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2023-03-09
Sahem Weekly Trading Report (05-09)-03-2023
In this week with four trading session, Al-Quds Index traded in a relatively narrow range, to close at the level of 658.50 points; up by 0.18% than the previous weekly closing level. And despite the scarceness of normal trading, the Palestine Stock Exchange PEX witnessed momentum in executing transactions on the leading stocks and others. Whereby a transaction of 3.80 million shares was executed on the leading stock of the Arab Palestinian Investment Company APIC and a transaction of 0.51 million shares was executed on the stock of Palestine Development & Investment Company PADICO, and a transaction of 0.22 million shares was executed on the stock of Palestine Investment Bank PIBC. However, in waiting for new positives with the approaching end of Q1 2023 to start the anticipation for the quarterly financial data, the investors’ appetite is still open to grab investment positions’ opportunities.
On the other hand, the listed companies continued to raise their recommendations regarding distributing dividends for the shareholders for the year 2022. In the banking and financial services sector, the board of directors of Bank of Palestine BOP proposed to the general assembly, which will be holding a meeting on 05/04/2023, distributing 10% cash dividends for the year 2022. It also proposed distributing 3% stocks dividends for the year 2022, to raise the paid-up capital from $223.96 million to $230.68 million. Also, the board of directors of Palestine Securities Exchange Company PSE raised a recommendation to the general assembly, which will be holding a meeting on 30/04/2023, to distribute 10% cash dividends for the year 2022. In addition and in the investment sector, the board of directors of Union Construction & Investment Company UCI raised a recommendation to the general assembly to distribute 3% cash dividends for the year 2022.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 107.15 during January 2023 with a decrease of 3.09% compared to 110.57 in December 2022 (Base Year 2019). IPI for January 2023 decreased due to the decrease in the activities of manufacturing industry by 4.75% which had a share of 87.89% of the total industry. While, the activities of electricity, gas, steam and air conditioning supply increased by 9.06% which had a share of 7.38% of the total industry, the activities of mining and quarrying increased by 7.18% which had a share of 2.89% of the total industry, and the activities of water supply, sewerage, waste management and remediation increased by 6.74% which had a share of 1.84% of the total industry.
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