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A variation in the investors’ anticipation with the start of the annual disclosures

2020-01-30

 Sahem Weekly Trading Report (26-30)-01-2020

In the last week of January 2020, Al-Quds Index closed in the red zone at 522.29 points level; down by 0.44% than its previous weekly closing level. While, the price movements of the majority of traded stock were heavy and slow due to the scarcity in purchasing bids in their prices depth. This followed a variation in the investors’ anticipations for the 2019 year-end listed companies’ profits and their proposals regarding distributing dividends for the shareholders. However, executing a transaction of 0.51 million shares on the leading stock of the Arab Palestinian Investment Company APIC- raised the trading value to the medium level relatively. Whereby, executing such transactions in this routine period may be related to repositioning reasons on specific stocks and sectors during the dividends distribution announcements period. It is undoubtedly that the two periods are different from each other- the end of the fiscal year and the beginning of a new one- , whereby, the basis of taking investment decisions vary among them. With entering the New Year 2020 and the end of the first trading month of January, the anticipation’s intensity among all traders’ categories increased for the financial results of the listed companies for Y2019, which through it the investment yield will be clearly determined. While with the beginning of February, 15 days remain to the legal period for the disclosures from the 45 days granted to the listed companies. On another hand, the situation in the Palestinian Territories has been unstable in rejecting the Mideast Peace Plan proposed by the U.S President Trump to resolve the conflict in the Middle East, and especially the long term conflict between the Palestinians and Israelis.  Nevertheless, the slight decline in the market came as a result of the routine period anticipations, to emphasize repeatedly the PEX’s unique entity of being able to isolate itself by itself from any political and economic developments. 

The investors’ anticipation during these days, which in turn affects the liquidity levels, is reflected on sellers and buyers of the listed stocks. Whereby, both are conserving their role in executing the transaction despite their different decision taking basis. However, it is undoubtedly that a category of speculators exist who don’t take into account to any basis in this current period. Whereby, whoever conserves purchasing, refers his decision mainly to two factors; either he prefers to purchase after disclosing the financial data of the companies even if the prices rise, or he prefers to postpone the purchasing after the dividends entitlement and what follows of price declines. While, whoever conserves selling, mostly refers his decision on what oppose the buyer’s decision’s basis. He may conserve selling till disclosing the companies’ financial results even if the prices decrease accordingly, or he may prefer to sell before the dividends’ entitlement given the fact that the prices will be higher than what will accrue to later.

Regarding the PEX’s indicators and the start of the listed companies’ disclosures, the National Aluminum and Profile Company NAPCO was the first to announce its financial results for the year 2019, noting posting net income after tax of JD0.45 million at the end of 2019; down by 21.67% than the end of 2018. According to the disclosed figures, NAPCO records book value BV of JD1.68, and P/BV of 0.68x. On another hand, the leading company- the Arab Palestinian Investment Company APIC- disclosed posting net income attributable to the shareholders of the parent company of $18.24 million at the end of 2019, compared to $13.09 million at the end of 2018. This mainly followed an increase in the company’s net sales and services revenues by 12.51% at the end of 2019, in addition to recording $0.47 million gains from investment in Affiliate Company at the end of 2019. According to the disclosed figures, APIC records BV of $1.49, and P/BV of 1.72x. 


 

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