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Weak trading with the approaching end of November

2024-11-21

 Sahem weekly trading report (17-21)-11-2024

In the penultimate week of November, Al-Quds Index recorded 476.40 points; down by 0.71% than the previous week after trading in a relatively narrow range. Moreover, the trading in Palestine Stock Exchange PEX is still weak, and lacks any momentum and institutional transactions that may raise the trading value in the market from time to time. On another hand and with the start of December, the anticipation among all types of investors will increase for the last month of the year in waiting for the final outlook of the financial data disclosures for the year 2024.

Regarding the financial and operational data disclosures for the companies in the banking and financial services’ sector for 9M 2024, Bank of Palestine BOP noted posting net income attributable to the shareholders of the parent company of $18.48 million in 9M 2024, compared to $22.51 million in the corresponding period a year earlier. This mainly resulted from an increase in the bank’s provisions from expected impairment loss to record $160.51 million in 9M 2024, compared to $58.91 million in the corresponding period a year earlier. Based on the disclosed figures, BOP posts book value BV of $1.99 and P/BV of 0.75x. Also, the National Bank TNB disclosed posting net income of $5.60 million in 9M 2024, compared to $10.54 million in 9M 2023. This resulted from a decline in the company’s gross revenues. Based on the disclosed figures, TNB posts BV of $1.57, and P/BV of 0.76x.

In the same context, Palestine Islamic Bank ISBK disclosed posting net income of $2.06 million in 9M 2024, compared to $8.50 million in 9M 2023. This mainly resulted from a decline in the bank’s revenues and an increase in the expenses and impairment loss. Based on the disclosed figures, ISBK posts BV of $1.50, and P/BV of 0.75x. Also, Palestine Investment Bank PIBC disclosed posting net income of $1.58 million in 9M 2024, compared to $4.84 million in 9M 2023. This mainly resulted from an increase in the provision of expected credit loss by 157.44%. Based on the disclosed figures, PIBC posts BV of $1.33, and P/BV of 0.82x.