Jan 07 2012 |
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Dividends help Saudi Arabian market look up
MUSCAT: The performance of Saudi stocks has seen some improvement in the fourth quarter of 2011, primarily due to the distribution of good dividend by listed corporations, according to Global Investment House report.The research note said that Tadawul All Share index appreciated by 5 per cent quarter-on-quarter by the end of the fourth quarter of 2011, which brought down the index's loss to 3.07 per cent in 2011.
Trading activity
Despite its negative performance, which was mainly due to external factors such as worries over international markets and the economic situation around the world, the Saudi market managed to end the year with marginal loss, compared to large declines of other Gulf Cooperation Council (GCC) stock exchanges.
In 2011, a total of 48.54 billion shares were traded on the exchange, up by 47.05 per cent compared to the previous year.
Aggregate value of shares traded increased from 759.18 billion Saudi riyals ($202.45 billion) in 2010 to 1,098.84 billion riyals ($293.02 billion) in 2011, up by 44.74 per cent year-on-year.
The petrochemical sector was the most active in terms of volume and value of shares traded in 2011, with 9.6 billion shares exchanged at an aggregate value of 329.4 billion riyals ($87.2 billion), which represented 19.7 per cent and 30 per cent, respectively, of the market's aggregate volume and value for 2011.
Within the sector, heavyweight Saudi Basic Industries Corporation ( Sabic ) constituted 13.9 per cent of total value traded on the exchange in 2011, with an aggregate value of 152.9 billion riayls ($40.8 billion). Sabic recorded a price decline of 8.11 per cent.
In terms of volume of shares traded, Alinma Bank took the lead. Investors exchanged 3.9 billion of the bank's shares, at an aggregate value of 38.8 billion riyals ($10.3 billion), representing 8.1 per cent and 3.5 per cent of the market's aggregate volume and value traded in 2011, respectively.
Alinma Bank managed to reverse its negative performance during the fourth quarter of 2011, as it added 1.08 per cent in quarterly gains, which reduced its year-on-year price decline to 10.95 per cent.
In the meantime, selling pressure mounted on shares of Zain Saudi in the fourth quarter of 2011, leading its share price to post a decline of 28.39 per cent by the end of 2011.
Market capitalisation
By the end of 2011, market capitalisation of listed companies on the Saudi bourse stood at 1,270.8 billion riyals ($323.8 billion), down by 56.6 billion ($14.4 billion), compared to 1,325.4 billion ($353.4 billion) reported at the end of FY2010.
IPO, new listings
In the fourth quarter of 2011, three Saudi companies offered their shares to the public, for a total of 5 IPOs during the year 2011. Two of those companies were listed on the Saudi Exchange, bringing the number of listed stocks to 150.
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