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Sahem Weekly Trading Report [12-16/04/ [2015
Despite the positive cohesion of Al-Quds Index, transactions were characterized by slowness and conservatism amid growing momentum of general assemblies’ meetings and a steady flow dividends decisions in conjunction with the start of the earnings announcements of listed companies to disclose their financial statements for the first quarter of this year. While the leading companies’ stocks with the heaviest weights in the index and similar price trends contributed in the index’s cohesion. In terms of liquidity, Palestine Stock Exchange PEX witnessed executing institutional transactions on some companies, whereby, raised the trading value on one hand, and reduced the slow pace on another hand, despite the attempts to seize good investment opportunities in the dividends distribution season through some speculative movements. On the other hand, the liquidity levels and indicators are still scarce, leading to a difficulty in forecasting the momentum trends due to the lack of supportive purchasing bids and heavy selling offers.
Regarding the dividends distribution, the general assembly GA of Birzeit Pharmaceuticals Company BPC approved the board of directors BOD’s recommendation to distribute 17% cash dividends for the company’s shareholders as for 13/04/2015, to record dividends yield of 5.31%. On the other hand, the BOD of Palestine Investment Bank PIBC raised a recommendation, to the GA that will be holding a meeting on 14/05/2015, to distribute $1.30 million/shares as stocks dividends; 2.36% from the bank’s $55 million paid-up capital. In this context, a number of GA meetings of several companies will be held during the coming week, whereby, the GA of Palestine Industrial Investment Company PIIC will discuss distributing 10% cash dividends, and the GA of Palestine Poultry Company AZIZA will discuss distributing 12% cash dividends in their meeting on 20/04/2015. The GA of Trust International Insurance Company TRUST will discuss distributing 10% cash dividends in its meeting on 21/04/2015. While on 23/04/2015, the GA of the National Carton Industry Company NCI will discuss distributing 8% cash dividends, in addition, the GA of the Vegetable Oil Industries Company VOIC will discuss distributing 50% cash dividends, and the GA of Al-Takaful Insurance Company TIC will discuss distributing 15% cash dividends.
On the other hand, the listed companies started to disclose their Q1 2015 financial data, whereby, the PEX maximum grants the listed companies a period month from the end of the first quarter of the year to disclose their financial data. The Arab Company for Paint Products APC disclosed recording JD0.12 million net income in Q1 2015, compared to JD0.23 million in the same period of 2014. This decrease came due to a decline in the company’s sales and operations profits, in addition to recording losses from foreign currencies. Moreover, the Vegetable Oil Industries Company VOIC disclosed posting net income of JD0.80 million in Q1 2015, compared to JD1.03 million in Q1 2014. This followed recording slight operating losses, parallel to a decline in the company’s stake from its associate’s profits; the heaviest source of profits.