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Al Quds Index rebounds amid variation in blue chips profits

2016-08-25

Weekly Trading Report ]21-25/08 [2016

 

In an accelerating week of the semi-annual financial data disclosures, Al-Quds Index increased significantly after a rebound in the price of Palestine Development and Investment Company PADICO than its previous closing, which in turn recorded the highest weekly gain in the market. However, the performance of the other leading stocks resulted in the trading of the Index above the 510 points. Regarding the liquidity, the leading stocks constituted around 88.63% from total transactions, to reflect the varying in the investors’ expectations regarding the financial data and building or closing their investment positions.

At the end of the week, the leading company- Palestine Development and Investment Company PADICO- disclosed its semi-annual financial data for the year 2016, posting net income attributable to the shareholders of the parent company of $12.42 million; down by 12.12% compared to the corresponding period of 2015. This decrease came despite the growth in the operating revenues of its subsidiaries, mainly resulted from the increase in the revenues of Palestine Industrial Investment Company PIIC. However, realizing losses from exiting from unproductive investments affected the consolidating profits. Moreover, not recording profits from the new projects in H1 2016 contributed in a decline in net profits especially that the corresponding period of 2015 included recording profits from Al-Ghadeer Housing Residency- one of the projects of Palestine Real Estate Investment Company PRICO. In this context, PADICO expects starting to record profits from AL-Sharafat project in H2 2016. Accordingly, PADICO records BV of $1.76, P/BV of 0.66x and PE of 11.70X. During the week, PADICO increased by 6.36%, to close at the level of $1.17 after transactions that contributed in 26.18% from total trading value.

Among the distinguished disclosures this week, Palestine Electric Company PEC noted net income of $8.38 million in H1 2016; up by 56.88% than the corresponding period of 2015. This followed a significant increase in the power generating revenues after regaining the ability of the company’s machines to operate with its full production capacity and issuing its monthly bill on the basis of total energy. PEC conducted maintenance and repairing operations during last year after the Israeli bombing during 2014. Moreover, the National Bank TNB noted posting net income of $4.65 million in H1 2016; up by 73.51% than H1 2015. This followed an increase in net interests and commissions, in addition to enhancing the income from financial assets from stocks dividends and income from selling investments. Furthermore, Bank of Palestine BOP reported an increase in its net income by 5.26% in H1 2016, when reached $23.90 million. This followed an increase in net interests and commissions after consolidating the financing and investment revenues of the Arab Islamic Bank AIB, in which BOP has increased its ownership in from 31% to 51.98% to become a controlling stake. However, evaluating the stocks of AIB which was owned by BOP before the acquisition on the fair value at the acquisition date resulted in income from operation consolidation and therefore enhancing the period income.

 

 


 

2021-06-17
Al-Quds Index ends the week in the green zone and the institutional transactions raise the trading value

2021-06-13
SANAD posts net income of $0.15 million in Q1 2021

2021-06-13
PEC records net income of $3.22 million in Q1 2021

2021-06-10
The PEX records average PE of 12.1x and average P/BV of 1.21x in Q1 2021

2021-06-06
The share of Tamkeen Palestinian Insurance Company closes at $1.63 in its first trading session

2021-06-03
Al-Quds Index records significant increase than its closing at the end of 2020

2021-06-02
LADAEN posts net income of JD0.01 million in Q1 2021

2021-06-02
PIBC posts net income of $0.08 million in Q1 2021

2021-06-01
Listing and start of trading on the stocks of Tamkeen Insurance

2021-06-01
PIIC posts net income of JD1.27 million in Q1 2021

2021-06-01
NIC posts net income of $1.09 million in Q1 2021

2021-06-01
NCI posts net income of $0.38 million in Q1 2021

2021-06-01
PADICO posts net income of $6.68 million in Q1 2021

2021-06-01
BOP posts net income of $11.34 million in Q1 2021

2021-06-01
PRICO realizes net loss of JD0.17 million in Q1 2021

2021-06-01
AHC realizes net loss of JD0.47 million in Q1 2021

2021-06-01
WASSEL posts net income of $0.08 million in Q1 2021

2021-06-01
JCC posts net income of JD0.77 million in Q1 2021

2021-06-01
QUDS posts net income of $2.44 million in Q1 2021

2021-06-01
GMC posts net income of JD0.14 million in Q1 2021

2021-06-01
OOREDOO posts net income of $2.58 million in Q1 2021

2021-06-01
BJP posts net income of JD0.26 million in Q1 2021

2021-06-01
NSC posts net income of JD0.35 million in Q1 2021

2021-06-01
ISBK posts net income of $3.46 million in Q1 2021

2021-06-01
JREI realizes net loss of $0.03 million in Q1 2021

2021-06-01
AIB posts net income of $3.22 million in Q1 2021

2021-06-01
MIC posts net income of $0.69 million in Q1 2021

2021-06-01
BPC posts net income of $0.90 million in Q1 2021

2021-06-01
PSE posts net income of $0.07 million in Q1 2021

2021-06-01
AQARIYA realizes net loss of $0.02 million in Q1 2021

2021-06-01
AQARIYA realizes net loss of $0.02 million in Q1 2021

2021-06-01
AZIZA posts net income of JD0.62 million in Q1 2021

2021-06-01
TIC posts net income of $0.56 million in Q1 2021

2021-06-01
ELECTRODE realizes net loss of JD0.02 million in Q1 2021

2021-06-01
RSR posts net income of JD1.00 million in Q1 2021

2021-06-01
GUI posts net income of $0.63 million in Q1 2021

 

 

 
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