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Al-Quds Index declines amid lack of liquidity

2024-02-29

 Sahem weekly trading report (25-29)-02-2024

With the end of February, Al-Quds Index recorded a decline by 0.26% than the previous week after trading in a relatively narrow range, to record 551.16 points. While one share’s performance didn’t exceed any another in this week. However, with the entry of the annual routine price cycles following the financial data disclosures and dividends distribution trends’ announcements, Palestine Stock Exchange PEX’s performance has not differed this week from the previous weeks. Whereby, the lack of liquidity still dominates the trading in the PEX. Moreover, this week the PEX witnessed a momentum in the dividends distribution announcements of the year 2023.

Regarding the listed companies’ financial and operational data disclosures for the year 2023. The Vegetable Oil Industries Company VOIC disclosed posting net income of JD7.77 million in 2023 compared to JD8.84 million in 2022. This mainly resulted from a decline in the company’s sales and stake from its affiliates’ profits. Based on the disclosed figures, VOIC posts BV of JD15.45 and P/BV of 0.94x. In addition, Birzeit Pharmaceuticals Company BPC disclosed posting net income attributable to the shareholders of the parent company of $6.12 million in 2023 compared to $7.95 million in 2022. This mainly resulted from a decline in the company’s sales. Based on the disclosed figures, BPC posts net income of $2.69 and P/BV of 1.58x.

Regarding the significant news, the listed companies continued to raise their recommendations regarding distributing dividends for the shareholders for the year 2023. In this context, the proposal of the National Insurance Company NIC came third among other companies listed in the insurance sectors. Whereby, the board of directors of the National Insurance Company NIC raised a recommendation to the general assembly to distribute 7.246% stocks dividends for the year 2023, to raise the paid-up capital from $17.25 million to $18.50 million. Also, it recommended distributing 5% cash dividends for the year 2023. Also, the board of directors of Jerusalem Pharmaceuticals Company JPH raised a recommendation to the general assembly, which will be holding a meeting on 22/04/2024, to distribute 10% cash dividends for the year 2023.