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Al-Quds Index declines amid scarce liquidity

2024-05-09

 Sahem weekly trading report (05-09)-05-2024

With the receding in the wave of holding the general assembly meetings for the listed companies and the start of Q1 2024 financial data disclosures, the state of lack of liquidity that has dominated the trading in Palestine Stock Exchange PEX for a while continued, whereby, the ordinary trading value barely records acceptable levels. On another hand, Al-Quds Index recorded a decline of 0.26% in this week- with four trading sessions- than its previous weekly closing level, to close at the level of 540.89 points. Whereby the Index witnesses fluctuations between a slight increase and decrease coinciding with the routine price declining wave in order to balance the prices after the dividends’ distribution. Where with the price routine cycles of the leading stocks prior and after the dividends’ distribution, the main reason for the price movements in the PEX, in general, appear.

Regarding raising recommendations to distribute dividends for the year 2023 and approving them, the board of directors of Beit-Jala Pharmaceuticals BJP raised a recommendation to the general assembly, which will be holding a meeting on 21/05/2024, to distribute 10% cash dividends for the year 2023. On the other hand, the general assembly of Tamkeen Insurance Company TPIC approved in its meeting on 06/05/2024, distributing 5% stocks dividends for the year 2023, to raise the paid-up capital from $12.48 million to $13.10 million. 

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Producer Price Index (PPI) for Palestine with its base year (2019) reached 146.38 in March 2024, as it sharply increased by 5.00% compared to February 2024. The changes of PPI for March 2024 were traced back to the increase in prices of the following major activities compared to the previous month: agriculture, forestry and fishing by 12.21%, which had a share of 29.94% of the total product basket, water supply; sewerage, waste management and remediation activities by 1.28%, which had a share of 1.50% of the total product basket,  mining and quarrying by 0.57%, which had a share of 1.41% of the total product basket versus a decline in the prices of electricity, gas, steam and air conditioning supply by 0.12%, which had a share of 8.323% of the total product basket and the prices of manufacturing by 0.12% which had a share of 58.92% of the total product basket.