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Cautious trading amid the anticipation for semi-annual disclosure


 Sahem Weekly Trading Report (16-20)-06-2019

Al-Quds Index witnessed an increase this week after several weeks of relative decreasing and amid relative cautious and scarce trading, whereby, it closed at the level 528.19 points; down by 0.43% than its previous weekly closing level. While the standstill and anticipation status are still dominating Palestine Stock Exchange PEX since a period of time.  On the other hand, the general trend of the moving stocks in Al-Quds Index varied this week. Some had an effect in the relative balancing around the prevailing prices, while others haven’t been helped by the levering liquidity yet. Regarding the blue-chips, an increase in the price of the largest stock in the PEX by market capitalization- Palestine Telecommunications PALTEL- was witnessed this week versus a  decline in the price of the stock of the largest investment company in the PEX by market capitalization- Palestine Development and Investment Company PADICO- and a stabilization in the price of the stock of the largest bank in the PEX by market capitalization- Bank of Palestine BOP-. However, regarding the expectations, the listed companies’ semi-annual financial data disclosure is what mostly anticipated by the investors with their different categories. The long-term investor may have stronger vision on his annual return in effect, while the speculator may ride any price wave that results on the financial announcement. In both cases, the PEX lacks qualitative liquidity factors that are able to shift the general and comprehensive activity.

Regarding the significant news of this week, the general assembly of Ramallah Summer Resorts RSR approved, in its meeting on 17/06/2019, the board of directors’ recommendation to distribute 5% cash dividends for the year 2018, to record dividends yield of 1.74% based on the price on the entitlement date. With this approval and the receding in the wave of holding the general assembly meetings for the listed companies, the total cash dividends amount reached $151.28 million for the year 2018, to record average dividends yield of 5.30%, compared to 5.98% for the year 2017. While the total stocks dividends amount reached $36.95 million, whereby 10 listed companies approved distributing stocks dividends to their shareholders for the year 2018.

According to the Palestinian Central Bureau of Statistics PCBS and Palestine Monetary Authority PMA, the primary results of the International Investment Position IIP (external assets – foreign liabilities) for Palestine at the end of the first quarter 2019  revealed that the net IIP amounted to USD 1,724 million; up by 4% compared with previous quarter, which means that the Palestinian economy’s investments outside Palestine outweighs investments in Palestine from abroad.  On the other hand, the Gross External Debt on the Palestinian economic sectors reached USD 1,680 million; up by 9.4% compared to the previous quarter. Whereby, the debt on the government sector represented 61%, while debt on banking sector reached 34%, and debt on other sectors (nonbanking financial corporations, non-financial corporations, NGOs and households’ sectors) amounted to 2%. Moreover, the lending between affiliated companies reached 3%.




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