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Al-Quds Index standstill amid a momentum increase in the dividends distribution for 2021

2022-03-10

Sahem Weekly Trading Report (06-10)-03-2021

In this week with four trading sessions, Al-Quds Index stood still, trading in a relatively narrow range and closing at the level of 614.76 points; slightly down by 0.01% than its previous weekly closing level. This mainly resulted from scarcity in normal trading and a decline in the prices of some blue-chips with heaviest weights and effects on Al-Quds Index despite the clearer vision that was formed of the financial returns expectations with the momentum increase of the dividends distribution proposals. However, in waiting for new positives with the approaching end of Q1 2022 to start the anticipation for the quarterly financial data, the investors’ appetite is still open to grab investment positions’ opportunities.

Regarding the dividends distribution approvals for the year 2021, the general assembly of the Arab Company for Paints Products APC approved, in its meeting on 07/03/2022, distributing 70% cash dividends for the year 2021, to record dividends yield of 10.94% based on the price on the entitlement date. It is worth mentioning that the APC will start paying dividends from 20/03/2022. On the other hand, the board of directors of Palestine Telecommunications PALTEL raised a recommendation to the general assembly, which will hold an extraordinary general assembly meeting on 22/03/2022, to discuss granting PALTEL’s shareholders share/ shares in the new established company on the basis of the board of directors’ decision on 03/11/2021 for each share/shares owned by PALTEL’s shareholders. Also, it was mentioned before that the board of directors also raised a recommendation to the ordinary general assembly, which will be holding a meeting on the same date on 22/03/2022, to distribute 40% cash dividends for the year 2021, to record dividends yield of 6.84% based on the current market price. 

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 99.09 during January 2022 with a decrease of 8.58% compared to 108.39 in December 2021 (Base Year 2019). IPI for January 2022 decreased due to the decrease in the activities of manufacturing industry by 10.95% which had a share of 87.89% of the total industry, and the activities of mining and quarrying by 3.67% which had a share of 2.89% of the total industry. While the activities of water supply, sewerage, waste management and remediation increased by 13.12% which had a share of 1.84% of the total industry, and the activities of electricity, gas, steam and air conditioning supply increased by 9.17% which had a share of 7.38% of the total industry.


 

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