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2019-04-18
Sahem Weekly Trading Report (14-18)-04-2019
Palestine Stock Exchange PEX witnessed, in this week, slow price movements and medium-volume trading, which was raised through executing cross transaction on the stocks of Al-Quds Bank QUDS and Palestine Development and Investment Company PADICO. While Al-Quds Index still witnesses declines in its closing compared to the previous weeks, following a decrease in the prices of the leading stocks with heaviest weights in the Index which approved dividends distribution for the year 2018 than their equivalent prices after the distribution. On the other hand, the significant news on the listed companies in the PEX accelerated this week; varied between dividends distribution approval and quarterly financial data disclosures; adding to the investors’ anticipation another degree of caution and accuracy parallel to the lack of general political factors.
In terms of dividends entitlements and their effects, the general assembly GA of the National Bank TNB approved, in its 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 approved distributing 5% cash dividends to its shareholders for the year 2018, to record dividends yield of 2.78% based on the price on the entitlement date. Also, the GA of Palestine Islamic Bank ISBK approved in its meeting on 17/04/2019, raising the paid-up capital from $74.00 million to $77.00 million through distributing 4.05% stocks dividends for the year 2018 from capitalizing $3.00 million of the retained earnings. Also, it approved distributing 8.50% cash dividends for the shareholders for the year 2018, to record dividends yield of 4.29% based on the price on the entitlement date. Moreover, the GA of Palestine Industrial Investment Company PIIC approved, in its meeting on 17/04/2018, distributing 6.00% cash dividends for the year 2018, to record dividends yield of 2.53% based on the price on the entitlement date. Also, the GA of Palestine Poultry Company AZIZA approved, in its meeting on 17/04/2019, distributing 10% cash dividends for the year 2018, to record dividends yield of 3.60% based on the price on the entitlement date. On another hand, the GA of the National Aluminum and Profile Company NAPCO approved in its meeting on 18/04/2019, raising the paid-up capital from JD6.90 million to JD7.31 million through distributing 6% stocks dividends for its shareholders. While the GA of Beit Jala Pharmaceutical BJP approved, in its meeting on 18/04/2019, distributing 15% cash dividends for the year 2018, to record dividends yield of 6.25% based on the price on the entitlement date. Also, the GA of Al-Takaful Palestinian Insurance Company TIC approved, in its meeting on 18/04/2019, distributing 10% cash dividends for the year 2018, to record dividends yield of 4.00% based on the price on the entitlement date.
On another hand and with the start of the listed companies’ financial data for Q1 2019 disclosures’ flow, the Arab Company for Paints Products APC was the first to disclose its data. Whereby, it disclosed posting net income of JD0.18 million in Q1 2019; up by 5.78% than the corresponding period of 2018. This came despite a decline of 13.47% in the company’s net sales than the corresponding period of 2018. Based on the disclosed figures, the company records book value BV of JD2.59 and P/BV of 2.39x.
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