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PADICO decides to unify the group's policies and undertake the necessary restructuring

2017-07-27

Sahem Weekly Trading Report (23-27)-07-2017 

Al Quds Index ended the week at the level of 556.89 points, down by 0.42% through a decline in trading values by 65.16% compared to the previous week, to trade 5.76 million shares that valued at $7.49 million. Following the continuous  anticipation of the development in the investment environment in the political and security conditions in Palestine – as the PEX is considered the interface of the Palestinian economy that is most affected by the political situation. Therefore, the performance for the market this week is characterized with fluctuation. While; Investors with their different categories are still anticipating the semi-annual financial data for the listed companies because of their significant impact on the investors’ behavior in the market during the coming period.

  

Regarding this week’s trading, the stock of the largest investment company by market capitalization - Palestine Development and Investment Company PADICO - topped the PEX for the sixth time in a row, to balance at the level of $1.52 following active trading worth $2.60. It is worth mentioning that the company held its board of directors BOD meeting on 24/07/2017, whereby approved to unify the group’s polices and control the administrative expenses. In addition to undertake the necessary restructuring in order to face the upcoming period. As for the stock of the largest bank by market capitalization – Bank of Palestine BOP – it closed at the level of $2.47; down by 0.80% than its previous weekly closing level when its transactions worth $0.98 million. Regarding the stock of the largest company by market capitalization – Palestine Telecommunication PALTEL – it closed at the level of JD4.69; down by 0.42% than its previous weekly closing level, after transactions worth $0.97 million. In another context,  Palestine Plastic Industry LADAEN’s stock witnessed a significant increase by 900%, where the stock increased from JD0.28 to JD2.80. LADAEN’s  price floated on 24/07/2017 session according to the first trading session mechanism, it is worth mentioning that the stock was halted from trading until the completion of the capital reduction requirements after the General Assembly GA’s decision of decreasing the paid up capital by 90% each according to his contribution; from JD7.00 million to JD0.70 million in order to cover the accumulated losses, And that decision was taken in its meeting on 04/05/2016.

 

Regarding the semi-annual financial disclosures in this week, Wataniya Palestine Mobile Telecommunications WATANIYA noted realizing net loss of $1.37 million in H1 2017, compared to net income of $1.03 million in the corresponding period of 2016. This followed an increase in the company’s general and administrative expenses as a result of incurring expenses in the preparation of entering  Gaza strip during H1 2017. In addition to the illegal competition by Israeli telecommunication companies. On another hand, the board of directors BOD of Birzeit Pharmaceuticals BPC approved in its meeting on 24/07/2017 investing in Palestine Islamic Bank ISBK.

 


 

2018-01-18
Scarce liquidity in the PEX and 3G mobile networks in the West Bank by the end of January

2018-01-18
launching 3G mobile networks in the west bank by the end of January

2018-01-11
Relative quietness in the PEX with the increasing anticipation for the annual disclosures

2018-01-08
WATANIYA discusses raising its paid-up capital to $293 million

2018-01-04
The PEX opens the year 2018 in optimism

2018-01-03
The PEX modifies AL-Quds Index composition for the year 2018

 

 

 
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