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Al-Quds Index in a relatively narrow range with the approaching end of September


 Sahem Weekly Trading Report (19-23)-09-2021

In this week, Al-Quds Index was confined to a relatively narrow price range without any noticeable or wide price movements, closing at the level of 583.88 points; down by 0.17% than its previous weekly closing level. While the trading value was active in this week supported by executing several transactions on the leading stocks and other in the week’s wave. Whereby, a transaction of 1.01 million shares was executed on the stocks of Palestine Investment and Development Company PID, and a transactions of 0.25 million shares was executed on the stocks of the Arab Palestinian Investment Company APIC, besides a transactions of 0.19 million shares was executed on the stocks of Palestine Telecommunications Company PALTEL. On the other hand and according to the expectations, the third quarter financial data disclosures for the listed companies are the most important anticipation for the investors in Palestine Stock Market 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, Bank of Palestine BOP announced that it has increased its subscribed capital through a special issuance of shares in connection with its earlier agreement with FISEA (the AFD Group Investment Vehicle advised by Proparco) - dated July 15, 2021- whereby FISEA became a strategic partner investing in the Bank. The investment by FISEA of $12 million was successfully completed through issuing a total of 7,272,727 new shares at a price of $1.65 resulting in a premium of 65 cents. Both parties have previously agreed on the calculation method of the price of the shares by taking the average daily closing price of BOP’s share for a three-month period starting April 12, 2021 and ending on July 12, 2021. The new paid in capital for Bank of Palestine after the special issuance will be $217,433,527 as per the shares prospectus that was approved by Palestine Capital Market Authority. This transaction is in line with the Bank’s capital adequacy plans for growth and in fulfillment to its general assembly extraordinary meeting on March 29, 2018, during which an increase of the bank’s capital to $250 million was approved, authorizing the board of directors to execute this increase.

On another hand, the listed companies accelerate to determine dates for holding their board of directors meetings in order to discuss and approve the financial and operational data for the end of 30/09/2021. In this context, the board of directors of Palestine Poultry Company AZIZA will be holding e meeting on 09/10/2021. Also, the board of directors of Palestine Industrial Investment Company PIIC will be holding a meeting on 12/10/2021. In addition, the board of directors of Beit-Jala Pharmaceuticals Company BJP will be holding a meeting on 13/10/2021.  


VOIC records net income of JD6.61 million in 9M 2023



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