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Palestine Telecommunications tops trading value around its year’s low

2017-01-26

Sahem Weekly Trading Report (22-26)-01-2017

In the week before the last of the first month of 2017, Al-Quds Index recorded a decline of 1.03% compared to the previous week, to close at the level of 522.08 points, affected by a decrease in the prices of some leading stocks than the levels recorded within the routine trading phase at the end of the year. On the other hand, Palestine Stock Exchange PEX witnessed lack of liquidity momentum which coincides with the investors’ anticipation for the listed companies’ annual financial data disclosures of 2016, which in turn raised the price movement deadlock. However, the boards of directors accelerate to announce the dates to hold their meetings as a step to start the financial data disclosures.

 

Regarding this week’s trading, the stock of Palestine Telecommunications PALTEL – the largest company by market capitalization- topped the PEX by trading value, when reached $3.21 million; contributing 67.39% from PEX total trading value and following executing a transaction of 300 thousand shares. Moreover, PALTEL closed at the level of JD4.80 without any change than its previous closing level. On another hand, the BOD of the company will be holding a meeting on 07/02/2017, to revise the preliminary annual financial results of the company for 2016. Regarding the banking sector, trading was active on the stock of Palestine Islamic Bank ISBK, to close at the level of $1.94, without any change than its previous closing level and through transactions worth $0.28 million. Moreover, the BOD of the bank will be holding a meeting on 15/02/2017. Regarding the largest bank by market capitalization- Bank of Palestine BOP- it closed at the level of $2.74; down by 3.52% than its previous closing level and through transactions worth $0.30 million. However and regarding the leading stock of the Arab Palestinian Investment Company APIC, it closed at the level of $1.89; up by 0.53% than its previous closing level, after trading in a relatively narrow range and through transactions worth $0.32 million.

 

Regarding the significant news, Sanad Construction Resources Company announced closing its Initial Public Offering IPO with coverage of 118%. The company has offered 6 million shares (9% from its total shares, with a total value of $14.1 million) for subscription from the 18th of December 2016 and till the 12 of January 2017, in order to finance the operating and developing activities of the company, including the first phase of establishing the Palestinian Cement Factory, in addition to programs and projects implemented by Sanad recently, such as “Bonyan Program” to develop SMEs in the construction industries sector. The company also noted that its shares will be listed in the PEX in the second half of February. 

 

 


 

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