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Al-Quds Index in the red zone with the start of September

2024-09-05

Sahem weekly trading report (01-05)-09-2024

With the start of September, Al-Quds Index recorded a decline of 0.60% than the previous week, to close at 495.82 points after trading in a relatively narrow range. While Palestine Stock Exchange PEX witnessed weakness in trading and slowness in price movements. Where the regular trading is still scarce, lacking any institutional transactions that may raise the trading value from time to time. On the other hand, next week is expected to witness a momentum in H1 2024 financial data disclosures. Where the legal disclosures’ period ends by 15/09/2024.

Regarding the blue-chips disclosures for the financial and operational data of H1 2024, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $2.22 million in H1 2024, compared to $11.08 million in H1 2023. This mainly resulted from a decline in the company’s sales and an increase in the finance and borrowing expenses. Based on the disclosed figures, APIC records book value BV of $1.50, and P/BV of 1.53x. On another hand, Beit-Jala Pharmaceutical Company BJP disclosed posting net income of JD0.81 million in H1 2024 compared to JD1.21 million in H1 2023. This mainly resulted from a decline in the company’s sales. Based on the disclosed figures, BJP records book value BV of JD2.00, and P/BV of 1.40x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 82.90 during July 2024 with a sharp decrease of 24.11% compared to 109.24 in July 2023 (Base Year 2019). Compared with previous month, the overall IPI in Palestine reached 82.90 during July 2024 with a sharp increase of 10.95% compared to 74.7 in June 2024 (Base Year 2019). IPI for July 2024 sharply increased due to the sharp increase in the activities of electricity, gas, steam and air conditioning supply by 13.75%, which had a share of 7.38% of the total industry, and the activities of manufacturing industry by 11.75%, which had a share of 87.89% of the total industry. While, the activities of mining and quarrying decreased by 7.54%, which had a share of 2.89% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 3.94%, which had a share of 1.84% of the total industry.