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Al Quds Index in a horizontal performance ahead of 9M disclosure

2014-10-02

Sahem Weekly Trading Report [28/09-02/10[2014

Within a balanced price performance that did not exceed a range of four points, trading value of the Palestine Exchange significantly increased this week following the execution of institutional transactions on the shares of Palestine Telecommunications Company and The National Bank. While the liquidity index of leading stocks and the overall market was characterized by weakness, that may be due to enhance in the reservation among investors ahead of the financial disclosure for the first nine months of 2014, which have just entered into the legal period, starting from the beginning of October. In terms of investors" expectations, varied degrees of optimism and pessimism about the financial results of listed companies for the period, where some companies may report negative change in some of revenues items following the Israeli aggression on the Gaza Strip. In this context, Palestinian Telecommunications had previously announced realizing losses in infrastructure and communications network, while Palestine Electric Company had announced trading halt on its shares in the stock market as a step to protect the interests of shareholders in effect of the Israeli aggression.

In another context and within a step that will strengthen the investment environment in Palestine Exchange and consolidate the foundations of transparency and fair competitiveness to provide the best financial service; Palestine Exchange and Cairo Amman Bank signed a custody agreement by which the Cairo Amman Bank becomes the second custodian bank active on the PEX, and will be working in addition to HSBC Middle East. This agreement allows the Cairo Amman bank to provide custody services to international and local investors. This progress spells a bit of optimism about the benefits to come in the future and raise the competitiveness of the Palestine Exchange within the regional and global markets for potential entitlement, given that international companies that launches market indices give important weight for the criteria of existence a sufficient competition to ensure high quality custodian services within their standards for classification.

In fundamental news on listed companies, The General Assembly for the Palestine Mortgage & Housing Corporation approved transforming its legal entity from public shareholding company to private limited company in its meeting held on 28.09.2014. Then the Palestine Exchange circulated halting the trading on the company"s shares with effect from the date of 29.09.2014 as a prelude to delist the company’s shares from the stock market after the completion of procedures for its transformation. Also, disclosures by companies are reporting for the meetings of the boards of directors in preparation for the quarterly financial disclosure. On another topic The Palestine Exchange (PEX) will be closed Friday through Tuesday 03-07 of October 2014 celebrating Eid Al-Adha holiday. Business will resume as usual on Wednesday 08 of October 2014.



 

2017-10-12
Al-Quds Bank records net income of $9.42 million in 9M 2017

2017-10-05
Optimism in the PEX with the start of October

 

 

 
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