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Relative momentum in the PEX amid cautious optimism for the coming year

2015-12-03

Weekly Trading Report [29/11-03/12/ [2015

Within a receding in the selling offers in their price depth of the leading stocks that affect the index, Al-Quds Index could breakthrough new resistance levels that has abandoned since April 2014. Relying on the positive and coherent financial performance despite the current conditions, the Palestinian listed companies were able to start a new price trend supported by a relatively refreshing liquidity momentum, to reach record price levels since months. However, hope for a sustainable activity still drags the attention of investors and observers in Palestine Stock Exchange PEX, while, undoubtedly, a cautious optimism moves towards the year 2016 after emphasizing the positive vision of the PEX and its annual progress compared to the Arabic and regional markets.

Regarding the weekly activity, the stock of Bank of Palestine BOP earned the lion’s share in terms of market capitalization and price enhancement among the blue-chips, when recording gains of 5.45%, to close at the level of $2.90 following sharp price hikes through transactions that reached $2.69 million that contributed for 44.36% from the PEX’s total trading value of the week. It is good to note that BOP will be holding a board of directors BOD’s meeting on 13/12/2015. This increase in price came due to the distinguished 9M disclosure of the bank, while, the observer may perceive the routine period of the stock movement in the market prior to the annual financial data disclosure and holding the next meeting of the general assembly in the coming year. Moreover, the stock of Palestine Development and Investment Company PADICO came in the second place in terms of activity when its transactions contributed for 15.28% from the PEX’s total trading value of the week. PADICO recorded gains of 1.67%, to close at the level of $1.22 strengthening the higher levels that have been reached.

Moreover, activity was witnessed on the stocks of the banking sector, to raise the trading value in the PEX. Whereby, the trading value of the stocks of both Al-Quds Bank QUDS and Palestine Islamic Bank ISBK increased after executing two institutional transactions in their shares during the week. On the other hand, the trading on the leading stock of Palestine Telecommunications PALTEL was relatively slow compared to the other blue-chips, when its transactions didn’t exceed 3.42% from total weekly trading value. Accordingly, PALTEL increased slightly by 0.36%, to close at the level of JD5.64. It is worth mentioning that the company with be holding a BOD meeting on 06/12/2015 to discuss its business plans and budget for 2016 in addition to its financial data results till the end of October 2015.

 


 

2017-06-22
Al-Quds Index at its highest level in three years

2017-06-21
Al-fiter holiday announcement

2017-06-19
Delisting the Arab Palestinian Shopping Center BRAVO from the PEX

2017-06-15
Al-Quds Index rebounds upwards in mid-June

2017-06-08
Al-Quds Index in the red zone in the second week of Ramadan

2017-06-01
New anticipations appear with the start of June

 

 

 
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