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2023-04-13
Sahem Weekly Trading Report (09-13)-04-2023
Al-Quds Index ended this week in the red zone, declining by 0.78% than the previous week, and recording 655.76 points, after trading in a relatively narrow range. 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 the PEX entered the quarterly disclosure period for Q1 2023. 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 continued to approve the dividends distribution for the year 2022. In this context, the general assembly of Palestine Islamic Bank ISBK approved, in its meeting on 10/04/2023, distributing 5.56% cash dividends for the year 2022, to record dividends yield of 2.57% based on the price on the entitlement date. It also approved distributing 11.11% stocks dividends for the year 2022, to raise the paid-up capital from $90.00 million to $100.00 million. ISBK noted that it will start to pay the approved 5.56% cash dividends from Thursday 13/04/2023. Also, the general assembly of Birzeit Pharmaceuticals Company BPC approved, in its meeting on 11/04/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 2.44% based on the price on the entitlement date. BPC noted that it will start paying the approved 10% cash dividends from 17/04/2023. In addition, the general assembly of Al-Aqariya Trading Investment Company AQARIYA approved in its meeting on 12/04/2023, distributing 3.127% stocks dividends for the year 2022, to raise the paid-up capital from $7.76 million shares to $8.00 million shares.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP at constant prices showed an increase of Gross Domestic Product in 2022 by 4% in Palestine compared to the previous year. Also, it showed an increase by 3% in GDP during the 4th quarter 2022 compared to the previous quarter of the same year, mainly in agriculture, forestry and fishing by 19%, wholesale and retail trade, repair of motor vehicles and motorcycles, construction, public administration and defense by 4% for each, financial and insurance activities, transportation and storage by 2% for each, information and communication activities by 1%. Meanwhile, there was a decrease in services by 2%, mining, manufacturing, electricity and water by 1%. On the other hand, it showed an increase of 2% in Palestine during the 4th quarter 2022 compared to the 4th quarter 2021 at constant prices, which excludes the seasonal effect, meanwhile the base year is 2015. GDP for the 4th quarter 2022 at constant prices was $3,331 million for the West Bank and $690 million for Gaza Strip.
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