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Scarce transactions in the semi-annual data disclosures season

2019-07-11

 Sahem Weekly Trading Report (07-11)-07-2019

Al-Quds Index witnessed an increase of 0.58% in this week, compared to the previous week, to close at the level of 525.86 points. Whereby, the transactions in Palestine Stock Exchange PEX are still scarce- if we exclude the institutional transactions on the listed stocks from time to time-, slowly moving as well. Regarding the leading stocks, the lack of selling offers in the depth of their shares can be a major factor of breaking through new levels especially with the lack of substantial news in this routine period.  Whereby, the largest stock in the PEX by market capitalization- Palestine Telecommunications PALTEL- recorded a decline of 0.48% than the previous weekly closing level, to close at JD4.17. On the other hand, a stabilization in the price of the stock of the largest investment company by market capitalization- Palestine Development and Investment Company PADICO- was witnessed, to close at the level of $1.29 without any change than the previous weekly level. In contrast, the largest bank in the PEX by market capitalization -Bank of Palestine BOP- increased by 1.98%, to close at the levels of $2.06. While the coming period still drags the attention of followers coinciding with the anticipation increase in this period to disclose the semi-annual financial data for 2019, which affects the investors’ behavior in the market during the coming period.

Regarding the listed companies’ news, the board of directors of Ahliea Insurance Group Company AIG proposed to the general assembly, which will be holding a meeting on 18/07/2019, raising the paid-up capital from 40.00 million shares with par value of $0.25 per share to 54.00 million shares with par value of $0.25 per share through distributing 35% stocks dividends for its shareholders for the year 2018. It also proposed distributing 5% cash dividends for the year 2018, to record dividends yield of 10.64% based on the current market price. On the other hand, the general assembly of the Arab Investors Company ARAB held an ordinary and extraordinary meeting on 09/07/2019, whereby, approved deducting the authorized capital from 12.00 million to 9.45 million to equal the paid-up capital.

In this week, the listed companies accelerated to determine dates to hold their board of directors BOD meetings to discuss the financial and operational data till the end of June 2019 in order to approve and disclose them, whereby, the granted period by the PEX to disclose the semi-annual data ends after 45 days of the end of June. In this context, the BOD of Palestine Industrial Investment Company PIIC held a meeting on 10/07/2019. Also, the BOD of Palestine Development and Investment Company PADICO held a meeting on 08/07/2019. On the other hand, the BOD of Palestine Islamic Bank ISBK will be holding a meeting on 24/07/2019. In addition, the BOD of both the National Insurance Company NIC and Al-Wataniya Towers Company ABRAJ will be holding meetings on 05/08/2019. 


 

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