Palestine: Weekly Trading Report - 25 to 29 March

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1. Weekly Trading Report [25-29/03] 2018 “Al Quds Index closes at the level of 565.57 points” Al-Quds Index declines and a transaction on the stocks of ISBK exceeds 31 million shares Palestine Stock Exchange PEX witnessed a significant increase in the trading value at the end of this week, which also coincides with the end of the first quarter of 2018. This was supported by executing an institutional transaction on the stocks of Palestine Islamic Bank ISBK that exceeds 31 million shares; whereby the National Islamic Investments Company- a subsidiary of the National Bank TNB- purchased the shares of Palestine Investment Fund PIF and Aswaq Company for Investment Portfolios- a subsidiary of PIF- in ISBK. Despite this, AlQuds Index declined significantly by 2.85% , to close at the level of 565.57 points and trade at its lowest level since December 2017. This came in parallel with a variation and conflict in the traders’ interests in the routine phase of holding the general assembly GA meetings for the listed companies and the subsequent decline in the shares’ prices affecting the Index due to distributing dividends, and what results of attempts to change investment positions in order to be entitled in the dividends and maximize the return. Regarding the dividends distribution approval and its impact, the GA of Palestine Telecommunication Company PALTEL – the largest company in terms of market capitalization and the highest weighted share in the Index - approved distributing 40% cash dividends to its shareholders for the year 2017 in its meeting on 26/03/2018. However, based on the approved dividends percentage, PALTEL records 8.51% dividends yield based on the entitlement date and 74.63% payout ratio based on the EPS of 2017. In the market, PALTEL closed at the level of JD4.40; higher than the equivalent price by 2.33% and through transactions worth $1.26 million. Regarding the leading companies also, the GA of Bank of Palestine BOP – the largest bank by market capitalization in term of market capitalization and second heaviest weighted share in the Index – approved, in its ordinary and extraordinary meeting on 29/03/2018, distributing 13.50% cash dividends to its shareholders for the year 2017, to record 5.06% dividends yield based on the entitlement date and 53.15% payout ratio based on the EPS of 2017. Also, the GA of the bank approved raising the paid up capital from $200 million to $250 million of the same nominal shares with the same conditions. Moreover, in the insurance sector, the GA of the National Insurance Company NIC approved, in its ordinary and extraordinary meeting on 29/03/2018, raising the paid up capital from $12.00 million to $15.00 million through distributing 25% stocks dividends for its shareholders. In addition, the GA also approved distributing 25% cash dividends for the year 2017, to record 5.49% dividends yield based on the entitlement date and 38.94% based on the EPS of 2017.On the other hand, the GA of Palestine Electric Company PEC held a meeting on 28/03/2018, whereby, approved distributing 10% cash dividends for the year 2017, to record 7.19% dividends yield based on the price on the entitlement date and 69.44% payout ratio based on the EPS for the year 2017. Regarding the dividends’ proposals for the year 2017, the board of directors BOD of the Arab Palestinian Investment Company APIC raised a recommendation to the GA, which will be holding an ordinary and extraordinary meetings on 15/05/2018, to raise the authorized capital from $70.00 million to $100.00 million and in case of approval, raising the paid-up capital to $75.00 million through distributing 7.14% stocks dividends for its shareholders. The BOD also recommended distributing 7.14% cash dividends for the year 2017, to record dividends yield of 3.22% based on the current market price. On the other hand, the BOD of Nablus Surgical Center NSC proposed to the GA, which will be holding a meeting on 26/04/2018, distributing 7% cash dividends for the year 2017, to record dividends yield of 3.87% based on the current market price.
2. Weekly Report Market Indices & Top Gainers Index/ PEX Opening Closing Change 582.18 565.57 -2.85% 165.28 165.73 Industry 102.99 Insurance Investment Services Al Quds Symbol Opening Closing Change PID 1.32 1.38 4.55% 0.27% TNB 1.75 1.82 4.00% 101.83 -1.13% BOP 2.60 2.67 2.69% 77.69 77.08 -0.79% PHARMACARE 3.75 3.83 2.13% 30.39 30.16 -0.76% PIBC 1.32 1.34 1.52% 44.89 42.21 -5.97% WATANIYA 0.99 1.00 1.01% Banking & Financial Services Summary of the Week Performance Item Current Week Last Week Change Daily Average Ratio of this Week Daily average of Change Ratio 2017 # of Shares 37,347,201 5,684,551 556.99% 7,469,440 1,115,900 569.36% Value in USD 84,074,970 10,704,204 685.44% 16,814,994 1,930,330 771.09% Most Active Companies This Week # of Traded Total value Shares (USD) ISBK 31,480,855 BOP PADICO Company Name 52 Weeks Price Open Price Close Price % Change 71,455,538 2.26 2.20 2,327,565 6,066,838 2.60 1,519,843 2,122,767 1.43 PALTEL 200,914 1,262,223 PID 373,000 725,924 APIC 251,879 NIC High Low -2.65% 2.34 2.01 2.67 2.69% 2.73 2.40 1.42 -0.70% 1.64 1.06 4.80 4.40 -8.33% 5.19 4.25 1.32 1.38 4.55% 1.38 1.25 567,728 2.27 2.22 -2.20% 2.30 1.62 113,800 509,288 4.55 4.55 0.00% 4.85 2.90 QUDS 173,045 403,256 2.39 2.34 -2.09% 2.40 1.32 WATANIYA 389,503 380,574 0.99 1.00 1.01% 1.37 0.83 PIBC 99,482 133,461 1.32 1.34 1.52% 1.43 0.95 A registered member at PEX, regulated by PCMA Tel 02-2965710 / Fax: 02-2965713 / P.O. Box: Ramallah (2187) E-mail: Research@Sahem-inv.com