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Al-Quds Index under the pressure of the blue-chips prices after dividends’ discounting

2016-03-31

Weekly Trading Report [27-31/03 [2016

Al-Quds Index declined significantly by 3.08% at the end of the week, to trade at its lowest level since November 2015. This decrease comes amid the routine decline in the shares’ prices affecting the Index due to distributing dividends, and what results of attempts to change investment positions in order to be entitled in the dividends and maximize the return. Normally, the stocks that distribute dividends automatically decline in price in the days that follow the distribution decision date by a percentage that approximates its dividends yield in order to meet the equivalent price. This scientifically is attributed to the fact that the stock price that holds the cash dividends prior to the general assembly meeting date is not equivalent to the price that doesn’t hold these dividends after the entitlement. In this period, a variation and conflict in the traders’ interests appears, whereby, the stock’s purchaser when the price is declining –dividends discounted- basses his decision on the historical performance of the stock before and after the dividends’ announcement if he was a speculator, or basses his decision on the profits’ growth expectations or the increase in the market indicators’ attractiveness that is related to the declining in price if he was a medium or long term investor. While the seller of the stock - dividends discounted- basses his decision to liquidate his assets in this company on targeting another stock with close dividends entitlement, or after achieving an expected yield – cash a capital. With the different drivers for creating purchasing bids and spontaneous sell offers, an activity in the market appears. And despite this, the liquidity stays scarce in Palestine Stock Exchange PEX, which impose on the observer- technically- a difficulty in predicting the momentum trend, and depending on only data –fundamentally- to take the decisions. 

During the week, the stock of Palestine Telecommunications Company PALTEL- the largest company by market capitalization and heaviest weight stock in the Index- decreased by 7.00%, to close at the level of JD5.18, to chiefly result in the decline of Al-Quds Index. It is worth mentioning that PALTEL approved distributing 45% cash dividends for the year 2015, to record dividends yield of 8.04%. The stock decreased this week compared to the entitlement price in a rate lower to the yield without reaching its equivalent price after the distribution. Undoubtedly, the attention will be dragged on the supporting levels of the stock in the coming week because of their impact on supporting the index. In the same context, the decline in the stock of Bank of Palestine BOP also affected the Index. After the approval of the general assembly GA to distribute 10.29% cash dividends and 5.71% stocks dividends, the stock decreased by 4.74% and closed at the level of $2.61; down than its equivalent price after the distribution. In terms of the approvals of this week, the GA of Al-Shark Electrode Company ELECTRODE approved distributing 12% cash dividends, to record dividends yield of 6%, while the price of the stock hasn’t declined during the week, to trade around its equivalent price. On the other hand, the GA of Al-Takaful Insurance Company approved distributing 10% stocks dividends, to raise the paid-up capital to $9.35 million. 

Regarding the dividends distribution proposals for this week, the board of directors BOD of Palestine Industrial Investment Company PIIC recommended distribution 6% cash dividends for the year 2015, to record dividends yield of 3% based on the current price. Moreover, the BOD of the Vegetables Oil Industries Company VOIC proposed to the general assembly which will be holding a meeting on 27/04/2016, distributing 50% cash dividends for the year 2015, to record dividends’ yield of 5.13% based on the current price. Furthermore, the BOD of Beit Jala Pharmaceutical Company BJP proposed distributing 6% cash dividends, to record 2.73% dividends yield and 30.80% stocks dividends, to raise the paid-up capital to JD7.00 million.


 

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