Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Al-Quds Index in the red zone & TNB completes the acquisition of Jordan Commercial Bank branches in Palestine

2020-07-29

 Sahem Weekly Trading Report (26-29)-07-2020

In this week- with four trading sessions- which coincides with the end of July 2020, Al-Quds Index declined by 0.42% than the previous week, to close at the level of 460.86 points. Whereby, the normal trading in Palestine Stock Exchange was quite, very weak and lacks price movements. However, a transaction of 0.44 million shares was executed on the stocks of Palestine Investment and Development Company PID, to raise the total trading value in the PEX, but remains at a weak level. Regarding the blue-chips with heaviest weights in Al-Quds Index, their performance was not distinguished from the previous week, whereby some closed with declines and others stabilized without any change than their previous weekly closing level. While with the expected start of the acceleration of the listed companies’ semi-annual financial data disclosures in the coming weeks, investors with their different categories are still anticipating these disclosures because of their significant impact on forming a more clear vision of the return on investment on one hand and monitoring opportunities and building positions on another hand.

Regarding the substantial news, the National Bank TNB announced completing the acquisition of Jordan Commercial Bank in Palestine. Through the acquisition deal, TNB will acquire the assets and liabilities of Jordan Commercial Bank versus obtaining 15% of TNB’s paid up capital by Jordan Commercial Bank and one seat in TNB’s board of directors. The acquisition will be executed in a private subscription by Jordan Commercial Bank (as a strategic partner) through offering 13.76 million shares with issuing price of $1 and a premium of $1.25 ($2.25 per share), to raise TNB’s paid-up capital to $91.76 million. With the acquisition completion, TNB’s assets will be raised to $2.70 billion, customer deposits will reach $1.93 billion, and direct credit facilities will be increased to $1.60 billion. The acquisition will also enhance the competitive position of the bank and its financial performance by adding 7 new branches to its current branches, bringing them to 35 branches and offices spread across all provinces in Palestine. The acquisition will also increase TNB’s capital adequacy ratio to 15%; giving the bank additional strength to face any new risks.

Regarding to the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Producer Price Index (PPI) for Palestine with its base year (2018) reached 93.58 in June 2020, as it increased by 0.35% compared to May 2020 which recorded 93.25. Whereby, Producer Price Index for local exported products (2018) reached 96.54 in June 2020, which indicates an increase of 1.16% compared to May 2020 which stood at 95.44, while, Producer Price Index for locally consumed products (2018) reached 93.24 in June 2020, which indicates an increase of 0.25% compared to 93.01 in May 2020. It is worth mentioning that the changes of PPI for June 2020 were traced back to the increase in prices of the following major activities compared to the previous month: water supply; sewerage, waste management and remediation activities by 3.08%, agriculture, forestry and fishing goods by 1.13%, electricity, gas, steam and air conditioning supply by 0.70%, versus, a decline in the prices of mining and quarrying by 1.01% and manufacturing by 0.16%.


 

2021-04-15
Al-Quds Index in the green zone with the routine of Ramadan month’s entry

2021-04-14
GUI approves distributing 5% stocks dividends and 10% cash dividends for the year 2020

2021-04-13
JPH proposes distributing 8% cash dividends for the year 2020

2021-04-12
NAPCO proposes distributing 9.38% stocks dividends for the year 2020

2021-04-12
TIC approves distributing 15% cash dividends for the year 2020

2021-04-08
QUDS approves distributing 3.50% stocks dividends and 4.50% cash dividends for the year 2020

2021-04-08
TRUST approves distributing 10% cash dividends for the year 2020

2021-04-08
Relative Calmness in the PEX and a momentum in holding the general assembly meetings

2021-04-08
NCI proposes distributing 10% cash dividends for the year 2020

2021-04-08
PEC approves distributing 10% cash dividends for the year 2020

2021-04-04
NIC approves distributing 15% stocks dividends and 22.5% cash dividends for the year 2020

2021-04-01
APIC proposes distributing 9.1476% stocks dividends and 7.50% cash dividends for the year 2020

2021-04-01
Al-Quds Index declines significantly following the dividends’ entitlement of the PEX’s two largest companies

2021-04-01
BOP approves distributing 1% stocks dividends and 4% cash dividends for the year 2020

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013