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2024-05-02
Sahem weekly trading report (28-04)-(02-05)-2024
In the first week of May- with four trading session-, Al-Quds Index traded in a relatively narrow range, recording an increase of 0.74% than the previous week, to close at 542.30 points level. While Palestine Stock Exchange PEX witnessed executing several transactions in the last trading session of the week. Whereby, a transaction of 1.01 million shares was executed on the stocks of the Arab Palestinian Investment Company APIC and several transactions of 1.05 million shares were executed on the stock of Palestine Development and Investment Company PADICO. On another hand, the PEX witnessed slowness in holding the general assembly meetings and the start of disclosing the quarterly financial data disclosures for Q1 2024. However, the attention is dragged on the coming period in waiting for any positive point, which in turn, would lead to a beginning of transformation or any reversed direction in the market.
In this week, the listed companies started to disclose their financial and operational data for Q1 2024. In this context, the disclosure of Wataniya Palestine Mobile Telecommunications OOREDOO came first in this context. Whereby, the company disclosed posting net income of $3.18 million in Q1 2024 compared to $4.29 million in Q1 2023. This mainly resulted from a decline in the company’s revenuers and recording impairment loss from accounts commercial receivables and other receivables and other impairment losses. Based on the disclosed figures, OOREDOO record book value BV of $0.52 and P/BV of 1.58x. On the other hand and regarding raising recommendation to distribute dividends for the shareholders for the year 2023, the board of directors of Jerusalem Cigarette Company JCC raised a recommendation to the general assembly to distribute 10% cash dividends for the year 2023. On the other hand, the general assembly of Al-Quds Bank QUDS approved in its meeting on 02/05/2024, distributing 5% stocks dividends for the year 2023, to raise the paid-up capital from $100.00 million to $105.00 million.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 80.12 during March 2024 with a sharp decrease of 26.64% compared to 109.21 during March 2023 (Base Year 2019). Compared with previous month, the overall IPI in Palestine reached 80.12 during March 2024 with a decrease of 0.44% compared to 80.47 in February 2024 (Base Year 2019). IPI for March 2024 decreased due to the decrease in the activities of water supply, sewerage, waste management and remediation by 9.77%, which had a share of 1.84% of the total industry, and the activities of electricity, gas, steam and air conditioning supply by 7.23%, which had a share of 7.38% of the total industry. While, the activities of mining and quarrying increased by 5.86%, which had a share of 2.89% of the total industry, and the activities of manufacturing industry by 0.75%, which had a share of 87.89% of the total industry.
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