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Al-Quds Index records significant increase than its closing at the end of 2020

2021-06-03

 Sahem Weekly Trading Report (30-05)-(03-06)-2021

In the first week of June, Al-Quds Index continued to increase significantly closing at the level of 532.53 points; up significantly by 13.00% than its closing at the end of 2020 and by 2.21% than its closing in the previous week. Whereby, Palestine Stock Exchange PEX witnessed liquidity momentum, translated into normal active trading on the listed companies in general and the blue-chips in particular and transactions that may raise the trading value in the PEX from time to time; where a cross transaction was executed on the largest company in the PEX in terms of market capitalization – Palestine Telecommunications PALTEL- of 0.25 million shares during the week. While with the end of May, the significant news witnessed a momentum of the listed companies with the end of the legal granted period to the listed companies to disclose their Q1 2021 data which was postponed to another month due to the Corona-virus pandemic.

Regarding Q1 2021 financial data disclosures for the blue-chips, the largest investment company in the PEX by market capitalization – Palestine Development and Investment Company PADICO- disclosed posting net income attributable to the shareholders of the parent company of $5.85 million in Q1 2021 compared to net loss of $0.60 million in Q1 2020; up significantly by 1079.56% between the two periods. This followed the increase in PADICO’s stake from its associates’ profits by 152.32%, in addition to recording portfolio profits of $1.37 million in Q1 2021 compared to portfolio losses a year earlier. Furthermore, PADICO recorded profits from selling properties versus reporting a decline in its expenses. Based on the disclosed figures, PADICO records book value BV of $1.50 and P/BV of 0.73x. In the same context, the leading company- the Arab Palestinian Investment Company APIC- noted posting net income attributable to the shareholders of the parent company of $7.16 million in Q1 2021 compared to $4.14 million in the corresponding period a year earlier. This mainly followed an increase in the company’s net sales and services. Based on the disclosed figures, APIC records book value BV of $1.54 and P/BV of 1.99x.

In the banking and financial services sector, Bank of Palestine BOP- the largest bank in the PEX by market capitalization- disclosed posting net income attributable to the shareholders of the bank of $10.08 million in the first three months of the year 2021; up significantly by 101.75% than Q1 2020. This mainly followed an increase in BOP’s net interests, commissions, investing and financing income and revenues from foreign exchange currencies versus a decline in the bank’s expenses. Based on the disclosed figures, BOP records book value BV of $1.82 and P/BV of ( )x. Regarding the other significant news, the stocks of Tamkeen Insurance Company will be listed and will start to trade on beginning from Sunday 06/06/2021 under the symbol TPIC. It is good to note that the paid-up capital of the company reached $12.00 million and its shareholders reached 287 shareholder as for the end of the year 2020. With this listing, the number of listed companies in the PEX will increase to 47 companies.