This is 3rd consecutive week that Saudi Stock Market closed in negative zone. Tadawul All Share Index fluctuated in the range of 367 points. The negative trend of previous week continued in first 3 sessions. The market recovered little bid in last 2 sessions and losses constricted to 59.66 points as TASI closed at 7635.82 Traded value enhanced by 2.1% however due to drop in the prices in general the investors lost SR 16.13 billion. Sabic and Al-Rajhi Bank have supported the market. Both have heavy weightage in market capitalization; 15.07% and 8.27% respectively and both were up. Traders invested SR 1.16 billion in SABIC and SR 1.75 billion in Al-Rajhi Bank and both amplified by 2.25% and 2.76% and closed at SR 90.50 and SR 59.50 correspondingly. National Commercial Bank has 6.96% weight in Index; however, it was down by 3.24% and ended at SR 20.04. There was also burst of activities in Alinma Bank as share worth SR 1.35 billion exchanged hands but it tumbled by 2.05% and finished at SR 20.04.
The great gain was witnessed in Saudi Paper Manufacturing which was the top gainer of the week as it augmented by 7.53% and concluded at SR 9.71. However, it is not a big joy for the shareholders as it price is still down by 30.94% from the beginning of the year. Saudi Bank Al-Fransi improved by 6.47% and closed at SR 32.10. Saudi Industrial Services and Tabuk Cement were also benefited by 4.40% and 4.28% and were concluded at SR 14.72 and SR 15.10 respectively.
In energy sector SARCO has taken a U-turn and plunged heavily by 13.38% and finished at SR 39.15 whereas Petro Rabigh in the same sector improved by 1.24% and ended at SR 19.66. While Basic Investments and Logistic Co and SAPTCO tumbled by 11.62% and 9.69% and closed at SR 30.05 and SR 14.72 respectively.
Most to the Insurance companies were down last week. Arabian Insurance Cooperative Co dived by 7.74% and closed at SR 14.30. While Axa Insurance and Enaya Insurance tumbled by 5.76% and 4.29% and ended at SR 23.56 and SR 8.04 respectively. Buruj insurance was down by 1.36% and concluded at SR 18.92.
Mulkia Reit announced to distribute 1.7% dividend for 3rd Q of 2019. Book closing 22/10/10., Price was up by 0.22% and ended at SR 8.87. Net profit of Advanced Petrochemical for 9 months was up by 2.5% to SR 567 million. They declared 6.5% dividend for 3rd Q; book closing was on 17.10.19. Their price was up 0.43% and reached to SR 47.20.
Aldrees Petroleum and Transport Co published 9 months financial results according to which their Net profit increased 19.37% to SR 63.7 million as compared to same period of 2018. EPS is 1.06. However, its price dropped by 1.66% on W/W basis and closed at SR 53.40
Alujain has reported net loss of SR 149.72 million during first 6 months of 2019 while they had profit of SR 126.45 million during the same period of 2018. No trading was observed in Alujain in previous week as no buyer was interested in buying at offered prices and the sellers were not interested in lowering the price. Nevertheless, previous close was at SR 19.08.
Net profit of United Wire Factories (Aslak) for 3 quarters of 2019 jumped by 10.96% to SR 17.2 million as compared to similar period of 2018. The reason of increased of profit is due to increase in Sales. However, the its share price plunged by 3.16% and ended at SR 14.72
Basic Chemical Industries has announced that a letter of Intent has been signed for value of SR 290,385,260.00 with Nasser Saeed Al-Hajri & Partners Contracting Company to work as general contractor for construction of Chlorine project in Jubail. Actual contract will be signed within 60 days. Nonetheless BCI share price plummeted by 1.15% on W/W basis and closed at SR 20.64.
It is reported that though USA and China are trying to ease the trade war tension but there are still lot of uncertainties in trade relationship. Therefore, investors need to be cautious.
SOURCE : ALBILAD
