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Scarce liquidity in mid-September

2024-09-12

Sahem weekly trading report (08-12)-09-2024

In the mid of September, Al-Quds Index traded in a relatively narrow range, closing with an increase of 0.05% than the previous week, to record 496.07 points. Whereby, one share’s performance didn’t exceed any other than the previous week. Regarding the liquidity, it is still scarce, lacking any momentum and institutional transitions that may raise the trading value in Palestine Stock Exchange PEX from time to time. While the coming days is expected witness a momentum in H1 2024 financial data disclosures, where the legal period granted to disclose H1 data ends on 15/09/2024.

Regarding the listed companies financial and operational data disclosure for H1 2024, Palestine Investment & Development Company PID disclosed realizing net loss of JD0.46 million in H1 2024 compared to net income of JD0.03 million in H1 2023. This mainly resulted from an increase in the loss from valuation of financial assets for trading. Based on the disclosed figures, PID records BV of JD0.60 and P/BV of 3.22x. In the same context, Ramallah Summer Resorts Company RSR disclosed posting net income of JD0.15 million in H1 2024, compared to net income of JD0.16 million in H1 2023. This mainly resulted from a decline the company’s operational revenues and other revenues. Based on the disclosed figures, RSR records BV of JD3.31 and P/BV of 1.36x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during August 2024 increased by 1.72% compared with July 2024 (1.96% in Gaza Strip, by 1.55% in the West Bank, and by 1.32% in Jerusalem). The changes in Palestinian CPI during August 2024 were traced back to the increase in the prices of the following expenditure subgroups compared with the previous month: fresh vegetables by 40.53%, potatoes by 29.69%, dried vegetables by 24.32%, eggs by 17.90%, fresh fruit by 6.24%, liquid fuel for car " Petrol " by 2.95%, vegetables oil by 1.90% and fresh chicken by 1.52%, versus, a decline in the prices of the liquid fuel for car " Diesel " by 11.59%. The Palestinian CPI during August 2024 increased by 53.17% compared with August 2023 (248.36% in Gaza Strip, by 4.70% in Jerusalem, and by 3.00% in the West Bank).