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2021-03-04
Sahem Weekly Trading Report (28-02)-(04-03)-2021
With the start of March, Al-Quds Index recorded a decline of 0.67% than its previous weekly closing level after trading in a relatively wide ranges, recording 484.12 points. With the entry of the annual routine price cycles following the financial data disclosures and dividends distribution trends’ announcements, Palestine Stock Exchange PEX’s performance has not differed this week from the previous weeks. Whereby, the lack of liquidity still dominates the trading in the PEX despite changing the positions of the most active stocks. Moreover, this week the PEX witnessed a momentum in the dividends distribution announcements of the year 2020.
Regarding the dividends distribution proposals for the year 2020, and in the banking sector, the board of directors BOD of Bank of Palestine BOP proposed to the general assembly GA, which will be holding ordinary and extraordinary meetings on 31/03/2021, raising the paid-up capital from $208.08 million to $210.16 million through distributing 1.00% stocks dividends for the year 2020. It also proposed distributing 4.00% cash dividends for the year 2020, to record dividends yield of 2.50% based on the current market price. Moreover, the BOD of the Arab Islamic Bank AIB proposed to the GA, which will be holding ordinary and extraordinary meetings on 30/03/2021, raising the paid-up capital from $88.47 million to $91.72 million through distributing 3.67% stocks dividends for the year 2020. It also proposed distributing 3.67% cash dividends for the year 2020, to record dividends yield of 2.35% based on the current market price. On the other hand, the BOD of Palestine Islamic Bank ISBK proposed to the GA, which will be holding a meeting on 23/03/2021, raising its paid-up capital from $80.00 million to $85.00 million through distributing 6.25% stocks dividends for the year 2020.
Regarding the dividends distribution recommendations for the year 2020 in other sectors, the BOD of Al-Takaful Palestinian Insurance Company TIC proposed to the GA, which will be holding a meeting on 11/04/2021, distributing 15% cash dividends for the year 2020, to record dividends yield of 6.07% based on the current market price. Furthermore, the BOD of Palestine Poultry Company AZIZA raised a recommendation to the GA which will be holding a meeting in the second half of April 2021, to distribute 18% cash dividends for the year 2020, to record dividends yield of 6.67% based on the current market price. Also, the BOD of the Arab Company for Paints Products APC raised a recommendation to the GA which will be holding a meeting on 22/03/2021, to distribute 40% cash dividends for the year 2020, to record dividends yield of 6.61% based on the current market price. In the same context, the BOD of the National Carton Industry NCI raised a recommendation to the GA, which will be holding a meeting in the second half of April 2021, to distribute 10% cash dividends for the year 2020, to record dividends yield of 6.25% based on the current market price. In addition, the BOD of Nablus Surgical Center NSC proposed to the GA, which will be holding a meeting on 15/03/2021, distributing 5% cash dividends for the year 2020, to record dividends yield of 2.35% based on the current market price. The BOD of Beit-Jala Pharmaceuticals Company BJP raised a recommendation to the GA which will be holding a meeting in the second half of April 2021, to distribute 10% cash dividends for the year 2020, to record dividends yield of 3.92% based on the current market price.
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