 send to a friend by email
2020-08-13
Sahem Weekly Trading Report (09-13)-08-2020
Al-Quds Index traded in this week in a relatively narrow range, closing around its previous weekly level, at 458.38 points; down by 0.09% than its last week’s closing. However, a declining in some of the blue-chips prices with heaviest weights in the Index, while, a stabilization in the prices of others without any change than the previous week were witnessed. Regarding the liquidity levels, they are still weak, lacking any momentum and any institutional transactions which may increase the trading value in Palestine Stock Exchange PEX from time to time. Back to the most dominants on the market of anticipation motives, Palestine Capital Market Authority has decided to extend the legal disclosures period for the audited semi-annual financial statements of 2020 in conjunction with the presidential decree of declaring the state of emergency in Palestine as a procedure to control the Coronavirus pandemic. The decision comes in response to the challenges the country has gone through, from closing to forbidden mobility in the country’s provinces. Whereby their decision stipulated considering Monday 31/08/2020 as a deadline for the semi-annual financial data disclosures.
In the banking and financial services sector, Al-Quds Bank disclosed posting net income attributable to the bank of $6.08 million in H1 2020; up by 6.20% than H1 2019. This mainly followed a decline in the taxes expenses. Based on the disclosed figures, QUDS records book value of $1.26, and P/BV of 1.13x. It is worth mentioning that the disclosed data has not yet been approved by Palestine Monetary Authority PMA and are subject to amendment and change based on PMA notes, amendments to banks’ financial statements by the PMA can sometimes be substantial.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during July 2020 slightly decreased by 0.02% compared with June 2020 (by 0.43% in Gaza Strip, while it increased by 0.50% in Jerusalem, and increased slightly by 0.01% in the West Bank). The decline in the Palestinian CPI for July 2020 were traced back to decrease in prices of the following expenditure sub groups compared with previous month: fresh chicken by 6.55% and gas by 0.34% versus an increase in the price of dried vegetables by 7.82%, liquid fuel for car " Petrol " by 6.28%, potatoes and other tubers by 5.77%, eggs by 4.72%, liquid fuel for car " Diesel " by 4.15%, and fresh fruit by 3.98%. However, when comparing the CPI in July 2020 to July 2019, the Palestinian CPI during July 2020 decreased by 2.14% compared with July 2019 (by 2.28% in the West Bank, by 2.02% in Gaza Strip, and by 0.59% in Jerusalem).
|
-trade
