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A transaction on BOP raises the trading value significantly

2021-06-24

 Sahem Weekly Trading Report (20-24)-06-2021

In the penultimate week of June, Al-Quds Index stood still, declining slightly by 0.08% than its closing in the previous week, after trading in a relatively narrow ranges, recording 539.40 points. While some of the blue-chips witnessed increases in their prices than the previous week, versus a decline in the prices of the others slightly. On another hand, the total trading value of the PEX grew significantly, exceeding $20 million due to executing a transaction that exceeded 10 million shares on the stocks of Bank of Palestine BOP. According to the expectations, the semi-annual financial data disclosures for the listed companies are the most important anticipation for the investors in the PEX with their different types. Whereby, the long term investors may formulate a very clear vision about their annual return due to these disclosures, while speculators will follow any price wave that results from the financial disclosure.

Regarding the significant news of this week, a transaction worth 10.77 million shares on the stocks of the largest bank in the PEX by market capitalization- Bank of Palestine BOP- was executed, whereby, the International Finance Corporation IFC announced selling of its equity share in BOP following the completion of IFC's development mandate after a 13-year tenure. IFC continues its investment in Bank of Palestine's Tier 2 capital in the form of a $75 million subordinated debt issued in 2016 with a tenure till year 2027. BOP was the first bank in Palestine to have this capital instrument, which is essential to the bank's growth strategy. IFC first invested in BOP in 2008 and worked closely with BOP management to enhance financial inclusion, particularly for women, and risk management among other areas. In contrast, BOP’s Employees Provident Fund purchased 2.31 million shares of BOP’s stocks, while several board of directors’ members purchased 1.68 million of BOP’s stocks.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, exports slightly decreased in April 2021 by 0.1% compared to March 2021. While it increased by 109% compared to April 2020 and reached $114.6 million. Also, imports decreased in April 2021 by 4% compared to March 2021. While it increased by 58% compared to April 2020 and reached $487.8 million. While the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 5% in April 2021 compared to March 2021. While it increased by 47% compared to April 2020 and reached $373.2 million.


 

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