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2024-02-15
Sahem weekly trading report (11-15)-02-2024
Palestine Stock Exchange PEX witnessed this week momentum in the significant news on the listed companies varying between annual financial data disclosures and dividends distribution recommendations for the year 2023. However, with the continuous Aggression on Gaza Strip, Palestine Capital Market Authority PCMA has extended the preliminary annual financial data disclosures for the end of 2023 until 17/03/2024. On another hand, relative quietness dominated the market this week, represented by scarcity of liquidity and weakness in price movements. However, the anticipations still dominates the trading nature in this period in waiting for disclosing the companies’ financial data and their dividends distributions’ trend accordingly, while, the coming period will witness a variation in the investors’ behavior. Whereby, building investment positions for some stocks on one hand, and the price speculations that constitute an essential part within the stocks’ routine price cycles, in parallel to the dividends’ distribution season are what may distinguish the coming weeks.
Regarding the significant news of this week, the companies in the insurance sector were the first to raise their recommendations to distribute dividends for the shareholders for the year 2023. In this context, the board of directors of Global United Insurance Company GUI proposed to the general assembly, which will be holding a meeting on 23/04/2024, distributing 8.225% stocks dividends for the year 2023, to raise the paid-up capital from $11.09 million to $12.00 million. It also proposed distributing 6.50% cash dividends for the year 2023. In another context, the board of directors of Trust International Insurance Company TRUST raised a recommendation to the general assembly, which will be holding ordinary and extraordinary meetings on 04/04/2024, to distribute 10% cash dividends for the year 2023.
Regarding the listed companies’ preliminary financial annual data disclosures, Wataniya Palestine Mobile Telecommunications OOREDOO was the first to disclose its data. It noted posting net income of $16.14 million at the end of 2023, compared to net income of $16.64 million at the end of 2022. This slight decrease came due to the decline in the company’s revenues. Based on the disclosed figures, OOREDOO posts book value BV of $0.51 and P/BV of 1.63x. On the other hand and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during January 2024 recorded a sharp increase by 3.27% compared with December 2023 (11.41% in Gaza Strip, by 0.26% in Jerusalem, and by 0.15% in the West Bank).
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