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2019-03-07
Sahem Weekly Trading Report (03-07)-03-2019
At the beginning of March, Al-Quds Index increased by 0.63% than its previous weekly closing level, to approach the 545 points level, and close at the level of 544.59 points. Whereby, the trading in Palestine Stock Exchange PEX is still weak- if we exclude the institutional transactions, which witnessed a momentum on the banking and financial services sector; whereby two cross transactions were executed on the stocks of Al-Quds Bank QUDS of 0.52 million shares, and one institutional transaction was witnessed on the stocks of Bank of Palestine BOP of 0.28 million shares in this week. Also, a weakness in trading on the stocks of blue-chips with the highest weights in the Index was also witnessed, whereby, some closed upward, while, others stabilized compared to the previous weekly closing levels. On the other hand, the dividends distribution announcements pace for the year 2018 accelerate within the period that follows the annual financial data disclosures of the listed companies. While within the dividends’ distribution strategy, 11 companies raised their recommendations till this moment regarding distributing dividends for the year 2018, whereby, 8 companies proposed distributing cash dividends, 3 companies recommended distributing both cash dividends and stocks dividends, while, only one company of them has approved distributing cash dividends until now.
Regarding the dividends’ distribution announcements for the year 2018, the board of directors BOD of Bank of Palestine BOP raised a recommendation to the general assembly GA, which will be holding a meeting on 28/03/2019, to raise the paid-up capital from $200.00 million to $204.00 million through distributing 2.00% stocks dividends to its shareholders for the year 2018. It also proposed distributing 11.50% cash dividends for the year 2018, to record dividends yield of 4.89% based on the current market price. Whereby, the value of dividends distribution (cash and stocks) reaches $27.00 million. Also, the BOD of Palestine Industrial Investment Company PIIC raised a recommendation to the GA to distribute 6.00% cash dividends for the year 2018, to record dividends yield of 2.61% based on the current market price. However, and regarding the dividends’ distribution approval for the year 2018, the GA of the Arab Company for Paints Products APC approved, in its meeting on 04/03/2019, distributing 30% cash dividends for the year 2018, to record dividends yield of 4.61% based on the price on the entitlement date. Whereby, APC was the first to approve its dividends distribution percentage during this year. However, APC announced starting to pay the approved dividends distribution from Monday 01/04/2019.
According to an economic survey, based on published data on Palestine Monetary Authority PMA’s website, the Palestinian banking sector deposits reached $12.22 billion at the end of 2018, compared to $11.98 billion in 2017. While total savings deposits, at the end of 2018, reached $4.10 billion, compared to $3.94 billion at the end of 2017, and $3.47 billion at the end of 2016. Whereby, the year 2018 witnessed a slowdown in the banking sector savings deposits’ growth, to increase by 4.20% compared to the year 2017, while, witnessed an increase of 13.50% in 2017 compared to the year 2016. In terms of value, the savings deposits increased by $167 million in 2018, compared to $470 million in 2017. This comes despite a growing in the savings accounts’ awards campaigns by the operating bank in the domestic market to attract liquidity and reinvest it, to contribute in the lending portal.
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