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Al-Quds Index below the 500 points level

2014-07-10

Sahem Weekly Trading Report [06 – 10/07[2014

The situation of Palestine Stock Exchange PEX is still under the Palestinian political developments mercy. The expectations for a near positive outlook are difficult amid the acceleration of negative news regarding the security situation in the West Bank and the escalation of the Israeli aggression on Gaza Strip.  Since the acceleration on the politics aspect, Al-Quds Index declined by 5.2% among weak transactions that coincide with diminishing in the investment appetite and intensive selling offers, which in turn, resulted in controllable declines due to the weak sales force that resulted from small investors. Over the years, the PEX passed through similar or sometimes harsher political circumstances, but was able to limit their consequences with least damages. The increase in the local investor’s awareness regarding the Palestinian investment atmosphere and what follows of political risk factors coinciding with growing the listed companies’ profits and shareholders’ equity and improving the regulations, have had the greatest impact in promoting the confidence principle among the investors in the investment feasibility of the PEX to result in preponderance of holding the investment positions every time the PEX enters into the anticipation phase with all its degrees and kinds.

Deterioration of the events in Palestine coincided with the PEX entry into some routine anticipation. The relative inactivity of the PEX in the holy month Ramadan on one hand, and the expectations for the H1 2014 financial statements disclosures on the other hand resulted in transactions scarcity and price declines. Given their heavy weights and being the more exposed on the Palestinian economy, some blue chips declined during the week, forcing Al-Quds Index to close in the red zone below the 500 points level that were maintained in the previous week within attempts to rebound from. During the week, the PEX trading value recorded an amount of $2.37 million, whereby, an institutional transaction on the shares of The Arab Islamic Bank AIB constituted 25% from it. On the other hand, the price movements were slow, but wide for some shares, to lead Al-Quds Index to record a new low level in the year 2014.

Regarding the trading of the blue-chips, the share of Palestine Telecommunications PALTEL- the largest company by market capitalization- topped the PEX in terms of trading value, to constitute 42% of the PEX total weekly trading value. PALTEL share declined by 0.18% and closed at the level of JD5.41. The anticipation increases towards PALTEL’s H1 2014 financial results disclosure, to contribute in configuring a wide image for the expected return on investment at the end of the year. Moreover, the share of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- declined in a higher pace since it holds several characteristics that lead to its decrease in the unstable situation, such as: the relative high free float rate as well as its low market price and what follows of the speculations on the share. PADICO’s share is also more than any other exposed on the general issues due to the company’s investment network in almost all vital sectors that are affected with the positive or negative changes. In this context, PADICO’s share closed at the level of $1.41; down by 3.42% through transactions that constituted 11.5% of the PEX total trading value of the week. 

 

 

 

 

 

 


 

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