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Lack of liquidity with the approaching end of November

2023-11-23

 Sahem Weekly Trading Report (19-23)-11-2023

In the penultimate week of November, the status of heavy decline in the liquidity levels dominated Palestine Stock Exchange PEX, amid lack of selling offers, leading Al-Quds Index to close at the level of 579.43 points; down by 0.80% than the previous weekly closing level. This mainly resulted from the continuous Israeli aggression on Gaza Strip for the second month in row, and the decline in the prices of the stocks of the leading companies and others in return. On another hand, the listed companies continues to disclose their 9M 2023 financial data, while, the waiting indicators increase for the remaining trading period of the year 2023.

Regarding the listed companies 9M 2023 financial and operational data disclosures, Palestine Poultry Company AZIZA disclosed posting net income of JD3.44 million in 9M 2023, compared to net income of JD2.45 million in 9M 2022. This mainly resulted from an increase in the company’s sales and gross profits. Based on the disclosed figures, AZIZA posts book value BV of JD2.33 and P/BV of 1.29x. Also, Palestine Industrial Investment Company PIIC noted posting net income attributable to the shareholders of the parent company of JD4.11 million in 9M 2023, compared to JD4.33 million in 9M 2022. This mainly resulted from a decline in the investment profits of the company. Based on the disclosed figures, PIIC posts book value BV of JD2.80 and P/BV of 0.79x.

Regarding the significant news of this week, official data of a survey showed that 94.8% of the economic establishments suffer from difficulty in navigation and goods distribution between governorates, as a result of the Israeli occupation procedures since the beginning of the aggression on Gaza Strip on the 7th of October, which reflected negatively all economic activities in Palestine. The survey also showed a decline in the production capacity of the industrial establishments during the first week of November, an average of 49%, in addition to a decline in the employment rate in these establishments by 27.6% in the West Bank.  The survey also showed a decline in the shops’ sales by more than 50%. The decline was concentrated in the sales of clothes, shoes, toys, household items, furniture, cleaning products and some food commodities.