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2023-05-04
Sahem Weekly Trading Report (30-04)-(04-05)-2023
In the first week of May- with four trading session-, Al-Quds Index recorded an increase of 0.63% than the previous week, to close at 658.08 points level. While Palestine Stock Exchange PEX witnessed executing a transaction of 17.11 million shares on the stocks of the National Bank TNB, where, Jordan Commercial Bank sold its owned stake in TNB in a transaction, leading the trading value to increase to a relatively high level. On another hand, the PEX witnessed snowlines in holding the general assembly meetings and the start of disclosing the quarterly financial data disclosures for Q1 2023. However, the attention is dragged on the coming period in waiting for any positive point, which in turn, would lead to a beginning of transformation or any reversed direction, supported by the institutional and foreign liquidity to stimulate in individual or local speculative rotation.
Regarding the quarterly financial data disclosures for Q1 2023, Wataniya Palestine Mobile Telecommunications OOREDOO was the first to disclose their Q1 financial data disclosures. It noted posting net income of $4.29 million in Q1 2023 compared to net income of $3.91 million in Q1 2022. This mainly resulted from a decline in the company’s expenses. Based on the disclosed figures, OOREDOO posts book value of $0.471 and P/BV of 1.80x. Regarding approving the dividends for the shareholders for the year 2022, the general assembly of the National Bank TNB approved, in its meeting on 03/05/2023, distributing 5% cash dividends for the year 2022, to record dividends yield of 2.72% based on the price on the entitlement date. Also, the general assembly of the Golden Wheat Mills Company GMC approved, in its meeting on 27/04/2023, distributing 6% cash dividends for the year 2022, to record dividends yield of 6.38% based on the price on the entitlement date.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 109.21 during March 2023 with an increase of 7.87% compared to February 2023 (Base Year 2019). IPI for March 2023 increased due to the increase in the activities of water supply, sewerage, waste management and remediation by 18.58% which had a share of 1.84% of the total industry, the activities of mining and quarrying by 11.97% which had a share of 2.89% of the total industry, and the activities of manufacturing industry by 8.72% which had a share of 87.89% of the total industry. While, the activities of electricity, gas, steam and air conditioning supply decreased by 3.21% which had a share of 7.38% of the total industry.
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