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Horizontal trading amid anticipation for quarterly disclosures


Sahem Weekly Trading Report (03-06)-10-2016

With the start of October, Palestine Stock Exchange PEX entered the legal period granted to the listed companies to disclose their 9M 2016 financial data, to raise the anticipation once again for the PEX and investors particularly towards the accumulated yield in their minds. Undoubtedly, the expectations for companies financial data vary based on what had been announced in the first half of 2016 and what was layed out for possible impacts in the third quarter. Accordingly, the listed companies’ stocks performance varied this week following the fundamental factors and the ease of the liquidity movement.

This week, the stock of Al-takaful Insurance Company TIC topped the PEX when its transactions contributed 52.81% from PEX total trading value. This followed executing an institutional transaction on TIC’s shares, whereby Palestine Islamic Bank ISBK sold part of its stake to Trust International Insurance Company TIC and Trust Real Estate Company. Accordingly, ISBK’s stake declined to 26.23%, while the stake of the purchasing companies together increased to 62.44%. In terms of the price, TIC closed at the level of $3.63; up by 4.91% than its previous weekly closing. In the activity list, the stock of Palestine Telecommunications Company PALTEL – the largest company by market capitalization- followed, when its transactions constituted 28.98% from PEX total trading value, to close at the level of JD5.15; slightly up by 0.59%. While it was noticed that PALTEL’s price was solid around its support level of JD5.10.

In the market, the stock of the Arab Palestinian Investment Company APIC traded in a medium price range, to close at the level of $1.82; down by 0.55% and record transactions of 5.18% from PEX total trading value. It is worth mentioning that a large part of the investors are anticipating the quarterly financial data of APIC to monitor the impacts of the strategic changes in the company during 2016 and their effects on the profit margins. The stock of Bank of Palestine BOP followed with transactions that contributed 3.31% from total trading value, to decline by 0.39% and close at the level of $2.56. The market is anticipating the effect of the merger between Palestine Commercial Bank and BOP on the balance sheet and income statement of the first nine months of 2016. Moreover, the transactions of Palestine Development and Investment Company PADICO contributed by 1.98% from PEX total trading value, to trade in medium price range and close at the level of $1.15; down by 1.71%. It is worth mentioning also that the operating profit margins of the company are under anticipation for the third quarter of this year.



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