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Al-Quds Index in the red zone and dividends entitlement of the largest blue-chip in the PEX

2022-03-24

 Sahem Weekly Trading Report (20-24)-03-2022

With the approaching end of the first quarter of 2022, Al-Quds Index declined by 1.75% than the previous week, to close at 604.79 points. This mainly resulted from entitling the dividends distribution of the largest company in Palestine Stock Exchange PEX and the heaviest weighted stock in Al-Quds Index – Palestine Telecommunications-. Whereby, PALTEL declined by 5.93% than the previous week, but traded above its equivalent price after the distribution. However, a transaction of around 1.00 million shares was executed on the leading stock of the Arab Palestinian Investment Company APIC. Where, in the coming weeks and with continuing to approve the dividends distribution, the stocks that distribute dividends will witness an automatic decline in price in the days that follow the distribution decision date by a percentage that approximates its dividends yield in order to meet the equivalent price. This scientifically is attributed to the fact that the stock price that holds the cash dividends prior to the general assembly meeting date is not equivalent to the price that doesn’t hold these dividends after the entitlement.

Regarding the dividends distribution approvals for the year 2021, the general assembly of Palestine Telecommunications Company PALTEL approved, in its ordinary meeting on 22/03/2022, distributing 40% cash dividends for the shareholders for the year 2021, to record dividends yield of 6.96% based on the price on the entitlement date. The general assembly also approved, in its extraordinary meeting on the same date, granting one share in the new established company according to the board of directors meeting decision on 03/11/2021 for each owned share in PALTEL. The general assembly will delegate Palestine Capital Market Authority PCMA to determine the shareholders entitled for the new shares within maximum 60 days from the extraordinary general assembly meeting data after approving the prospectus for the new established company. Also, the general assembly of Nablus Surgical Center NSC approved in its meeting on 17/03/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 3.92% based on the price on the entitlement date. On the other hand, the listed companies continued to raise their recommendation to distribute dividends for the year 2021. In this context, the board of directors of Al-Mashriq Insurance Company MIC proposed to the general assembly, which will be holding a meeting on 05/04/2022, raising the paid-up capital from $5.50 million to $7.00 million through distributing 27.27% stocks dividends for the shareholders for 2021. It also proposed distributing 2.50% cash dividends for the year 2021, to record dividends yield of 0.77% based on the current market price.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, exports decreased in January 2022 by 16% compared to December 2021. While it increased by 30% compared to January 2021 and reached $132.8 million. Also, imports decreased in January 2022 by 3% compared to December 2021. While it increased by 26% compared to January 2021 and reached $618.3 million. While the trade balance which represents the difference between exports and imports showed an increase in trade deficit by 1% in January 2022 compared to December 2021. It also increased by 24% compared to January 2021 and reached $485.5 million.


 

2022-09-22
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2022-09-08
Al-Quds Index in the green zone and new anticipation arises among investors

2022-09-01
A transaction on TNB raises the trading value significantly

 

 

 
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