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Executing several transactions raises the market's trading value this week

2017-08-03

Sahem weekly Trading Report (30-07)-(03-08)-2017

Al-Quds Index ended this week in the green zone, to close at the level of 559.45 points; up by 0.46 than its previous closing, While the institutional transactions dominated the market and the increase in trading activity on  the effected stocks caused raising the trading value. The high trading value followed executing an institutional  transaction of 5.51 million stock on Palestine Islamic Bank ISBK’s stock,  that solely contributed in 48.65% from total trading value during the week. Which represents the share of Al-Quds Bank in ISBK, And it was purchased by Palestinian Pension Agency. In another context, the anticipation increases, while Palestine Stock Exchange PEX enters the last third of the legal period of the listed companies’ semi-annual financial data disclosures noting that only three companies had disclosed their semiannual results.

Regarding this week’s trading, Palestine Development and Investment Company PADICO - the largest Investment company by market capitalization – closed at the level of $1.58 where traded in a relatively wide range; up by 3.95%  than its previous weekly closing level. PADICO’s transactions contributed 15.49% from total trading value, Moreover, the stock of the largest company by market capitalization – Palestine Telecommunication PALTEL – closed at the level of JD4.56; down by 0.85%  than its previous weekly closing level after transactions that contributed 4.49% from total trading value. Executing a transaction of 1.07 million stock  on the stock of Palestine Investment Bank PIBC during the week led to an increase in the trading value, where its transaction contributed  5.88% from total trading value, to stabilize at the level of $0.95. On the other hand, the trading value of  Jerusalem Pharmaceuticals JPH’s stock contributed 2.93% from the total trading value, following executing a transaction of $0.31 million, to close at the level of $2.30; up by 4.55% than its previous weekly closing level.

And in the banking sector, the secondary subscription shares of the Arab Islamic Bank AIB started trading on today’s session 03/08/2017, it is worth mentioning that the extraordinary General Assembly GA approved in its meeting on 02/04/2017 raising the paid up capital by $25 million through secondary subscription at the price $1.25, to reach $75 million. In another context, The National Bank TNB opened a branch in Rawabi. 

In Term of financial disclosure , the financial data of Palestine Securities Exchange Company PSE- the operator of the PEX – noted realizing $0.10 million net loss during H1 2017, compared to net income of $0.42 million in the corresponding period of 2016. To record book value BV of $1.134 and P/BV of 4.37x. due to the increase in revenues in addition to the in general and administrative expenses. As for the disclosures of Union Construction and Investment Company UCI , the financial results noted posting net income of $0.55 million, compared to net income of $0.39 million in the corresponding period of 2016; up by 40.33%. to record BV of $1.204 and P/BV of 0.56x.

On another side, the listed companies continue scheduling their board of directors meetings, in order to discuss their financial results and performance for the first half of the current year to be adopted for disclosure .