ACWA Power was in the news -they are notified as preferred bidder to develop 2 solar PV projects in Indonesia, namely (1) Singkarak Floating PV 50MWac located in Sumatra, and (2) Saguling Floating PV 60MWac located in Java.
Ghiasuddin, Jeddah: Oil prices were in favor of oil exporting countries. WTI price enhanced by 5.93% and Brent enlarged by 6.85% % as compared to prices last week . WTI and Brent were seen trading lately at US$118.87/barrel US$119.17/barrel respectively. The price of Gold slightly improved by 0.22% and traded at US$ 1845.40/oz recently.
Positive trend continued in Saudi Stock Market Tadawul. All Share Index increased by 74.67 points (0.59% up on WoW basis) and closed at 12605.01. Due to positive trend, Market capitalization further improved by SR138 billion, and summed up to SR12,017 billion.
The price of Saudi Aramco moved within SR40.20 and SR42.00 during the week, and closed at SR40.20 depicting reduction of 1.23%. Because of reduction of price, Aramco market Capitalization hurt by SR101 billion and lowered to SR8844 billion (US$2.358 trillion).
Al-Rajhi Bank was leader by highest turnover (SR4.25 billion) and its price increased by 1.60% on WoW basis and closed at SR95.40. Saudi Aramco was the runner up in turnover (SR2.588 billion). However, price reduced by 1.23% and ended at SR40.20. Shares worth SR2.043 billion exchanged hands in Dar Al-Arkan and price soared by 17.77% and ended at SR13.12.
ACWA Power was in the news -they are notified as preferred bidder to develop 2 solar PV projects in Indonesia, namely (1) Singkarak Floating PV 50MWac located in Sumatra and (2) Saguling Floating PV 60MWac located in Java. They are working for final award of the projects. ACWA Power also announced signing of the Limited Notice to Proceed (LNTP) agreement in relation to the Engineering Procurement and Construction (EPC) contract for NEOM Green Hydrogen Project. It will be the largest Green Ammonia Project in the world located in NEOM city. The plant will have capacity of 1.2 million tons per annum of Green Ammonia. ACWA Power also announced 7.7% cash dividend for the year 2021. Book closing and payment date will be announced later. Because of above encouraging news, a lot of interest was created in the scrip and shares worth 2.026 billion were traded during the last week. Its price amplified by 1.35% and ended at SR150.00.
Amana Insurance is planning to increase the Capital by approximately 230% thru Right shares: Amana Insurance was the top gainer of the week as its price flourished by 30.51% an ended at 10.81. The prices of Al-Sagr Insurance and Al-Rajhi Takaful enhanced by 18.56% and 15.18% and closed at SR11.88 and SR11.88 respectively. As indicated above, Dar Al-Arkan flourished by 17.77% and ended at 13.12. Saudi Printing and packaging Co. was the 5th top gainer of the week, which soared by 12.39% and closed at SR18.50.
Dr. Sulaiman Al-Habib Medical was the top loser of the week; the price plunged by 7.19% and closed at SR206.40. The prices of East Pipes and Al-Munajem depleted by 5.75% and 5.46% respectively and finished at SR73.60 and SR67.50 respectively. Al-Hokair Group and Jadwa Reit Saudi tumbled by 4.48% and 4.31% respectively.
Maaden became ex Bonus and its price plummeted by 4.07% on WoW basis and closed at SR59.00. Saudi Cement declared 15% dividend which was the best dividend of the week with book closing on 5.6.2022 and payment on 15.6.2022. Its price improved by 2.70% on WoW basis and closed at SR57.00. Yanbu Cement announced to distribute 7.5% dividend with Book closing on 12.6.2022 and payment on 12.6.2022. Its value improved by 2.88% and closed at SR39.35. Saudi House Loan declared 7.94% dividend with book closing on 31.5.2022 and distribution on 14.6.2022. Its price augmented by 8.97% and closed at SR22.10. Experts say Wafrah maturity date is coming nearer. The book closing for 200% Right shares is 9.6.2022. Anybody who wants to avail 200% Right shares may buy Wafrah on or before 9,6,2022. Last week 5,56,978 shares exchanged hands. The price fluctuated within SR126.00 and SR129,80 but ended at SR126.80 with no change of price. Its trading is getting momentum now and as per Senior Technical Analyst Mohammed Sarfraz, it is getting ready to break the triangle pattern. “Then price will shoot up”. It is expected that its price will cross SR150.00 soon.