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2021-04-15
Sahem Weekly Trading Report (11-15)-04-2021
Al-Quds Index stood still in this week, increasing slightly by 0.18% than the previous weekly closing level, to record 475.08 points. However, Palestine Stock Exchange PEX witnessed the routinely start of the holy month Ramadan which –historically- may increase the trading scarcity and add anticipation factors. While the market continued to witness scarce transactions and rigidity in the purchasing power in general, if we exclude executing institutional transactions which may increase the trading value from time to time. However in the last trading session of the week, an activity was witnessed on the stocks of the largest company in the PEX by market capitalization – Palestine Telecommunications PALTEL- and the leading stock of the Arab Palestinian Investment Company APIC. On another hand, a momentum in the substantial news on the listed companies continues in this week as well, ranging between dividends proposals and entitlements.
Regarding the dividends proposals for the year 2020, the board of directors of Jerusalem Pharmaceutical Company JPH proposed to the general assembly distributing 8% cash dividends for the year 2020, to record dividends yield of 2.71% based on the current market price. Also, the board of directors of the National Aluminum & Profile Company NAPCO proposed to the general assembly, which will be holding ordinary and extraordinary meetings on 29/04/2021, raising the paid-up capital from JD7.31 million to JD8.00 million through distributing 9.38% stocks dividends for the year 2020. While according to the dividends entitlements, the general assembly of Al-Takaful Palestinian Insurance Company TIC approved in its meeting on 11/04/2021, distributing 15% cash dividends for the year 2020, to record dividends yield of 6.07% based on the price on the entitlement date. In addition, the general assembly of Global United Insurance Company GUI approved, in its meeting on 13/04/2021, raising the paid-up capital from $10.56 million to $11.09 million through distributing 5% stocks dividends for the year 2020. It also approved distributing 10% cash dividends for its shareholders, to record dividends yield of 4.05% based on the price on the entitlement date.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during March 2021 recorded an increase by 0.39% compared with February 2021 (by 0.52% in Jerusalem, by 0.44% in the West Bank, and by 0.15% in Gaza Strip). The changes in the Palestinian CPI for March 2021 were tracked back to the increase in prices of the following expenditure sub groups compared with previous month: fresh vegetable by 4.74%, liquid fuel for car “Petrol” by 3.66%, fresh fruit by 3.29%, vegetable oil by 1.59%, eggs by 1.51%, fresh meat by 1.49%. Versus a decline in the prices of potatoes and other tubers by 3.65%, fresh chicken by 3.11% and fish (live, fresh, chilled or frozen) by 2.34%. The Palestinian CPI during March 2021 decreased by 0.53% compared with March 2020 (by 1.49% in Gaza Strip, and by 0.42% in the West Bank, while it increased by 0.52% in Jerusalem).
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