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Al-Quds Index declines & dividends entitlement of the largest blue-chip in the PEX

2023-03-23

 Sahem Weekly Trading Report (19-23)-03-2023

With the approaching end of the first quarter of 2023, Al-Quds Index declined by 1.79% than the previous week, to close at 650.98 points. This mainly resulted from entitling the dividends distribution of the largest company in Palestine Stock Exchange PEX and the heaviest weighted stock in Al-Quds Index - Palestine Telecommunications PALTEL-. Whereby, PALTEL declined by 6.44% than the previous week, but traded above its equivalent price after the distribution. However, a number of transactions were executed on some stocks in the banking and financial services sector and others, whereby, a transaction of 1.00 million shares was executed on Bank of Palestine BOP and a transaction of 0.48 million shares was executed on Al-Quds Bank QUDS, also, a transaction of 0.10 million shares was executed on the stocks of Tamkeen Palestinian Insurance Company TPIC, leading the trading value to increase to a relatively medium level. Where, in the coming weeks and with continuing to approve the dividends distribution, the stocks that distribute dividends will witness an automatic decline in price in the days that follow the distribution decision date by a percentage that approximates its dividends yield in order to meet the equivalent price. This scientifically is attributed to the fact that the stock price that holds the cash dividends prior to the general assembly meeting date is not equivalent to the price that doesn’t hold these dividends after the entitlement.

On another hand, the listed companies continued to raise their recommendations regarding distributing dividends for the shareholders for the year 2022. In this context, the board of directors of the Arab Palestinian Investment Company APIC raised a recommendation to the general assembly, which will be holding a meeting on 08/05/2023, to distribute 8.93% cash dividends for the year 2022. It also recommended distributing 4.46% stocks dividends for the year 2022, to raise the paid-up capital from $112.00 million to $117.00 million. Also, the board of directors of Tamkeen Palestinian Insurance Company TAMKEEN raised a recommendation to the general assembly, which will be holding a meeting on 17/04/2023, to distribute 8% cash dividends for the year 2022.

In another context, the listed companies continued to approve distributing dividends for the shareholders for the year 2022. In this context, the general assembly of Palestine Telecommunications Company PALTEL approved, in its meeting on 20/03/2023, distributing 40% cash dividends for the year 2022, to record dividends yield of 6.79% based on the price on the entitlement date. PALTEL also noted that it will start paying the approved dividends distribution from 02/05/2023. Also, the general assembly of Nablus Surgical Center NSC approved, in its meeting on 20/03/2023, distributing 5% cash dividends for the year 2022, to record dividends yield of 1.70% based on the price on the entitlement date. In addition, the general assembly of Al-Quds Bank QUDS approved, in its meeting on 19/03/2023, distributing 10% cash dividends for the year 2022, to record dividends yield of 5.81% based on the price on the entitlement date. The general assembly also approved in its extraordinary meeting raising the authorized capital from 100 million shares/dollar to 125 million shares/dollar during the 5 coming years in a mechanism to be determined later. The bank also announced that it will start to pay the approved 10% cash dividends for the shareholders beginning from today 23/03/2023 through all of its branches.


 

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