send to a friend by email

Al-Quds Index at its highest level since the beginning of the year

2021-07-08

Sahem Weekly Trading Report (04-08)-07-2021

Within a week charged with significant active trading and executing several transactions with medium to high volume on the blue-chips and other stocks, Al-Quds Index increased noticeably by 3.03% to breakthrough new psychological level at 558.41 points and records the highest level since the beginning of the year 2021. This came at the end of the first half of the current year and after the listed companies had approved dividends distribution for the year 2020, along with the receding in the prices decline wave following the dividends entitlement and the start of the spontaneous price correction movement in parallel to creating the general image of the expected yields for the year. On the other hand, the anticipation increases this period to disclose the semiannual financial data for 2021, which affects the investors’ behavior- with their different categories-, and form the market movement trend during the coming period.

In the same context, the stock of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- still leads Palestine Stock Exchange PEX for several weeks due to the increase in trading activity, to increase significantly by 6.60% than the previous week, and close at the level of $1.13. On the other hand, the PEX witnessed executing several transaction in this week, whereby, a transaction of 0.28 million shares was executed on the leading stock of the Arab Palestinian Investment Company APIC, where, APIC’s subsidiary- Aggad International Investment Company- sold part of its owned stake in APIC’s stocks to Gulf Taleed International Company- a subsidiary of APIC as well-. In the same context, a transaction of 0.60 million shares was executed on the stocks of Palestine Electric Company PEC. Also, a transaction of 1.60 million shares was executed on the stocks of Union Construction and Investment Company UCI, whereby, United Company for Marketing and Services- a subsidiary of UCI- sold part of its owned stake in UCI’s capital, to lower its ownership stake in UCI from 10% to 5%. While, Ontario Technology Development Company- UCI’s board of directors’ member- purchased 0.17 million shares of UCI’s capital. Moreover, a transaction of 2.68 million shares was executed on the stock of the Golden Wheat Mills GMC, whereby, Palestine Industrial Investment Company PIIC sold part of its owned stake in GMC, to lower its ownership stake from 18.35% to 0.47%.

Regarding the significant news of this week, Palestine Development and Investment Company PADICO has called for holding an extraordinary general assembly meeting on 09/08/2021, to approve issuing bonds worth $120 million in order to amortize the existing bonds. Whereby the nominal value on the bonds is worth $120 million and has a 5-year term. The bonds are not convertible into shares and not able to trade in any financial market. They will be issued through private subscription and are guaranteed by first-class pledges on part of PADICO’s owned stakes in the shares of: Palestine Telecommunications PALTEL, Palestine Real Estate Investment Company PRICO, and Palestine Industrial Investment Company PIIC, to ensure 130% of the total issued bond’s nominal value, creating an excellent debt.