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2023-05-18
Sahem Weekly Trading Report (14-18)-05-2023
In this week, the general assembly meetings of blue-chips with the highest market caps, weights and circulation in the market were completed, to start a routine price declines wave in order to balance the prices after the dividends’ distribution. While Al-Quds Index stood still, to decrease slightly by 0.09% than the previous week and close at the level of 653.97 points. It is worth mentioning that with the price declines to support levels- historically strong-, the anticipation degrees among investors increase in order to capture the best opportunities to build investment positions in the PEX. Whereby, with the price routine cycles of the leading stocks prior and after the dividends distribution, the main reason for the price movements in the PEX in general appear.
The legal period granted to the listed companies to disclose their financial and operational data for Q1 2023 ended, expect for the insurance sector, which was granted till 31/07/2023 to disclose its data, in order to comply with the requirements of the International Financial Reporting Standards No. (17) for the insurance companies. Regarding the blue-chips’ disclosures, Palestine Telecommunications PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD11.31 million in Q1 2023 compared to JD17.87 million in Q1 2022. This mainly followed a decline in the PALTEL’s revenues from the continuous operations and not recording any non-continuous operations’ revenues. Based on the disclosed figures, PALTEL records book value of JD1.40 and P/BV of 3.99x. Also, Palestine Development & Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $8.31 million in Q1 2023 compared to $6.80 million in Q1 2022. This mainly followed a decline in the company’s expenses and provisions. . Based on the disclosed figures, PADICO records book value of $1.49 and P/BV of 0.93x.
In the banking and financial services sector, Bank of Palestine BOP disclosed posting net income attributable to the bank of $18.52 million in Q1 2023 compared to $15.71 million in Q1 2022. This mainly resulted from an increase in net interests, commissions, financing and investment. Based on the disclosed figures, BOP posts BV of $2.36 and P/BV of 0.87x. In addition, the leading stock of the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $4.41 million in Q1 2023 compared to $9.92 million in Q1 2022. This mainly came due to the decrease in the company’s sales and increase in its interests and financing expenses. Based on the disclosed figures, APIC posts BV of $1.55 and P/BV of 2.19x.
Regarding the significant news, the share of Ibn Sina Specialized Hospital was listed in Palestine Stock Exchange PEX on the trading session of 16/05/2023 under the symbol ISH using the currency of US Dollars. According to the first trading session mechanism, ISH’s price floated in the pre-opening period until 10:15 am. Opening price recorded $1.30. Afterward it was halted from trading for 15 minutes to calculate the price fluctuations rates. During the first session, 239,619 shares were traded with a value of $310,895 whereby, closed at $1.31; up by 0.77% compared to the opening price.
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