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2024-08-29
Sahem weekly trading report (25-29)-08-2024
In the last week of August, Al-Quds Index recorded gains of 0.29% than the previous week, to close at 498.80 points. While Palestine Stock Exchange PEX witnessed executing two transactions on the stocks of both Birzeit Pharmaceuticals Company BPC of 0.44 million shares and Beit-Jala Pharmaceutical Company BJP of 0.13 million shares . Regarding the blue-chips, most of them stood-still, closing with no significant change than the previous week. On another hand, and as it is obvious to the observer, the next month of September is of much importance with the continuation of H1 2024 financial data disclosures and the approach of the companies’ announcements of financial results for the third quarter of 2024, as for its ability to boost the prices and draw the direction of the market till the end of the year.
Regarding the listed companies’ financial and operational data disclosures for H1 2024, Union Construction and Investment Company UCI disclosed realizing net loss of $0.06 million in H1 2024, compared to net income of $0.45 million in H1 2023. This mainly resulted from a decline in the company’s profits from real estate investments. Based on the disclosed figures, UCI records book value BV of $1.36 and P/BV of 0.32x. In addition, the Arab Investors Company ARAB disclosed posting net income of JD0.04 million in H1 2024 compared to net income of JD0.53 million in H1 2023. This mainly resulted from not recording any profits from valuation of investment properties in H1 2024, compared to recording JD0.53 million in H1 2023. Based on the disclosed figures, ARAB posts BV of JD1.34 and P/BV of 0.60x.
Regarding the significant news of this week, Bank of Palestine BOP announced raising its paid-up capital through listing new shares after fulling the agreements of entering the International Finance Corporation IFC and the European Bank for Reconstruction & Development EBRD as strategic partners with the bank. Where the transaction was conducted through a private subscription of 22,597,516 ordinary shares with a nominal value of one dollar for each share and an issuance premium of $0.51 per share, which means that the selling price is $1.51, calculated by a previous agreement with the two partners. After the agreements fulfillment, the paid-up capital of BOP reaches $253,274,850 according to the prospectus approved by Palestine Capital Market Authority PCMA and after obtaining the approval of Palestine Monetary Authority PMA. The private subscription comes in line with the extraordinary general assembly meeting decision on 30/05/2024, regarding the approval of the general assembly to raise the paid-up capital of the bank to $300 million and authorize the board of directors to choose the suitable mechanisms.
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