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Banking stocks balance the performance of Al-Quds Index

2015-12-17

Weekly Trading Report [13-17/12/ [2015

Despite the sharp decline in the liquidity levels in Palestine Stock Exchange PEX this week, Al-Quds Index traded in a safe price range after witnessing consecutive increases. The coherent performance followed the fiery gains of some stocks in the banking sector versus an aggregate balance in the leading stocks with the highest weights. The transactions of the banking sector contributed for the lion’s share of the PEX’s total trading value this week. The distinguished performance of the sector followed substantial strategic news on some banks in terms of future operation plans and investment trends. Except for that, the other transactions were relatively slow compared to the few previous weeks, in parallel to the routinely in trading patterns at the end of the fiscal year.

The most substantial for this week was halting the trading on the stock of the Arab Islamic Bank AIB by the PEX beginning from 17/12/2017 until completing the disclosure. This followed the price activity on the stock of AIB after a justification by the bank’s management that negotiations exist regarding selling the stake of some major shareholders in the bank for important financial and banking institutions. It became clear later after a release by the PEX that “Al-Fakhori” group will sell its stake for Bank of Palestine BOP and Palestine Investment Fund PIF. This came in parallel to an announcement by BOP that its board of directors will discuss the possibility of expansion in the Palestinian banking sector. While until halting the stock from trading, AIB reported gains of 14.81%, to end its slight transactions at the level of $1.55. On the other hand, BOP- one of the deal’s parties- topped the PEX when its transactions contributed for 21.67% from the PEX trading value, to trade in a narrow range and close at the level of $2.94 without change from its previous closing.

In terms of other news about banks, the National Bank TNB signed an agreement with the PEX to implement the tasks of “Custodian”. According to the agreement, the bank will provide securities’ custody services to investors including organizing their registry and the related issues to their shareholdings in the stock market, based on the applicable laws and regulations. It is good to mention that TNB’s stock increased by 0.68% during the week, to close at the level of $1.49 through transactions that contributed for 11.84% from total PEX trading value. In terms of activity, the transactions of Palestine Commercial Bank PCB contributed for 19.07% from PEX total trading value. PCB stabled to close at the level of $0.94. On the other hand, Al-Quds Bank QUDS also stabilized at its week’s previous closing at the level of $1.20 through transactions that contributed for 5.72% from PEX total trading value. The movement on the leading stocks – Palestine Telecommunications PALTEL and Palestine Development and Investment Company PADICO- were slow, however, their transactions together contributed for 7.51% only for PEX total trading value. Regarding the prices, PADICO’s stock closed at the level of $1.20; up by 0.84%, while, PALTEL closed at the level of JD5.60; down by 0.36%.

 


 

2017-11-16
Al-Quds Index in the red zone amid lack of drivers

2017-11-12
Bank of Palestine opens a representative office in Chile

2017-11-09
The PEX records average PE ratio of 12.2x in 9M 2017

2017-11-08
GUI posts net income of $0.80 million in 9M 2017

2017-11-08
AIG reports net income of $1.21 million in 9M 2017

2017-11-02
A decline in Al-Quds Index with the end of the disclosures’ legal period

2017-11-01
RSR records net income of JD0.43 million in 9M 2017

2017-11-01
NSC posts net income of JD0.24 million in 9M 2017

2017-11-01
TIC records net income of $1.79 million in 9M 2017

2017-11-01
PICO reports net income of $2.16 million in 9M 2017

2017-11-01
AQARIYA records net income of JD0.40 million in 9M 2017

2017-11-01
PRICO realizes net loss of JD3.97 million in 9M 2017

2017-11-01
TRUST reports net income of $3.40 million in 9M 2017

2017-11-01
MIC posts income of $1.01 million in 9M 2017

2017-11-01
PADICO posts net income of $11.95 million in 9M 2017

2017-11-01
BOP records net income of $38.54 million in 9M 2017

2017-11-01
WASSEL records net income of $0.02 million in 9M 2017

2017-11-01
AIB reports net income of $5.83 million in 9M 2017

2017-11-01
NIC posts net income of $4.04 million in 9M 2017

2017-11-01
JPH reports net income of $1.91 million in 9M 2017

2017-11-01
JREI realizes net loss of $0.22 million in 9M 2017

2017-11-01
AHC realizes net loss of JD1.10 million in 9M 2017

2017-11-01
ELECTRODE posts net income of JD0.05 million in 9M 2017

2017-11-01
PID posts net income of JD 0.01 million in 9M 2017

 

 

 
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