The blue-chips stocks in Palestine Stock Exchange PEX supported the balancing of Al-Quds Index above the 520 level, in which dropped from in the previous few weeks to record its lowest level during the year 2014. The majority of shares reinforced their support levels in parallel with the slight optimism that appeared following retaining the investment positions by several traders’ categories. The decisions of the majority of traders’ categories that are based on the attractive stock prices compared with their financial returns are what explained this cohesion, despite the continued uncertainty that dominates the majority of the components of the Palestinian economy that relies purely on the political issues.
Within this week’s trading, executing an institutional transaction on the shares of The Arab Islamic Bank AIB increased the PEX trading value and daily average trading value compared to the previous week of April and May 2014. The institutional transaction constituted 28.56% of the PEX total trading value during the week. Regarding the activity and price movement, the balancing in the price directions for several heavy weighted shares led Al-Quds Index to close in the green zone; up by 0.80% than the corresponding week. This increase came due to the preponderance in growth of the leading share of Palestine Development and Investment Company PADICO, to close at the level of $1.58; significantly up by 5.33% after relative enhancement in the transaction of the previous sessions, to reached 29.98% from the PEX total trading value, to top the PEX in terms of trading volume. PADICO witnessed a positive and optimistic performance, leading it to touch the $1.60 level during the trading sessions. This increased the anticipation of speculators for the next week trading around resistance levels.
The share of Palestine Telecommunications PALTEL traded in a wide range, to record an increase of 2.89% compared to the lowest touched level of the previous week. This came in attempts to ride the speculative wave on PALTEL’s share especially with the approaching end of H1 2014 and the dominated optimism of the disclosed financial results. PALTEL ended its transactions that reached 20.80% from the weekly trading value at the level of JD5.59; down by 1.76% than the previous week. It is worth mentioning that the board of directors BOD of the company will be holding a meeting on 08/06/2014 to discuss the financial results of April 2014. Regarding Bank of Palestine BOP, it decreased by 0.34% to close at the level of $2.89 through transactions that constituted 10.75% from total trading value.
Regarding the substantial listed companies news, the BOD of Palestine Investment Bank PIBC announced its intention to offer 45 million shares from secondary subscription to the bank’s shareholders as for 26/06/2014 with a par value of $1, to compensate the difference between the authorized and paid up capital. This came coinciding with raising a recommendation to distribute 6.5% dividends to the shareholders, divided into stock dividends of 3.77% and cash dividends of 2.73%. The general assembly GA will be holding its meeting on 12/06/2014.