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Al-Quds Index increases on distributed stocks’ trading above equivalent prices

2021-04-22

 Sahem Weekly Trading Report (18-22)-04-2021

In the second week of the holy month Ramadan, the leading companies with heaviest weights in Al-Quds Index which have approved distributing dividends for their shareholders for the year 2020, traded above their equivalent prices after the distribution, leading Al-Quds Index to close at 480.08 points; up by 1.05% than its previous weekly closing level. On the other hand, trading was active on the stock of the largest investment company in Palestine Stock Exchange PEX in terms of market capitalization- Palestine Development and Investment Company PADICO- after executing two transactions on its stocks of 0.84 million shares. In another context, the significant news was scarce this week, while, the eyes of observers are dragged on the support levels of the effectible stocks in the coming period, in which these levels constitute important points in the price cycles, and important spot to build investment positions if other things were constant without any significant change.

Regarding the dividends approvals for the year 2020, 13 listed companies approved distributing dividends till the end of this business day; 5 companies approved distributing cash and stocks dividends together, 7 companies approved distributing cash dividends only, and only one company approved distributing stocks dividends for the year 2020. On another hand, 11 companies traded above their equivalent prices after the distribution, while two companies traded below their equivalent prices. The highest dividends yield was recorded by Palestine Telecommunications Company PALTEL at 7.5%, while, Palestine Securities Exchange Company PSE recorded the highest payout ratio among others at 100%.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, exports decreased in February 2021 by 2% compared to January 2021. While it increased by 26% compared to February 2020 and reached $99.9 million. Also, imports decreased in February 2021 by 8% compared to January 2021. While it increased by 7% compared to February 2020 and reached $451.9 million. While, the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 10% in February 2021 compared to January 2021. While it increased by 3% compared to February 2020 and reached $352 million.