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2020-08-27
Sahem Weekly Trading Report (23-27)-08-2020
In this week, Al-Quds Index abandoned the 450 points barrier, to descend from it recording 445.71 points; down by 2.06% than it previous weekly closing level. Where the normal transactions are still very weak, lacking any momentum amid a decline in the prices of some blue-chips with heaviest weights in the Index, to record their lowest levels since 52 weeks. However, this week witnessed executing a transaction on the leading stock of the Arab Palestinian Investment Company APIC of 2.63 million shares, to raise the trading value in Palestine Stock Exchange PEX to the relatively high level. On another hand, a momentum of substantial news was witnessed on the leading stocks, varying between semi-annual financial data disclosures and dividends distribution approvals for the year 2019. In this context, the general assembly of Dar Al-Shifa'a for the Manufacturing of Pharmaceuticals PHARMACARE approved in its meeting on 24/08/2020, distributing 8% cash dividends for the year 2019, to record dividends yield of 2.35% based on the price on the entitlement date.
Regarding the listed companies H1 2020 financial data disclosures, the Vegetable Oil Industries Company VOIC noted posting net income of JD1.71 million in H1 2020, compared to JD3.21 million in H1 2019. This decline mainly followed a decrease in the company’s stake from its associates’ profits, in addition to a sharp decline of 97.97% from the invested stocks’ dividends yields, besides an increase of 595.13% in the company’s provisions from expected credit losses to record JD0.62 million in H1 2020. Based on the disclosed figures, VOIC records book value of JD8.67, and P/BV of 1.32x. In the insurance sector, Global United Insurance Company disclosed posting net income attributable to the shareholders of the parent company of $1.03 million in H1 2020, compared to $1.01 million in the same period of 2019. This mainly followed a decline in the company’s incurred expenses. Based on the disclosed figures, GUI records BV of $1.76, and P/BV of 1.40X.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the Construction Cost Index (CCI) for residential buildings reached 105.79 with a slight decrease of 0.01% in the West Bank during July 2020 compared with 105.81 in June 2020 (base year 2013). At the level of major groups, rental of equipment decreased by 0.44%, while the prices of raw materials slightly increased by 0.06%. At the same time, labor costs and wages remained stable during July 2020 compared with the previous month.
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