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Idleness in trading prior to Eid Al-Fitr holiday

2020-05-21

 Sahem Weekly Trading Report (17-21)-05-2020

Al-Quds Index recorded, in this week, slight increase by 0.14% than the previous week, to close at the level of 477.72 points. Whereby, the liquidity in still at its prevailing levels in this period; scarce, conservative and lacks institutional transactions. However, the leading stocks and others witness idleness in trading and slow wave in price movements coinciding with lacking any purchasing momentum around the stocks levels recorded during the previous period; following the routine trading of the holy month of Ramadan, and entering a wave of prices declines for the listed companies in Palestine Stock Exchange PEX that approved dividends to balance the prices after the distribution.

On the other hand, the listed companies continue to approve their recommendation to distribute dividends for the shareholders for the year 2019, whereby, the general assembly of the Arab Palestinian Investment Company APIC approved un its meeting on 21/05/2020, raising the paid-up capital from $89.00 million to $95.00 million through distributing 6.74% stocks dividends for the year 2019. It also approved distributing 6.74% cash dividends, to record dividends yield of 2.54% based on the price on the entitlement date. Also, the general assembly of Palestine Investment Bank PIBC approved, in its meeting on 20/05/2020, distributing 4% cash dividends for the year 2019, to record dividends yield of 3.33% based on the price on the entitlement.

Regarding the blue-chips financial data disclosures for Q1 2020, Palestine Development and Investment Company PADICO- the largest investment company in the PEX by market capitalization- disclosed realizing net loss attributable to the shareholders of the parent company of $0.60 million in Q1 2020, compared to net income attributable to the shareholders of the parent company of $15.03 million in Q1 2019. This mainly resulted from a decline of 68.35% in the company’s stake from its associates profits, in addition to recording portfolio loss of $1.31 million versus portfolio profits of $4.96 million in Q1 2019. This came due to the influence of Coronavirus and its development on the company and its subsidiaries and affiliates, in addition to the disruption in the economic life in Palestine and abroad in the past period. Based on the disclosed figures, PADICO records book value BV of $1.49.  On another hand, the largest company in the PEX by market capitalization- Palestine Telecommunications PALTEL- disclosed posting net income attributable to the shareholders of the parent company of JD7.03 million in Q1 2020; down by 69.60% than the corresponding period of 2019. This mainly followed a decline in the company’s revenues, in addition to recording investment loss of JD3.68 million compared to investment profits in Q1 2019 besides reporting other expenses versus other revenues in the corresponding period of 2019. Based on the disclosed figures, PALTEL records BV of JD3.49.

In the banking and financial services sector, the largest bank in the PEX by market capitalization- Bank of Palestine BOP- disclosed posting net income of $7.71 million in Q1 2020, compared to net income of $10.78 million in the corresponding period of 2019. This came despite the increase in the bank’s net income, interests, financing, investments and commissions, and mainly from an increase in the provisions of direct credit and financing facilities by 112.22% than Q1 2019. Based on the disclosed figures, BOP records BV of $1.77. In the same sector, the National Bank TNB noted posting net income attributable to the shareholders of the parent company of $1.66 million in Q1 2020, compared to $3.28 million in Q1 2019. This mainly followed an increase in the projected credit loss provision re-measurement by 89.18% compared to Q1 2019. Based on the disclosed figures, TNB records BV of $1.25.


 

2020-05-21
Idleness in trading prior to Eid Al-Fitr holiday

2020-05-21
PIBC approves distributing 4% cash dividends for the year 2019

2020-05-20
APIC proposes distributing 6.74% cash dividends and 6.74% stocks dividends for the year 2019

2020-05-20
UCI posts net income of $0.15 million in Q1 2020

2020-05-19
MIC posts net income of $0.56 million in Q1 2020

2020-05-19
TIC posts net income of $0.83 million in Q1 2020

2020-05-18
SANAD realizes net loss of $0.55 million in Q1 2020

2020-05-18
WASSEL posts net income of $0.03 million in Q1 2020

2020-05-18
TNB posts net income of $7.80 million in Q1 2020

2020-05-18
ELECTRODE realizes net loss of JD0.004 million in Q1 2020

2020-05-18
GUI posts net income of $0.77 million in Q1 2020

2020-05-18
AQARIYA posts net income of $0.08 million in Q1 2020

2020-05-18
JCC posts net income of JD0.09 million in Q1 2020

2020-05-18
OOREDOO posts net income of $1.28 million in Q1 2020

2020-05-18
TRUST posts net income of $1.18 million in Q1 2020

2020-05-17
NCI records net income of $0.09 million in Q1 2020

2020-05-17
PID realizes net loss of JD0.52 million in Q1 2020

2020-05-17
PRICO realizes net loss of JD0.29 million in Q1 2020

2020-05-17
RSR posts net income of JD0.07 million in Q1 2020

2020-05-17
NIC reports net income of $1.18 million in Q1 2020

2020-05-17
PADICO realizes net loss of $0.52 million in Q1 2020

2020-05-17
JPH posts net income of $1.22 million in Q1 2020

2020-05-17
ISBK records net income of $3.09 million in Q1 2020

2020-05-17
JREI realizes net loss of $0.03 million in Q1 2020

2020-05-17
PALTEL posts net income of JD7.03 million in Q1 2020

2020-05-14
Scarce trading and a momentum in the substantial news

2020-05-13
BPC reports net income of $0.99 million in Q1 2020

2020-05-13
VOIC posts net income of JD0.33 million in Q1 2020

2020-05-13
AZIZA posts net income of JD0.99 million in Q1 2020

2020-05-13
LADAEN posts net income of JD0.009 million in Q1 2020

2020-05-13
PIIC posts net income of JD0.64 million in Q1 2020

2020-05-13
PSE realizes net loss of $0.01 million in Q1 2020

2020-05-13
JPH approves distributing 10% cash dividends for the year 2019

2020-05-13
ELECTRODE approves distributing 6% cash dividends for the year 2019

2020-05-10
PEC reports net income of $2.85 million in Q1 2020

2020-05-10
AIB posts net income of $2.00 million in Q1 2020

2020-05-10
GMC posts net income of JD0.19 million in Q1 2020

2020-05-10
ABRAJ posts net income of $0.08 million in Q1 2020

2020-05-07
Al-Quds Index in the red zone amid the start of Q1 2020 financial data disclosures

2020-05-05
PALTEL starts to pay the approved dividends distribution

2020-05-05
NAPCO realizes net loss of JD0.29 million in Q1 2020

2020-05-05
APIC posts $5.12 million net income in Q1 2020

 

 

 
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