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Al-Quds Index increases and the PEX enters the last third of the legal period of H1 disclosures

2018-08-02

 

Sahem Weekly Trading Report (29-07)-(02-08)-2018

The trading pace in Palestine Stock Exchange PEX was not different in this week than the other weeks; it is still weak and lacks any momentum. While Al-Quds Index increased by 0.03% than its previous weekly closing level, to record 541.40 points. On the other hand, the PEX witnessed a momentum in the significant news this week, whereby, the anticipation increases. While the PEX enters the last third of the legal period of the listed companies’ semi-annual financial data disclosures for the year 2018, noting that only three companies had disclosed their results till this moment.

 

Regarding the significant news of this week and as a step within the company’s strategy which seeks to reduce risks by diversifying its resources, distribute its supply size, and import construction materials from several sources with ensuring commitment to the previous agreements and obligations without breaching them, Sanad Construction Resources Company SANAD announced signing an exclusive supply agreement with Northern Cement Company NCCO in Jordan, which owns cement plants in Jordan, Saudi Arabia and Iraq. It is good to note that signing this agreement reflects the common agreement to supply cement from NCCO which is used in most brick factories in Palestine for its strength and durability, in order to meet the needs of the local market in the coming period. This step comes later to signing an agreement with Manaseer Cement and Mining Company in Jordan last year, which in turn succeeded on all levels.

 

Regarding the semi-annual financial data disclosures that were announced this week, Wataniya Palestine Mobile Telecommunications Company WATANIYA disclosed realizing net loss of $1.65 million in H1 2018, compared to net loss of $1.37 million in H1 2017. This came despite an increase of 20.87% in the company’s gross income which followed recording gross margin of 58.91% in the first six months of 2018, compared to 58.80% in the corresponding period of 2017. Whereby, the increase in the expenses incurred WATANIYA additional loss in this half of the year. While based on the announced figures, WATANIYA records book value BV of $0.32 and P/BV of 2.69x. On the other hand, Union Construction and Investment Company UCI disclosed posting net income attributable to the shareholders of the parent company of $0.90 million in H1 2018; up by 65.14% than the corresponding period of 2017. This followed an increase of 129.00% in the company’s revenues. However and based on the disclosed figures, UCI records BV of $1.23 and P/BV of 0.46x.

 

Regarding the news that may affect the Palestinian economy, the British Government announced its intention to intensify its aids to enhance the economic and humanitarian conditions for the largest possible number of Palestinian families in Gaza Strip and the West Bank. Whereby, the Minister of State for the Middle East and North Africa announced a new British aid program to help in creating hundreds of job opportunities, help in preparing the infrastructure for water and electricity, in addition to strengthening the Palestinian exports. He also noted that the United Kingdom will provide about GBP 38 million for the coming 5 years period (2018-2023) in order to support the economic activity in Gaza Strip and the West Bank.


 

2021-10-24
ARAB posts net income of JD0.02 million in 9M 2021

2021-10-21
Al-Quds Index in a narrow range amid an increase in 9M financial data disclosures anticipation

2021-10-17
PHARMACARE recommends distributing 10% cash dividends for the year 2020

2021-10-14
A transaction on the stocks of TRSUT raises the trading value in the PEX

2021-10-07
Al-Quds Index rebounds upwards in the first week of October

 

 

 
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