Saudi Stock Market Remain Stable. Price Index Unchanged. All Other Indicators Were Down.

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Ghiasuddin, Jeddah: Prices of Oil remain bullish. WTI price enhanced by 3.21% and Brent upped by 3.22% % as compared to prices last week. WTI and Brent were seen trading lately at US$122.11/barrel and US$123.58/barrel respectively. The price of Gold slightly improved by 0.32% and traded at US$185.90/oz recently.

All Tadawul Share Index (TASI) fluctuated in narrow band. It started at 12605.01 and closed at 12602.88, down by 0.01%. All other indicators were down. Volumes plunged by 31.91% on WoW basis and numbers of trades dropped by 17.53%. Total business of the week tumbled by 38.85% and totaled to SR 29 billion. However, Market Capitalization slightly improved by SR57 billion and summed to SR12074 billion.

Price of Saudi Aramco fluctuated between SR40.15 and SR41.85 and closed at SR40.40 depicting an increase of 0.50% on WoW basis. Total trading in Aramco plunged drastically by 73.73% and summed to SR827 million. Due to increase in price, its market capitalization improved by SR101 billion and totaled to SR8844 billion (US$2.358 trillion).

The most active scrip by value was Al-Rajhi Bank, which attained the highest turnover of SR2.606 billion. Its value however reduced by 1.26% and closed at S 94.20. A lot of activity was noticed in Daral Arkan in which trading totaled to SR1.532 billion. Its price jumped by 5.95% and finished at SR13.90. The sale and purchase in SABIC Agri Nutrients summed to SR1.424 billion. STC and Alinma Bank were 4th and 5th  by turnover which totaled to SR1.353 billion and ST1.219 billion respectively, and their prices deteriorated by 2.14% and 2.96% and settled at SR100.40 and SR36.00 respectively.

Petro Rabigh was the top gainer of the week who offered 90.75% Right shares at SR10.00. Investors got the opportunity to get those shares at IPO price of SR10.00.  It became ex-Right in the middle of last week. Its price augmented by 15.75% on WoW basis and closed at SR20.80. Other top gainers were Al-Rajhi Takaful enlarged by 14.21 and closed at SR 88.40; Al-Hammadi flourished by 10.78% and finished at SR 56.50; ACIG improved by 10.68% and settled at SR17.00. Salama Insurance amplified by 7.79% and concluded at SR15.50.

SIECO became ex-Right; it plunged by 14.10% and closed at SR90.20. SIECO was the top loser of the week. Other top losers were Ayyan down by 8.33%. Derayah Reit tumbled by 6.64%; National Medical Care dropped by 6.43%. Arab Sea Information System depleted by 6.50%.

There were 4 companies who announced to distribute dividends last week. (1) Bupa Saudi Insurance was the best who declared 45% cash dividend with book closing on 30.6.2022. Its value increased by 2.90% and ended at SR163.00. As per an analyst, its first target price is  SR173.00; 2nd target SR179.00 and 3rd SR185.00  As per another expert, if the main Price Index remain positive,  price of Bupa can touch SR190.00. (2) Yansab and  (3) Alujain both announced to distribute 15% dividend with Book Closing on 15.6.2022 and 30.6.2022 respectively. (4) Theeb Rent A Car offered 4.9% dividend with Book closing on 21.6.2022 and payment on 6.7.2022. Its price increased by 0.16% on WoW basis and closed at SR61.70.

Investors have still chances to avail 200% Right shares of Wafrah till 14th June. Its price augmented by 6.47% on WoW basis and settled at SR135.00.  MIS who offered 20% Bous shares have announced shareholder meeting on 30.6.2022. Its price increased by 0.84% on WoW basis and finished at SR120.20. Its price is likely to touch SR144.00 by Book closing if the main market remains positive. Saudi Telecom (STC) is planning to increase the Capital by 150% thru Bonus shares. SR30 billion will be converted to capital from retained earnings. It needs approval from CMA and shareholders which takes some months. STC was under pressure last week and its price deteriorated by 2.14% and closed at SR100.40. Its price may reach to its new height in coming weeks.