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Al-Quds Index declines amid the start of dividends distribution recommendation for 2019

2020-01-23

 Sahem Weekly Trading Report (19-23)-01-2020

In the week before the last of January 2020, Al-Quds Index closed at the level of 524.58 points; down by 0.39% than its previous weekly closing level and by 0.26% than its closing at the end of the year 2019. On another hand, Palestine Stock Exchange PEX is still witnessing lack of liquidity momentum, price movement deadlock and lack of executing institutional transactions in parallel to the increase in the investors’ anticipation for the listed companies’ annual financial and operational data disclosures for the year 2019 and dividends recommendation. Whereby, with the beginning of February, 15 days remain to the legal period granted by the PEX to the listed companies for the annual disclosures from the 45 granted days. However, the boards of directors accelerate to announce, in this period, the dates of holding their meetings as a prior step to disclose their annual financial data for the year 2019.

Regarding the start of announcing the recommendation to distribute dividends for the shareholders for the year 2019, Trust International Insurance Company TRUST was the first to announce its proposal. Whereby, the board of directors of the company raised a recommendation to the general assembly, which will be holding ordinary and extraordinary meetings on 13/04/2020, to distribute 10% cash dividends for the year 2019, to record dividends yield of 2.86% based on the current price and payout ratio of 86.96% based of the EPS of the first nine months of the year 2019. However, in the market, TRUST declined 1.69% than the previous week, to close at the level of $3.50 after very scarce transactions. On the other hand and regarding the blue-chips’ trading, a stabilization in the prices on both the largest bank in the PEX by market capitalization- Bank of Palestine BOP- at the level of $2.00 without any change than the previous week, and the stock of the largest company in the PEX by market capitalization- Palestine Telecommunications PALTEL- at the level of JD4.25 without any change than the previous week was witnessed. In contrast, the stock of the largest investment company in the PEX by market capitalization – Palestine Development and Investment PADICO- declined by 2.68% than the previous week, to close at $1.09.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, Exports increased in November 2019 by 6% compared to October 2019. While it decreased by 1% compared to November 2018 and reached $94.3 million. Where exports to Israel increased in November 2019 by 3% compared to October 2019; representing 80% of total exports in November 2019. At the same time, exports to other countries increased by 19% during the same period compared to October 2019 and reached $19 million. On the other hand, imports slightly increased in November 2019 by 0.1% compared to October 2019. While it decreased by 4% compared to November 2018 and reached $472.4 million. Where, imports from Israel decreased by 4% in November 2019 compared to October 2019; representing 55% of total imports in November 2019. While, the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 1% in November 2019 compared to October 2019. It also decreased by 5% compared to November 2018 and reached $378.1 million.


 

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