Al Bank Al Saudi Al Fransi was created in 1977 with an initial paid up capital of SR 100 million. Banque Indosuez holds 31.1% stake in the bank. The bank has 54 branches and 112 ATMs. For the first half of year 2000, hhe bank has seen a deposit growth of 13% and also saw its Share holder’s equity grow by 7% over the same period last year. Commission income grew by 11%. Total operating income rose by 14.89% on the back of a 11% increase in commission income. Total operating expense registered an increase of 12.7%. With the exposure increasing, the bank increased its provisions for credit losses by 34%. The return on Equity has seen a growth of 14% and the annualized earning per share stands at SR 18.12 thereby discounting the market price by 11.53 times.
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Technical Analysis
We have plotted below the price and volume chart for Al Fransi Bank. We have plotted price chart for 52 weeks, 200 day Moving Average and 14 day RSI. The price line is approaching the 52-week high of 215, which it previously reached on 22nd January. A buy signal is generated when the moving average line is placed below the price line and vice-versa. Currently the moving average line is below the price line indicating a buy. The Relative strength index (RSI), which indicates resistance at 70 and support at 30, has crossed the resistance level on 25th June and still remains above the line at a value of 89. This suggests an over bought position and indicates a sell. As the stock price has experienced a sharp rise in the past few trading days, there are indications of it cooling down in the short term. However, the long-term trend is bullish. (CCFI)
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