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2024-09-19
Sahem weekly trading report (16-19)-09-2024
In this week with four trading sessions, Al-Quds Index continued to decline after trading in a relatively narrow range. On another hand, the normal liquidity is still scarce, despite executing a transaction on the leading stock of the Arab Palestinian Investment Company APIC of 2.63 million shares and an off-floor transaction of 0.95 million shares on the stocks of Palestine Development and Investment Company PADICO. . While some of the blue-chips witnessed declining in their prices, while the others stabilized without any price change, coinciding with the routinely phase. On the other hand, as obvious to the observer, the current month of September is of much importance with the approach of the companies’ announcements of financial results for the third quarter of this year, because of their ability to boost the price jumps to chart the trend of the PEX until the end of the year.
Regarding the disclosures of the companies in the banking and financial services sector for H1 2024, Bank of Palestine BOP noted posting net income attributable to the shareholders of the parent company of $1.04 million in H1 2024, compared to $39.11 million in H1 2023. This mainly resulted from an increase in the bank’s provisions from the expected credit losses by $71.86 million in H1 2024 compared to the corresponding period a year earlier. Based on the disclosed figures, BOP posts book value of $2.13. Also, the National Bank TNB disclosed posting net income of $4.05 million in H1 2024, compared to $7.60 million in H1 2023. This mainly resulted from a decline in the bank’s stake from its affiliate’s profits. Based on the disclosed figures, TNB records BV of $1.56. In addition, Al-Quds Bank QUDS disclosed posting net income attributable to the shareholders of the parent company of $6.08 million in H1 2024, compared to $11.62 million in H1 2023. This mainly resulted from an increase in the expected credit losses and losses from financial assets by $7.02 million. Based on the disclosed figures, QUDS records BV of $1.50.
In the same context, Palestine Islamic Bank ISBK disclosed posting net income of $1.06 million in H1 2024, compared to net income of $8.47 million in H1 2023. This mainly resulted from an increase in the impairment loss by $9.14 million between the two periods. Based on the disclose figures, ISBK records BV of $1.48. Also, the Arab Islamic Bank AIB disclosed posting net income of $0.51 million in H1 2024, compared to $8.53 million in H1 2023. This mainly resulted from an increase in the impairment loss by $9.42 million between the two periods. Based on the disclosed figures, AIB records BV of $1.40.
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