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Active trading and a momentum in the dividends distribution approvals

2022-04-21

 Sahem Weekly Trading Repot (17-21)-04-2022

With the approaching end of April and the holy month Ramadan, Al-Quds Index closed at the level of 614.24 points; up by 0.14% than the previous weekly closing level after trading in a relatively narrow range and witnessing relatively active trading than the previous weeks. However, Palestine Stock Exchange PEX witnessed, in this week, momentum of holding the general assembly meetings of the listed companies especially in the banking and financial services sector in order to approve the dividends distribution for the shareholders for 2021. Also, the listed companies continued to raise their recommendation to distribute dividends for the year 2021. Whereby, with mid-April the PEX entered the quarterly financial data disclosures period for Q1 2022, to add to the investors’ anticipation another degree of accuracy and caution.

On another hand, the listed companies continued to approve their recommendation to distribute dividends for the shareholders for the year 2021. In this context, the general assembly of Birzeit Pharmaceuticals Company BPC approved, in its meeting on 20/04/2022, raising the paid-up capital from $19.38 million to $38.74 million through distributing one stock for each owned stock by shareholders (100% stocks dividends) for the year 2021. It also approved distributing 10% cash dividends for the year 2021, to record dividends yield of 1.47% based on the price on the entitlement date. Also, the general assembly of Beit-Jala Pharmaceutical BJP approved, in its meeting on 20/04/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 3.57% based on the price on the entitlement date. In the same context, the general assembly of the Vegetable Oil Industries Company VOIC approved in its meeting on 21/04/2022, distributing 50% cash dividends for the year 2021, to record dividends yield of 2.70% based on the price on the entitlement date.

However, in the banking and financial services sector, the general assembly of Palestine Islamic Bank ISBK approved in its 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 approved distributing 5.88% cash dividends for the year 2021, to record dividends yield of 2.80% based on the price on the entitlement date. Also, the general assembly of Bank of Palestine BOP approved in its meeting on 19/04/2022, raising the paid-up capital from $217.43 million to $223.96 million through distributing 3% stocks dividends for the shareholders. It also approved distributing 9% cash dividends for the year 2021, to record dividends yield of 4.25% based on the price on the entitlement date, whereby the bank started paying the dividends from 20/04/2022. In the same context, the general assembly of the Arab Islamic Bank AIB approved, in its meeting on 18/04/2022, raising the paid-up capital from $91.72 million to $96.22 million through distributing 4.90% stocks dividends for the shareholders for the year 2021. It also approved distributing 4.36% cash dividends for the year 2021, to record dividends yield of 2.40% based on the price on the entitlement date. In the same sector, the general assembly of Palestine Securities Exchange Company PSE approved in its meeting on 18/04/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 2.04% based on the price on the entitlement date. Regarding raising recommendations to distribute dividends, the board of directors of the National Bank TNB proposed to the general assembly raising the paid-up capital from $104.60 million to $113.10 million through distributing 8.13% stocks dividends for the year 2021.


 


 

 

 
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