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Palestine Exchange rebounds on blue chips’ support

2013-09-12

Sahem Weekly Trading Report [08-12/09] 2013

Palestine Stock Exchange PEX picked up its breath this week after Al-Quds index turned to rise following the sequenced prices decline during the previous week’s trading sessions. Whereby the index reversed its downward trend in the mid-week session, in which jumped through recording 68% of the overall weekly gains in this session, supported by the leading shares of heavy weights. This came with the recovery of the majority of the other capital markets from losses of previous week and their success to close in the green zone. The correlated fact behind this lies not within the fundamentals of listed companies or the specificity of each market individually, but primarily in a political reason based on statements that vary between affirmation and denial or delay and acceleration of military action in Syria. On the other hand and regarding the liquidity in the PEX, caution dominated its levels this week as the previous week, amid stalling of active purchases and domination of random speculation in an anticipation status, noting lack of selling offers which in turn contributed to the weekly price rebound.

During the week, price recovery hopes have been reflected more in the shares with the greatest exposure to the domestic economy and with higher liquidity. With declining the offers pressure, the share of Palestine Development & Investment Company PADICO – the largest investment company by market capitalization with the 77% free float shares- achieved gains of 3.92% to close at the level of $1.06 at the end of the week, to top the PEX in terms of trading volume ,whereby, recorded trading value of $0.69 million.  Regarding the price range, the price movement of PADICO during the week was widely characterized when its range reached 9% compared to the lowest level of the week. Moreover, the share of Palestine Telecommunications PALTEL- the largest company by market capitalization and the 40% weighted in Al-Quds Index- increased  by 1.81% to close at the level of JD5.07 to trade in a wide price range through transactions worth $0.22 million.

Bank of Palestine BOP- the largest bank by market capitalization- witnessed noticeable active price movement this week amid active liquidity as well, when gained 6.88% to end its transactions that reached $0.79 million at the level of $2.95. It is worth mentioning that BOP touched the $3 price level during the week’s sessions to record price range of 8.70% compared to the lowest recorded price in the week. Moreover, the share or Palestine Islamic Bank ISBK came in the second place among the banking and financial services sector in terms of activity, but much far behind BOP. ISBK’s trading value didn’t exceed $59 thousand to close at the level of $1.15; up by 2.68%.

Within the news updates, the BOD of Palestine Commercial Bank PCB approved raising the offered bonds from $7 million to $10 million. It is worth mentioning that the GA of the bank approved on 16/05/2013 offering mandatory convertible bonds to the shareholders according to their ownership and authorized the chairman to reach to the appropriate mechanism of bond offering. On the other hand and in this period of time, announcements by  the listed companies to hold their BOD meeting arise to discuss the financial and operational performance in addition to the profit centers till the end of the previous month  in preparation to disclose the September performance of Q3 2013.

 

 

 

 

 

 

 

 


 

2020-09-24
Al-Quds Index below the 440 points level amid scarce liquidity

2020-09-17
Transactions on APIC raise the trading value fiery

2020-09-17
Delisting the stocks of the Arab Real Estate Establishment ARE and Globalcom Telecommunications GCOM from the PEX

2020-09-10
The PEX records average PE of 20.9x in H1 2020

2020-09-03
Al-Quds Index in the green zone amid medium-volume transactions

2020-09-03
PRICO realizes net loss of JD0.73 million in H1 2020

2020-09-03
JCC reports net income of JD0.27 million in H1 2020

2020-09-03
BPC records net income of $3.62 million in H1 2020

2020-09-03
BJP posts net income of JD0.31 million in H1 2020

2020-09-03
BJP posts net income of JD0.31 million in H1 2020

2020-09-03
PIBC posts net income of $1.21 million in H1 2020

2020-09-03
GMC posts net income of JD0.28 million in H1 2020

2020-09-03
WASSEL realizes net loss of $0.19 million in H1 2020

2020-09-03
AHC realizes net income of JD1.49 million in H1 2020

2020-09-03
JPH posts net income of $1.17 million in H1 2020

2020-09-03
TNB realizes net loss of $0.98 million in H1 2020

 

 

 
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