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2019-08-22
Sahem Weekly Trading Report (18-22)-08-2019
In the week that followed Eid Al-Adha holiday, Al-Quds Index closed in the red zone, recording 520.98 points level; down by 1.92% than its previous weekly closing level. This followed a decline in the prices of the leading stocks with heaviest weights in Al-Quds Index amid an increase in the selling offers in their depth. While the liquidity is still scarce, lacking any momentum. Whereby, Palestine Stock Exchange PEX witnessed a momentum in the semi-annual financial data disclosures after extending the disclosures period grated by the PEX to the listed companies to disclose their H1 2019 data, to end today 22nd of August 2019, instead of the 15th of August 2019 which coincided with Al-Adha holiday.
Regarding the leading companies’ disclosures in this week, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $8.31 million in H1 2019; up by 46.42% than the correspond period of 2018. This mainly followed an increase in the company’s revenues. Based on the disclosed data, APIC records book value BV of $1.36, and P/BV of 1.77x. Regarding the largest investment company in the PEX in terms of market capitalization- Palestine Development and Investment Company PADICO-, it noted posting net income attributable to the shareholders of the parent company of $18.78 million in H1 2019, compared to net income attributable to the shareholders of the parent company of $11.39 million in H1 2018. This mainly followed an increase in the company’s revenues following an improving in the operational performance of some of PADICO’s subsidiaries and affiliates, in addition, to recording gains from selling part of PADICO’s stake in Jericho Gate for Real Estate Development. Based on the disclosed figures, PADICO record BV of $1.59 and P/BV of 0.75x.
In the insurance sector, the National Insurance Company NIC disclosed posting net income attributable to the shareholders of the parent company of $3.94 million in the first six months of the year 2019; up by 116.68% than the corresponding period of 2018. This mainly followed recording gains from currency exchange rates compared to losses in the corresponding period a year ago. Based on the disclosed data, NIC records BV of $2.63, and P/BV of 1.32x. In the investment sector, Palestine Industrial Investment Company PIIC – the investment arm of PADICO in the industry and agriculture sectors- noted posting net income attributable to the shareholders of the parent company of JD2.35 million in H1 2019, compared to net income attributable to the shareholders of the parent company of JD3.52 million in H1 2018. This mainly followed a decline in the company’s investment income by 63.50% in H1 2019. Based on the disclosed figures, PIIC records BV of $2.14 and P/BV of 1.14x.
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