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2023-04-06
Sahem Weekly Trading Report (02-06)-04-2023
With the start of April, Al-Quds Index broke through the 560 points barrier which was abandoned in the period following the dividends’ entitlement of the largest company in Palestine Stock Exchange PEX in terms of market capitalization, to close at the level of 660.93 points; up by 0.64% than its previous weekly closing level. While the market transactions were characterized by slowness and conservatism amid growing momentum of general assemblies’ meetings and a steady flow of dividends decisions. Whereby, the PEX witnessed a calm pace in terms of liquidity. However, with entering the legal quarterly disclosure period for Q1 2023 with the start of April, an overlapping appeared in the anticipation factors among investors and prevailing prices solidity in this period given the fact of conservatism domination more than changing the investment positions.
On another hand, the listed companies continued to raise their recommendations regarding distributing dividends for the year shareholders for the year 2022. In this context, the board of directors of Palestine Insurance Company PICO recommended to the general assembly, which will be holding a meeting on 18/04/2023, distributing 16.60% cash dividends for the year 2022. Also, the board of directors of Al-Mashriq Insurance Company MIC raised a recommendation to the general assembly, which will be holding a meeting on 13/04/2023, to distribute 2.50% cash dividends for the year 2022. It also recommended distributing 14.29% stocks dividends for the year 2022, to raise the paid-up capital from $7.00 million shares to $8.00 million shares.
Regarding approving the dividends distribution for the year 2022, the general assembly of Bank of Palestine BOP approved, in its meeting on 05/04/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 4.55% based on the price on the entitlement date. It also approved distributing 3% stocks dividends for the year 2022, to raise the paid-up capital from $223.96 million to $230.68 million. Also, the general assembly of Al-Takaful Palestinian Insurance Company TIC approved in its meeting on 03/04/2023 distributing 15% cash dividends for the year 2022, to record dividends yield of 4.36% based on the price on the entitlement date. It also approved distributing 10% stocks dividends for the year 2022, to raise the paid-up capital from $10.00 million to $11.00 million. In the insurance sector also, the general assembly of Global United Insurance Company GUI approved, in its meeting on 05/04/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 4.15% based on the price on the entitlement date.
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