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2020-05-07
Sahem Weekly Trading Report (03-07)-05-2020
In the first week of May, Al-Quds Index closed at the level of 477.57 points; down significantly by 4.28% than the last trading session in Palestine Stock Exchange PEX on 19/03/2020 amid lack of liquidity and a very scarce transactions. It is good to note that trading on the PEX was resumed on Sunday 03/05/2020 after a halting of 40-days as part of the procedures taken to limit the spread of Coronavirus. In the same context, the prices of the stocks of the listed companies- especially the leading stocks- declined significantly in conjunction with approving dividends distribution for the shareholders for the year 2019 by some companies and what follows of routine price declining wave in order to balance the prices after the dividends’ distribution, in addition to the slow transactions coinciding with the emergency period in the country to limit the spread of Coronavirus and the scarcity and slowness of trading in the holy month of Ramadan. On another hand, the PEX witnessed the start of quarterly financial data disclosures acceleration, whereby, the legal period granted to the listed companies to disclose their Q1 2020 financial data- which is supposed to end usually on 30/04/2020, has been extended, to end on Sunday 17/05/2020 in line with the declared state emergency in Palestine.
Regarding the Q1 2020 financial data disclosures, the National Aluminum & Profile Company NAPCO was the first to disclose its quarterly data, noting realizing net loss of JD0.29 million in Q1 2020, compared to net income of JD0.07 million in Q1 2019. This followed a decline in the company’s sales, an increase in the general and administrative expenses, in addition to paying deferred tax expenses. Based on the disclosed figures, NAPCO records book value BV of JD1.64, and P/BV of 0.65x. On the other hand and regarding Q1 2010 financial data disclosures of the leading companies, the Arab Palestinian Investment Company APIC noted posting net income attributable to the shareholders of the parent company of $4.14 million; up by 5.41% than Q1 2019. This mainly followed an increase in the company’s sales, in addition to recording $0.46 million in the assets available for sale and $0.44 million other revenues versus recorded other expenses in Q1 2019. Based on the disclosed figures, APIC records BV of $1.54 and P/BV of 1.69x.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBs, the overall Industrial Production Index IPI in Palestine reached 86.32 during March 2020 with a sharp decrease of 24.60% compared to February 2020 (Base Year 2018). Whereby the procedures taken to limit the spread of Coronavirus in the last quarter of March began to impact the industrial production capacity, where the decline in the IPI was similar to the declining rate recorded in the emergency period of March 2020. Whereby, Bethlehem Province was the most affected by the emergency closure.
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