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Sahem Weekly Trading Report [09-13/11[2014
Within medium trading, Al-Quds Index traded, during the week, below the 500 points that has abandoned in the previous week. However, the index recorded low trading levels, but rebounded upward from, due to a decline in the small investors’ fears with fast reactions. During the week, Al-Quds Index closed at the level of 492.52 points; up by 0.32% than its previous closing, to record trading value of $3.23 million. Moreover, the general conditions are still dominated by the developments in the coming days regarding the security situation in Jerusalem and what may yield of rebuilding Gaza Strip.
Regarding the week’s trading, the share of Palestine Development and Investment Company PADICO constituted the main leverage of Al-Quds Index to trade above its closing level. Whereby, it reported gains of 6.45%, due to its positive price rebounding after the erosion of small investors’ selling offers that caused pressures on PADICO’s share following disclosing negative net income changes in its 9M financial data. It is worth mentioning that PADICO’s share was easily rebounded upward from its low recorded levels in the previous week due to the dominant of its market indicators’ attractiveness. On the other hand, the share of Palestine Telecommunications PALTEL traded in narrower price range, to end the week with a slight decrease of -0.18%, to top Palestine Stock Exchange PEX’s trading value; contributing by 74.80% , after executing several institutional transactions on the company’s share.
Regarding the substantial news of the listed companies, the board of directors BOD of the National Bank TNB approved continuing the procedures of acquiring the Union Bank. This comes after completing the procedures of raising the bank’s paid up capital through a secondary subscription to $71 million. Moreover, the BOD of PADICO will be holding a meeting on 03/12/2014, to be the first meeting after the company’s quarterly financial data disclosure. On the other hand, the Palestinian Company for Distribution and Logistics Company WASSEL announced offering 6.50 million shares for secondary subscription for its shareholders as for the extraordinary general assembly meeting on 05/08/2014. According to a release by the company, the subscription starts on Sunday 16/11/2014, and ends on Monday 08/12/2014, whereby, the shareholders of the company are able to subscribe by 100% of their ownership shares with a par value of $1 per share through the National Bank TNB’s branches. Based on the GA decision, the paid up capital of the company will be raised to $13 million.