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Abstract
This study aimed to identify the dimensions of financial analysis, its
characteristics and how to benefit from it in predicting stock prices through test
a set of financial ratios and by forming a quantitative model that can depends on
to forecast stock prices for each sector in the Palestinian securities exchange
market, to help investors make proper decisions when they invest in the market.
These ratios were analyzed using statistical technique known as multiple
regressions to reach the best model for each segment of the market, which
includes a range of financial ratios that can be used to predict the stock prices
for companies and organizations in the Palestinian securities exchange market.
And it is reached for many models for each sector of the market, sector and it is
showed that the most effective ratio on the stock price for the insurance sector
are the market value to book value ratio, the earnings per share(EPS) ratio and
the book value per share ratio. Whereas, in banking sector, the results showed
that the most effective ratio on the stock price for the sector are market value to
book value ratio, the book value per share ratio and current ratio. And for the
investment sector, the most effective ratio on the stock price for this sector are
market value to book value ratio, the earnings per share(EPS) ratio, the return
on equity ratio and book value per share ratio. Furthermore, the market value to
book value ratio, the price to earnings ratio (P/E), the current liabilities to equity
and the profit margin ratio are considered to be the most effective ratio on the
stock price for the services sector. While the most effective ratio on the stock
price for the manufacturing sector are market value to book value ratio and the
book value per share ratio.
This study concluded that it could rely on a set of financial ratios for each sector
to predict the stock price, the study also recommended that the attention and
caring when preparing the financial list must be increased, and to be prepared
according to the international accounting standards, and that investors can rely
on financial analysis of the lists when making financial investment decisions.

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119

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-14 ) (2001
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-15 ) ( 2003
.

-16 ) ( 2001
.

-17 ) ( 1997

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.

-19 ) (2002

-20 ) (2007
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-23 ) (2002

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-26 ) (2002
.

120

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8 2.218 -197

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19 5.203-187

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28 1-54
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) (1998 -1978 27

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-5 ) (1997

24 1.226 -214

-6 ) (1997

:
24 1.151-142

-7 ) (1992

-8 ) (2003

:
30 2.277-269

-9 ) (2003

:
7 2.196 -149

-10 ) (1995
99.27 - 18

-11 ) (1995

10 6.241 - 207

-12 ) (1999
109.26 23

-13 ) (2003 "

"

22 .60-29

122

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2 2.185-163

-15 ) (2005

65.65 -1
:

-1 ) (2006
) ( .

-2 ) (2006
) (

-3 ) (2005
) ( .

-4 ) (2004

) ( .

1- Harringtonn, Diana R (1993) "Corporate Financial Analysis" 4

edition , USA: Boston , Homewood.
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edition , Amman, daralmassira.
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unquoted equnity investment oppraisal and the role of accounting
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org.sa.
www.p-s
e.com
www.pma.palestine.org

www.paltel.ps
www.sca.ae

124

125

 ) (

1997

1.10

0.795

0.043

0.109

1.141

0.112

1.068

9.821

1.030

1998

1.20

3.268

0.001

0.003

0.768

0.006

0.498

200.000

2.410

1999

2.01

2.684

0.045

0.161

1.014

0.463

0.700

4.341

2.872

2000

2.37

2.616

-0.003

-0.011

1.201

-0.012

2.131

-197.500

1.112

2001

1.88

2.976

0.002

0.009

0.868

0.010

1.676

188.000

1.122

2002

1.79

3.952

0.000

0.001

0.649

0.001

1.593

1790.000

1.124

2003

1.97

4.419

0.026

0.107

0.780

0.134

1.577

14.701

1.249

2004

4.35

4.154

0.024

0.114

0.853

0.139

3.551

31.295

1.225

2005

9.10

1.661

0.082

0.303

0.507

0.501

5.502

18.164

1.654

2006

3.00

2.476

0.038

0.152

0.551

0.214

2.129

24.194

1.409

 ) (

1997

1.80

1.010

0.021

0.103

0.846

0.116

1.604

1.613

1.122

1998

1.50

1.091

0.024

0.106

0.596

0.128

1.237

11.719

1.213

1999

1.63

0.830

0.015

0.072

0.690

0.093

1.251

17.527

1.303

2000

1.68

1.008

0.012

0.065

0.742

0.077

1.420

21.818

1.183

2001

1.69

0.796

0.044

0.223

0.740

0.275

1.372

6.145

1.232

2002

2.05

0.900

0.026

0.123

0.638

0.154

1.648

13.312

1.244

2003

3.30

0.919

0.031

0.153

0.678

0.193

2.613

17.098

1.263

2004

3.78

0.671

0.034

0.174

0.833

0.223

2.953

16.951

1.280

2005

9.50

0.709

0.104

0.442

0.770

0.829

5.067

11.460

1.875

2006

7.00

2.503

0.011

0.049

0.855

0.070

4.933

100.000

1.419

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

1.00
0.95
0.87
0.88
0.90
0.94
0.88
0.90
1.85
1.30

0.972
2.230
2.372
3.071
3.368
3.746
3.566
4.046
3.379
1.970

0.019
0.025
0.017
0.042
0.002
-0.196
-0.047
0.001
0.030
-0.034

1.838
1.338
1.335
1.273
1.256
1.229
1.250
1.221
1.224
1.453

0.011
0.009
0.005
0.009
0.000
-0.049
-0.012
0.000
0.008
-0.012

0.021
0.028
0.018
0.039
0.001
-0.231
-0.055
0.001
0.034
-0.034

2.331
1.044
0.943
0.804
0.863
1.110
1.044
1.071
2.083
1.303

2.331
1.044
0.933
0.804
0.863
1.110
1.044
1.071
2.083
1.303

0.924
0.910
0.923
1.095
1.043
0.847
0.843
0.840
0.888
0.998

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

11.90
12.50
13.00
1.18
1.22
1.01
0.71
0.77
6.10
2.92

11.759
12.255
12.646
1.096
1.209
1.158
0.712
0.749
1.684
2.022

1.012
1.020
1.028
1.077
1.009
0.872
0.997
1.284
3.623
1.444

2.160
3.869
4.951
4.897
5.090
7.408
4.455
4.185
1.955
2.604

1.366
1.191
1.199
1.095
1.095
1.072
1.122
1.110
1.303
1.272

0.012
0.032
0.037
0.046
0.002
-0.044
0.007
0.044
0.510
0.064

0.004
0.006
0.006
0.008
0.000
-0.005
0.001
0.009
0.173
0.018

0.012
0.032
0.038
0.049
0.002
-0.038
0.007
0.057
1.848
0.093

11.759
12.255
12.646
1.096
1.209
1.158
0.712
0.600
1.684
2.022

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

0.98
0.84
0.92
0.94
0.94
0.90
0.95
0.90
2.50
1.32

3.084
3.364
1.161
1.101
1.240
1.318
1.416
1.395
1.299
6.958

0.000
0.001
0.017
0.056
-0.032
-0.030
-0.031
-0.032
0.039
0.026

0.000
0.001
0.029
0.099
-0.062
-0.064
-0.066
-0.071
0.054
0.028

0.000
0.089
0.345
0.403
0.570
0.636
0.696
0.709
0.045
0.000

0.114
0.090
0.337
0.344
0.365
0.348
0.323
0.358
0.275
0.052

0.000
0.001
0.030
0.113
-0.068
-0.065
-0.063
-0.064
0.054
0.037

0.979
0.838
0.891
0.821
0.868
0.887
0.997
1.008
2.498
0.991

!#DIV/0
840.000
30.667
8.319
-13.824
-13.846
-15.079
-14.063
46.296
35.676

1.001
1.002
1.032
1.145
1.083
1.015
0.953
0.893
1.001
1.332

 ) (

9.00
10.00
1.38
1.22
1.03
0.74
0.85
1.39
7.34
2.98

9.229
11.198
4.847
3.385
3.350
2.369
2.068
2.193
3.569
2.879

0.051
0.019
0.013
0.038
0.002
-0.013
0.042
0.081
0.274
0.098

0.063
0.024
0.017
0.050
0.003
-0.017
0.056
0.108
0.363
0.135

0.000
0.032
0.079
0.064
0.050
0.037
0.098
0.131
0.117
0.142

0.077
0.039
0.102
0.109
0.107
0.087
0.095
0.101
0.082
0.185

0.076
0.028
0.018
0.055
0.003
-0.018
0.064
0.133
0.600
0.185

7.488
8.881
1.331
1.127
0.942
0.685
0.740
1.129
4.443
2.180

118.421
357.143
76.667
22.182
343.333
-41.111
13.281
10.451
12.233
16.108

1.202
1.126
1.037
1.083
1.093
1.080
1.149
1.231
1.652
1.367

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

2.73
3.50
4.20
3.53
3.49
2.55
3.15
5.15
13.60
4.96

1.137
0.874
0.522
0.610
0.679
0.759
0.594
0.976
1.583
0.841

0.151
0.077
0.034
0.037
0.028
0.040
0.054
0.159
0.245
0.149

0.236
0.136
0.090
0.090
0.066
0.084
0.106
0.261
0.346
0.236

0.370
0.158
0.098
0.124
0.066
0.097
0.120
0.314
0.460
0.304

0.547
0.515
0.994
0.911
0.761
0.635
0.667
0.416
0.294
0.584

0.409
0.486
0.341
0.294
0.422
0.409
0.453
0.507
0.532
0.490

1.023
1.906
1.770
1.299
1.927
1.781
2.233
2.049
1.619
1.582

1.308
1.250
0.614
0.524
0.737
0.706
0.803
0.985
1.165
1.334

0.443
0.193
0.128
0.129
0.100
0.136
0.183
0.564
0.692
0.427

1.451
2.463
2.972
2.455
2.304
1.570
1.825
2.384
6.807
2.740

6.163
18.135
32.813
27.364
34.900
18.750
17.213
9.131
19.653
11.616

1.881
1.421
1.413
1.438
1.515
1.624
1.726
2.160
1.998
1.810

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

9.00
0.90
0.90
0.90
0.89
0.89
0.68
0.55
0.57
0.67

1.003
1.165
1.302
1.185
1.201
1.527
3.985
3.724
1.911
4.565

0.005
0.060
0.061
-0.146
-0.048
0.014
0.027
0.008
0.026
0.291

0.027
0.187
0.152
-0.331
-0.100
0.022
0.036
0.011
0.043
0.369

0.104
0.368
0.390
-0.248
-0.080
0.018
0.020
0.011
0.024
0.327

4.457
2.045
1.328
1.102
0.923
0.537
0.173
0.178
0.565
0.221

0.267
0.886
0.665
1.815
1.666
2.065
3.711
2.241
3.976
3.812

391.304
4.663
5.590
-3.396
-12.192
52.353
21.935
61.111
14.615
1.304

0.047
0.164
0.156
0.587
0.605
0.770
1.316
0.794
1.094
0.889

0.058
0.213
0.225
1.023
1.135
1.548
2.595
1.573
1.691
1.119

0.023
0.193
0.161
-0.265
-0.073
0.017
0.031
0.009
0.039
0.514

10.727
0.871
0.847
1.126
1.226
1.201
0.807
0.647
0.633
0.481

0.839
1.033
1.063
0.799
0.726
0.741
0.843
0.850
0.901
1.392

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

4.90
3.00
3.08
2.70
2.64
2.50
3.35
3.37
5.30
4.09

1.807
1.830
1.924
1.726
1.589
1.885
2.046
2.013
1.748
1.521

0.160
0.128
0.114
0.223
0.080
0.082
0.043
0.073
0.080
0.102

0.315
0.253
0.221
0.216
0.168
0.153
0.073
0.118
0.160
0.246

0.272
0.231
0.219
0.210
0.170
0.181
0.108
0.173
0.157
0.220

0.590
0.553
0.521
1.063
0.469
0.456
0.398
0.421
0.509
0.462

0.896
0.915
0.875
0.920
1.057
0.806
0.651
0.593
0.976
0.139

0.717
0.655
0.600
0.647
0.588
0.556
0.504
0.571
0.600
5.289

3.349
3.575
4.005
2.716
2.320
2.527
1.905
2.586
3.371
3.677

0.531
0.490
0.518
0.455
0.314
0.328
0.157
0.272
0.310
0.552

2.911
1.552
1.316
1.279
1.412
1.164
1.548
1.459
2.742
1.824

9.228
6.122
5.946
5.934
8.408
7.622
21.338
12.390
17.097
7.409

1.683
1.933
2.341
2.111
1.870
2.148
2.164
2.310
1.933
2.242

 ) (

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

1.35
1.30
1.13
0.94
0.80
0.80
0.80
0.73
0.93
0.84

7.590
23.974
9.543
7.385
5.924
7.301
5.425
5.232
4.175
4.108

-0.001
-0.026
-0.084
0.015
-0.022
-0.014
0.043
0.004
0.004
0.042

-0.002
-0.030
-0.099
0.019
-0.027
-0.017
0.054
0.006
0.005
0.057

-0.003
-0.062
-0.221
0.038
-0.055
-0.039
0.095
0.009
0.007
0.086

0.080
0.023
0.056
0.088
0.119
0.103
0.160
0.185
0.205
0.215

1.010
0.821
0.693
0.848
0.935
0.952
1.451
1.869
1.409
1.446

-1.727
-31.523
-89.498
17.149
-0.024
-0.015
0.050
0.005
0.005
0.056

1.232
1.221
1.250
1.020
0.897
0.907
0.858
0.778
0.987
0.852

-0.782
-0.041
-0.013
0.055
33.333
53.333
16.000
146.000
186.000
15.000

1.096
1.065
0.904
0.922
0.897
0.882
0.932
0.938
0.942
0.986

0.492
0.423
0.378
0.397
0.397
0.364
0.447
0.481
0.560
0.493

10

0.961
0.873
0.832
0.745
0.690
0.589
0.647
0.647
0.775
0.747

 :

Correlations
N
20
20
20

Pearson Correlation
)Sig. (1-tailed
-.094
.346
**.691
.000
**.689
.000
-.221

20

.174

20

.000

**.695

20

.000

**.964

20
20

.299
.218

-.126
.185

Correlation is significant at the 0.01 level (1-tailed).

11

**.

Model Summaryd
Change Statistics
Sig. F Change Durbin-Watson
.000
.000
.001
2.253

df2
18
17
16

F Change
235.467
36.872
16.004

df1
1
1
1

R Square
Change
.929
.049
.011

Std. Error of
the Estimate
.68678
.39698
.28933

Adjusted R
Square
.925
.975
.987

R Square
.929
.978
.989

R
.964a
.989b
.994c

Model
1
2
3

a. Predictors: (Constant),
b. Predictors: (Constant),
c. Predictors: (Constant),
d. Dependent Variable:
a

95% Confidence Interval for

B
Lower Bound
Upper Bound
-1.156
.043

Sig.
.067

t
-1.949

Coefficients

Standardized
Coefficients
Beta
.964

1.885

1.431

.000

15.345

-.279

-.977

.001

-3.799

1.579

1.269

.000

19.382

.827

4.300

2.082

.000

6.072

.259

-1.027

-2.180

.000

-5.897

1.632

1.387

.000

26.172

3.106

1.120

.000

4.513

.172

1.063

.327

.001

4.001

.129

Unstandardized
Coefficients
B
Std. Error
-.556
.285
.108

1.658

.165

-.628

.073

1.424

.526

3.191

.272

-1.603

.877

.058

1.509

.468

2.113

.174

.695

)(Constant

)(Constant

)(Constant

Model
1

a. Dependent Variable:

12

 :

Correlations

)Sig. (1-tailed

Pearson Correlation

20
20
20

.476
.178
.147

-.014
.217
.247

20

.453

-.028

20

.206

.194

20

.000

**.967

20
20

.000
.211

**.967
.190

Corr elation is significant at the 0.01 level (1-tailed).

13

**.

Model Summary
Adjusted R
Square
.932
.995
.997

Std. Error of
the Estimate
1.09715
.30754
.21631

Sig.
.564

.588

.000

16.226

.000

-11.206

Standardized
Coefficients
Beta

R Square
.936
.995
.998

Predictors: (Constant),

a.

, Predictors: (Constant),

b.

, Predictors: (Constant),

c.

Coefficients

Unstandardized
Coefficients
B
Std. Error
.179
.304

.967

.967a
.998b
.999c

Model
1
2
3

.062

1.008

.160

-1.792

.000

58.593

.981

.017

1.022

.000
.591

14.563
-.548

.244

.117
.386

1.702
-.211

.000

83.401

.982

.012

1.024

.000
.001

20.795
-4.285

.245
-.050

.082
.295

1.710
-1.263

)(Constant

)(Constant

)(Constant

Model
1

a. Dependent Variable:

14

 :

Correlations
N
20
20
20
20

)Sig. (1-tailed
.00 0
.01 6
.01 9
.07 3

Pearson Correlation
**.77 8
*.48 2
*.46 6
-.33 7

20

.03 8

*-.40 6

20

.01 9

*.46 8

20

.00 0

**.98 3

19
20

.27 1
.01 7

.15 0
*.47 5

Correlation is significant at the 0.01 level (1-tailed).
Correlation is significant at the 0.05 level (1-tailed).

15

**.
*.

Model Summary
Adjusted R
Square

Std. Error of
the Estimate

R Square
.983 a

. 55029
. 21884
. 15181

.964
.994
.997

. 966
. 995
. 998

. 11018

.999

. 999

.999 d

Sig.
.736
.000
.081
.000
.000
.015
.000
.000
.001
.001
.000
.000
.000
.002

R
.997 b
.999 c

t
-.343
22.111
-1.861
49.979
9.565
-2.747
72.132
6.775
-4.272
-4.164
98.538
8.212
-6.221
3.805

Standardized
Coefficients
Beta
.983
.929
.178
.934
.467
-.296
.930
.422
-.314
.072

Model
1
2
3
4

Pred icto rs : (Co ns tan t),

a.

, Pred icto rs : (Co ns tan t),

b.

, Pred icto rs : (Co ns tan t),

c.

, Pred icto rs : (Co ns tan t),

,

d.

Coefficients

Unstandardized
Coefficients
B
Std. Error
-.058
.169
1.219
.055
-.126
.068
1.152
.023
3.497
.366
-.129
.047
1.158
.016
9.188
1.356
-8.744
2.047
-1.419
.341
1.154
.012
8.304
1.011
-9.282
1.492
1.214
.319

)(Constant

)(Constant


)(Constant



)(Constant

Model
1

a. Dependent Variable:

16

 :

Correlations
N
20
20
20
20

)Sig. (1-tailed
.083
.039
.043
.035

Pearson Correlation
-.322
*.403
*.393
*.414

20

.121

.274

20

.051

-.375

20

.487

-.008

20

.022

*-.455

20

.008

**.531

20

.000

**.858

20
20

.033
.009

*.420
**.525

Correlation is significant at the 0.05 level (1-tailed).

Correlat ion is significant at the 0.01 level (1-tailed).

17

*.
**.

Model Summary
Adjusted R
Square

Std. Error of
the Estimate
1.73 098
.73 121
.56 347
.44 568

.72 1
.95 0
.97 0
.98 1

.73 5
.95 5
.97 5
.98 5

Sig.
.353
.000
.172
.000
.000
.576
.000
.000
.003
.998
.000
.000
.000
.005

t
.954
7.072
-1.427
17.231
-9.158
.571
22.373
-6.582
-3.554
.003
24.126
-6.486
-4.798
3.252

Standardized
Coefficients
Beta
.858
1.506
-.801
1.507
-.590
-.253
1.424
-.497
-.272
.114

R Square

Model
1
2
3
4

R
.85 8a
.97 7b
.98 7c
.99 3d

Pred ict ors: (Constant),

a.

Pred ict ors: (Constant),

b.

Pred ict ors: (Constant),

c.

Pred ict ors: (Constant),

,

d.

Coefficients

Unstandardized
Coefficients
B
Std. Error
.512
.537
1.154
.163
-.350
.245
2.028
.118
-.031
.003
.133
.233
2.029
.091
-.023
.003
-.876
.246
.001
.189
1.918
.079
-.019
.003
-.940
.196
2.045
.629

)(Constant

)(Constant


)(Constant



)(Constant

Model
1

a. Dependent Variable:

18

 :

Correlations
N
20
20
20
20

Pearson Correlation
)Sig. (1-tail ed
*-.501
.012
**.680
.000
**.808
.000
**.739
.000

20

.000

**.737

20

.147

.247

20

.143

.251

20

.000

**.835

20

.215

.187

20

.000

**.909

20
20

.066
.000

-.348
**.818

Correlatio n is significant at the 0.05 level (1-tailed).

Correlation is significant at the 0.01 level (1-tailed).

19

*.
**.

Model Summary
Model
1
2

R
.909 a
.996 b

Adjusted R
Square
.816
.991

R Square
.826
.992

a.

Predictors: (Constant),

b.

Predictors: (Constant), ,

Std. Error of
the Estimate
.62875
.13893

Coefficientsa

Model
1

(Constant)

(Constant)

Unstandardized
Coefficients
B
Std. Error
-.938
.370

Standardized
Coefficients
Beta
.909

t
-2.532

Sig.
.021

9.240

.000

-19.502

.000

2.327

.252

-1.864

.096

1.697

.065

.663

26.125

.000

1.176

.063

.476

18.753

.000

a. Dependent Variable:

20

1997

1997

2006

1997

1997

2006

..

2005

2006

1997

10

1997

11

1998

12

1997

13

1999

14

1997

15

2004

16

2000

17

2006

18

1997

19

20

2006
2006

21

1997

22

2006

23

1997

24

1997

25

2006

21


26

1999

27

1997

28

2002

29

2005

30

2005

31

1997

32

1997

33

2002

34

2006

35

1997

22