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2021-07-01
Sahem Weekly Trading Report (27-06)-(01-07)-2021
With the end of H1 2021, Al-Quds Index ended June’s trading with a significant increase of 14.57% than its yearly closing at the end of 2020. While it increased by 0.48% at the end of the week than its closing in the previous week amid high volume trading, which was raised due to executing two transactions of 2.28 million on the stocks on the Golden Wheat Mills Company GMC, whereby, Palestine Telecommunications Company sold 0.45 million shares of its owned stocks in GMC, and Palestine Telecommunications Employees’ Provident Fund sold 1.83 million shares of its owned stocks in GMC, in addition to a transction of 2.63 million shares on the stocks of the Arab Palestinian Investment Company APIC, whereby, Aggad International Investment Company sold 2.63 million shares of its owned stocks in APIC to Gulf Taleed International Company, leading to a decline in its ownership stake from 22.95% to 20.44%. While during the first half of 2021, Al-Quds Index traded in price range of 76 points, whereby, its highest level was at 542.11 points reached on June 21st 2021, while, and touched its lowest level at 466.21 on 31st March 2021. It is good to note that the month of June is considered the price rebounding month for some stocks with varying weights in Al-Quds Index, to record a monthly gains of 1.27%.
Regarding the price dynamics, the current price of Palestine Telecommunications Company PALTEL- the largest company by market capitalization and the highest weighted stock in Al-Quds Index- records premium to 52-weeks low of 39.58%, while traded at its 52-weeks highest level. Moreover, the stock of the largest investment company by market capitalization - Palestine Development and Investment Company PADICO- records, based on the current price, premium to 52-weeks low of 51.43%, and discount to 52-weeks high of -4.50%. However, regarding the stock of the largest bank by market capitalization- Bank of Palestine BOP-, it records premium to 52-weeks low based on the current price of 15.44% and discount to 52-weeks high of -6.01%. On the other hand, the leading stock of the Arab Palestinian Investment Company APIC, reports, based on the current price, premium to 52-weeks low of 31.49% and discount to 52-weeks high of -1.90%.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP at constant prices showed an increase of 2% in Palestine during Q1 2021 compared to Q4 2020 at constant prices, mainly in (services, construction, transportation and storage) by 7% for each activity, wholesale and retail trade, repair of motor vehicles and motorcycles 3%, financial and insurance activities 2%. On the other hand, it showed a decrease of 6% in GDP in Palestine during Q1 2021 compared to Q1 2020 which excludes the seasonal effect, meanwhile the base year is 2015. GDP for Q1 2021 at constant prices was $2,974 million for the West Bank and $634 million for Gaza Strip. Regarding the significant news, the general assembly of the National Bank TNB will be holding an extraordinary general assembly meeting on 29/07/2021, whereby, will raise the authorized capital from $100 million/shares to $110 million/shares. Also, it will raise the paid-up capital by 15% from $91.76 million/shares to $105.53 million/shares through offering the shares for secondary subscription for the bank’s all investors.
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