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Horizontal trading amid balanced performance of blue chips

2015-11-19

Weekly Trading Report [16-19/11/ [2015

Within the four-trading sessions’ week, Al-Quds Index traded in a narrow horizontal range, following a solid performance of the blue chips with the heaviest and most effective weights in the index. While the balanced performance of Palestine Stock Exchange PEX stems from emphasizing that attractiveness of the Palestinian stocks after the latest quarterly disclosure, which in turn resulted in market indicators that compete the Arab regional markets and peer companies. In all cases, the general anticipation for the political situation dominates the market performance on one hand and the investors’ behavior on another hand. Whereby, the period lacks encouraging and discouraging factors in nature for investment, except what is disclosed of substantial news about listed companies. With the variation in the optimism and pessimism degrees for what may happen in the general situation in the Palestinian territories, it is good to point out the importance of the local stock exchange’s ability to isolate itself as possible from any variation in the political conditions especially the negative ones, while the anticipation has special status in the investment decision aiming for sustainability. 

In terms of the week’s trading, the stock of Palestine Development and Investment Company PADICO – the largest investment company by market capitalization- topped the PEX’s continuous trading, while its trading value contributed for 21.57% from total weekly trading value. This followed executing a cross transaction in the beginning of the week. PADICO stabilized at the level of $1.11 without any change than its previous week. Moreover, the stock of Palestine Telecommunications Company PALTEL- the largest company by market capitalization- came in the second place in terms of activity in the continuous sessions, while its transactions contributed for 21.05% from total trading value, to close at the level of JD5.50 without any change than its previous closing. On the other hand, the stock of Bank of Palestine BOP- the largest bank by market capitalization- increased by 1.89%, to close at the level of $2.70 after transactions worth 37.66% from total trading value taking into consideration a high volume off floor transaction.

In the substantial news context, the general assembly of Al-Aqariya Trading Investment Company AQARIYA will be holding an extraordinary meeting on 03/12/2015, whereby, will discuss the board of directors' recommendation to raise the paid-up capital by JD1 million to JD5.41 million. It is worth mentioning that AQARIYA trades on a P/BV ratio of 0.83x. On another context, news were reported regards signing agreement to provide 3G frequencies to the Palestinian telecommunication sector  between the Israeli and Palestinian parties at the end of the week. While no formal release has been issued yet, but this agreement comes after meetings between the related parties to grant the two telecommunications companies in Palestine the license to operate the 3G frequencies which Israel has banned before in Palestine.

 


 

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