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2023-04-27
Sahem Weekly Trading Report (25-27)-04-2023
In this week with three trading sessions, Al-Quds Index stood still, recording a slight decrease of 0.09% than the previous week, to close at the level of 653.94 points amid scarce trading that was raised by executing an institutional transaction of 1.00 million shares on the stocks of Palestine Development and Investment Company PADICO. On another hand, the PEX witnesses a momentum in approving the dividends distribution for the year 2022. While it also entered a new anticipation phase of the quarterly financial data disclosures for Q1 2023, adding to the investors’ anticipation another degree of accuracy and caution.
On another hand, the listed companies continued to approve the dividends distribution for the shareholders for the year 2022. In this context, the general assembly of Palestine Electric Company PEC approved, in its meeting on 26/04/2023, distributing 20% cash dividends for the year 2022, to record dividends yield of 7.17% based on the price on the entitlement date. PEC announced starting to distribute the approved 20% cash dividends starting from 11/06/2023. Also, the general assembly of Jerusalem Pharmaceuticals Company JPH approved in its meeting on 17/04/2023, distributing 15% cash dividends for the year 2022, to record dividends yield of 3.63% based on the price on the entitlement date.
In the insurance sector, the general assembly of Tamkeen Insurance Company TPIC approved, in its meeting on 17/04/2023 distributing 4% cash dividends for the year 2022, to record dividends yield of 1.74% based on the price on the entitlement date. It also approved distributing 4% stocks dividends for the year 2022, to raise the paid-up capital from $12.00 million shares to 12.48 million shares. Also, the general assembly of Al-Mashriq Insurance Company MIC approved in its meeting on 13/04/2023 distributing 2.50% cash dividends for the year 2022, to record dividends yield of 0.81% based on the price on the entitlement date. It also approved 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. Also, the general assembly of Palestine Insurance Company PICO approved, in its meeting on 18/04/2023, distributing 21.32% cash dividends for the year 2022, to record dividends yield of 6.66% based on the price on the entitlement date. On another hand, the board of directors of Palestine Investment Bank PIBC raised a recommendation to the general assembly, which will be holding a meeting on 08/05/2023, to distribute 5% cash dividends for the year 2022.
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