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Al-Quds Index in the red zone amid the domination of H1 2021 disclosures’ anticipation

2021-08-12

 Sahem Weekly Trading Repot (08-12)-08-2021

The general performance of Palestine Stock Exchange PEX for this week- with four trading sessions- was relatively conservative amid relatively weak trading that lacked any momentum and executing institutional transactions that may raise the trading value in the PEX from time to time. On the other hand, Al-Quds Index closed in the red zone, down by 0.65% than its pervious weekly closing level, and recording 574.46 points. Regarding the blue-chips, most of them witnessed decline in their prices, while some increased and others closed with no change compared to the previous week. However, with the approaching end of the legal granted period to the listed companies to disclose their semi-annual financial data disclosures for 2021 on 15/08/2021, the anticipation for the semi-annual financial data continues to be the most dominating factor on the PEX.

Regarding the financial and operational H1 2021 data disclosures of the blue-chips, the largest company in the PEX by market capitalization- Palestine Telecommunications PALTEL- disclosed posting net income attributable to the shareholders of the parent company of JD31.05 million in H1 2021; up by 123.57% than H1 2020. This mainly resulted from the increase of 15.72% in the company’s revenues from customers’ contracts in parallel to the increase in the number of participants, in addition to recording JD9.40 million investment profits in H1 2021, compared to investment losses of JD5.58 million in H1 2020. Based on the disclosed figures, PALTEL records book value BV of JD3.46 and P/BV of 1.43x. On another hand, the leading company of the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $19.18 million in H1 2021 compared to $7.40 million in H1 2020. This mainly followed an increase in its net sales by 27.73% between the two periods, in addition to recording $4.67 million profits from selling a subsidiary. Based on the disclosed figures, APIC records book value BV of $1.46 and P/BV of 2.21x. On the other hand, the Arab Company for Paints Products APC noted posting net income of JD0.44 million in H1 2021, compared to net income of JD0.22 million in H1 2020. This mainly followed an increase in the company’s sales. Based on the disclosed figures, APC records BV of JD3.33 and P/BV of 1.83x.