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2022-04-14
Sahem weekly trading report (10-14)-04-2022
In this week, Al-Quds Index closed at the level of 613.37 points, down by 0.30% than its previous weekly closing level. While Palestine Stock Exchange PEX’s transactions were characterized by conservatism amid growing momentum of general assemblies’ meetings and a steady flow of the dividends distribution approval. Also, the PEX witnesses the routine period of the holy month Ramadan which –historically- may increase the trading scarcity and add anticipation factors. While with mid-April, the listed companies will start to disclose their quarterly financial data for Q1 2022. Thereby, the conservative behavior of investors in the market was reinforced due to the overlapping of the elements causing the anticipation and driving the prudence prior to taking any investment or liquidation decision. Whereby, taking any decision in this period is difficult due to the expensive opportunity cost. Distributing dividends on one hand and prospects of increase in stock price due to the accumulation of operating revenues over the quarters of the year on another hand are always parallel motives prior to the investment decision.
On another hand, the listed companies, especially in the banking and financial services sector, continued to raise their recommendation to distribute dividends for the shareholders for the year 2022. In this context, the board of directors of Palestine Islamic Bank ISBK proposed to the general assembly, which will be holding a meeting on 19/04/2022, raising the paid-up capital from $85.00 million to $90.00 million through distributing 5.88% stocks dividends for the year 2021. It also proposed distributing 5.88% 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 Al-Quds Bank QUDS proposed to the general assembly, which will be holding a meeting on 26/04/2022, raising the paid-up capital from $96.43 million to $100.00 million through distributing 3.70% stocks dividends for the shareholders for the year 2021. It also proposed distributing 6.50% cash dividends for the year 2021, to record dividends yield of 4.01% based on the current market price. On another hand, the board of directors also proposed issuing perpetual bonds worth $15.00 million to support the first tranche of capital over the years 2022 to 2021 and appoint the executive management to complete all necessary legal procedures. In addition, the board of directors of the Arab Islamic Bank AIB proposed to the general assembly raising the paid-up capital from $91.72 million to $96.22 million through distributing 4.91% stocks dividends for the shareholders for the year 2021. It also proposed distributing 4.36% cash dividends for the year 2021, to record dividends yield of 2.32% based on the current market price. However, regarding approving the dividends distribution for the year 2021, the general assembly of Jerusalem Pharmaceuticals Company JPH approved, in its meeting on 11/04/2022, the board of directors’ recommendation to distribute 12% cash dividends for the year 2021, to record dividends yield of 3.77% based on the price on the entitlement date.
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