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2023-11-16
Sahem Weekly trading report (12-16)-11-2023
In this week – with four trading sessions- Al-Quds Index continued to decline by 1.35% than the previous week, to close at the level of 584.08 points. This resulted from the continuous Israeli Aggression on Gaza Strip for the second month in row. Regarding the normal trading, it is still scarce, lacking any momentum. While Palestine Stock Exchange PEX witnessed in this week, executing several medium to high volume transactions on the stocks of the leading companies and others. Whereby, a transaction of 3.50 million shares was executed on the stocks of Ahliea Insurance Group AIG, also, a transaction of 2.18 million shares was executed on the stocks of Union Construction and Investment Company UCI. Moreover, a transaction of 0.52 million shares was executed on the stocks of Palestine Development and Investment Company PADICO, in addition, a transaction of 0.20 million shares was executed on the stocks of Bank of Palestine BOP. Also, a transaction of 0.12 million shares was executed on the stocks of the Arab Palestinian Investment Company APIC. Regarding the significant news, the 9M financial data disclosures began to accelerate.
Regarding the listed companies’ financial and operational data disclosures for 9M 2023, the disclosure of the Arab Company for Paints products APC was the first among other listed companies’ disclosures. Whereby, APC noted posing net income of JD0.29 million in 9M 2023 compared to net income of JD0.47 million in 9M 2022. This mainly resulted from a decline in the company’s sales. Based on the disclosed figures, APC records book value BV of JD3.16 and P/BV of 2.29x. Also, Wataniya Palestine Mobile Telecommunications OOREDOO disclosed posting net income of $3.99 million in 9M 2023, compared to $12.92 million in 9M 2022. This mainly resulted from a decline in the company’s costs and expenses. Based on the disclosed figures, OOREDOO records book value BV of $0.50 and P/BV of 1.66x.
Regarding the significant news and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during October 2023 recorded a sharp increase by 2.57% compared with September 2023 (11.99% in Gaza Strip, by 0.49% in Jerusalem, and with a slight increase by 0.09% in the West Bank). Prices of consumer goods in Gaza Strip sharply increased by 11.99% in October 2023 compared to September 2023. Israel's aggression against Gaza Strip as of October 7th, 2023 and the imposition of a complete siege, closure of crossings and cutting off water, fuel and gas supplies had the greatest impact that led to the high rise of consumer goods, especially food, as well as fuel prices, due to scarce quantities and not being allowed into Gaza Strip in addition to the increase of transport expenses from northern Gaza to central and southern Gaza, in light of the continued displacement of households in Gaza Strip. On the other hand, The Palestinian CPI during October 2023 increased by 7.21% compared with October 2022 (14.59% in Gaza Strip, 5.38% in the West Bank, and by 4.69% Jerusalem).
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