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Al-Quds Bank records net income of $9.42 million in 9M 2017

2017-10-12

Despite the slow price movements pace in the blue-chips’ stocks in the second week of October following the anticipation in the financial disclosures’ month for the first nine months of 2017 dominated the investment appetite and investors’ behavior. Where, stalling in the place outweighed pursuing any price trend, but Al-Quds Index increased significantly, to breakthrough the 580 points level barrier, in which tried to breakthrough last week, to close at the level of 587.12 points, up by 1.56% than  its previous weekly closing level. Where the noticeable increase of  Wataniya Palestine Mobile Telecommunication Company WATANIYA- the fourth heaviest weighted stock in the Index, in which contributes for around 8.70% from its weight- for the second week respectively, had the most significant impact on the increase of the index . While the quarterly financial disclosure of listed companies remains on the list of investors' expectations this month.

Regarding this week’s trading, the stock of Wataniya Palestine Mobile Telecommunication Company WATANIYA witnessed a noticeable increase by 15.38% than its previous weekly closing level, to record $1.35 after trading in a relatively narrow range. Following transactions worth $1.36 million, to acquire by 21.11% from the total traded value in the PEX this week. Also, the stock of Palestine Electric PEC witnessed an increase in the trading activity, to increase by 5.97% than its previous weekly closing level, to record $1.42 after transactions worth $0.57million. 

Amid the financial disclosures of this week, Al-Quds Bank QUDS was the first to announce its financial results for the first nine months of 2017, Whereby, QUDS reported net income of $9.42 million compared to net income  of $6.50 million in the same period a year ago. This followed an increase in net interests and commissions, to record BV of 1.48 and P/BV of 1. 34.

And within the Blue-chips trading this week, the stock of the largest investment company by market capitalization – Palestine Development and Investment PADICO – stabilized at the level of $1.57, without any change than its previous weekly closing level, following transactions worth $1.11 million after trading in a relatively narrow range that didn’t exceed two points. And Regarding the stock of the largest stock by market capitalization and the highest weighted stock in Al-Quds Index – Palestine Telecommunication PALTEL -, it stabilized at the level of JD4.65, without any change than its previous weekly closing level, following transactions worth $0.59 million. On the other hand, the stock of the largest bank by market capitalization - Bank of Palestine BOP – increased by 1.19% than its previous weekly closing level, to record $2.55 after transactions worth $0.92 million. Moreover, the leading stock of Arab Palestinian Investment Company APC decreased by 1.02% than its previous weekly closing level after trading in a relatively narrow range, to record $1.95 after transactions worth $0.20 million.