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Al-Quds Index declines due to the dividends entitlement of the largest company in the PEX

2024-04-25

 Sahem Weekly Trading Report (21-25)-04-2024

In this week, Al-Quds Index recorded a decline of 1.81% than the previous week, to close at the level of 538.34 points. This mainly resulted from the dividends entitlement of the largest company in Palestine Stock Exchange PEX by market capitalization- Palestine Telecommunications- amid relatively weak trading. On the other hand, Palestine Stock Exchange PEX witnessed a momentum in approving the dividends distribution for the year 2023. While it also entered a new anticipation phase of the quarterly financial data disclosures for Q1 2024, adding to the investors’ anticipation another degree of accuracy and caution.

On another hand, the PEX witnessed a momentum in approving the dividends distribution for the year 2023. In this context, the general assembly of Global United Insurance Company GUI approved in its 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 approved distributing 6.50% cash dividends for the year 2023, to record dividends yield of 3.00% from the price on the entitlement date. Also, the general assembly of Birzeit Pharmaceuticals BPC approved in its meeting on 23/04/2024, distributing 5% cash dividends for the year 2023, to record dividends yield of 1.22% based on the price on the entitlement date. In addition, the general assembly of Palestine Telecommunications PALTEL approved, in its meeting on 22/04/2023, distributing 30% cash dividends for the year 2023, to record dividends yield of 6.11% based on the price on the entitlement date. PALTEL also noted that it will start to pay the approved dividends from 04/06/2024.

In the banking and financial services sector, the general assembly of Palestine Investment Bank PIBC approved in its meeting on 25/04/2024, distributing 2.5641% stocks dividends for the year 2023, to raise the paid-up capital from $78.00 million to $80.00 million. On the other hand, the board of directors of Al-Quds Bank QUDS raised a recommendation to the general assembly, which will be holding a meeting on 02/05/2024, to distribute 5% stocks dividends for the year 2023, to raise the paid-up capital from $100.00 million to $105.00 million. Also, the board of directors of Palestine Poultry Company AZIZA raised a recommendation to the general assembly to distribute 12% cash dividends for the year 2023.