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2022-03-31
Sahem weekly trading report (27-31)-03-2022
Al-Quds Index ended the first quarter of 2022 with an increase by 1.49% than the previous week, to close at the level of 613.78 points after trading in a relatively wide range. This mainly followed an increase in the price of Palestine Telecommunications Company PALTEL- with the heaviest weight and effect on Al-Quds Index- than the previous week, whereby, it traded above its equivalent price by 8.04% after entitling the 40% cash dividends distribution for 2021. In this period, the variation scope concerning the traders’ interests is enhanced during this period; the buyer of the stock in this drop trend – discounted by dividends value- may be motivated by the historical technical performance of the share in pre and post the dividends entitlement announcement or by the expected company’s profits growth or else by the share’s attractive market indicators related to the new recorded low price. While the seller of a stock with discounted price by the dividends value may be motivated by liquidating his holdings in order to capture another stock that holds dividends in a near period or the trader himself has just achieved a targeted total shareholder’s return (dividends and capital gain).
Regarding the dividends distribution approvals for the year 2021, the general assembly of Al-Takaful Palestinian Insurance Company TIC approved, in its meeting on 30/03/2022, distributing 15% cash dividends for the year 2021, to record dividends yield of 5.77% based on the price on the entitlement date. Also, the general assembly of the National Insurance Company NIC approved, in its meeting on 30/03/2022, distributing 17.50% cash dividends for the year 2021, to record dividends yield of 3.80% based on the price on the entitlement date. In the same context, the general assembly of Global United Insurance Company GUI approved, in its meeting on 29/03/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 4.13% based on the price on the entitlement date. Also, in the insurance sector, the general assembly of Trust International Insurance Company TRUST approved, in its meeting on 31/03/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 3.17% based on the price on the entitlement date. In addition, the general assembly of Palestine Electric Company PEC approved, in its meeting on 29/03/2022, distributing 17% cash dividends for the year 2021, to record dividends yield of 8.85% based on the price on the entitlement date.
On another hand, the listed companies continued to raise their recommendations to distribute dividends for the shareholders for the year 2021. In this context, the board of directors of the Arab Palestinian Investment Company APIC recommended to the general assembly, which will be holding a meeting on 09/05/2022, raising the paid-up capital from $105.00 million to $112.00 million through distributing 6.67% stocks dividends for the year 2021. Also, the board of directors raised a recommendation to distribute 10.48% cash dividends for the year 2021, to record dividends yield of 2.93% based on the current market price. Also, the board of directors of Ramallah Summer Resorts RSR proposed to the general assembly raising the paid-up capital from JD4.00 million to JD4.30 million through distributing 7.50% stocks dividends for the year 2021.
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