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Sahem Weekly Trading Report (17-21)-04-2016
The leading stocks with heavy weights in Al-Quds Index that distributed dividends for the year 2015 maintained the balancing in their equivalent prices after the distribution during the previous few years, but the sales offers in their depth on these stocks this week resulted in decreasing their prices below their equivalent prices. Despite the insignificant change in Palestine Stock Exchange trading volume, the decline was due to speculative offers that lack fundamental drivers and a momentum that contribute in defining a trend. In this context, the eyes of observers are dragged on the support levels of the effectible stocks in the coming period, in which these levels constitute important points in the price cycles, and important spot to build investment positions if other things were constant without any significant change.
Within monitoring the return on investment for this week, two new companies joined the companies that distributed dividends for the previous year, to raise the number of companies that approved dividends to 11 companies, while 10 companies recommended dividends distribution and haven’t held their general assembly GA meetings yet. This week, the general assembly of Palestine Islamic Bank ISBK approved, on its meeting on 18/04/2016, distributing 8.5% cash dividends, to record dividends yield of 5.67% and payout ratio of 42.29% based on the earnings per share EPS for the year 2015. On another hand, ISBK disclosed its Q1 2016 data, noting posting net income of $2.49 million; up by 21.82% in the corresponding period of 2015. This increase followed significant increase of 25.54% in the bank’s gross revenues. Moreover, Palestine Electric Company PEC approved distributing 10% cash dividends for its shareholders as for 20/04/2016, to record dividends yield of 8.40% and payout ratio of 44.05% from the EPS of 2015. Furthermore, PEC disclosed its financial data for Q1 2016, noting posting net income of $4.44 million; up by 141.82% than Q1 2015 due to a significant increase in the electric power generation revenues.
Regarding the quarterly disclosures, Palestine Industrial Investment Company PIIC – the investment arm of PADICO Holding in the industry sector and the parent company of Palestine Poultry Company AZIZA and Palestine Plastic Industries Company LADAEN- noted posting net income attributable to the shareholders of the parent company of JD1.39 million in Q1 2016; up by 912% than Q1 2015. This fiery increase followed a growth in gross profits which mainly came from an increase in the revenues of AZIZA by 35%, in addition to the revenues of Pinar Dairy Company in which its data was consolidated in PIIC’s data in Q1 2016. Within the distinguished results, Birzeit Pharmaceuticals Company BPC noted posting net income attributable to the shareholders of the parent company of JD2.29 million compared to the corresponding period of 2015 after an increase in gross profits in addition to achieving foreign exchange rates revenues.