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Al-Quds Index breaks through new psychological level and gains 2.99% in this week


Sahem Weekly Trading Report (02-06)-07-2017                                                                                 

Within a week charged with significant active trading and executing several transactions with medium to high volume on the blue-chips and other stocks, Al-Quds Index increased noticeably by 2.99% to breakthrough new psychological level at 560.62 points and records the highest level since the beginning of the year 2017. This came at the beginning of the second half of the current year and after the listed companies had almost approved dividends distribution for the year 2016, along with the receding in the prices decline wave following the dividends entitlement and the start of the spontaneous price correction movement in parallel to creating the general image of the expected yields for the year. On the other hand, the anticipation increases this period to disclose the semi-annual financial data for 2017, which affects the investors’ behavior- with their different categories- in the market during the coming period.


The stock of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- still leads Palestine Stock Exchange PEX for several weeks due to the increase in trading activity and executing several transactions on its stocks in the week, to top the PEX in this week by 60.24% when recorded $10.95 million. However, PADICO increased significantly by 5.56%, to breakthrough new psychological level and close at the level of $1.52 after trading in a relatively wide range. In the banking and financial services sector, the stock of Palestine Islamic Bank ISBK increased by 5.91%, to close at the level of $2.33 after transactions worth $2.70 million that were raised through executing transaction on its stocks of 304 thousand shares. Moreover, the stock of Al-Quds Bank QUDS witnessed fiery increase by 11.11%, to trade in a relatively wide range and close at the level of $1.60 through transactions worth $0.62 million. Regarding the largest bank by market capitalization- Bank of Palestine BOP- it increased by 0.80%, to close at the level of $2.52; below its equivalent price after transactions worth $0.28 million. Regarding the stock of the largest company by market capitalization- Palestine Telecommunications PALTEL- it witnessed transactions worth $0.66 million, to close at the level of JD4.80; up by 1.05% than its previous weekly closing level.


Regarding the news of the listed companies, Palestine Insurance Company PICO announced holding an extraordinary general assembly GA meeting on 13/07/2017 in order to discuss the board of directors BOD’s recommendation in March 2017 to distribute 20% stocks dividends for the year 2016 to the shareholders as for 12/07/2017, to raise the paid-up capital from $5.00 million to $6.00 million. It is worth mentioning that the company previously approved the BOD’s recommendation to distribute 40% cash dividends for the year 2016, to record dividends yield of 15.69% based on the price on the entitlement date.



VOIC records net income of JD6.61 million in 9M 2023



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