Saudi Stock Market Report · 2012. 11. 27. · Saudi Stock Market Report 14 January 2012 Market...

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Saudi Stock Market Report

14 January 2012

Market Snapshots

TASI Intra-day Movement Market Commentary

Source: Tadawul Stock Exchange, Official Website

Global Markets…

Global equities declined on Friday after S&P said that several Euro Zone countries

may face rate cuts. J. P. Morgan’s 23% fall in Q4 profits further depressed investors’

sentiment. NYMEX Crude Oil slid to a three-week low after E.U. officials said that an

embargo on Iranian crude oil imports might be deferred for six months.

Tadawul extends gains…

The Tadawul All Shares Index extended gains on Wednesday and closed up 0.2%,

at 6,486.41, logging a weekly rise of 1.2%. The bourse turnover remained above the

SAR6bn mark. The lenders led the market gains whilst the cement stocks were a

drag on the Index. Mid-cap banking stocks enjoyed brisk buying. BJAZ continued its

upward momentum and rose 0.4% on Wednesday after the bank announced that

that its net income during Q4 2011 amounted to SAR110mn, compared to net loss

of SAR27mn for the same quarter previous year. Saudi Investment and Arab

National climbed 1.3% and 0.4% respectively, on result expectations. Post trading

hours on Wednesday, Saudi Investment announced that its Q4 2011 earnings saw a

dip of 38% whilst its 2011 yearly earnings enjoyed a rise of 65%. Arab National also

announced on Wednesday post trading hours that its net income during Q4 2011

was SAR110mn, compared to net loss SAR27mnin Q4 2010. The largest listed

Saudi bank Al Rajhi closed unchanged after rising 2.4% on Tuesday. Al Rajhi’s Q4

profit is expected to increase 15%, according to a Reuters’ poll. Mid-cap

petrochemical stocks enjoyed gains whilst SABIC traded weak and slipped by 0.3%

to SAR94.50. The Cement stocks suffered profit taking after the recent gains with

most stocks in the sector closing in the red. Southern Cement was the top loser of

the session and plunged 5.5%. Arab Cement, Yamamah Cement, Saudi Cement

and Qassim Cement shed over 1.6%. Among the Telecom stocks, while STC closed

flat, Zain KSA and Mobily advanced 3.6% and 1.4% respectively. Almutakamela was

the top gainer of the session and surged 10.0%. Large-caps such as Saudi

Electricity and Ma’aden rose 0.4% and 1.2% respectively.

Newsmakers…

Saudi Arabia’s stock market may gain frontier market status at MSCI Inc.

(MSCI) “quite quickly” if it opens up to foreign investors in the first quarter,

HSBC Holdings PLC said. (Bloomberg)

David Cameron will make his first visit to Saudi Arabia since becoming U.K.

prime minister, a trip he postponed last year due to the death of the previous

crown prince. (Bloomberg)

JPMorgan Chase & Co.'s fourth-quarter earnings fell 23%, in line with Wall

Street expectations, as the European debt crisis depressed trading and

corporate deal-making. (Reuters)

The U.S. trade deficit widened more than forecast in November as American

exports declined and companies stepped up imports of crude oil and

automobiles. (Bloomberg)

Saudi Market Outlook…

Amid negative global cues and falling oil prices, the Saudi market is likely to be

under pressure today.

Market Summary

Index Close

Value Traded (SAR) 6,367,082,186.10

Volume 305,993,996

Trades 149,859

Symbols Traded 148

Market Breadth 71:59


Indices Summary

Index Close Change

% MTD

% YTD

%

Tadawul All Share Index 6,486.41 0.2 1.1 1.1

Banks & Financial Services 14,996.26 0.2 2.8 2.8

Petrochemical Industries 6,155.59 0.3 -1.2 -1.2

Cement 5,422.53 -1.8 1.6 1.6

Retail 6,515.73 -0.2 0.6 0.6

Energy & Utilities 4,915.65 0.4 -1.2 -1.2

Agriculture & Food Ind. 5,837.30 0.3 0.4 0.4

Telecom & IT 1,698.65 1.3 1.8 1.8

Insurance 1059.34 0.2 6.3 6.3

Multi-Investment 2,900.62 0.1 5.2 5.2

Industrial Investment 5,457.64 0.5 -1.1 -1.1

Building & Construction 3,264.49 -0.1 0.0 0.0

Real Estate Development 2,780.93 0.3 2.8 2.8

Transport 2,955.88 -0.4 2.6 2.6

Media and Publishing 2,175.87 1.8 1.3 1.3

Hotel & Tourism 5,984.97 -1.0 -0.3 -0.3


Regional Market Statistics (12.01.2012)

Index Close Change % Volume (‘000) Turnover (US$ ‘000)

No. of Trades MTD % YTD %

Abu Dhabi SM 2,360.55 -0.2 56,141 14,234 751 -1.7 -1.7

Dubai FM 1,327.54 -0.5 79,033 19,133 1,351 -1.9 -1.9

Kuwait SE 5,746.90 0.5 318,865 90,737 3,692 -1.2 -1.2

Doha SM 8,699.46 -0.9 7,921 62,901 3,475 -0.9 -0.9

Muscat SM 5,690.83 -0.3 10,221 8,530 1,353 -0.1 -0.1

Bahrain SE 1,132.74 0.3 220 141 15 -1.0 -1.0

Source: Official websites of the Regional Stock Exchanges

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14 January 2012

Market Movers & Shakers

Top Gainers Top Losers

Company Closing

Price (SAR)

Change %

Volume (mn)

Almutakamela 17.65 10.0 17.57

Gulf Union 19.70 9.8 7.19

Walaa Insurance 21.50 7.2 4.89

SPPC 24.90 5.3 1.44

Anaam Holding 71.75 4.7 3.63

Company Closing

Price (SAR)

Change %

Volume (mn)

Southern Cement 86.50 -5.5 0.40

H B 60.25 -5.1 0.68

Bupa Arabia 28.50 -4.7 5.77

AMANA Insurance 35.60 -3.5 3.11

Pipes 37.60 -2.8 1.32

Volume Leaders Value Leaders

Company Closing

Price (SAR)

Change %

Volume (mn)

ZAIN KSA 5.75 3.6 34.75

Alinma 9.60 0.5 23.83


Dar Al Arkan 7.70 0.7 16.24

Emaar E .C 7.75 0.7 13.69

Company Closing

Price (SAR)

Change %

Value (SAR ‘mn)

SABIC 94.50 -0.3 465.58


Anaam Holding 71.75 4.7 257.47

Alinma 9.60 0.5 229.30

ZAIN KSA 5.75 3.6 198.68

52 Week New High / Low Stocks consistently gaining / losing over last three

trading sessions (Top 6)

Company Closing

Price (SAR)

New High (SAR)

New Low

(SAR)

Saudi Cement 75.00 76.50

Fitaihi Group 15.1 15.6

SASCO 18.20 18.20

Herfy Foods 95.5 100

Assir 16.95 17.05

SPPC 24.9 25

Company Current

Price (SAR)

3 Days Change

%

3 Days Avg. Volume

(mn)

SPPC 24.90 11.7 1.53

Gulf Union 19.70 11.7 3.85

Walaa Insurance 21.50 9.8 2.79

Food 28.50 -4.4 2.26

HCC 44.50 -4.8 0.32

Mubarrad 9.80 -5.0 18.18

Sector Turnover (SAR ’mn) Sector Volume (mn)

1.79

0.50

1.07

33.18

2.927.2110.41

31.13

5.22

3.803.63

0.99

18.06

0.950.56

Banks & Financial Services Petrochemical Industries Cement

Retail Energy & Utilities Agriculture & Food Industries

Telecom. & Information Technology Insurance Multi-Investment

Industrial Investment Building & Construction Real Estate Development

Transport Media and Publishing Hotel & Tourism Source: Data pertaining to all the tables and charts in this page are taken from Tadawul Stock Exchange, Official Website

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14 January 2012

Saudi Technical Watch

The TASI on Wednesday traded

positive and closed above the

10 day DEMA (6,481). On the

lower side, the 20 day DEMA

(6,473) is acting as strong

support. The MACD and the CCI

are giving a positive signal,

whilst the RSI closed at 70.13.

The Index may find support at

6,473, 6,431 and 6,408, whilst it

may face resistance at 6,491,

6,515 and 6,541.

Symbol R2 R1 PP S1 S2

TASI 6,515.08 6,500.75 6,483.58 6,469.25 6,452.08

SABIC on Wednesday closed

below the 10 day DEMA (94.77).

The MACD and the CCI are

giving a negative signal.

Investors may sell the stock,

with a stop loss of 95.20, for a

target of 92.70.


SABIC 95.50 95.00 94.50 94.00 93.50

Technical Outlook

Pivot Table

R: Resistance

S: Support

PP: Pivot Point

Tadawul All Shares Index

Technical Outlook

Pivot Table

Saudi Basic Industries Corp.

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14 January 2012


STC on Wednesday traded

above our suggested stop loss

of 33.75 and closed above the

20 day DEMA (33.94). Most of

the technical indicators like the

MACD, the CCI, the short-term

Stochastic and the Williams’ %R

are in a positive mode. Investors

may buy the stock, with a stop

loss of 33.90, for a target of

34.50 and 34.70.


STC 34.07 34.03 33.97 33.93 33.87

Al Rajhi on Wednesday traded

above the 10 day DEMA

(73.31). The CCI is giving an

overbought signal, whilst the

RSI closed at 81.00. Investors

may avoid the stock for the time

being and wait for our next call.


Al Rajhi 75.33 74.67 74.08 73.42 72.83

Technical Outlook

Pivot Table

Saudi Telecom Co.

Technical Outlook

Pivot Table

Al Rajhi Bank

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14 January 2012


Saudi Electricity on Wednesday

formed a DOJI pattern and

closed below the 10 day DEMA

(13.17). The MACD is giving a

negative signal. Investors may

sell the stock, with a stop loss of

13.80, for a target of 13.45.


SECO 13.80 13.75 13.70 13.65 13.60

MA’ADEN on Wednesday

traded as our past analysis had

suggested and closed above the

40 day DEMA (25.12). The

MACD and the CCI are giving a

negative signal. The short-term

outlook of the stock is negative.

Risk takers may buy the stock,

with a stop loss of 25.00, for a

target of 25.60.


MA’ADEN 25.60 25.40 25.10 24.90 24.60

Technical Outlook

Pivot Table

Saudi Electricity Co.

Technical Outlook

Pivot Table

Saudi Arabian Mining Co.

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14 January 2012

GCC Technical Watch

Today the GCC markets are closed. From tomorrow we will

resume giving technical calls on the GCC stocks.

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14 January 2012

Corporate News & Announcements

Arab National Bank announced that its net profit for Q4 2011 reached SAR368mn, compared to SAR301mn

for Q4 2010, an increase of 22%.

The Saudi Investment Bank announced that its net profit for Q4 2011 reached SAR147mn, as compared to

SAR238mn for Q4 2010, a decrease of 38%.

Almarai Company announced an increase in share capital of 73.9% through distribution of one bonus share

for each outstanding 1.35 shares.

Al-Jouf Agricultural Development Company announced that its net profit for Q4 2011 amounted to

SAR34.7mn, an increase of 46.6% compared to Q4 2010 of SAR 23.7mn.

Saudi Arabian Fertilizers Company announced that its net profit for Q4 2011 amounts to SAR1.27bn, an

increase of 25% compared to the same period last year.

(Source: Tadawul)

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14 January 2012

Tadawul Market Performance & Valuation Table

Company Current

Price Change

(%) MTD %

YTD %

52-Week Range

Volume (‘000)

Value (SAR ‘000)

Beta Dividend Yield (%)

PE EPS

(SAR) Free

Float (%) Market Cap (SAR ‘mn)

Price/ Revenue

P/B P/CF ROA (%)

ROE (%)

RIBL 23.60 0.4 1.3 1.3 27.00 - 20.30 200 4,708 0.77 5.5 11.3 2.09 48.7 35,400 5.2 1.2 10.8 1.7 10.6

BJAZ 17.70 0.6 4.4 4.4 20.35 - 14.00 2,441 43,552 0.95 0.0 17.5 1.01 67.8 5,310 4.0 1.2 18.7 0.7 4.8

Saudi Investment 16.20 1.3 0.3 0.3 20.85 - 14.81 336 5,459 0.85 0.0 12.6 1.29 53.7 8,910 4.5 1.1 12.3 1.6 9.4

Saudi Hollandi Bank 29.50 0.3 -1.0 -1.0 32.90 - 24.50 19 556 0.66 0.0 9.5 3.10 29.3 9,757 4.3 1.4 10.7 1.8 14.3

Saudi Fransi Bank 42.50 0.0 1.0 1.0 51.25 - 34.70 23 997 0.86 2.4 10.4 4.09 54.7 30,737 6.1 1.6 10.9 2.3 15.3

SABB 41.70 1.5 2.5 2.5 46.70 - 33.00 112 4,627 0.88 1.6 11.9 3.51 32.9 31,275 6.0 2.4 11.3 2.0 16.0

Arab National 27.60 0.4 0.4 0.4 35.90 - 26.00 335 9,236 0.96 2.8 10.8 2.55 49.1 23,460 4.8 1.4 6.7 1.8 12.7

SAMBA 45.60 0.0 -2.1 -2.1 62.75 - 42.10 125 5,690 1.07 3.6 9.6 4.74 50.6 41,040 5.8 1.5 8.7 2.3 15.7

Al Rajhi 74.00 0.0 6.5 6.5 83.75 - 65.00 1,293 95,989 1.06 4.1 15.5 4.76 49.5 111,000 9.2 3.6 15.7 3.4 23.1

AL Bilad 21.00 0.0 5.8 5.8 21.10 - 16.40 735 15,417 0.73 0.0 19.1 1.10 77.2 6,300 5.0 1.9 42.1 1.0 6.9

Alinma 9.60 0.5 2.7 2.7 10.80 - 8.75 23,832 229,296 0.70 0.0 39.8 0.24 69.9 14,400 13.0 0.9 N/A 1.1 2.3

CHEMANOL 12.50 2.0 3.3 3.3 16.05 - 10.10 6,072 75,592 1.25 0.0 29.6 0.42 50.0 1,508 1.9 1.0 30.1 1.7 3.5

Petrochem 21.10 0.5 2.9 2.9 25.00 - 16.05 708 14,961 0.87 0.0 N/A N/A 17.5 10,128 N/A 2.1 N/A 0.0 0.1

SABIC 94.50 -0.3 -1.8 -1.8 114.00 - 82.50 4,932 465,579 1.62 3.7 9.5 9.92 22.6 283,500 1.5 2.1 14.9 8.7 22.4

SAFCO 175.25 0.9 -0.4 -0.4 194.25 - 142.25 143 25,010 0.87 6.9 10.7 16.44 37.3 43,813 9.0 6.3 20.7 55.7 64.3

Industrialization 39.70 0.8 -2.5 -2.5 45.20 - 25.64 540 21,382 1.32 2.3 9.7 4.09 79.9 22,130 1.2 2.1 12.4 5.8 21.9

Alujain 17.20 0.3 -1.4 -1.4 24.95 - 15.45 1,320 22,683 1.37 0.0 21.8 0.79 85.1 1,190 0.7 2.1 N/A 1.5 9.3

Nama Chemicals 10.55 -0.5 6.0 6.0 12.75 - 8.20 3,601 38,220 1.22 0.0 N/A N/A 100.0 1,356 1.8 0.9 N/A -0.3 -0.5

SIIG 19.55 1.3 2.9 2.9 28.00 - 15.80 3,289 64,196 1.42 2.6 12.3 1.59 88.5 8,798 1.7 1.5 18.0 2.8 11.9

Sahara Petrochemical 15.20 0.3 -1.9 -1.9 23.00 - 12.37 3,527 53,558 1.49 0.0 9.9 1.54 90.0 4,446 4.1 1.1 55.0 6.0 10.8

YANSAB 43.20 0.5 -1.8 -1.8 53.50 - 37.50 577 24,847 1.42 0.0 7.9 5.45 39.7 24,300 N/A 2.5 N/A 12.6 31.1

Sipchem 19.30 0.5 -2.0 -2.0 25.00 - 15.86 1,361 26,258 1.31 0.0 11.4 1.69 82.1 7,077 2.2 1.1 N/A 4.3 9.3

Advanced 29.10 2.1 1.7 1.7 35.70 - 22.50 1,719 49,842 1.37 6.0 8.0 3.63 95.7 4,114 1.5 2.1 13.2 14.4 26.4

Saudi Kayan 17.25 -0.3 -0.9 -0.9 20.25 - 13.95 3,310 57,045 1.31 0.0 N/A N/A 41.1 25,875 N/A 1.7 N/A -0.1 -0.4

Petro Rabigh 22.60 0.9 -2.8 -2.8 30.10 - 18.25 1,686 38,003 1.40 0.0 N/A N/A 17.4 19,798 0.4 2.5 N/A 0.1 0.9

Arab Cement 44.5 -1.8 -0.9 -0.9 47.50 - 24.80 261 11,658 0.00 0 10.4 4.30 4,357 4.4 1.6 N/A 7.7 12.7

Yamamah Cement 72.25 -1.7 3.2 3.2 76.00 - 42.00 241 17,535 0.70 5.5 13.2 5.48 71.2 5,780 4.2 1.8 20.5 19.9 22.5

Saudi Cement 75.00 -1.6 4.2 4.2 76.50 - 47.00 34 2,591 0.76 5.3 14.9 5.04 87.4 10,125 6.2 3.3 13.4 17.1 25.1

Qassim Cement 73.50 -1.7 1.0 1.0 77.25 - 52.50 72 5,289 0.51 6.8 12.7 5.77 86.4 11,246 11.2 6.2 9.3 26.4 28.7

Southern Cement 86.50 -5.5 0.6 0.6 92.00 - 57.00 395 34,489 0.45 5.2 13.6 6.34 51.3 7,785 5.0 3.2 11.1 29.7 33.8


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14 January 2012


Company Current

Price Change

(%) MTD %

YTD %

52-Week Range

Volume (‘000)

Value (SAR ‘000)


PE EPS

(SAR) Free


Price/ Revenue

P/B P/CF ROA (%)

ROE (%)

Yanbu Cement 66.75 -1.1 -2.6 -2.6 69.00 - 37.60 174 11,622 0.57 3.0 13.1 5.08 44.2 9,345 9.1 3.5 N/A 10.7 17.7

Eastern Cement 56.50 -0.4 1.8 1.8 57.50 - 41.10 87 4,854 0.57 6.2 14.3 3.96 52.5 5,933 7.4 2.9 10.3 15.4 16.6

Tabuk Cement 22.40 -0.2 -0.7 -0.7 26.90 - 16.00 118 2,658 0.53 6.0 15.5 1.45 68.1 1,926 6.0 1.8 4.5 10.7 12.3

Jouf Cement 15.15 0.0 0.3 0.3 18.50 - 9.20 2,499 37,936 0.94 0.0 23.1 0.65 94.7 1,364 4.8 1.0 7.7 4.9 6.4

HCC 17.15 0.6 12.1 12.1 17.65 - 11.80 4,222 72,712 0.10 0.0 N/A N/A 50.0 2,230 N/A 1.7 N/A 4.4 5.7

A. Othaim Market 102.25 0.7 2.3 2.3 106.25 - 71.00 106 11,001 0.38 2.9 13.8 7.40 51.0 2,301 0.6 4.7 18.9 10.4 33.7

Mouwasat 94.00 0.5 -0.3 -0.3 99.00 - 55.00 68 6,342 0.55 2.1 16.6 5.66 30.0 2,350 4.7 5.1 16.7 15.1 21.0

EXTRA 79.50 0.6 2.9 2.9 87.25 - 65.25 367 29,052 0.00 0.0 14.5 5.50 30.0 0 N/A N/A N/A N/A N/A

SASCO 18.20 1.7 14.1 14.1 18.20 - 9.70 2,420 42,926 0.98 2.8 26.7 0.68 100.0 819 3.6 1.5 N/A 4.7 5.5

Thim’ar 26.10 0.8 5.2 5.2 28.30 - 15.15 1,139 29,714 1.12 0.0 N/A N/A 100.0 261 4.8 10.0 N/A -31.8 -69.2

Fitaihi Group 15.10 -0.7 11.0 11.0 15.60 - 8.55 6,651 101,099 1.14 0.0 23.0 0.66 79.5 755 3.6 1.2 38.0 4.7 5.1

Jarir 138.25 -0.5 -0.7 -0.7 148.50 - 80.50 46 6,415 0.45 3.8 16.2 8.56 87.9 5,530 1.4 6.0 14.1 31.3 53.6

Aldrees 43.60 -0.2 -0.9 -0.9 49.50 - 32.50 101 4,420 0.96 4.6 12.5 3.48 100.0 1,090 0.7 2.7 10.1 9.4 21.2

AlHokair 64.25 -0.8 -0.4 -0.4 66.50 - 32.00 59 3,771 1.04 3.9 12.1 5.33 51.0 4,498 1.2 3.3 15.1 15.4 27.1

AlKhaleej Trng 44.70 0.0 -1.8 -1.8 47.40 - 26.40 43 1,945 0.90 0.8 16.1 2.78 41.3 894 1.9 3.1 10.6 10.7 19.2

Gas&Industrialization 19.40 0.8 1.0 1.0 21.35 - 15.75 292 5,662 0.74 3.6 14.9 1.30 68.2 1,455 0.9 1.4 10.2 7.9 10.7

Saudi Electricity 13.70 0.4 -1.4 -1.4 15.05 - 12.05 1,200 16,439 0.44 5.1 23.7 0.58 17.2 57,082 1.9 1.1 6.6 1.2 4.7

SAVOLA Group 28.20 -0.4 -1.7 -1.7 33.00 - 21.55 214 6,077 0.94 4.4 20.0 1.41 73.9 14,100 0.6 1.9 8.5 5.1 13.6

Food 28.50 -1.4 1.1 1.1 31.10 - 11.40 958 27,382 1.26 0.0 63.5 0.45 100.0 570 7.2 2.8 45.4 4.1 4.4

SADAFCO 48.30 -0.6 4.5 4.5 49.40 - 32.90 38 1,831 0.92 6.2 11.1 4.35 58.2 1,570 1.2 2.2 12.6 14.3 20.2

Almarai 99.00 1.3 0.0 0.0 114.00 - 81.25 109 10,745 0.57 2.3 17.5 5.64 44.8 22,770 3.0 3.5 7.1 8.8 20.1

Anaam Holding 71.75 4.7 4.0 4.0 75.00 - 29.50 3,630 257,471 0.81 0.0 66.0 1.09 100.0 782 3.4 6.0 N/A 4.6 9.1

HB 60.25 -5.1 10.0 10.0 68.75 - 24.30 678 41,776 1.03 2.5 21.4 2.82 44.5 1,721 2.1 3.3 27.1 12.0 15.7

Herfy Foods 95.50 1.6 11.7 11.7 63.25 - 51.00 99 9,550 0.68 1.4 20.5 0.00 30.0 2,579 N/A 6.5 N/A 26.4 34.9

NADEC 29.50 0.3 -1.0 -1.0 32.30 - 19.00 1,198 35,589 0.93 0.0 31.5 0.94 48.8 1,770 1.1 1.7 11.2 2.4 5.4

Qassim Agriculture 26.90 1.5 20.6 20.6 27.40 - 7.25 3,412 91,330 1.09 0.0 N/A N/A 100.0 1,345 16.6 3.6 164.3 -2.9 -4.1

Tabuk Agriculture 33.30 0.0 0.9 0.9 36.70 - 15.05 795 26,538 1.22 1.5 15.3 2.17 72.5 666 3.2 1.7 20.0 9.6 11.2

Saudi Fisheries 36.20 0.6 3.1 3.1 51.25 - 18.31 2,588 93,754 1.25 0.0 N/A N/A 38.5 724 7.9 8.3 N/A -16.6 -33.2

Sharqiya Dev. Co. 77.50 1.0 -5.2 -5.2 94.75 - 29.30 920 71,143 0.99 0.0 N/A N/A 100.0 581 16.4 7.6 N/A -4.1 -5.5

Jouff Agriculture 37.20 1.1 1.4 1.4 38.60 - 24.20 2,185 82,234 0.78 4.3 10.9 3.41 95.2 930 3.6 1.6 7.0 11.5 13.1

Bishah Agriculture 77.50 0.0 0.0 0.0 77.50 - 77.50 0 0 0.00 0.0 N/A N/A 100.0 388 N/A 6.9 N/A N/A N/A


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14 January 2012


Company Current

Price Change

(%) MTD %

YTD %

52-Week Range

Volume (‘000)

Value (SAR ‘000)


PE EPS

(SAR) Free


Price/ Revenue

P/B P/CF ROA (%)

ROE (%)

Jazan Development 28.60 -1.4 -9.8 -9.8 37.00 - 13.50 649 18,616 0.97 0.0 N/A N/A 98.8 1,430 19.5 2.5 116.5 -6.9 -8.1

STC 34.00 0.0 0.6 0.6 42.60 - 33.00 464 15,741 0.66 8.8 8.9 3.84 16.3 68,000 1.2 1.3 3.6 6.9 14.5

Mobily 53.50 1.4 1.9 1.9 57.00 - 41.50 645 34,305 0.73 3.7 7.7 6.92 58.5 37,450 2.0 2.2 8.1 14.3 29.0

ZAIN KSA 5.75 3.6 3.6 3.6 8.20 - 5.25 34,754 198,676 1.10 0.0 N/A N/A 45.0 8,050 1.2 1.7 N/A -7.5 -41.7

Atheeb Telecom 7.75 0.0 0.0 0.0 15.20 - 0.00 0 0 0.60 0.0 N/A N/A 35.0 775 N/A N/A N/A -23.9 325.2

Almutakamela 17.65 10.0 11.4 11.4 20.80 - 9.70 17,569 301,305 0.07 0.0 N/A N/A 33.3 530 N/A N/A N/A N/A N/A

Tawuniya 52.25 0.0 1.0 1.0 73.84 - 46.40 172 9,048 1.06 3.8 11.6 4.49 53.4 3,919 1.3 2.1 8.5 9.1 33.5

Malath Insurance 17.85 2.0 5.6 5.6 20.30 - 11.30 3,933 70,470 1.26 0.0 44.5 0.40 47.5 536 1.2 2.0 57.4 1.2 4.4

MEDGULF 28.80 0.7 2.9 2.9 32.50 - 22.00 266 7,596 1.02 4.3 11.0 2.62 25.0 2,304 1.2 2.2 N/A 5.4 19.7

ALLIANZ SF 28.50 -1.7 4.0 4.0 32.60 - 12.90 636 18,371 1.33 0.0 N/A N/A 31.0 570 1.5 3.6 N/A -0.3 -2.2

SALAMA 37.00 -1.6 1.9 1.9 40.40 - 20.05 1,397 52,095 1.32 0.0 55.6 0.67 40.0 370 0.8 4.4 27.9 2.8 9.9

Walaa Insurance 21.50 7.2 18.5 18.5 22.00 - 10.70 4,891 104,184 1.28 0.0 N/A N/A 40.0 430 2.4 3.1 N/A -1.8 -6.1

Arabian Shield 25.90 -0.8 25.1 25.1 26.80 - 12.85 622 16,303 1.20 0.0 37.9 0.68 40.0 518 2.7 2.3 N/A 2.4 6.1

SABB Takaful 31.00 0.0 1.0 1.0 38.20 - 11.05 1,311 41,073 1.28 0.0 N/A N/A 35.0 1,054 6.1 3.3 N/A 0.9 2.8

SANAD 22.80 2.0 4.3 4.3 25.00 - 11.00 3,532 82,028 1.26 0.0 N/A N/A 40.0 456 2.5 4.5 N/A -11.1 -40.4

SAICO 41.70 1.5 4.0 4.0 46.20 - 20.30 1,691 71,286 1.33 0.0 N/A N/A 40.0 417 1.1 7.2 N/A -5.0 -56.1

Saudi Indian 41.70 -0.5 8.6 8.6 44.70 - 19.05 1,574 67,996 1.42 0.0 86.4 0.48 40.0 417 7.3 8.4 N/A -4.7 -15.7

Gulf Union 19.70 9.8 15.2 15.2 20.90 - 10.70 7,186 139,222 1.32 0.0 N/A N/A 40.0 433 2.1 2.4 N/A -4.7 -18.6

ATC 66.75 -0.4 11.7 11.7 130.93 - 33.62 239 15,998 1.17 0.0 N/A N/A 26.5 668 419.5 10.8 N/A -1.1 -7.1

Al-Ahlia 36.50 0.6 4.9 4.9 38.50 - 20.00 1,280 46,915 1.44 0.0 N/A N/A 40.0 365 1.9 11.5 N/A -1.6 -17.7

ACIG 38.30 0.3 -3.8 -3.8 43.20 - 20.65 882 33,946 1.42 0.0 N/A N/A 40.0 383 3.6 12.5 N/A -2.0 -9.5

AICC 25.20 -2.3 12.2 12.2 27.70 - 12.80 785 19,967 1.11 0.0 50.4 0.50 40.0 504 1.9 3.0 N/A 0.8 5.9

Trade Union 23.00 2.7 11.7 11.7 27.90 - 12.80 1,759 40,767 1.27 0.0 23.9 0.96 42.0 575 1.7 2.0 N/A 1.8 6.3

Sagr Insurance 25.10 1.6 5.0 5.0 27.20 - 12.55 1,153 28,827 1.41 0.0 15.5 1.62 42.0 502 2.5 2.1 N/A 5.6 13.6

UCA 33.10 0.6 8.5 8.5 35.70 - 21.50 436 14,410 1.09 0.0 9.6 3.46 40.0 662 0.9 2.2 N/A 5.0 22.8

Saudi Re 10.65 2.9 10.4 10.4 11.85 - 6.55 7,446 78,628 1.12 0.0 N/A N/A 40.0 1,065 14.7 1.1 N/A -1.2 -1.7

Bupa Arabia 28.50 -4.7 27.5 27.5 32.30 - 13.40 5,767 172,824 1.27 0.0 28.3 1.01 40.0 1,140 0.6 2.3 N/A 2.1 8.1

Weqaya Takaful 32.80 -1.5 2.5 2.5 38.70 - 12.40 887 29,473 1.38 0.0 N/A N/A 40.0 656 21.2 5.0 N/A -22.0 -39.2

Al Rajhi Takaful 56.75 -1.3 7.6 7.6 63.50 - 21.50 565 32,642 1.38 0.0 N/A N/A 30.0 1,135 5.1 10.9 N/A -7.5 -51.5

ACE 60.25 -1.6 8.6 8.6 65.50 - 20.50 348 21,124 1.28 0.0 N/A N/A 40.0 603 N/A 7.1 N/A -3.0 -3.3


11


14 January 2012 Tadawul Market Performance & Valuation Table

Company Current

Price Change

(%) MTD %

YTD %

52-Week Range

Volume (‘000)

Value (SAR ‘000)


PE EPS

(SAR) Free


Price/ Revenue

P/B P/CF ROA (%)

ROE (%)

AXA-Cooperative 36.80 -0.3 0.8 0.8 79.00 - 13.50 715 26,466 1.09 0.0 86.4 0.43 40.0 736 2.1 4.0 N/A 0.8 2.4

Gulf General 40.70 -0.7 -0.5 -0.5 29.00 - 10.00 594 24,293 0.94 0.0 N/A N/A 40.0 814 6.4 5.9 N/A -3.0 -10.8

Buruj 68.00 -1.5 15.3 15.3 42.00 - 10.00 1,004 68,822 1.18 0.0 N/A N/A 40.0 884 25.4 9.9 N/A -6.5 -12.8

Al Alamiya 43.10 -1.2 1.9 1.9 49.50 - 17.80 640 27,898 1.28 0.0 N/A N/A 30.0 862 N/A 5.1 N/A -0.5 -0.5

Solidarity 23.40 1.3 2.4 2.4 13.25 - 12.10 5,340 126,452 1.38 0.0 N/A N/A 40.0 1,299 N/A 2.7 N/A -3.4 -3.5

Wataniya 93.75 -1.6 24.2 24.2 108.25 - 30.00 1,355 130,480 1.47 0.0 N/A N/A 30.0 938 11.5 11.3 N/A 3.0 11.2

AMANA Insurance 35.60 -3.5 4.1 4.1 47.00 - 13.50 3,111 114,157 1.03 0.0 N/A N/A 40.0 1,139 12.9 4.4 N/A -1.8 -3.9

SARCO 77.00 -0.7 -2.8 -2.8 89.25 - 25.80 923 71,345 1.27 0.7 98.6 0.78 100.0 1,155 85.0 3.2 N/A 2.9 3.0

Saudi Advanced 15.45 0.7 1.3 1.3 17.25 - 9.90 1,719 26,523 1.28 0.0 N/A N/A 89.3 667 102.5 0.8 19.0 0.3 0.3

Al Ahsa for Dev. 13.90 -0.7 6.5 6.5 16.00 - 8.30 4,855 67,746 1.16 0.0 13.8 1.01 100.0 681 7.0 1.4 91.6 8.6 10.4

SISCO 14.00 2.2 5.7 5.7 16.20 - 9.65 5,660 79,230 1.37 0.0 N/A N/A 83.1 952 4.0 1.3 35.2 0.3 1.1

Assir 16.95 2.1 8.7 8.7 17.05 - 10.15 5,778 97,282 1.05 4.4 21.6 0.79 50.1 2,142 3.5 1.0 16.0 3.0 4.5

Al Baha 18.35 -1.6 4.9 4.9 21.75 - 10.85 1,090 20,148 1.26 0.0 N/A N/A 100.0 275 -500.5 3.2 N/A -6.6 -8.2

Kingdom 9.70 -1.0 9.6 9.6 10.85 - 6.55 2,254 22,000 1.16 5.2 52.4 0.19 5.0 35,947 19.7 1.5 73.3 1.8 2.8

BCI 26.80 -1.1 -3.2 -3.2 30.20 - 20.35 130 3,497 1.10 3.7 11.7 2.29 78.6 737 4.2 1.8 9.3 9.2 15.0

MA’ADEN 25.20 1.2 -0.4 -0.4 28.40 - 18.85 1,131 28,214 1.01 0.0 N/A N/A 36.1 23,310 36.3 1.4 46.7 0.2 0.4

Astra Indust. 35.00 0.3 -0.6 -0.6 40.80 - 26.00 141 4,914 1.05 4.3 10.5 3.33 31.1 2,594 2.6 1.7 N/A 8.4 14.1

AlSorayai Group 24.20 1.5 2.5 2.5 27.50 - 19.80 1,118 27,116 0.99 4.1 11.8 2.05 30.0 726 3.0 1.6 N/A 5.6 13.8

SHAKER 59.25 0.4 -3.3 -3.3 71.50 - 44.90 118 6,912 0.90 5.1 11.3 5.23 30.0 2,074 N/A N/A N/A 12.9 27.2

Pharmaceutical 40.00 -0.3 -0.7 -0.7 41.40 - 31.90 16 637 -0.11 3.8 15.2 2.63 65.0 3,138 5.5 1.0 17.0 5.7 6.6

Glass 35.80 0.3 0.3 0.3 38.30 - 22.60 114 4,042 0.91 3.5 11.9 3.01 76.6 1,074 9.2 1.9 15.2 14.8 16.2

FIPCO 47.40 -1.7 -5.2 -5.2 51.25 - 20.35 676 32,215 1.14 2.1 31.6 1.50 85.3 545 16.8 3.8 N/A 9.0 11.9

Maadaniyah 34.00 -0.3 -1.2 -1.2 42.50 - 19.60 428 14,587 0.85 0.0 N/A N/A 64.5 869 26.4 2.5 27.5 0.3 0.5

Saudi Chemical 38.40 0.8 -2.3 -2.3 49.90 - 33.80 396 15,199 0.85 9.1 8.2 4.69 97.0 2,428 6.0 1.7 7.7 13.1 20.7

SPM 40.50 -0.3 -1.0 -1.0 52.00 - 34.10 78 3,183 1.00 3.7 11.2 3.60 49.9 1,215 5.4 1.9 N/A 6.3 17.1

AlAbdullatif 26.20 0.0 -1.5 -1.5 29.50 - 23.50 320 8,371 0.84 9.5 14.1 1.85 30.0 2,129 6.6 1.8 8.1 9.4 12.9

Saudi Export 37.50 -1.6 -2.6 -2.6 44.50 - 19.40 684 25,737 1.10 0.0 42.2 0.89 100.0 405 20.3 3.5 N/A 7.9 11.0

MMG 24.00 -0.4 -1.2 -1.2 26.10 - 13.70 515 12,347 1.36 3.1 N/A N/A 46.2 3,000 13.1 1.9 14.9 -3.9 -9.0

SSP 28.00 -2.4 -4.1 -4.1 31.90 - 18.65 180 5,096 1.46 5.4 19.6 1.43 31.4 1,428 10.6 1.8 N/A 7.4 9.3

ALKHODARI 52.75 1.9 -1.9 -1.9 73.75 - 42.60 400 20,912 1.07 4.4 N/A N/A 30.0 2,242 7.7 3.7 N/A 8.7 31.4


12


14 January 2012 Tadawul Market Performance & Valuation Table

Company Current

Price Change

(%) MTD %

YTD %

52-Week Range

Volume (‘000)

Value (SAR ‘000)


PE EPS

(SAR) Free


Price/ Revenue

P/B P/CF ROA (%)

ROE (%)

Ceramic 148.25 0.5 -0.5 -0.5 156.00 - 114.00 96 14,171 0.69 2.4 15.6 9.50 63.6 3,706 4.0 4.6 13.1 11.1 21.6

Gypsum 35.10 3.2 25.8 25.8 35.60 - 25.10 1,259 43,879 0.76 5.7 33.3 1.05 53.9 1,112 24.1 2.3 10.0 6.1 6.8

Cables 14.05 0.4 0.7 0.7 16.25 - 9.65 2,724 38,349 1.23 5.3 28.7 0.49 81.2 1,068 3.0 1.1 5.3 1.0 4.0

Saudi Industrial 14.10 -0.7 0.4 0.4 16.50 - 7.90 1,603 22,617 1.03 0.0 44.7 0.32 100.0 564 7.0 1.6 67.2 3.0 4.0

Amiantit 16.05 0.0 -0.3 -0.3 21.00 - 13.55 1,013 16,324 1.19 9.4 12.9 1.25 87.5 1,854 2.9 1.1 3.6 3.2 8.9

Pipes 37.60 -2.8 0.8 0.8 39.50 - 20.30 1,319 49,945 1.12 0.0 N/A N/A 85.8 1,184 30.5 1.6 20.4 -0.5 -1.0

Zamil Industrial 28.70 0.4 -1.7 -1.7 37.80 - 25.10 473 13,631 1.12 5.2 9.6 2.99 75.6 1,722 1.6 1.3 3.7 3.0 13.8

AL Babtain 25.10 -1.2 -0.8 -0.8 36.00 - 20.30 471 11,848 1.00 5.7 16.9 1.49 100.0 1,070 5.7 1.8 7.0 5.0 11.1

SVCP 64.50 -0.8 -5.1 -5.1 71.75 - 41.50 52 3,353 0.96 4.7 12.2 5.27 56.0 968 8.9 4.0 N/A 16.4 32.8

MESC 16.70 1.2 3.1 3.1 19.75 - 11.80 3,448 58,114 1.26 0.0 N/A N/A 48.0 668 5.7 1.8 7.7 -8.3 -33.9

Red Sea 43.10 -0.5 -1.4 -1.4 61.00 - 38.50 215 9,271 1.09 2.3 14.2 3.04 30.0 1,293 6.0 1.8 7.5 7.2 12.2

ASLAK 41.7 -0.2 -2.3 -2.3 44.90 - 33.70 474 19,819 0.80 0.0 7.9 5.26 30.6 5,004 37.3 12.8 44.9 21.0 23.5

Real Estate 26.30 0.0 0.4 0.4 27.60 - 19.75 140 3,685 0.81 4.8 15.3 1.72 69.0 3,945 13.1 1.3 37.9 6.1 6.5

Taiba 19.35 0.8 0.5 0.5 20.10 - 14.00 147 2,848 0.53 3.6 14.4 1.21 83.5 3,189 9.9 1.1 13.7 5.6 6.9

Makkah 36.00 0.0 2.9 2.9 36.10 - 27.00 53 1,900 0.56 4.2 19.9 1.81 99.9 3,600 10.7 1.1 32.7 8.1 8.8

Arriyadh Development 23.70 -0.4 4.6 4.6 24.35 - 12.85 1,147 27,243 0.74 4.2 19.8 1.20 30.0 20,145 67.7 2.5 N/A 7.3 8.2

Emaar E. C. 7.75 0.7 5.4 5.4 8.15 - 5.55 13,686 105,524 0.99 0.0 N/A N/A 27.0 7,203 29.8 1.0 N/A -0.9 -1.7

Jabal Omar 12.20 0.4 0.4 0.4 15.80 - 11.00 1,442 17,576 0.76 0.0 N/A N/A 61.5 13,176 41828.6 1.5 6.1 -0.4 -0.4

Dar Al Arkan 7.70 0.7 6.2 6.2 10.35 - 5.95 16,239 125,762 1.09 0.0 7.4 1.04 30.1 2,613 1.7 0.2 N/A 4.7 7.4

KEC 10.95 -0.5 -0.5 -0.5 11.75 - 5.80 5,384 59,220 0.79 0.0 N/A N/A 30.1 3,449 83.5 1.1 4.7 -0.4 -0.4

Mubarrad 39.30 0.0 -1.3 -1.3 40.00 - 10.75 584 22,944 1.16 0.0 6.2 6.38 83.6 4,913 696.6 33.8 28.4 -66.6 -80.3

Shipping 12.30 0.0 1.2 1.2 17.80 - 10.70 1,241 15,260 0.78 8.1 16.9 0.73 100.0 221 0.3 0.0 13.0 2.2 4.6

SAPTCO 9.80 -2.0 7.1 7.1 11.10 - 6.35 5,239 51,901 0.69 5.1 20.5 0.48 43.6 179 0.6 0.1 0.6 3.4 4.3

Budget Saudi 53.50 0.0 6.5 6.5 57.25 - 35.60 393 21,037 1.11 4.2 10.4 5.15 43.6 803 2.1 1.6 72.0 10.0 19.2

Tihama 64.75 0.0 -12.5 -12.5 90.00 - 19.40 520 33,900 0.97 2.3 53.2 1.22 60.5 5,180 73.9 22.7 53.0 5.2 7.9

SRMG 19.20 0.8 -1.3 -1.3 20.90 - 13.95 269 5,188 0.91 5.2 18.4 1.05 47.5 1,152 3.2 0.9 11.7 3.8 6.5

SPPC 24.9 5.3 27.7 27.7 25.00 - 9.00 1,435 34,803 0.68 2.0 42.3 0.59 52.7 1,718 20.4 2.1 4.3 3.3 4.3

Hotels 32.40 -1.2 -0.6 -0.6 34.60 - 21.25 229 7,443 0.74 4.6 14.6 2.23 100.0 329 1.9 0.2 N/A 7.6 8.8

Shams 30.10 -0.3 0.7 0.7 32.20 - 17.00 719 21,615 0.86 0.0 92.5 0.33 100.0 978 N/A N/A N/A 4.0 4.3


13


14 January 2012

Definition - Technical Indicators

Candlestick Patterns, Doji

DojiI is a form of candlestick pattern. It normally suggests major up and down movements. Trading above the Doji is positive for

the market. Trading below the Doji value indicates bearish momentum.

Hammer

A small body (white or black) near the high with a long lower shadow with little or no upper shadow. This indicates a bullish

pattern during a downtrend.

Inverse-black-hammer: a bottom reversal signal with confirmation the next trading day.

Moving Average, SMA (Simple Moving Average)

Normally we use the 10, 20, 50 and 125 day SMA to identify the trend. A cross-over of the short-term moving average with the

long-term moving average is positive for the market. The reverse is the case on the negative side.

DEMA - Double-smoothed Exponential Moving Average

We use the 10, 20 and 40 DEMA to identify a trend. A cross-over of the 10 and 20 DEMA gives a positive indication. A cross-

over of the 20 and 10 DEMA gives a negative indication. As long as a stock or index trades above the 40 DEMA, this gives a

positive indication for the stock or index. Trading below the 40 DEMA may create downside for a short time.

MACD - Moving Average Convergence and Divergence

The MACD has its own line period and another signal line; the dotted line indicates the signal line. When the MACD crosses the

signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.

RSI - Relative Strength Index

When the RSI remains below 30, it indicates that a market or sttock is in oversold territory. When the RSI is above 70, it

indicates that the market/stock is in an overbought level.

Price ROC

When the Price ROC is above zero it gives positive signals for an index or stock. When the price ROC is below zero, it gives a

negative signal for the index or stock.

Stochastic Oscillators

When Stochastic Oscillators are below zero, the stock is in an oversold zone and some bounce back is expected. When

Stochastic Oscillators are above zero, the stock is in an overbought zone and some correction is expected.

Williams %R

When Williams %R is above zero, the stock is in an overbought zone and some correction is expected. When Williams %R is

below zero, the stock is in an oversold zone and some bounce back is expected.

CCI (Commodity Channel Index)

While the CCI was originally designed for commodities, the indicator also works very well with stocks and mutual funds.

There are two methods of interpreting the CCI:

1. Looking for divergences: A popular method of analyzing the CCI is to look for divergences in which the underlying security is

making new highs while the CCI is failing to surpass its previous highs. This classic divergence is usually followed by a

correction in the security's price.

2. As an overbought/oversold indicator

The CCI usually oscillates between +/-100. Readings outside these ranges imply an overbought/oversold condition.

Fibonacci Retracements

Fibonacci Retracements are based on a trend line that we draw between a significant trough and peak. If the trend line is

rising, the retracement lines will project downward; if the trend line is falling, the retracement lines will project upward. The

number of Fibonacci Retracement levels appearing on the chart depends on the range of the y-axis. If we want to see all nine

retracement levels, we may need to manually adjust the minimum and maximum values of the y-axis. Major Fibonacci Levels

are 23.6%, 38.2%, 50%, 61.8% and 100%.

14


14 January 2012

Whipsaw

A whipsaw is a situation in which a share price heads in one direction, but then is followed quickly by a movement in the

opposite direction. The origin of the term is the push and pull action used by lumberjacks to cut wood with a type of saw of the

same name.

Gravestone Doji

In a Japanese Candle Stick chart, this is a doji candle where prices rallied but came back and closed at the level they started;

the open and close are equal.

Inside Bar

An inside bar is a bar, which is completely within the range of the preceding bar, i.e. it has a higher low and lower high than the

bar immediately before it. An inside bar indicates a time of indecision or consolidation. On a smaller time frame, it will look like a

triangle. Inside bars often occur at tops and bottoms, in continuation flags, and at key decision points like major

support/resistance levels and consolidation breakouts.

Big Bar

A big bar is a bar, which is bigger than the preceding bar, i.e. it has a lower low and higher high than the bar immediately before

it. Normally, after, forming a big bar, for a coming few sessions, the stock may move in the range of the high and low of the big

bar. Breaking out or breaking down will give a fresh bullish or bearish pattern.

Higher High

This implies that today’s intra-day high is higher than the intra-day high(s) of the previous session(s).

Lower High

This implies that today’s intra-day high is lower than the intra-day high(s) of the previous session(s).

Higher Low

This implies that today’s intra-day low is higher than the intra-day low(s) of the previous session(s).

Lower Low

This implies that today’s intra-day low is lower than the intra-day low(s) of the previous session(s).

Triangle

This is a technical analysis pattern created by drawing trend lines along a price range that gets narrower over time because of

lower tops and higher bottoms. Variations of a triangle include ascending and descending triangles. Technical analysts see a

breakout of this triangular pattern as either bullish (on a breakout above the upper line) or bearish (on a breakout below the

lower line).

Standard Error Channel

Parallel lines drawn higher and lower from the Linear Regression Trend-line form Standard Error Channels. The distance at

which they are traced is a certain number of standard errors over or above the linear regression trend-line. The characteristic of

the price fluctuations is its movement from one extreme to another and it depends on the traders' common opinion. Prices trend

up in the optimistic market whether a pessimistic one causes prices reduction. The prices are drawn to a certain equilibrium

point existing for each issue. The location of such point can be found out by using the Linear Regression analysis whether

Standard Error Channel analysis presents the data about the cyclic direction of the prices as well as the forecasts for possible

trend changes.

Long Headed Doji Pattern

This is a bullish signal, particularly when around price support levels.

15


14 January 2012

Double Tops / Double Bottoms

A double top is simply two peaks. After the second peak is formed a breakout through the base is a signal of a possible

reversal of the trend in prices. In the case of a double bottom, two troughs form and an expectation follow for the possibility of a

trend reversal if the market price rises through the base. Waiting for confirmation is important for trading double tops or double

bottoms.

Three White Soldiers Formation

The Three White Soldiers formation indicates a bullish candlestick pattern that is used to predict the reversal of the current

downtrend. This pattern consists of three consecutive long-bodied candlesticks that have closed higher than the previous day,

with each session's open occurring within the body of the previous candle.

Bullish Harami Cross Pattern

This is a Doji contained within a large black body. This is a bottom reversal signal.

16


14 January 2012

Contact Us Dr. Saleh Alsuhaibani

Head of Research

Tel : +966 1 2119434

[email protected]

Al Rajhi Capital

Research Department

P.O Box 5561

Riyadh 11432

Saudi Arabia

Tel : +966 1 2119271

Fax : +966 1 2119368

[email protected]

www.alrajhi-capital.com

Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, No. 07068/37.

Disclaimer This research document has been prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has

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