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2019-10-31
Sahem Weekly Trading Report (27-31)-10-2019
With the end of this month which coincides with the end of the legal period granted to the listed companies to disclose their financial data for the first nine months of 2019, Al-Quds Index declined by 0.68% than the previous week, to close at the level of 519.51 points. Whereby, this week witnessed momentum in the financial data disclosures, where the results of some companies were distinguished from others. In terms of the liquidity indicators, the market didn’t witness any significant change in the trading levels, in which are still weak and lacks any momentum.
Regarding the 9M 2019 financial data disclosures of the blue-chips, the Arab Palestinian Investment Company APIC noted posting net income attributable to the shareholders of the parent company of $12.83 million in 9M 2019; up by 32.66% than the corresponding period of 2018. This followed an increase in the company’s sales by 10.12% than the corresponding period a year ago. Based on the disclosed figures, APIC records book value BV of $1.43 and P/BV of 1.70x. On another hand, Bank of Palestine BOP noted posting net income of $33.92 million in 9M 2019, compared to net income of 38.81 million in the correspond period of 2018. This was attributable to recording expected credit losses provision of $20.50 million in 9M 2019, compared to $3.82 million in 9M 2018. Based on the disclosed figures, BOP records BV of $1.83 and P/BV of 1.10x.
In the banking and financial services sector, the National Bank TNB disclosed posting net income attributable to the shareholders of the parent company of $6.50 million in 9M 2019 compared to net income attributable to the shareholders of the parent company of $7.43 million in 9M 2018. This followed an increase in the bank’s expenses. Based on the disclosed figures, TNB records BV of $1.22 and P/BV of 1.28x. Regarding the significant news, TNB announced its intention to sign a memorandum of understanding with Jordan Commercial Bank/Jordan to agree on the possibility to acquire the assets, liabilities and shareholders’ equity of Jordan Commercial Bank in Palestine versus obtaining a percentage of TNB’s paid up capital by Jordan Commercial Bank in Jordan that will be determined later after increasing its capital. This will be subject to the approval of Palestine Monetary Authority PMA and the relevant authorities. In the same context, Al-Quds Bank QUDS noted posting net income of 8.24 million in 9M 2019, compared to net income of $6.35 million in 9M 2018. This followed an increase in the bank’s net interests and commissions and currency exchange gains. Based on the disclosed figures, QUDS records BV of $1.27 and P/BV of 1.23x.
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