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2019-04-11
Sahem Weekly Trading Report (07-11)-04-2019
In this week, Palestine Stock Exchange PEX’s transactions were characterized by slowness and conservatism amid growing momentum of general assemblies’ meetings and a steady flow of dividends decisions. Whereby, the PEX witnessed a calm pace in terms of liquidity on one hand, and price movements in the PEX on another hand if we exclude executing the institutional transactions on the listed companies from time to time, where, in this week several transactions were executed on the stock of Palestine Islamic Bank ISBK of 0.88 million shares, to top the PEX trading by 43.84%, and increase by 1.01% than the previous week, to close at the level of $2.01. On another hand, Al-Quds Index declined by 0.51% than the previous week, to close at the level of 535.62 points. With the mid of this month, the other half of April is on the radar to start reporting first quarterly financial data disclosures, thereby, the conservative behavior of investors in the market was reinforced due to the overlapping of the elements causing the anticipation and driving the prudence prior to taking any investment or liquidation decision. Where the PEX grants the listed companies a period of one month since the end of March to disclose its financial and operational financial data for Q1 2019.
Regarding the dividends’ distribution approvals for the year 2018, the general assembly GA of Palestine Securities Exchange Company PSE approved, in its meeting on 09/04/2019, distributing 4% cash dividends for the year 2018, to record dividends yield of 0.82% based on the price on the entitlement date, and payout ratio of 95.24% based on the EPS of 2018. Moreover, the GA of Palestine Electric Company PEC approved, in its meeting on 09/04/2019, distributing 10% cash dividends for the year 2018, to record dividends yield of 7.04% based on the price on the entitlement date, and payout ratio of 68.49% based on the EPS of 2018. Where, the company announced starting the dividends distribution payment from 26/05/2019. In the insurance sector, the GA of Trust International Insurance Company TRUST approved in its meeting on 10/04/2019, distributing 15% cash dividends for the year 2018, to record dividends yield of 4.17% based on the price on the entitlement date, and payout ratio of 49.67% based on the EPS of 2018. Also, the GA of Global United Insurance Company GUI approved, in its ordinary and extraordinary meetings on 10/04/2019, distributing 10% stocks dividends for the year 2018, to raise the paid-up capital from $9.60 million to $10.56 million. Also, it approved distributing 10% cash dividends for the year 2018, to record dividends yield of 3.70% based on the price on the entitlement date, and payout ratio of 25.77% based on the EPS of 2018.
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