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Al-Quds Index in the green zone after a period of declines

2022-11-10

Sahem Weekly Trading Report (06-10)-11-2022

Al-Quds Index recorded in this week gains of 0.86% than the previous week after closing at 625.85 points. This mainly came from an increase in the price of most blue-chips with heaviest weights and effects in the Index. While Palestine Stock Exchange PEX witnessed executing two transactions of 0.53 million shares on the leading stock of the Arab Palestinian Investment Company APIC. On another hand, next week will witness financial data disclosures momentum with the approaching end of the legal disclosures period mid of November.

Regarding the listed companies financial and operational data disclosures for 9M 2022, the Vegetable Oil Industries Company VOIC disclosed posting net income of JD7.12 million in 9M 2022 compared to JD9.79 million in the corresponding period a year earlier. This mainly resulted from a decline in the company’s sales and its stake from its affiliates’ profits. Based on the disclosed figures, VOIC records BV of JD13.91 and P/BV of 1.29x. Also, Palestine Poultry Company AZIZA disclosed posting net income of JD2.45 million in 9M 2022 compared to JD1.86 million in the corresponding period a year earlier. This mainly resulted from an increase in the company’s sales. Based on the disclosed figures, AZIZA records BV of JD2.40 and P/BV of 1.23x. 

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 110.39 during September 2022 which indicates a decrease of 2.50% compared to 113.23 in August 2022 (Base Year). IPI for September 2022 decreased due to the decrease in the activities of water supply, sewerage, waste management and remediation by 7.31% which had a share of 1.84% of the total industry, and the activities of manufacturing industry by 2.89% which had a share of 87.89% of the total industry. While, the activities of mining and quarrying increased by 3.88% which had a share of 2.89% of the total industry, and the activities of electricity, gas, steam and air conditioning supply increased by 1.00% which had a share of 7.38% of the total industry.