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Al-Quds Index in the red zone amid relatively scarce transactions

2023-07-19

 Sahem Weekly Trading Report (16-19)-07-2023

Al-Quds Index also closed in this week- with four trading session- in the red zone; down by 0.21% than its previous weekly closing level, to record 644.26 points after trading in a relatively narrow range. Whereby, the leading stocks witnessed scarce transactions and weak liquidity levels, leading to stabilize or witness minor fluctuations – either increasing or decreasing-. However and regarding the other listed companies’ stocks, their price performance was not distinguished than any other listed stocks. Where, this period is characterized with general incentives inactivity following lack of any developments in the political and economic aspects, while the market started to anticipate the semi-annual financial data disclosures, whereby, it is expected that the coming days witness momentum with the approaching end of the legal period granted to disclose the data in mid-August.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Wholesale Price Index WPI in Palestine during the second quarter of 2023 recorded a decrease by 1.23% compared with the first quarter of 2023 (1.73% for imported products, while the price of local products increased by 0.15%.) The changes in WPI for the second quarter of 2023 were traced back to changes in prices of the following division and category compared with previous quarter: wholesale trade, except of motor vehicles and motorcycles declined by 1.32%, which constitute 89% from total wholesale trade. In addition, the wholesale and retail trade and repair of motor vehicles and motorcycles declined by 0.50%, which constitute 11% from total wholesale trade.

Regarding the significant news of this week, the board of directors of Tamkeen Insurance Company TPIC recommended to the extraordinary general assembly, which will be holding a meeting on 31/07/2023, distributing 4% stocks dividends for the year 2022, to raise the paid-up capital from $12.00 million to $12.48 million. It is good to note that the board of directors of TPIC held an ordinary meeting on 17/04/2023, whereby, approved distributing 8% cash dividends for the year 2022. With this approval, the number of companies that approved distributing dividends for the year 2022- either cash or stocks- increased to 31 out of 49 listed companies. While one company didn’t approve distributing dividends yet despite raising a recommendation for this.