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Al-Quds Index stands-still with the start of H1 financial data disclosures

2023-08-03

 Sahem Weekly Trading Report (30-07)-(03-08)-2023

In the first week of August, Al-Quds Index traded in a relatively narrow range, standing-still to close with a slight decline of 0.02% than the previous week, closing at 643.22 points. While the trading in Palestine Stock Exchange PEX in still weak and lacks any momentum. Regarding the Blue-chips, they stood-still with no changes to mention, to settle for a slight increase or decrease. On the other hand, the PEX witnessed a momentum in the significant news this week with the start of semi-annual financial data disclosures acceleration. While the PEX enters the last third of the legal period of the listed companies’ semi-annual financial data disclosures for the year 2023, which ends on the 15th of August 2023. It is good to note than the PEX grants the listed companies 45 days to disclose their financial and operational semi-annual data starting from the first of July.

Regarding the significant news of this week, the semi-annual financial data disclosures started to approach. Whereby, the disclosure of Wataniya Palestine Mobile Telecommunications OOREDOO came first. OOREDOO noted posting net income of $9.26 million in H1 2023 compared to $7.17 million in H1 2022. This mainly followed a decline in the company’s expenses. Based on the disclosed figures, the company records book value of $0.49 and P/BV of 1.71x. In addition, Ramallah Summer Resorts Company RSR also disclosed posting net income of JD0.16 million in H1 2023 compared to JD0.08 million in H1 2022. This mainly came due to the increase in the company’s revenues. Based on the disclosed figures, RSR records BV of JD3.27 and P/BV of 0.93x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 106.39 during June 2023 with a decrease of 3.62% compared to 110.38 in May 2023 (Base Year 2019). IPI for June 2023 decreased due to the decrease in the activities of mining and quarrying by 6.24%, which had a share of 2.89% of the total industry, and the activities of manufacturing industry by 4.73%, which had a share of 87.89% of the total industry. While, the activities of electricity, gas, steam and air conditioning supply increased by 7.28%, which had a share of 7.38% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 3.34%, which had a share of 1.84% of the total industry.