Weekly Stocks Review as on 2nd February, 2023
Weekly closing turned to negative. TASI down by 119.964 points and closed at 10701.79. Investors lost SR 101 billion in form of Market capitalization.
Market indicators showed improvement. Trading value amplified by 14.76% and reached SR 20.56 billion
By : Ghias Uddin, MBA
Federal Reserve increased interest rate by 0.25% (25 basis points) At the same time SAMA also increased the Interest rate by 0.25%. This was double dose and has negative impact on Saudi Stock market.
TASI fluctuated within 208 points and closed at 10701.70 depicting negative closing by 119.96 points on WoW basis. All indicators are improving but prices were down. Numbers of trades and volumes increased by 17.17% and 19.57% respectively. Value of trade amplified by 14.76% and reached to SR 20.56 billion. However due to reduction of prices the investors lost SR 101 billion in form of market capitalization.
Saudi Aramco showed weak performance as compared to previous week. Number of trades and volume were down by 11.31% and 26.95% respectively. Value of trade plunged by 26.38% and restricted to SR 676 million. The price fall by 0.91% on WoW basis and ended at SR 32.60. Due to reduction of price the market capitalization of Aramco reduced by SR 66 billion and totaled to SR 7172 billion (US$ 1.912 trillion) .
Heavy Turnover:
Al-Rajhi Bank was the top pick of the week in which shares worth SR 2.41 billion were traded. Its price was however reduced by 0.49% and ended at SR 80.50.
The turnover of SNB who announced 6% dividend and 20% Bonus shares summed to SR 1.06 billion and its price increased by 1.14% On WoW basis and concluded at SR 48.80. Senior Technical Analyst Khurram Riaz indicated that after steep down fall following the Price Index SNB stock on weekly chart is on strong support level of SR 47.00 level. He indicated that buying at this level is not recommended as overall stocks are still in downtrend and it needs to break next immediate resistance level of SR 51.00. Once this level is broken with a clean candle close above this level then next target level could be SR 58.00.
He further advised that considering the current bearish trend of market no entry should be taken without a stop loss.
Alinma Bank attracted investors and got 3rd position by turnover (SR 904 million), However its price tumbled by 4.25% and ended at SR 31.55. Saudi Aramco was in 4th position by turnover (SR678 million) and its price reduced by 0.91% and closed at SR 32.60. The price of Dar Al-Arkan augmented by 7.28% on WoW basis and closed at SR 12.96 with turnover of SR 644 million).
Top Gainers:
Salama Insurance was the top gainer of the week as its price amplified by 24.62% and concluded at SR 16.30. The price of Alinma Tokio augmented by 13.74% and ended at SR 16.06. The value of CENOMI Retail enriched by 12.97% and settled at SR 18.12. Alsagr Insurance and East Pipes enhanced by 11.23% and 9.62% and closed at SR 17.04 and SR 49.00 respectively.
Top Losers
Alinma Hospitality Reit was the top loser of the week. Its price plummeted by 8.90% and closed at SR 9.11. SIIG and Sipchem plunged by 8.25% and 5.76% and closed at SR 22.90 and SR 36.00 correspondingly. Tasnee plunged by 5.39% and reached to attractive level of SR 12.28. Alujain lost its value by 5.12% and ended at SR 38.90. STC is still moving within narrow range. Its price dropped by 0.93% on WoW basis and closed at SR 37.10. The shareholders should hold and not sell at lower prices. It has the capacity to go to SR 48.00 Level within few weeks.
Dividend / Bonus / Right Shares / IPOs
Saudi Cement declared 17.5% dividend. Its price however deteriorated by 0.18% On WoW basis and closed at SR 32.90. ACWA Power announced 8.3% dividend. However, its price depreciated by 4.88% on WoW basis and ended at SR 148.00. Taleem Reit declared 1.6% dividend with book closing on 29.1.2023 and payment on 21.2.2023. Its price dropped by 2.83% and finished at SR 11.64.
DWF offered Sukuk in the market. They did not clarify whether their request for capital increase from CMA approved or not but offered Sukuk in the market to increase working capital. It is discouraging to the small shareholders. They were waiting for Right shares. They preferred to sell. Its price deteriorated by 4.31% and ended at SR 164.00.
Most of the USA Markets closed in red on Friday, therefore Tadawul investors should invest carefully after checking the trend on Sunday, 5th February.
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