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A momentum in the dividends distribution proposals and Al-Quds Index in the green zone

2018-03-01

Sahem Weekly Trading Report (25-02)-(01-03)-2018                

The liquidity scarcity dominated the trading in Palestine Stock Exchange PEX this week despite changing the positions of the most active stocks, while A-Quds Index increased by 0.22% than its previous weekly closing level and recorded 589.25 points. However, with the entry of the annual routine price cycles following the financial data disclosures and dividends distribution trends’ announcements, the Index recorded good gains of 2.55% than its closing at the end of the year 2017. On the other hand, the listed companies accelerated to hold their board of directors’ meetings this week to raise recommendations regarding the dividends distribution to the shareholders for the year 2017.

Regarding the dividends recommendation announcements for the year 2017, the board of directors BOD of Beit Jala Pharmaceuticals BJB raised a recommendation to the general assembly, which will be holding a meeting on 26/04/2018, to distribute 15% cash dividends for the year 2017, to record dividends yield of 6.25% based on the current price. However, in the banking and financial services sector, the BOD of Palestine Islamic Bank ISBK proposed to the GA, raising the paid up capital from $69.00 million to $72.50 million through distributing 5.07% stocks dividends to its shareholders, and 8.50% cash dividends for the year 2017, to record dividends yield of 3.81% based on the current price. In the same context, the BOD of Palestine Poultry Company AZIZA proposed to the GA, which will be holding a meeting in the second half of April, to distribute 15% cash dividends for the year 2017, to record dividends yield of 5.60% based on the current price. On the other hand, the GA of Union Construction and Investment Company UCI will be holding an extraordinary meeting on 19/03/2018, whereby; will discuss converting the company from public shareholding company to private shareholding company.

Regarding this week’s blue-chips trading, the performance of the stock of the largest investment company in terms of market capitalization – Palestine Development and Investment Company PADICO – shined during the week, to achieve significant gains of 4.83%  than its previous weekly closing level and close at the level of $1.52 through transactions worth $0.40 million. However, the stock of Bank of Palestine BOP – the largest bank by market capitalization -  witnessed active trading this week, to top the PEX by 28.84% and close at the level of $2.61; down by 0.76% than its previous weekly closing level and after trading in a relatively wide range. On the other hand, the stock of Palestine Telecommunication Company PALTEL – the largest company in the PEX in terms of market capitalization – decreased by 0.62% than its previous weekly closing level, to close at the level of JD4.82, following lack of the selling offers in their depth and through transactions worth $0.24 million.


 


 

 

 
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