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2024-03-28
Sahem weekly trading report (24-28)-03-2024
With the approaching end of the first quarter of the year 2024, the transactions in Palestine Stock Exchange PEX continued within its recorded levels for a long period of time without any attractive change in the general or individual performance. While Al-Quds Index witnessed a decline of 0.22% than its previous weekly closing level after trading in a relatively narrow range, to record 542.99 points. On another hand and with the increase in dividends’ proposals and the expectations of the returns’ achievement, which in return enhanced the reinforcement of the investment feasibility in the PEX, the calmness in the PEX may be justified with the decline in the general incentives, the routine trading of the Holy month of Ramadan and the continuation of the Israeli aggression on Gaza Strip. Regarding the investors’ behavior, it is mainly ruled by the variation in the financial expected return for the investment selected period, which in turn creates the price variation with its different levels in this period.
Regarding the listed companies’ significant news for this week, 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 15/05/2024, to distribute 6.838% stocks dividends for the year 2023, to raise the paid-up capital from $117.00 million to $125.00 million. With this recommendation, the number of listed companies that raised their recommendations to distribute dividends for the shareholders (either cash or stocks or both) for the year 2023 increased to 7 companies (2 companies in the industry sector, one company in the investment sector and 4 companies in the insurance sector).
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP showed a decrease of Gross Domestic Product in Palestine by 29% during the 4th quarter of 2023 compared to the 4th quarter of 2022, All economic activities recorded a sharp decline in value-added, as mining, manufacturing, electricity and water activity declined by 33% in Palestine (27% West Bank, 92% Gaza Strip), construction activity by 38% (27% West Bank, 96% Gaza Strip), agriculture, forestry and fishing activity by 39% (13% West Bank, 93% Gaza Strip), wholesale and retail trade, repair of motor vehicles and motorcycles activity by 27% (18% West Bank, 91% Gaza Strip). GDP for the 4th quarter of 2023 was $2,711 million for the West Bank and $129 million for the Gaza Strip. In the same context, GDP per Capita for Palestine was $554 during the 4th quarter of 2023, which showed a decrease of 31% compared to the 4th quarter of 2022. As for the West Bank, it showed a decrease of 21% compared to the 4th quarter of 2022, while the Gaza Strip showed a decrease of 82% compared to the 4th quarter of 2022.
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