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A slight increase in the Al Quds index and lack of trading continues


Sahem Weekly Trading Report [04-08/04[2014

Among ex-dividends exits and the spontaneous price reflections which follow the dividends distribution decisions, and amid the substantial absence of liquidity and new incentives, the highest weighted shares in Al-Quds Index exchanged their roles within wide price fluctuations, during the week, in leading the Index to rebound.  Moreover, the lack of selling offers contributed in leading the blue-chips to touch high levels that had declined from since the mid of April 2014. Amid the quarterly financial disclosures receding after the end of the legal period, in addition to the slowing in the pace of holding the general assembly GA meetings, Al-Quds Index’s performance was characterized will large-scale fluctuations which in turn ended with a minimal growth, in parallel to poor trading and control of the continuous routine anticipation- regardless of its motives. The attention is dragged on the coming period in waiting for any positive point, which in turn, would lead to a beginning of transformation or any reversed direction, supported by the institutional and foreign liquidity to stimulate in individual or local speculative rotation.

Regarding this week’s trading and within the blue-chips performance, the share of Palestine Telecommunications Company PALTEL was the main leverage for leading Al-Quds Index to record gains of 2.19%, leading it to trade at the level JD5.59, following the declines wave that started after approving distributing cash dividends, and continued with the increase of political tensions. Within an analytical view of PALTEL share at this moment, it is worth noting a significant increase in PALTEL’s market indicators attractiveness, to record P/BV of 1.51x after distributing cash dividends worth JD66 million. The PE ratio according to the latest market price records an exceptional low and eye catching value. The PE varies between 7.0x as a forward one according to the future based on the net income increase in Q1 2014 and between 8.0x as an actual PE that is calculated based on 2013’s financial results. It is worth mentioning that PALTEL will pay lower effective tax percentage than the last two years and will earn higher investment revenues than before. 

The share of Palestine Development and Investment Company PADICO increased only by 0.68% at the end of the week, to record wide price range of 6% compared to the lowest recorded price during the week’s trading sessions that were characterized with weak liquidity parallel to the increase in the anticipation for holding the GA meeting of the company in the 3rd week of May 2014. After the latest declines and PADICO’s Q1 2014 financial results disclosure, the share recorded P/BV of 0.84x which in turn resembles an attractive indicator to the share supported by a significant increase in the recorded BV due to an increase in the retained earnings and a decrease in the fair value negative reserve in the shareholders’ equity. It is worth mentioning that PADICO posted an increase in net income attributable to the shareholders of the parent company of 7.4% in Q1 2014 compared to Q1 2013 due to the increase in operating revenues of PADICO’s subsidiaries and PADICO’s stake from its affiliates.

With the declining pace of holding the GA meeting, the GA of The National Aluminum & Profile Company NAPCO held a meeting at the end of the week, whereby, approved distributing 5% cash dividends for the shareholders as for 07/05/2014, to record dividends yield of 6.76%. While it is expected that 3 other companies will be holding their GA meetings during the coming days of May 2014, whereby, one of them will discuss approving cash dividends distributions.








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A transaction on TNB raises the trading value significantly



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