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2020-09-03
Sahem Weekly Trading Report (30-08)-(03-09)-2020
In the first week of September, Al-Quds Index increased by 0.40% than the previous week after recording 447.50 points level. This came amid medium-trading value that was raised through executing a transaction, in this week, of 2.55 million shares on the stock of Al-Quds Bank QUDS. On another hand, and with the end of the legal period for the semi-annual financial data disclosures for 2020, the substantial news on the listed companies witnessed a momentum of this regard. In another context and as obvious to the observer, the current month of September is of much importance with creating a clearer image of the financial results for the third quarter of 2020, because of their ability to boost the price jumps to chart the trend of the market until the end of the year.
Regarding the blue-chips financial data disclosures for the first half of the year 2020, the largest investment company in Palestine Stock Exchange PEX by market capitalization- Palestine Development and Investment Company PADICO- disclosed realizing net loss attributable to the shareholders of the parent company of $2.00 million in H1 2020, compared to net income attributable to the shareholders of the parent company of $18.79 million in H1 2019. This mainly followed a decline in the company’s revenues by 53.82%. Based on the disclosed figures, PADICO records book value of $1.44, and P/BV of 0.53x. In the same context, the largest bank in the PEX by market capitalization- Bank of Palestine BOP- disclosed posting net income attributable to the shareholders of the bank of $8.21 million in H1 2020, compared to $20.33 million in H1 2019. This mainly followed an increase in the bank’s provision from expected credit losses by 125.93% due to Coronavirus pandemic and the effects on the bank’s operations. Based on the disclosed figures, BOP records BV of 1.77 and P/BV of 0.95x.
Regarding the disclosures of the industry sector, Birzeit Pharmaceuticals BPC announced posting net income attributable to the parent company of $3.62 million in H1 2020, compared to $4.96 million in H1 2019. This mainly followed an increase in the company’s expenses. Based on the disclosed figures, BPC records BV of $3.98, and P/BV of 1.25x. On another hand, Palestine Electric Company PEC disclosed posting net income of $5.90 million in H1 2020, compared to net income of $5.14 million in H1 2019. This followed an increase in the company’s revenues. Based on the disclosed figures, PEC records BV of $1.56, and P/BV of 0.94x.
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