lost 381 billion in form of market capitalization. The market capitalization once again closed below SR 10 trillion and restricted to SR 9737 billion.
Trading in Saudi Aramco tumbled by 19.49% % and totaled to SR 333 million. Its price oscillated by 3.78 % on WoW basis and closed at SR 31.80. Number of trades and volume declined by 27.48% and 55.11%% respectively. Because of weaking of prices, the market capitalization of Aramco plunged by SR 275 billion and totaled to SR 6996 billion (US$ 1.865 trillion).
Heavy Turnover.
Al-Rajhi Bank was again the top pick of the week. In which shares worth SR 1.06 billion were traded. Its price dropped by 5.12% and ended at SR 72.30 LUBREF was placed in 2nd position in which shares worth SR 950 million exchanged hands. However, its price plunged slightly by 0.19% and close at SR 106.40. LUBREF is likely to attract good number of investors as they announced 50% cash dividend. Book closing date not yet declared. The trading in SABIC summed to SR 794 million. STC declared only 4% dividend which was not liked by most of shareholders, therefore they preferred to sell. Its price dropped by 4.80% on turnover of SR 664 million. SNB achieved turnover of SR 589 million, however its price plunged by 2.27% ended at SR 47.85. in bearish market, SNB is continuously going down though its proposal of granting 33.3% Bonus shares already approved by CMA. In normal conditions, its price should have gone up.
Top Gainers:
Etihad Etisalat declared 11% dividend. Its price increased by 7.22% and closed at SR 36.40. Etihad Etisalat was the top gainer of the week. The price of SEERA increased by 5.86% and ended at SR 19.16. STC Solution announced earlier 50% dividend. In spite of good dividend announcement, the manipulators dragged the price down to buy more on lower levels. They came back to buy STC Solution and Its Price now increased by 4.17% and became 3rd top gainer of the week and closed at SR 250.00. The prices of Alinma Hospitality REIT and Yamama Cement enriched by 3.30% and 3.07% and closed at SR 9.40 and SR 30.25 respectively.
Top Losers:
TAPRCO was top Loser of the Week. Its Price plummeted by 20.93% and ended at SR 66.10. Atheeb Telecom suffered loss of 10.45% on WoW basis and settled at 58.30. ANB deteriorated by 8.83% and ended at SR 24.16. GACO plunged by 8.39% and closed at SR 23.68. Cenomi after becoming ex-dividend is continuously falling. Its price further depreciated by 8.38% on WoW basis and closed at SR 14.66.
Dividend / Bonus / Right Shares / IPOs
STC declared 4% cash dividend with book closing on 26.2.2023 and payment on 16.3.2023. However, this small dividend did not attract he investors, who preferred to sell. And its price depleted by 4.80% and ended at SR 34.70. LUBREF announced 50% dividend. However, its price deteriorated by 0.19% and closed at 106.40. It is likely to jump next week. Dr. Sulaiman Fakih declared 9.30% dividend with book losing on 23.2.202 and payment on 13.3.2023.Its price ended at SR 234.00.
Etihad Etisalat declared 11.% dividend. Its price increased by 7.22% and closed at SR 36.40. Qassim Cement affirmed 6% dividend with Book closing on 21.3.2023 and payment 5.4.2023. It closed at SR 67.20. Advanced Petrochemicals announced 5.5% dividend with book closing on 18.5.2023 and payment on 28.5.2023. It ended at SR 44.30. Moammar Information system (MIS) declared 12% Dividend with book closing g on 26.2.2023 and payment on 12.3.2023. Its price closed at SR 97.50. Saudi Ceramic declared 5% dividend with book closing on 14.3.2023 and payment on 28.3.2023.
Americana Restaurants declared SR 0.0461/ share dividend its book closing as per EGM which will be announced later. Its price closed at SR 3.74 which gives only 1.23% dividend yield. Arabian Cement announced 11% dividend , Book closing as per EGM which will be announced later. It closed at SR 35.10. At this price it provides 3.13% dividend yield.
On Friday most of the USA markets closed in red. Various data showing sign of inflation It is likely to inspire Federal Reserve to be more aggressive or increasing interest rates. . Investors in TASI should be careful on Sunday, 26th February as it is likely to open and close in red. It looks like another slump week ahead. Be careful.
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Writer can be contacted thru: email: ghiasjeddah@hotmail.com
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