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Al-Quds Index touches the 630 points level again and rebounds from

2022-11-24

 Sahem Weekly Trading Report (20-24)-11-2022

In the penultimate week of November, Al-Quds Index recorded gains of 0.29% than the previous week after breaking through the 630 points level once again after abandoning it for a while, then rebounds from, to record 629.78 points level. Moreover, Palestine Stock Exchange PEX witnessed executing a transaction of 1.60 million shares on the stocks of the National Bank TNB during the week, to raise trading value to the relatively medium level. On another hand and with the start of December, the anticipation among all types of investors will increase for the last month of the year in waiting for the final outlook of the financial data disclosures for the year 2022.

According to the financial and operational data disclosures for 9M 2022, Palestine Telecommunications Company PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD51.23 million in 9M 2022 compared to JD50.90 million in the corresponding period a year earlier. This mainly resulted from an increase in the company’s revenues and its stake from its associates’ profits. Based on the disclosed figures, PALTEL records book value BV of JD1.62 and P/BV of 3.33x. Also, Palestine Development and Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $17.78 million in 9M 2022 compared to $17.04 million in the corresponding period a year earlier. This mainly resulted from an increase in the company’s revenues. Based on the disclosed figures, PADICO records BV of $1.42 and P/BV of 0.97x.

In the banking and financial services’ sector, Bank of Palestine BOP disclosed posting net income attributable to the bank of $46.09 million in 9M 2022 compared to $39.36 million in 9M 2021. This mainly resulted from an increase in net income, commissions, financing and investment in addition to other revenues and foreign currencies exchange profits. Based on the disclosed figures, BOP records BV of $2.08 and P/BV of 0.96x. In the investment sector, the leading company- Arab Palestinian Investment Company APIC noted posting net income attributable to the shareholders of the parent company of $25.09 million in 9M 2022 compared to net income of $27.77 million in the corresponding period a year earlier. This mainly resulted from an increase in net sales and services. Based on the disclosed figures, APIC posts BV of $1.62 and P/BV of 2.28x.