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Al-Quds Index increases significantly and breaks-through the 520 points level

2021-05-27

 Sahem Weekly Trading Report (23-27)-05-2021

In this week, Palestine Stock Exchange PEX witnessed noticeably trading activity on several stocks, especially blue-chips, to break-through new psychological barriers that have abandoned since the start of Corona-Virus Pandemic in March 2020. While Al-Quds Index started to recover, breaking-through the 520 points level which has abandoned since March 2020 also, to close at the level of 521.03 points; up significantly by 4.43% than the previous week. On another hand, the Palestinian Territories were relatively calm after the ceasefire between Gaza Strip and the Israeli Occupation which lasted 11 days. In another context, the significant news momentum on the listed companies continued, ranging between quarterly disclosures and dividends distribution approval for the year 2020.

Regarding this week’s trading, the return of the stock of Palestine Telecommunications PALTEL- the largest and heaviest weighted in the Index- to trade at JD4.44, leveraged Al-Quds Index significantly. Whereby recorded an increase of 5.71% than the previous weekly closing level, after transactions worth $0.46 million. On another context, the stock of the largest investment company by market capitalization – Palestine Development and Investment Company PADICO- returned to trade above $1.00, closing at the level of $1.04; up noticeably by 6.12% than its previous weekly closing level, after very active trading that topped the total PEX trading value by 42.90%. Also, the stock of the largest bank in the PEX by market capitalization- Bank of Palestine BOP- increased significantly by 4.46% than the previous week, to record $1.64 after trading in a relatively wide range and through transactions worth $1.13 million. 

Regarding the significant news of this week, the general assembly of Jerusalem Pharmaceutical Company JPH approved in its meeting on 27/05/2021, distributing 8% cash dividends for the year 2020, to record dividends yield of 2.76% based on the price on the entitlement date. With this approval, the listed companies that approved distributing dividends for the shareholders for the year 2020 increased to 24 companies: 13 companies approved distributing cash dividends only, 8 companies approved distributing cash and stocks dividends together, and 3 companies approved distributing stocks dividends only. Regarding and quarterly disclosures, the Arab Investors Company ARAB disclosed posting net income of JD0.01 million in Q1 2021, compared to JD0.03 million in Q1 2020. This followed a decline in the company’s expenses. Based on the disclosed figures, ARAB records book value BV of JD1.17 and P/BV of 0.72x.