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2024-03-21
Sahem weekly trading report (17-21)-03-2024
The transactions in Palestine Stock Exchange PEX continued within its recorded levels for weeks without any attractive change in the general or individual performance. Amid the liquidity circulation that falls within the investors’ routine investment positions changing in the period that precede the general assembly meetings, Al-Quds Index maintained, this week, a narrow price range as a result of few price movements for the leading stocks that affect it, to close at the level of 544.21 points; down by 0.53% than the previous week. While, with the end of the legal granted period for the annual disclosures of 17/03/2024, the liquidity is still lacking any momentum and any institutional transactions that may increase the trading value in the PEX from time to time.
Regarding the leading companies’ financial data disclosures for 2023, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $17.59 million in 2023 compared to $27.68 million in 2022. This mainly resulted from an increase in the company’s expenses in which include the finance expense, in addition to recoding other expenses instead of other revenues in the previous year. Based on the disclosed figures, APIC records book value BV of $1.56 and P/BV of 1.67x. In the banking and financial services sector, Bank of Palestine BOP disclosed posting net income attributable to the shareholders of the bank of $13.11 million in 2023 compared to $60.91 million in 2022. This mainly resulted from a significant increase in the expected credit loss provisions by 377%. Based on the disclosed figures, BOP records BV of $2.14 and P/BV of 0.75x.
In the banking sector as well, Al-Quds Bank QUDs disclosed posting net income attributable to the bank of $8.96 million in 2023 compared to $20.31 million in 2022. This mainly resulted from an increase in the expected credit facilities loss provisions. Based on the disclosed figures, QUDS records BV of $1.52 and P/BV of 0.88x. In the same context, Palestine Islamic Bank ISBK disclosed posting net income of $4.85 million in 2023 compared to $15.35 million in 2022. This mainly resulted from an increase in the expected credit facilities loss provisions and impairment of financial assets loss. Based on the disclosed figures, ISBK posts BV of $1.48 and P/BV of 0.99x.
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