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2017-07-20
Sahem Weekly Trading Report (16-20)-07-2017
The beginning of this week witnessed very active trading on the listed companies in general and the stock of the largest investment company by market capitalization- Palestine Development and Investment Company PADICO-in particular. However and with the end of the week, and what has the country witnessed of political developments and the reflections of the situation in Jerusalem caused profit taking which led to the decline of Al-Quds Index by 1.18% than it’s previous weekly closing, to close at the level 559.23 points. At the same time , the anticipation increases among all of the investors’ categories in PEX with the start of the listed companies’ semi-annual financial data disclosures, which is expected to witness a momentum in the coming period coinciding with the approaching end of the legal granted disclosures’ period in mid-August. Whereby, the PEX granted the listed companies a period of one month and a half to disclose their semi-annual financial data.
Regarding this week’s trading, the stock of the largest investment company by market capitalization- Palestine Development and Investment Company PADICO- topped the PEX by 49.76%, to close at the level of $1.52; down by 3.18% than the previous weekly closing level and following executing several institutional transactions on its stocks. It is worth mentioning that the BOD changed their meeting date from 31/07/2017 to 24/07/2017. Moreover, the stock of the largest company by market capitalization- Palestine Telecommunications PALTEL-closed at the level of JD4.71 ; down by 0.42% than the previous weekly closing level, through transactions that contributed 25.70% from PEX total trading value. Also, trading was active on the leading stock of the Arab Palestinian Investment Company APIC, to contribute for 5.31% from PEX total trading value and close at the level of $1.85; up by 1.09% than the previous weekly closing level.
Regarding the significant news, the extraordinary general assembly GA of Palestine Insurance Company PICO approved, in its meeting on 13/07/2017, the board of directors BOD’s recommendation in March to raise the paid-up capital from $5.00 million to $6.00 million through distributing 20% stocks dividends for the year 2016. It is worth mentioning that the company has previously approved distributing 40% cash dividends for the year 2016. Furthermore, the BOD of Al-Takaful Palestinian Insurance Company TIC has discussed and approved, in its meeting on 17/07/2017, raising the company’s paid-up capital from $9.35 million to $10.00 million through a secondary subscription, whereby will be offering 650 thousand shares to the company’s shareholders with price premium and subscription right date that will be determined later.
In this week, the listed companies accelerated to hold their BOD meetings in order to discuss and approve their financial and operational data for the end of June 2017. In this context, the BOD of Palestine Telecommunications Company PALTEL will be holding a meeting on 26/07/2017. In the same date, both the National Insurance Company NIC and Al-Wataniah Towers Company ABRAJ will be holding their BOD meetings. On another hand, the BOD of Trust International Insurance Company TRUST will be holding a meeting on 25/07/2017. Moreover, the BOD of the National Bank TNB will be holding a meeting on 23/07/2017. Regarding Birzeit Pharmaceutical Company BPC, it will be holding its BOD meeting on 24/07/2017.
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