Saudi Stock Market Brief: Weekending May 20, 2022

By Ghiasuddin, JEDDAH: Oil prices went further up. WTI price increased by 6.14%  and Brent by 4.21% as compared to prices last week. WTI and Brent were seen trading at US$ 112.21/barrel and US$ 112.04/barrel respectively. The price of pull down of these prices: SR 301 billion was wiped out from market capitalization.

Most of the trading was done in Al-Rajhi Bank (SR 5.86 billion) and its value depleted by 6.69% and ended at SR 93.60. Despite Dividend of SR 0.3198/share and Book closing at 25.5.2022, heavy selling (SR 3.149 billion) was observed in Saudi Aramco and it’s price plunged by 2.21% closing at SR 39.75. The market capitalization of  Saudi Aramco depreciated by SR 195 billion and summed to SR 8745 billion (US$ 2.332 trillion).

The price of Saudi National Bank tumbled by 5.68% and finished at SR 69.80 with turnover of SR 2.097 billion. The price of Alinma Bank dropped by 2.04% and concluded at SR 35.95 with turnover of SR 2.069 billion.

AS predicted last week, SIECO was the top gainer of the week. It was also predicted that its price may cross SR 90.00 (from SR 60.00 previous week). This happened. Its price flourished by 60.65% and after crossing SR 90.00 it ended at SR 97.30. Every day, it closed on upper lock for 5 consecutive days.  It is expected that Circuit breaker may be broken on Sunday May 22nd. It is likely to continue its upward journey.

Anaam Holding, after becoming Ex-Right was closing on upper limit of circuit breaker for few days. Its price amplified by 29.52% on WoW basis and ended at SR 39.40. It is likely to continue its upward trend through more upper locks. There are many buyers and fewer sellers at this stage. Shareholders are expecting higher prices in the near future, therefore not willing to sell cheap.

Top loser of the week was Arabian Insurance Cooperative Co. (AICC), which nose-dived by 19.34% and ended at SR 25.65 shaken after Capital reduction and quantity adjustment plummeted by 18.61% and closed at SR 20.78. Petro Rabigh plunged by 23.90% and finished at attractive level of SR 23.90. Jarir announcement of Dividend was the best of the week which offered 22.5% cash dividend with book closing on 16/5/22 and payment on 25/5/22. Yamamah Steel declared 7.5% dividend and Qassim Cement announced 5% dividend with Book closing on 19/5/22.