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Al-Quds Index in the green zone in the first week of June

2024-06-06

 Sahem weekly trading report (02-06)-06-2024

In the first week of June, Al-Quds Index traded in a relatively narrow range, closing at the level of 538.73 points; up by 0.23% than its previous weekly closing level. While the Index recorded a decline of 8.48% compared to its yearly closing at the end of 2023. And if we exclude the off-floor trading that was very high in volume for this week, the normal trading in Palestine Stock Exchange PEX is still very weak and scarce, lacking any momentum. However, with the several and different reasons for the lack of liquidity, the majority of the Palestinian listed companies’ shareholders are still holding their financial positions, in hope to diminish all of these reasons to touch a reviving in the PEX in the coming period.

Regarding the listed companies’ financial and operational data disclosures for Q1 2024, the Vegetable Oil Industries Company VOIC noted posting net income of JD1.49 million in Q1 2024 compared to JD1.56 million in Q1 2023. This mainly came due to the decline in the company’s sales and stake from its associates’ profits. Based on the disclosed figures, VOIC posts book value BV of JD15.49 and P/BV of 52.94%.  In the same context, the National Aluminum & Profile Company NAPCO noted realizing net loss of JD0.61 million in Q1 2024 compared to net loss of JD0.37 million in Q1 2023. This mainly came due to the decline in the company’s sales and stake from its associates’ profits. Based on the disclosed figures, NAPCO posts BV of JD1.20 and P/BV of 0.87%. In the same context, Union Construction and Investment UCI noted realizing net loss of $0.05 million in Q1 2024, compared to net income of $0.24 million in Q1 2023. This mainly resulted from a decline in the company’s revenues. Based on the disclosed figures, UCI posts BV of $1.36 and P/BV of 33.82%.

Regarding approving the dividends distribution for the year 2023 and in the insurance sector, the general assembly of Al-Mashriq Insurance Company MIC approved in its meeting on 04/06/2024, distributing 2.50% cash dividends for the year 2023, to record dividends yield of 0.91% based on the price on the entitlement date. It also approved distributing 12.50% stocks dividends, to raise the paid-up capital from $8.00 million to $9.00 million. With this approval, the number of listed companies that approved the dividends distribution for the shareholders, either cash, stocks or both cash and stocks reached 16 companies, 6 companies in the insurance sector.