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2023-05-11
Sahem Weekly Trading Report (07-11)-05-2023
Al-Quds Index recorded a decline of 0.71% than the previous week, to close at the level of 653.40 points after relatively slow trading. Where the executed 17.11 million shares of the National Bank TNB transaction last week was canceled due to the illegality of the transaction and not complying with provision number (2) of the Financial Securities Law of the year 2004. On another hand, the listed companies witnessed significant news momentum, varying between dividends distribution approvals and quarterly financial data disclosures, to raise expectations among investors to monitor the best opportunities for building the investment positions in the PEX.
Regarding the significant news of this week, the share of Ibn Sina Specialized Hospital will be listed in the services sector in Palestine Stock Exchange PEX and will start trading beginning from Tuesday 16/05/2023’s session under the symbol ISH. Its paid up capital hits $50.00 million and its number of shareholders reaches 488 shareholders, where one of them owns 10% or more of ISH’s capital. Dr. Salem Abu Khizaran is the chairman of its board of directors. With this listing, the number of listed companies in the PEX reaches 48 companies. Also, the listed companies continued to disclose their Q1 2023 financial data. In this context, the National Bank TNB noted posting net income of $3.81 million in Q1 2023 compared to $2.77 million in Q1 2022. Also, Palestine Securities Exchange Company PSE disclosed posting net income of $0.27 million in Q1 2023, up by 1.62% than Q1 2022. Also, Ramallah Summer Resorts Company RSR noted posting net income of JD0.06 million in Q1 2023, compared to JD0.02 million in the same period of 2022. In addition, Union Construction & Investment Company noted posting net income of $0.24 million in Q1 2023; up by 101.43% than the corresponding period of 2022. Also, Nablus Surgical Center NSC disclosed posting net income of 0.51 million in Q1 2023, compared to JD0.47 million in Q1 2022.
On another hand, the listed companies continued to approve dividends distribution for the year 2022. In this context, the general assembly of Palestine Investment Bank PIBC approved, in its meeting on 08/05/2023, distributing 5% cash dividends for the year 2022, to record dividends yield of 4.31% based on the price on the entitlement date. Also, the general assembly of Beit-Jala Pharmaceuticals BJP approved, in its meeting on 07/05/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 3.51% based on the price on the entitlement date. In the same context, the general assembly of the Arab Palestinian Investment Company APIC approved, in its meeting on 08/05/2023, distributing 9.50% 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 4.46% stocks dividends for the year 2022, to raise the paid-up capital from $112.00 million to $117.00 million. In addition, the general assembly of Palestine Securities Exchange Company PSE approved, in its meeting on 04/05/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 3.33% based on the price on the entitlement date. Also, the general assembly of Palestine Poultry Company AZIZA approved, in its meeting on 06/05/2023, distributing 18% cash dividends for the year 2022, to record dividends yield of 5.83% based on the price on the entitlement date. In addition, the general assembly of the National Carton Industry Company NCI approved in its meeting on 10/05/2023, distributing 10% cash dividends for the shareholders for the year 2022, to record dividends yield of 5.41% based on the price on the entitlement date. Also, the general assembly of the Vegetable Oil Industries Company VOIC approved in its meeting on 10/05/2023 distributing 50% cash dividends for the year 2022, to record dividends yield of 2.94% based on the price on the entitlement date.
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