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2019-03-28
Sahem Weekly Trading Report (24-28)-03-2019
Palestine Stock Exchange PEX has entered in this week a phase of exchanging investment positions between traders to entitle the dividends payments in order to maximize the investment return. These attempts have led to price declines; following the variation in the traders’ interests during the period, in parallel to the spontaneous decline in the companies’ stock prices that have just approved cash dividends distribution. In this context, the decrease in the price of the heaviest weighted stock in Al-Quds Index-Palestine Telecommunications PALTEL- following approving the cash dividends distribution, was the main reason to record losses in the index this week. PALTEL recorded a drop of 8.82%, to end the week at the level of JD4.03; up by 0.25% than its equivalent price. This had led Al-Quds Index to close at the level of 538.43 points; down by 1.97%. On another hand, the trading value in the PEX increased significantly following a momentum in executing transactions on the listed companies’ stocks, including: Wataniya Palestine Mobile Telecommunications OOREDOO, Sanad Construction Resources SANAD, Al-Quds Bank QUDS and Bank of Palestine BOP.
In terms of dividends entitlements and their effects, the general assembly GA of Palestine Investment and Development Company PID approved in its meeting on 24/03/2019, distributing 10% cash dividends for the year 2018, to record dividends yield of 5.71% based on the price on the entitlement date. Whereby the approved dividends distribution will be paid to the shareholders as registered for 23/03/2019 beginning from 15/04/2019 through all branches of the National Bank TNB. Moreover, the GA of the Arab Islamic Bank AIB approved, in its ordinary and extraordinary general assembly meetings on 25/03/2019, raising the paid-up capital from $75.00 million to $84.92 million through distributing 13.22% stocks dividends. It also approved distributing 3.50% cash dividends for the shareholders for the year 2018, to record dividends yield of 1.99% based on the price on the entitlement date. Also, the GA of Al-Shark Electrode Company ELECTRODE approved, in its meeting on 25/03/2019, the BOD’s recommendation to distribute 12% cash dividends for the year 2018, to record dividends yield of 6.00% based on the price on the entitlement date. In the same context, the GA of Palestine Telecommunications PALTEL approved, in its meeting on 26/03/2019, distributing 40% cash dividends for the year 2018, to record dividends yield of 9.05% based on the price on the entitlement date. On another hand, the GA of Bank of Palestine BOP approved, in its meeting on 28/03/2019, raising 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 approved distributing 11.50% cash dividends for the year 2018, to record dividends yield of 4.71% based on the price on the entitlement date. In addition, the GA of the National Insurance Company NIC approved, in its meeting on 28/03/2019, distributing 20% cash dividends for the year 2018, to record dividends yield of 5.31% based on the price on the entitlement date.
Regarding raising recommendations to distribute dividends for the year 2018, the BOD of Al-Quds Bank QUDS recommended to the GA, which will be holding a meeting on 21/04/2019, raising the paid-up capital from $83.57 million to $90.17 million through distributing 7.90% stocks dividends for the year 2018. It also proposed distributing 5.60% cash dividends to its shareholders for the year 2018, to record dividends yield of 2.90% based on the current market price. Also, the BOD of Palestine Securities Exchange Company PSE proposed to the GA, which will be holding a meeting on 09/04/2019, distributing 4% cash dividends for the year 2018, to record dividends yield of 0.81% based on the current market price. In the same context, the BOD of the Arab Palestinian Investment Company APIC proposed to the GA, which will be holding ordinary and extraordinary meetings on 02/05/2019, raising the paid-up capital from $82.00 million to $87.50 million through distributing 6.70% stocks dividends for the year 2018. It also proposed distributing 6.10% cash dividends for the year 2018, to record dividends yield of 2.51% based on the current market price. In addition, the BOD of the National Bank TNB proposed to the GA, which will be holding a meeting on 16/04/2019, raising the paid-up capital from $75.00 million to $78.00 million through distributing 4% stocks dividends for the year 2018. It also proposed distributing 5% cash dividends to its shareholders for the year 2018, to record dividends yield of 2.63% based on the current market price. On another hand, the BOD of Nablus Surgical Center NSC raised a recommendation to the GA to distribute 5% cash dividends for the year 2018, to record dividends yield of 3.45% based on the current market price.
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