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2020-11-05
Sahem Weekly Trading Report (01-05)-11-2020
With the start of November and approaching end of the year 2020, Al-Quds Index traded in a narrow range, closing with a slight increase of 0.23% than its previous weekly closing level, after recording 436.07 points. Whereby, most leading stocks- with heaviest weights and effects on Al-Quds Index- stood still, closing without any change than the previous weekly level. Moreover, the trading this week was weak, lacking any momentum and institutions transactions which may raise the trading value in Palestine Stock Exchange PEX from time to time. On another hand, the legal granted period to the listed companies to disclose their financial data for 9M 2020 has ended with the end of October, to create in the investors’ minds a clearer vision about the expected annual return.
Regarding the blue-chips financial and operational data disclosures for the first nine months of 2020. The largest investment company in the PEX by market capitalization- Palestine Development and Investment Company PADICO- noted posting net income attributable to the shareholders of the parent company $2.28 million in 9M 2020 compared to $21.16 million in 9M 2019. This came due to the decline in the company’s revenues by 39.17% in 9M 2020. Based on the disclosed figures, PADICO records book value BV of $1.46 and P/BV of 0.51x. Also Palestine Telecommunications Company PALTEL- the largest company in the PEX by market capitalization- disclosed posting net income attributable to the shareholders of the parent company of JD31.78 million in 9M 2020 compared to JD46.14 million in 9M 2019. This mainly followed a decline in the company’s revenues. Based on the disclosed figures, PALTEL records BV of JD3.17 and P/BV of 1.04x.
In the same context, the largest bank in the PEX by market capitalization- Bank of Palestine BOP- noted posting net income attributable to the shareholders of the bank of $13.22 million in 9M 2020 compared to $30.72 million in 9M 2019. This mainly came due to the decline in net interests, commissions, financing and investing and therefore the gross income, in addition to an increase in the taxes expenses. Based on the disclosed figures, BOP records BV of $1.79 and P/BV of 0.87x. Also, the leading company of the Arab Palestinian Investment company APIC noted posting net income attributable to the shareholders of the parent company of $12.73 million in 9M 2020; down by 0.80% than 9M 2019. Whereby, non-controlling interests increased by 7.39% in 9M 2020. Based on the disclosed figures, APIC records BV of $1.45 and P/BV of 1.74x.
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