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A decline in Al-Quds Index with the end of the disclosures’ legal period

2017-11-02

With the end of the legal period granted by Palestine Stock Exchange PEX to the listed companies to disclose their  9M 2017 financial  and operational data, which coincides with the end of October, Al-Quds Index decreased this week by 0.91% than its previous weekly closing level, to record 569.85 points after declining from the 570 points level in which traded above for a period of time, following a decline of the prices of the leading stocks with the highest weights in the Index. Moreover, Among the disclosures, 46 companies out of 48 listed companies disclosed their financial data. Where the results of some companies were distinguished from others. In terms of  the liquidity indicators, the market didn’t witness any significant change in the trading levels, in which are still weak and scarce.

 

Regarding the financial data disclosures of the blue-chips, Bank of Palestine BOP – the largest bank by market capitalization – disclosed posting net income of $38.54 million in the first nine months of 2017; up by 0.92% than its corresponding period a year ago. This mainly followed an increase of 28.17%in net interests and commissions. Based on the disclosed data, BOP records BV of $1.91 and P/BV of 1.31x. However, in the same sector, The Arab Islamic Bank AIB disclosed posting net income $5.83 million in the first nine months of 2017, compared with net income of $4.73 million in the corresponding period a year ago. This mainly followed an increase in the banks financing and investment income, net commissions income and foreign exchange revenues. Based on the disclosed data, AIB records BV of $1.42 and P/BV of 1.25x.     

 

Also, the largest investment company by market capitalization – Palestine for Development and Investment PADICO – disclosed posting net income attributable to the shareholders of the parent company of $11.76 million; down by 37.09% than the corresponding period a year ago. This mainly followed the decline in PADICO’s stake from associates’ profits- mainly from Palestine Telecommunication Company PALTEL-, Based on the disclosure PADICO records BV of $1.75 and P/BV of 0.88x. while the largest company by market capitalization – Palestine Telecommunication PALTEL – disclosed posting net income of JD54.43 million in the first nine months of 2017, compared with net income of JD63.07 million in the corresponding period a year ago. This came despite the increase in the company’s revenue, due to the financial load incurred by the company as a result of renewing PALTEL and JAWWAL licenses by the end of 2016. Which caused to the increase in the amortization cost of the new license, in addition to the cancellation of the partial tax exemption for Jawwal as of 2017, as well as the expiration of the partial tax exemption for PALTEL in the same period. Moreover, based on the disclosure PALTEL records BV of JD4.21 and P/BV of 1.09x.

 


 

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