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Al-Quds index decreases with the start of 9M disclosures' period

2018-10-18

Sahem Weekly Trading Report (14-18)-10-2018

Al-Quds Index closed at the level of 527.79 points; down by 0.27% than its previous weekly closing level. Whereby, the average daily trading value for the period 14/10 – 18/10 reached $0.59 million compared to $0.68 million for the last week; down by 11.90%. Where the total trading value during the week reached $2.98 million compared to $3.39 million during the last week. Trading a total of 1.46 million shares through 495 transactions. Moreover, regarding the liquidity levels, it was characterized with low liquidity regardless executing a 0.70 million shares transaction on Sanad Construction Resources SANAD. On the other hand, Palestine Stock Exchange PEX entered the legal period for the listed companies to disclose their financial results for the first nine months of 2018, where only two companies disclosed  their data out of 48 companies until now.

Regarding this week’s trading, Sanad Construction Resources SANAD topped the PEX when recorded trading value of $1.46 million, following executing a transaction on its shares. to close at the level of $1.99; down by 4.78% than its previous weekly closing level. In the same sector, the Arab Palestinian Investment Company APIC closed at the level of $2.28; down by 0.44% than its previous weekly closing level, after trading value of $0.26 million. However, the stock of the largest investment company in terms of market capitalization - Palestine Development and Investment Company PADICO – closed at the level of  $1.27; down by 0.78% than its previous weekly closing level, when recorded trading value of $0.08 million. Moreover, in the services sector, the stock of the largest company by market capitalization in the PEX – Palestine Telecommunication PALTEL – closed at the level JD4.32; up by 0.93% than its previous weekly closing level. In turn, PALTEL recorded trading value of $0.34 million. In the same context, the stock of the largest bank by market capitalization – Bank of Palestine BOP -, closed at the level of $2.37; down by 0.42% than its previous weekly closing level, when its transactions recorded $0.15 million.

Regarding the financial statements disclosures, the Arab Company for Paint Products APC was the first to disclose its financial statements for the first nine months of the year 2018, to record profits of JD0.44 million compared to JD0.99 in the corresponding period of 2017; down by 55.24%. This followed an increase in cost of sales and general and administrative expenses by 6.72% and 19.26% respectively. Moreover, based on the disclosed figured, APC recorded Book Value BV of  $2.78 and  P/BV of 2.33x. In another disclosure, Palestine Electric PEC announced posting net income attributable to the parent company of $9.02 million in the first nine months of 2018 compared with $6.35 million in the corresponding period of 2017; up by 42.16%. this followed a decrease in operating and finance expenses. Moreover, based on the disclosed figures PEC recorded Book Value BV of  $1.51 and  P/BV of 1.34x.


 

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