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Al-Quds Index tries to break-through the 500 points level amid medium-volume trading

2024-08-22

 Sahem weekly trading report (18-22)-08-2024

In this week, Al-Quds Index tried to break-through the 500 points level, while rebounded from, to record 497.34 points level; down by 0.32% than the previous week after trading in a relatively narrow range. While Palestine Stock Exchange PEX witnessed medium volume liquidity, which was raised through executing a transaction of 1.75 million shares on the stocks of the National Bank TNB and small volume transactions on the stocks of Palestine Telecommunicates PALTEL and Arkaan Real Estate ARKAAN. On the other hand, the listed companies’ H1 2024 financial data disclosures are still weak, where the next period is expected to witness a momentum in this regard for what it may form of a clearer vision of the return on investment for all investors.

Regarding the listed companies financial and operational data disclosures for H1 2024, the Vegetable Oil Industries Company VOIC disclosed posting net income of JD3.11 million in H1 2024, compared to JD3.76 million in H1 2023. This mainly resulted from a slight decline in the company’s sales and a decrease in its stake from its affiliates’ profits. Based on the disclosed figures, VOIC posts book value of JD7.65, and P/BV of 0.93x. In the same context, the Arab Company for Paints Products APC disclosed posting net income of JD0.18 million in H1 2024 compared to net income of JD0.20 million in H1 2023. This mainly resulted from a decline in the company’s sales. Based on the disclosed figures, APC records BV of JD3.24 and P/BV of 2.24x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, exports decreased in June 2024 by 17% compared to June 2023 and reached $108.1 million. Also, imports decreased in June, 2024 by 31% compared to June, 2023 and reached $467.2 million. While, the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 34% in June, 2024 compared to June, 2023 and reached $359.1 million.