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Al-Quds Index in the green zone amid significant activity in trading


 Sahem Weekly Trading Report (03-06)-05-2021

With the start of May and the start of the slowing in the pace of holding the general assembly GA meetings of the companies, Al-Quds Index increased in this week-with four trading sessions- significantly after trading in a relatively wide range, to close at the level of 488.34 points; up by 1.88% than its pervious weekly closing level. The significant trading activity on the leading stocks- with heaviest weights and effects on Al-Quds Index- which also led to noticeable increases in their prices, had a clear impact on the index price increase. On the other hand, the attention is dragged on the coming period in waiting the quarterly disclosures for the year 2021 and for any positive point, which in turn, would lead to a beginning of transformation or any reversed direction, supported by the institutional and foreign liquidity to stimulate in individual or local speculative rotation.

Regarding the significant news of this week, dividends distribution proposals for the year 2020 continued. In this context, the board of directors of Palestine Insurance Company PICO recommended to the general assembly, which will be holding a meeting on 19/05/2021, to raise the paid-up capital from $7.20 million to $9.00 million through distributing 25% stocks dividends for the year 2020. However and regarding the dividends entitlements, the general assembly of the Arab Palestinian Investment Company APIC approved in its meeting on 05/05/2021, raising the paid-up capital from $96.20 million to $105.00 million through distributing 9.1476% stocks dividends for the year 2020. It also approved distributing 7.50% cash dividends for the year 2020, to record dividends yield of 2.39% based on the current market price. Also, the general assembly of Union Construction & Investment Company UCI approved in its meeting on 04/05/2021, distributing 2.50% cash dividends for the year 2020, to record dividends yield of 4.10% based on the price on the entitlement date. According to the other significant news, the Vegetable Oil Industries Company VOIC has signed an agreement to purchase stocks in order to acquire additional stakes in the National Beverage Company by purchasing a total of 1,936,364 shares of some shareholders in the National Beverage Company. This will raise the stake of VOIC in the paid-up capital of the National Beverage Company from 25% to 38.636%.

Regarding the economics indictors and according to the Palestinian Central Bureau of Statistics, the overall Industrial Production Index IPI in Palestine reached 102.93 during March 2021 with an increase of 3.90% compared to February 2021 (Base Year 2019). IPI for March 2021 increased due to the increase in the activities of mining and quarrying by 24.99% which had a share of 2.89% of the total industry, the activities of water supply, sewerage, waste management and remediation by 18.11% which had a share of 1.84% of the total industry, and the activities of manufacturing industry by 4.09% which had a share of 87.89% of the total industry, while the activities of electricity, gas, steam and air conditioning supply decreased by 6.78% which had a share of 7.38% of the total industry.


VOIC records net income of JD6.61 million in 9M 2023



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