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Sahem Weekly Trading Report (05-09)-03-2017
Within the period that follows the annual financial data disclosures of the listed companies, the dividends distribution announcements pace for the year 2016 continue. Despite the slow and conservative liquidity indicators, Al-Quds Index still witnesses a balanced performance, to close at the level of 535.37 points; up by 0.54% than its previous closing level. Within the dividends distribution strategy, 12 companies raised their recommendations till this moment regarding distributing dividends for the year 2016, whereby, 9 companies proposed distributing cash dividends, 2 companies recommended distributing both cash dividends and stocks dividends, while, only one company has approved distributing cash dividends until now.
This week with the four trading sessions, the leading company of the Arab Palestinian Investment Company APIC raised a recommendation to the general assembly, which will be holding a meeting on 23/04/2017, to distribute 6.06% stocks dividends, to raise the paid-up capital from $66 million to $70 million, in addition to distributing 6.00% cash dividends for the year 2016. Based on the recommendation, APIC records 3.11% dividends yield based on the current price of the stock and 48.00% payout ratio based on the EPS attributable to the shareholders of the parent company at the end of year 2016. In the market, APIC increased by 1.58%, to close at the level of $1.93 after transactions worth $0.36 million; contributing for 7.81% from PEX total trading value.
Regarding this week’s trading, the stock of Palestine Telecommunications PALTEL- the largest company by market capitalization- topped the PEX when recorded trading value worth $2.04 million; contributing for 43.72% from PEX total trading value. This followed executing a transaction of 176 thousand shares. PALTEL closed at the level of JD5.00; up by 0.20% than its previous closing level. Whereby, the investment trends of traders vary with the near holding of the general assembly meeting at the beginning of April to approve distributing 40% cash dividends, between reporting rapid gains before and after the dividends’ entitlement, and between achieving yields along the years. Moreover, the stock of Palestine Islamic Bank ISBK followed when its transactions contributed for 20.53% from PEX total trading value, to close at the level of $2.20; up by 0.46% than its previous closing level. Moreover, the stock of Bank of Palestine BOP- the largest bank by market capitalization- followed when its transactions contributed for 11.12% from PEX total trading value, to close at the level of $2.72 after trading in a relatively narrow range; up by 0.37% than its previous closing level. However, in the banking and financial services’ sector also, trading was active on the stock of Al-Quds Bank QUDS when constituted 7.30% from PEX total trading value, to increase by 2.19% and close at the level of $1.40. Regarding the stock of the largest investment company by market capitalization- Palestine Development and Investment PADICO- it closed at the level of $1.06; up by 0.95% than its previous closing level after transactions that constituted 2.13% from PEX total trading value.