Last week USA and China trade war has escalated through imposition of tariff on both sides. It is expected to hit global economy. IMF has indicated that further escalation will affect business climate and financial markets and MENA region will not be spared from fall-out. Oil prices are indicator of economic expectations. China is one of the biggest importers of oil and gas. If due to contractions of demand the oil price goes down, it will affect the MENA economies and its financial markets.
However as indicated in last article that the reaction in Saudi Stock Market on trade war between USA and China was too far therefore this week trading remained normal. Tadawul All Share Index fluctuated between 265 points and at the end it was up by 34.98 points and closed at 8054.75 Due to increase of prices the value of market capitalization enhanced by SR 14.14 billion and reached to SR 1915.89 billion.
Most of Blue chips were up. Al-Rahji Bank augmented by 0.50% and ended at SR 60.80. It was also most active scrip of the week in which shares worth of SR 3.17 billion were traded which constituted 20.58% of total trading value of the week. Sabic has seen fluctuation of SR 0.90 and at the end its price remained unchanged at SR 99.90 while trading value totaled SR 1.18 billion. If we study 52 weeks trading prices for Sabic; it has seen lowest price of SR 97.00 on 27.8.2019 and highest price of SR 130.30 on 27/8/2018. Alinma Bank was up by 0.27% and finished at SR 22.06 and sales / purchase value of shares hit SR 1.2 billion.
Amiantit was the top gainer of the week which got huge gain of 11.57% and ended at SR 7.52. Alahlia Insurance was up by 10.11% and concluded at SR 10.02. The value of Alahli Takaful augmented by 9.75% and ended at R 25.90. Al-Rajhi Takaful improved by 9.17% and finished at SR 63.10. SAPTCO enriched by 9.04% and closed at SR15.68
In energy sector all the companies ended in positive zone however National shipping was the top gainer in this sector the price of which increased by 3.63% and ended at SR 27.10. Petro Rabigh was up by 0.90% and closed at SR 20.00.
If we study the losers of the week, we will find that Bank Al-Fransi was the top loser which lost its value by 4.57% and closed at SR 33.40, SACO was down 4.27% and finished at SR 60.50. Savola tumbled by 4% and ended at SR 30.00. Capital Market Authority imposed SR 20,000 fine on Halwani Brothers as they did not publish 1st Q results on time. However its price seen going up by 1.07% and closed at SR 33.20.
Leejam Sports Co. (Time Fitness ) has declared 2nd interim Dividend of 5% for the Y-2019. The book closing is 9/9/2019 and it will be distributed 22/9/2019. Fitness time is mainly engaged in construction, management and operation of sports and recreation centers; wholesale and retail trade in sports ware and sports equipment. They have already distributed 4% dividend for the 1st Quarter of 2019. Its price was up by 3.85% and ended at SR 80.90.
On last Thursday USA and China agreed to hold high level discussions in early October in Washington. Therefore investors are not pessimistic but would like to play safe in coming weeks.
SOURCE : ALBILAD
