-
Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
TASI 7,027.81
Volume
Value
Trades
Market Commentary
Global markets head higher
US markets continued to move higher on Tuesday on the back
of
better-than-expected earnings, which offset the weaker
consumer confidence data. The Dow and the S&P 500, both
rose
by about 0.5%. Most European markets also closed in the
green
supported by better-than-expected German confidence data.
The
FTSE 100 gained 0.7% and closed above 6300 for the first
time
since May 2008. Asian markets are trading higher on
Wednesday morning led by Nikkei 225, up 1.2% at 1 PM JST,
amid speculation the Federal Reserve will renew its
commitment
to asset purchases later today.
TASI consolidates above the 7,000 level
• Tadawul was stuck in a tight trading range on Tuesday, as
the
index traded in a range of about 20 points. The
7,027.8, up by a marginal 0.1%. The Tourism sector surged
4.1%, while the Telecom sector gained 0.9%. On the other
hand, Cement and Retail sectors limited the gains, falling
0.3% and 0.2% respectively.
• The market breadth was balanced with a total of 63 stocks
advancing and 66 stocks declining. Dallah Healthcare
witnessed strong buying interest as it dominated the trading
activity, accounting for 11.7% of the total traded value on
Tuesday, while gaining 3.2%. Trading favorites like Dar Al
Akran and Alinma witnessed selling pressure, while
Almutakamela gained.
Outlook
We expect the Saudi market to witness a positive opening,
following positive global cues. Technically, TASI is in
consolidation mode, with the next resistance level around the 7,170
level mark.
GCC Indices Close 1D% WTD%
Saudi Arabia 7,027.8 0.1 0.4
Qatar 8,689.7 0.3 -0.0
Dubai 1,853.2 1.8 3.4
Abu Dhabi 2,839.0 1.2 2.0
Kuwait 6,247.7 0.4 0.7
Oman 5,836.4 0.4 0.3
Bahrain 1,085.6 0.6 1.4
Global Indices Performance Close 1D%
DJ Industrial 13,954.42 0.5
S&P 500 1,507.84 0.5
NASDAQ 100 3,153.66 -0.0
DAX 7,848.57 0.2
FTSE 100 6,339.19 0.7
3,785.82 0.1
0.09%
200.2mn
Tel: +966 1 2119319
SAR6,450.6mn
143,096
TASI Intra-day Movement
US markets continued to move higher on Tuesday on the back
of
weaker
confidence data. The Dow and the S&P 500, both rose
ut 0.5%. Most European markets also closed in the green
expected German confidence data. The
FTSE 100 gained 0.7% and closed above 6300 for the first
time
since May 2008. Asian markets are trading higher on
, up 1.2% at 1 PM JST,
amid speculation the Federal Reserve will renew its
commitment
Tadawul was stuck in a tight trading range on Tuesday, as
the
of about 20 points. The index closed at
7,027.8, up by a marginal 0.1%. The Tourism sector surged
4.1%, while the Telecom sector gained 0.9%. On the other
hand, Cement and Retail sectors limited the gains, falling
readth was balanced with a total of 63 stocks
advancing and 66 stocks declining. Dallah Healthcare
witnessed strong buying interest as it dominated the trading
activity, accounting for 11.7% of the total traded value on
favorites like Dar Al
Akran and Alinma witnessed selling pressure, while
We expect the Saudi market to witness a positive opening, global
cues. Technically, TASI is in
stance level around the
Source: Bloomberg
Saudi Market Indices
Index Close Change (%)
Tadawul All Share Index 7,027.8
Banks & Financial Services 15,369.9
Petrochemical Industries 6,013.3
Cement 6,219.8
Retail 7,652.3
Energy & Utilities 4,924.7
Agriculture & Food Ind. 6,579.2
Telecom & IT 2,246.4
Insurance 1,265.9
Multi-Investment 3,690.1
Industrial Investment 6,507.2
Building & Construction 2,957.7
Real Estate Development 3,579.3
Transport 5,013.8
Media and Publishing 3,131.5
Hotel & Tourism 8,672.4
Source: Tadawul
MTD% YTD% Value Traded
(USD mn) Exchange Mkt. Cap. (USD mn)
3.3 3.3 1,720.05 382,620.7
4.0 4.0 68.61 130,692.3
14.2 14.2 110.32 54,982.5
7.9 7.9 52.01 83,956.8
5.3 5.3 109.92 106,856.2
1.3 1.3 14.84 20,597.4
1.9 1.9 1.50 19,508.0
7,000
7,008
7,016
7,024
7,032
7,040
11:00 12:00 13:00
WTD% YTD%
Asset/Currency Performance Close
0.4 6.5 Gold(US$) 1,663.80
0.3 5.7 Silver(US$) 31.41
0.1 4.4 Crude Oil (Brent)(US$) 116.34
-0.1 3.1 Euro(US$)
0.9 7.5 USD Index 79.56
0.2 4.0
Research Department [email protected]
+966 1 2119319/ Fax: +966 1 2119422
Change (%) MTD (%) YTD (%)
0.1 3.3 3.3
0.0 4.9 4.9
0.0 2.7 2.7
-0.3 2.6 2.6
-0.2 1.9 1.9
-0.2 2.8 2.8
0.1 -0.2 -0.2
0.9 3.8 3.8
-0.2 -7.0 -7.0
1.5 -0.2 -0.2
-0.2 3.0 3.0
0.0 4.9 4.9
-0.1 7.0 7.0
0.5 3.0 3.0
-1.1 7.6 7.6
4.1 19.6 19.6
P/E P/B Dividend Yield%
15.0 1.9 3.5
10.0 1.6 4.2
13.4 0.8 3.4
9.2 1.0 4.6
29.2 1.2 3.3
10.9 1.6 4.3
12.1 0.8 4.5
14:00 15:00
Close 1D% WTD% YTD%
1,663.80 0.5 0.3 -0.7
31.41 1.7 0.7 3.5
116.34 0.5 0.5 3.1
1.35 0.3 0.2 2.3
79.56 -0.3 -0.2 -0.3
1.58 0.4 -0.2 -3.0
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 2
Tadawul Market Overview
Sector Turnover Sector Volume
Top Gainers
Volume Leaders
Company Closing Price
(SAR) Change % Volume (mn) Company
Closing Price (SAR)
Change % Volume (mn)
Shams 48.6 10.0 7.8 Almutakamela 24.7 5.3 14.8
Almutakamela 24.7 5.3 14.8 Emaar E .C 9.9 0.5 12.7
WAFA Insurance 71.5 5.2 1.0 Alinma 13.6 -0.7 10.5
Food 30.9 5.1 4.4 Dallah Health 73.3 3.2 10.4
Al Baha 17.1 4.6 2.8 Dar Al Arkan 8.7 -0.6 9.8
Source: Tadawul
Top Losers Value Leaders
Company Closing Price
(SAR) Change % Volume (mn)
Company Closing Price
(SAR) Change % Value (mn)
Al Alamiya 61.0 -5.1 0.7 Dallah Health 73.3 3.2 761.0
Sharqiya Dev Co 64.3 -3.4 1.5 SABIC 93.5 -0.3 432.3
Pipes 31.3 -2.8 1.1 AMANA Insurance 56.5 0.4 380.1
U C A 33.9 -2.6 0.7 Shams 48.6 10.0 371.0
SRMG 23.1 -2.5 0.7 Almutakamela 24.7 5.3 365.5
Source: Tadawul
Source: Data pertaining to all the tables in this page are taken
from Tadawul Stock Exchange, Official Website
286.6
680.3 74.3
1,041.3
16.5746.5
539.1
1,101.9
227.7
536.4
234.2
319.4
121.190.8
434.5 13.8
16.4 2.7
19.2
1.2
23.7
24.922.7
11.7
10.2
11.6
28.6
3.5 1.6
8.7
Banks & Financial Services Petrochemical Industries
Cement
Retail Energy & Utilities Agriculture & Food
Industries
Telecommunication & Information Technology Insurance
Multi-Investment
Industrial Investment Building & Construction Real Estate
Development
Transport Media and Publishing Hotel & Tourism
52 Week New High / Low Stocks Consistently Gaining / Losing Over
Last 3Sessions
Company Closing Price
(SAR) New High New Low
Company Current Price
(SAR) 3 Days
Change % 3 Days Avg. Volume (mn)
Shams 48.6 48.6 – Saudi Integrated Telecom Co. 24.7 27.0 9.9
ALTAYYAR 81.5 83.3 – Tihama 101.5 13.1 0.9
Al Tayyar 81.5 10.1 0.6
Allianz Saudi Fransi Coopera 54.8 -5.2 0.9
Ash-Sharqiyah Development Co. 64.3 -4.1 1.6
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 3
Tadawul Technical Watch
Technical Outlook Pivot Table
Tadawul closed at 7,027, up
marginally 0.1%. The index
has been consolidating near
its 12 and 21-day EMA level
over the six trading sessions.
The major move on either
side will indicate the next
trend for the market. A down
move from here could take
the index towards its support
level around the 6,930 level.
On the other hand, a positive
move from the current level
may take the index towards
its resistance level around
the 7,170 level.
Symbol R2 R1 PP S1 S2
TASI 7,042.0 7,034.9 7,020.7 7,013.7 6,999.5
Tadawul All Shares Index
Stocks Closest to Resistance Stocks Closest to Support
Company Closing Price
(SAR) R1 R2 PP Company
Closing Price (SAR)
S1 S2 PP
Riyad Bank 23.05 23.07 23.08 23.03 National Co. for Glass
Manufacturing 25.00 24.97 24.93 25.03
Makkah Construction and Development Co. 40.40 40.43 40.47
40.37
Fawaz Abdulaziz Alhokair & Co. 108.25 108.08 107.92
108.42
Saudi International Petrochemical Co. 19.00 19.02 19.03
18.98
Taiba Holding Co. 23.65 23.60 23.55 23.70
Banque Saudi Fransi 30.70 30.73 30.77 30.67 Saudi Paper
Manufacturing
Co. 29.80 29.73 29.67 29.87
National Industrialization Co. 28.30 28.33 28.37 28.27
National Gypsum 27.00 26.93 26.87 27.07
Saudi Hollandi Bank 28.20 28.23 28.27 28.17 Saudi National
Petrochemical Co. 19.85 19.80 19.75 19.85
Samba Financial Group 45.50 45.57 45.63 45.53
Methanol Chemicals Co. 13.15 13.12 13.08 13.18
Al Jouf Cement Co. 16.50 16.53 16.57 16.47
Saudi Investment Bank 19.65 19.60 19.55 19.65
Saudi Industrial Investment Group 22.10 22.15 22.20 22.05
Saudi Kayan Petrochemical Co. 11.85 11.82 11.78 11.88
Saudi Arabian Amiantit Co. 14.30 14.33 14.37 14.27
Al Jouf 43.80 43.67 43.53 43.83
Source: Tadawul
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 4
Tadawul Technical Watch
Technical Outlook SABIC
SABIC fell marginally, but
stayed above its 12-day EMA
level, which has been
providing strong support to
the stock over the past few
days. The stock has been
making higher highs and
higher lows since late
November, which is a
positive sign. The index has
strong resistance near the
SAR95 level. On the
downside, the stock has
support at SAR93.
R2 R1 PP S1 S2
94.7 94.1 93.7 93.1 92.7
Saudi Basic Industries Corp.
Technical Outlook STC
The STC stock witnessed
selling pressure for the
second consecutive day. The
stock has been weak ever
since it announced poor Q4
2012 results. The next
support for the stock is seen
near the SAR40 level, while
resistance is at SAR42.20.
R2 R1 PP S1 S2
41.5 41.3 41.1 40.9 40.7
Saudi Telecom Co.
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 5
Tadawul Technical Watch
Technical Outlook Al Rajhi
The Al Rajhi stock was
unable to close above its
resistance level of SAR70.
The stock has been in an
uptrend since November.
The stock will need to close
above this resistance level on
order to maintain its
uptrend. On the downside,
the stock has support at its
55-day EMA level
(SAR68.33).
R2 R1 PP S1 S2
70.4 70.1 69.7 69.3 68.9
Al Rajhi Bank
Technical Outlook KAYAN
Kayan continues to trend
lower after it broke below its
support level of SAR12.10 a
few days back. We expect the
stock to continue to move
lower from the current
levels. The next support level
for Kayan is at SAR11.40.
The MACD and the RSI are
also moving south,
suggesting weakness in price
action.
R2 R1 PP S1 S2
12.0 11.9 11.9 11.8 11.8
Saudi Kayan Petrochemical Co.
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 6
Tadawul Technical Watch
Technical Outlook MA’ADEN
MA’ADEN has broken down
from its bullish trading
channel. The stock has
closed below its 12-day and
21-day EMA levels. The
MACD has given a negative
crossover signal, while the
RSI is moving down,
suggesting that the stock
may witness further
weakness from the current
levels.
R2 R1 PP S1 S2
34.1 33.8 33.7 33.4 33.3
Major GCC Companies
Technical Outlook EMAAR – Dubai Financial Market
EMAAR gained on Tuesday,
as the stock continued its
uptrend, making a new 52-
week high. The RSI is
making higher tops, while
the MACD is diverging away
from signal line on upside,
thus indicating further
strength in price action. We
expect EMMAR to gain
further, if it remains above
its immediate support of
AED4.55. The immediate
resistance for the stock is at
AED4.95.
R2 R1 PP S1 S2
4.97 4.89 4.75 4.67 4.53
Emaar Properties
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 7
GCC Technical Watch
Technical Outlook ARTC
Arabtec gained, as it
remained above its
immediate support of 12-day
moving average
(AED2.71).The RSI is
consolidating above its over-
bought zone, while MACD is
about to crossover on the
negative side. We expect
Arabtec to decline if it moves
below its of 12-day moving
average level. On the up-
side, AED2.85 is a major
resistance level for the stock.
R2 R1 PP S1 S2
2.85 2.82 2.77 2.74 2.69
Arabtec Holding Co.
Technical Outlook DANA
Dana Gas declined, as it
breached its immediate
horizontal support of
AED0.50. The stock also
moved below its immediate
support of 12-day and 21-day
moving averages, which
indicates further weakness
in price movement.
However, the decline was
limited, as the stock
respected its horizontal
support level of AED0.48.
The MACD and RSI suggest
that the stock may witness
further selling pressure.
R2 R1 PP S1 S2
0.52 0.51 0.49 0.48 0.46
Dana Gas
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 8
GCC Technical Watch
Technical Outlook IQCD
Industries Qatar
consolidated below its
immediate resistance of
QR168.20. The stock
managed to gain marginally
on Tuesday but failed to
breach its immediate
resistance of QR168.20. The
RSI and the MACD are in
consolidation mode. We
expect Industries Qatar to
consolidate around the
current level, if it remains
below its resistance of
QR168.20. On down-side,
the 12-day moving average
(QR164.87) is providing
immediate support to the
stock.
R2 R1 PP S1 S2
167.9 167.5 167.0 166.6 166.1
Industries Qatar
Technical Outlook KFIN
Kuwait Finance gained, as it
remained above its
immediate horizontal
support of KD830.0.
However, the gains were
limited as the stock failed to
breach its immediate
horizontal resistance of
KD840.0. Moreover, the
stock has also formed
Dragonfly Doji pattern,
which is a bullish reversal
candlestick pattern, thus
indicating further strength in
price movement. However,
the RSI is making lower
tops, while MACD is
indicating consolidation. We
expect Kuwait finance to
consolidate further, if it
remains below its immediate
resistance of KD840.0.
R2 R1 PP S1 S2
846.7 843.3 836.7 833.3 826.7
Kuwait Finance House
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 9
Definition - Technical Indicators
Candlestick Patterns, Doji
Doji 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
stock 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%.
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.
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 10
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.
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.
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Daily Market Report Saudi Arabia Stock Exchange
30 January 2013
` 11
Disclaimer
This research document has been prepared by Al Rajhi Capital
Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been
prepared for the general use of Al Rajhi
Capital’s clients and may not be redistributed, retransmitted or
disclosed, in whole or in part, or in any form or manner, without
the express written consent of Al Rajhi
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your agreement not to redistribute, retransmit, or disclose to
others the contents, opinions, conclusion, or
information contained in this document prior to public
disclosure of such information by Al Rajhi Capital. The information
contained was obtained from various public
sources believed to be reliable but we do not guarantee its
accuracy. Al Rajhi Capital makes no representations or warranties
(express or implied) regarding the data and
information provided and Al Rajhi Capital does not represent
that the information content of this document is complete, or free
from any error, not misleading, or fit for
any particular purpose. This research document provides general
information only. Neither the information nor any opinion expressed
constitutes an offer or an invitation
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Investors should seek financial, legal or tax advice regarding
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