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Coherent performance of Al Quds Index despite the security escalation


Weekly Trading Report [11-14/10/ [2015

In the second week of the unrest situation in the Palestinian street, the performance of Al-Quds Index is still solid and isolated. Despite the events’ escalation in the Palestinian Territories on the security level, Al-Quds Index relatively stood still following the balanced performance outcome in the price trends of the heavy weighted stocks. Accordingly, some listed stocks positively interacted with the substantial news regarding their future operating performance without taking into consideration any political development. While other stocks could only trade in a narrow price range without any significant changes in the price trends due to the lack of liquidity.

The significant gains recorded by the stock of Wataniya Palestine Mobile Telecommunications WATANIYA- which weighs 7% from Al-Quds Index- mainly led the Index to cohere around its previous week’s closing. This came despite some declines in the heaviest weighted stocks in the Index. Whereby, the stock of WATANIYA recorded gains of 9.09% after active transactions worth 20.67% from the PEX’s total trading value. This followed last week’s released news of exempting WATANIYA of the annual license fees coinciding with the 3G frequencies granting approaching. In this context, the local newspaper reported some news about the Palestinian Minister of Communication and Information Technology who noted that the Ministry reached understandings regarding the 3G frequencies and it is expected to sign the agreement before the end of the month. 

Regarding the leading stocks, the stock of Bank of Palestine BOP – the largest bank by market capitalization- topped the PEX when constituted 29.77% from the total trading value of the week, whereby, closed at the level of $2.51; up by 0.40% than its previous closing. It is worth mentioning that the bank will hold a board of directors BOD’s meeting on 18/10/2015. On the other hand, the stock of Palestine Telecommunications- the largest company by market capitalization- stabilized at its previous week closing JD5.40 after transactions that constituted 13.99% from total trading value. However, the BOD of the company will be holding a meeting on 21/10/2015 to discuss and approve the financial data for 9M 2015. Moreover, the stock of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- declined by 0.92%, to close at the level of $1.08 after weak transactions that didn’t exceed $90 thousands. On the other hand, the BOD of the listed companies will be holding meetings to disclose their financial data for 9M 2015. The first company to disclose its financial data is Al-Quds Bank QUDS, noting posting net income of $7.41 million for the period ending on 30/09/2015 and up by 26.29% compared to the same period of 2014. This followed an increase in net interest and commission and gains from foreign exchange.



VOIC records net income of JD6.61 million in 9M 2023



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