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2018-07-05
Sahem Weekly Trading Report (01-05)-07-2018
Al-Quds Index reported gains this week of 1.02%,to close at the level of 546.18 points following an improvement in the price performance of the leading stocks with the highest weights in the Index, amid medium-volume and relatively far from high-volume transactions. This came at the beginning of the second half of the current year and after the listed companies had approved dividends distribution for the year 2017, along with the receding in the prices decline wave following the dividends entitlement and the start of the spontaneous price correction movement in parallel to creating the general image of the expected yields for the year. Whereby, theoretically, the stocks currently trade without the previous year’s profits, while, implicitly with the start of companies to disclose their financial results for the year 2018, the investor starts approximately to expect his yield from the distribution till the end of the year. In accordance, this expectancy positively reflects the stocks’ prices after the accumulation of disclosed profits in their value and leads to the start of new price cycle in the market that is related to some market indicators and expectations variation for each stock alone.
Regarding the significant news of the listed companies this week, Al-Quds Bank QUDS announced signing a strategic partnership agreement with Jordan Kuwait Bank, whereby; Jordan Kuwait Bank will merge with QUDS and consolidate its assets and liabilities to QUDS’. It is good to note that all necessary legal procedures will be proceeded to complete this agreement, whereby, implementation the merger will take place within a maximum of 90 days period. However, it is worth mentioning that QUDS is the second Palestinian bank listed in the banking and financial services sector in terms of market capitalization. Where the bank achieved net profits of $2.26 million in the first quarter of 2018 and approved distributing 10% cash dividends and 10% stocks dividends for the year 2017.
Regarding this week’s trading, the stock of Trust International Insurance Company TRUST topped the PEX by 30.23% this week, to stabilize at the level of $3.49 without any change than its previous weekly closing level. However, In the banking and financial services sector, the stock of Palestine Investment Bank PIBC witnessed active trading this week where its transactions constituted 21.93% from total weekly trading value of the PEX, to close at the level of $1.37; up by 5.38% than its previous weekly closing level. Moreover, within the top three leading stocks, the stock of Palestine Development and Investment Company PADICO closed at the level of $1.35; up by 2.27% than its previous weekly closing level and after transactions that constituted 4.12% from total trading value of the PEX. Also, the stock of Palestine Telecommunications PALTEL increased by 1.38% than its previous weekly closing level, to close at the level of JD4.42 following transactions that constituted 24.74% from total trading value of the PEX. On the other hand, the stock of Bank of Palestine BOP stabilized at the level $2.50 without any change than its previous weekly closing level and after transactions that constituted 2.27% from total trading value of the PEX.
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