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Trapped liquidity amid the start of financial disclosures flow

2013-10-24

Sahem Weekly Trading Report [20-24/10] 2013

In parallel to a general anticipation in Palestine Stock Exchange PEX for new incentives that may simulate the investors and their decisions in all categories; the pace of financial disclosures about the financial and operating performance of the listed companies for the first 9M 2013 accelerated with the return of PEX to work after 9 days holiday, especially with approaching the end of the granted legal period that finishes by the end of the month.  With the varied performance of the disclosed companies, Al-Quds Index maintained a relatively balanced performance, in which kept itself around certain levels following the exchange of movement roles between the leading shares with the heaviest weights. On the other hand, the liquidity indicator, which is a core engine for breaking the support and resistance level, didn’t witness any substantial change, whereby, liquidity is still trapped within investors conservatism and confined in vague momentum" motives.

Regarding the listed companies’ unique announcements this week, Palestine Industrial Investment Company PIIC- the investment arm of PADICO Holding in the industry sector- disclosed achieving net income attributable to the shareholders of the parent company of JD3.28 million in 9M 2013; significantly up than the same period of last year due to an increase in sales by 41.60%, supported by a sharp increase in the sales of PIIC’s subsidiary Palestine Poultry Company AZIZA. PIIC recorded net margin attributable to the shareholders of the parent company of 15.39% in 9M 2013 compared to only 1.79% in 9M 2012. As for the market, the share noticeably moved during the week but with weak transactions, to record gains of 7.41% by closing at the level of JD1.74, to trade on a P/BV ratio (using equity attributable to shareholders of the parent company) of 1.08x.

In the banking sector, The National Bank TNB announced achieving net income in 9M 2013 of $2.88 million; up by 51.55% compared to the same period of 2012, and supported by an increase in net interest and commissions of 31.26% through a noticeable increase in interest revenues in parallel to the expansion of the bank in the financing activities, whereby, recorded a direct credit facilities portfolio of $211.03 million at the end of September 2013 compared to $142.79 million in the same period of 2012. On the other hand, TNB’s share decreased by 4.44% when closed at the level of $0.86 through minor transactions, to record a P/BV of 0.80x.

As for the industry sector companies and within the continuity of recording successive increases quarterly and annually; the Vegetable Oil Industries Company VOIC recorded significant increase in net income of 112.25% in 9M 2013 to record JD3.73 million due to a jump of 89.64% in the company’s stake from the net income of its associate; constituting around 89.72% from total net income. Operationally, VOIC achieved increase of 9.62% in its revenues, in which, led to an enhancement in gross margin to record 22.85% compared to 12.35% in 9M 2012. In the market, VOIC’s share increased during the week by 5% to close at the level of JD5.88, through very weak transactions, to trade on P/BV of 1.45x.

 

 

 

 

 

 


 

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