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Al-Quds Index stands-still with the start of April

2024-04-04

Sahem weekly trading report (31-03)-(04-04)-2024

With the start of April, Al-Quds Index stood-still with a slight decline of 0.08% in this week than the previous one, to close at 542.57 points after trading in a relatively narrow range. While the market transactions were characterized by slowness and conservatism amid the continuous flow of dividends decisions. Whereby, Palestine Stock Exchange PEX witnessed a calm pace in terms of liquidity. However, with entering the legal quarterly disclosure period for Q1 2024 with the start of April, an overlapping appeared in the anticipation factors among investors and prevailing prices solidity in this period given the fact of conservatism domination more than changing the investment positions.

Regarding raising the recommendation to the shareholders to distribute and approve dividends for the year 2023, the board of directors of Nablus Surgical Center NSC raised a recommendation to the general assembly, which will be holding a meeting on 25/04/2024, to distribute 7% stocks dividends for the year 2023, to raise the paid-up capital from JD3.18 million to JD3.40 million. In another context, the general assembly of Al-Takaful Palestinian Insurance Company TIC approved, in its meeting on 02/04/2024, distributing 15% cash dividends for the year 2023, to record dividends yield of 4.76% based on the price on the entitlement date. Whereby, the dividends distribution will start from 21/04/2024 through all branches of Palestine Islamic Bank ISBK.  In the same context, the general assembly of Trust International Insurance Company TRUST approved, in its meeting on 04/04/2024, distributing 10% cash dividends for the shareholders for the year 2023, to record dividends yield of 3.29% based on the price on the entitlement date.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 80.47 during February 2024 with a sharp decrease of 20.52% compared to February 2023 (Base Year 2019). In comparison with the previous month, the overall IPI in Palestine reached 80.47 during February 2024 with an increase of 0.56% compared to January 2024 (Base Year 2019). IPI for February 2024 increased due to the increase in the activities of water supply, sewerage, waste management and remediation by 11.99%, which had a share of 1.84% of the total industry, the activities of manufacturing industry by 0.61%, which had a share of 87.89% of the total industry, and the activities of mining and quarrying by 0.58%, which had a share of 2.89% of the total industry. While, the activities of electricity, gas, steam and air conditioning supply decreased by 3.25%, which had a share of 7.38% of the total industry.