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Al-Quds Index rebounds upwards but closes below the 500 points level

2024-08-15

 Sahem weekly trading report (11-15)-08-2024

Al-Quds Index ended this week in the green zone, recording gains than the previous week after trading in a relatively wide range. While it still closed below the 500 points level. Regarding the liquidity indicators, it is still weak, lacking any momentum and institutional transactions that may raise the trading value in Palestine Stock Exchange PEX from time to time.  Returning to the most important motives that dominate the market through anticipation, one month remains to the legal period of disclosing H1 2024 data after extending it. While some companies disclosed their data this week, including blue-chips. However, the coming period is expected to witness momentum in this regard.

Regarding the blue-chips’ financial and operational data disclosures for H1 2024, Palestine Telecommunications Company PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD18.94 million in H1 2024, compared to JD26.07 million in H1 2023. This mainly resulted from a decline in the company’s operational revenues. Based on the disclosed figures, PALTEL records book value of JD1.47. Moreover, Palestine Development and Investment Company PADICO noted posting net income attributable to the shareholders of the parent company of $7.23 million in H1 2024 compared to $13.93 million in H1 2023. This mainly resulted from decline in the company’s revenues. Based on the disclosed figures, PADICO records book value of $1.32.

On another hand, Arkaan Real Estate Company ARKAAN disclosed posting net income attributable to the shareholders of the parent company of $9.15 million in H1 2024, compared to $9.66 million in H1 2023. This mainly resulted from a slight decline in the company’s real estate profits. Based on the disclosed figures, ARKAAN records book value of $2.98. On another hand, Birzeit Pharmaceuticals Company BPC disclosed posting net income attributable to the parent company of $0.04 million in H1 2024 compared to $3.49 million in H1 2023. This mainly resulted from a decline in the company’s sales in addition to recording losses on valuation of financial assets and dividends. Based on the disclosed figures, BPC record book value of $2.55.