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Al-Quds index stalls amid incentives’ scarcity


Sahem Weekly Trading Report [07-11/12 - [2014

Within price range that exceeded 1.60%, Al-Quds Index traded in a range that was topped by a resistance level that needed a greater liquidity momentum to breakthrough. The price movement was weak for some companies, but the price jumps- even if they weren’t completed- for some companies with heavy weights contributed in trials of repositioning Al-Quds Index at new levels. In aggregate, Al-Quds Index closed with a slight increase than its previous closing, showing some cohesion amid lack of incentives with their several sources. This period witnessed scarcity in the positive political signs on one hand, and being free from the substantial listed companies’ news on another hand. Moreover and undoubtedly that Palestine Stock Exchange PEX entered in the annual routine phase that coincides with margin trading closures opposing to investment position closures with the highest possible accounting valuation; to create a theoretical unstable pricing status. It is worth mentioning the fact of that the PEX stabilized versus the sharp price volatility in the regional Arab Markets witnessed.

 

Within the trading sessions, the wide price range of Al-Quds Index came due to broader price movements than before for the leading stocks. In this context and within medium volume trading, the stock of Palestine Telecommunications PALTEL touched new levels in attempts to break higher resistance level, leading Al-Quds Index to overpass the 490 point and declined back when PALTEL’s stock couldn’t stabilize at higher levels. At the end of the week, PALTEL’s stock closed at the level of JD5.50; slightly down by 0.36%. On another hand, the price range of Palestine Development and Investment Company PADICO expanded during the week, but didn’t succeed to close at a higher touched level; achieve gains of 4.00% when ended the week at the level of $1.30 after medium transactions. On the other hand, the price range of Bank of Palestine BOP was horizontal; closing at the level of $2.78; slightly down by 0.36%. It is worth mentioning that BOP’s stock contributed 81.78% of the PEX’s total trading value due to executing several institutional transactions.

 

In another context, PADICO Holding won The Capital Financial International Institution CFI prize that is issued in London and in which identify individuals and organizations that truly add value to the economy. The magazine noted that choosing PADICO Holding came as a result of its large contribution in the development and investment process in Palestine. Mr. Munib Al-Masri, the chairman of PADICO Holding noted that choosing PADICO for this prize is an important achievement to the company as an investment leader in Palestine over twenty years.


 

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