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

2021-04-01

 Sahem Weekly Trading Report (28-03)-(01-04)-2021

With the end of the first quarter of 2021, Al-Quds Index witnessed significant decline by 3.11% than the previous weekly level, to record 467.23 points. This followed the dividends’ entitlement of the two largest companies in terms of market capitalization in Palestine Stock Exchange PEX and the two heaviest weighted stocks in Al-Quds Index – Palestine Telecommunications PALTEL and Bank of Palestine BOP- in addition to other companies, whereby, the period of holding the general assembly meetings of the listed companies is still at its most. Normally, the stocks that distribute dividends automatically decline in price in the days that follow the distribution decision date by a percentage that approximates its dividends yield in order to meet the equivalent price. This scientifically is attributed to the fact that the stock price that holds the cash dividends prior to the general assembly meeting date is not equivalent to the price that doesn’t hold these dividends after the entitlement. On another hand, the PEX witnessed momentum in executing transactions, whereby, a transaction of 0.64 million shares was executed on the leading stock of the Arab Palestinian Investment Company APIC, also, a transaction of 0.46 million was executed on the stocks of Bank of Palestine BOP, while, the trading value is still within the weak to medium level.

Regarding the dividends distribution approvals for the year 2020, the general assembly of the Arab Islamic Bank AIB approved in its meeting 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 approved distributing 2.90% cash dividends for the year 2020, to record dividends yield of 1.81% based on the price on the entitlement date. Also, the general assembly of Bank of Palestine BOP approved in its meeting 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 approved distributing 4.00% cash dividends for the year 2020, to record dividends yield of 2.58% based on the price on the entitlement date. In the same context, the general assembly of Palestine Telecommunications PALTEL approved in its meeting on 29/03/2021, distributing 30% cash dividends for the year 2020, to record dividends yield of 7.50% based on the price on the entitlement date. In addition, the general assembly of the National Insurance Company NIC approved in its meeting in 01/04/2021, raising the paid-up capital from $15.00 million to $17.25 million through distributing 15% stocks dividends for the year 2020. It also approved raising the subscribed capital to $20.00 million. In addition, the general assembly approved distributing 22.5% cash dividends for the year 2020, to record dividends yield of 4.59% based on the current market price.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for Gross Domestic Product GDP at constant prices showed an increase of 1% during the 4th quarter 2020 compared to the 3rd quarter 2020 at constant prices, mainly in public administration and defense 15%, construction 8%, information and communication by 4%, agriculture and fishing 2%, mining, manufacturing, electricity and water 1%. The year 2020 witnessed a decline in GDP of 11.5% compared to 2019 in constant prices, due to effects of the Coronavirus pandemic. On the other hand, it showed a decrease of 12% in GDP in Palestine during the 4th quarter 2020 compared to the 4th quarter 2019 which excludes the seasonal effect, meanwhile the base year is 2015. GDP for the 4th quarter 2020 at constant prices was $2,924 million for the West Bank and $616 million for Gaza Strip.


 

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