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2020-01-16
Sahem Weekly Trading Report (12-16)-01-2020
Al-Quds Index continued its increasing in this week as well, to end the third week of the year with gains of 0.35% than its previous weekly closing level, to close at the level of 526.63 points after trading in a relatively narrow range. Where, the increase in both the prices of the stock of the largest company in Palestine Stock Exchange PEX by market capitalization and the heaviest weighted stock in the Index- Palestine Telecommunications PATEL- and the largest investment company in the PEX by market capitalization- Palestine Development and Investment Company PADICO- constituted the main leverage for Al-Quds Index despite the slow leaning to boredom price movements due to heaviness in filling selling and purchasing orders. On the other hand, liquidity scarceness dominates the transactions in the market- if we exclude the institutional transactions-. However with this routine period, the listed companies’ boards of directors sequence to announce holding their meetings to discuss 2019’s financial results in order to disclose their annual profits, however, the preliminary annual financial data disclosure anticipation firstly remains on the investors agendas, in expectation to the yields that may be achieved in form of dividends to compensate any capital losses.
Regarding the significant news, Palestine Capital Market Authority PCMA and the International Finance Corporation IFC signed advisory services agreement to develop the financial services in Palestine. This agreement aims to build a road map to support the Islamic financial services in Palestine through creating a comprehensive framework to develop the shariah- compliant financial system in corporation with all partners. This includes assessing the current situation as well as the future vision to develop the Islamic financial services in accordance to the best international practices and standards, and strengthening the controlling systems and supervision on the Islamic financial institutions, and meeting the challenges they face. It is worth mentioning that there are two Islamic banks listed on the PEX; Palestine Islamic Bank ISBK and the Arab Islamic Bank AIB with total market capitalization for the two banks that represent 26% from total market capitalization of the banking and financial services sector, and 8% of the total market capitalization of the whole market. In addition to another Islamic bank that is not listed on the PEX; Al-Safa Islamic Bank. Moreover, there are two Islamic insurance companies in Palestine, one is listed on the PEX – Al-Takaful Insurance Company TIC- with market capitalization that represent 13% of the total market capitalization of the insurance sector, and 0.75% from the total market capitalization of the PEX. And the other company is not listed on the PEX; Tamkeen Insurance Company.
On another hand, the listed companies accelerate to hold their board of directors BOD’s meetings, to discuss the operating results of 2019 and any developments in the new year. Whereby, the BOD of Palestine Insurance Company PICO will be holding a meeting on 18/01/2020. Also, both the BOD of the National Insurance Company NIC and Al-Wataniah Towers Company ABRAJ will be holding meetings on 10/02/2020. Moreover, the BOD of Bank of Palestine BOP will be holding a meeting on 30/01/2020. On another hand, Al-Mashreq Insurance Company MIC will be holding both a BOD meeting and general assembly GA meeting on 20/01/2020, to discuss the company’s situation and approve decreasing the number of BOD members from 10 members to 9 members.
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