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Weekly Trading Report [20-23/12/ [2015
In contrast to the previous week, the liquidity levels this week increased significantly to raise the daily average trading value to $4.79 million in the four trading sessions of the week. Moreover, the banking sector continued to lead the transactions and price movements of Al-Quds Index. Whereby following the significant news about some banks and what resulted of analysis and anticipation, these banks’ stocks witnessed sharp increases supported by new liquidity activity- either institutional or individual- in parallel to a variation in the expectations about the strategic future of these banks. These variations are interoperated in the diversity of traders’ segments between speculators that ride the price movement wave and the long term investors that seize any growth opportunities. While the cross deals with high volumes constituted a major share of this week’s transactions.
In terms of activity, the stock of Bank of Palestine BOP topped Palestine Stock Exchange PEX by 37.23% from total value of traded shares, and reported significant gains of 2.04% to breakthrough new important resistance levels and close at the level of $3.00. The stock of the Arab Palestinian Investment Company APIC came second in the PEX after executing an institutional transaction and accordingly refreshing the trading on its stocks, to record trading value of 18.87%; the share closed at $1.12 up by 0.90%. On the other hand, three banks followed BOP and APIC’s stocks in terms of value, whereby, the trading value of The National bank TNB contributed for 17.39% of the, while the share dropped by 0.67% to close at the level of $1.48. The Palestine Commercial Bank PCB followed when its transactions accounted for 10.07% of the total trading value, to decline in terms of price accordingly by 3.19% and close at the level of $0.91. Al-Quds Bank QUDS came fifth by trading value of 4.86%, while the share increased by 2.50% closing at $1.23.
Regarding the significant news and further to Palestine Stock Exchange PEX’s request from Ahliea Insurance Group AIG to disclose the case circumstances issued by the Nablus Court of First Instance on 17/12/2015, which judged to precautionary seize AIG’s stocks that are equivalent to $2,921,614 (around 29.2% from the paid- up capital), the company responded by the claimant’s, whom is the Palestinian Road Accident Victims Compensation Fund PRAVCF, lack of entitlements to these money. AIG noted the lack of legality to this case since both AIG and PRAVCF are headquartered in Ramallah and its Court of First Instance is specialized in solving this conflict which has previously rejected the case. The company assured that they will take the necessary legal procedures to abolish the decision and restore the situation to what it was. On the other hand and after the disclosure of Palestine Islamic Bank on 23/11/2015,of increasing the paid up capital by 12.5 million shares by mid-2016, in line with the circulation of the Monetary Authority on July 15, 2015 to increase the bank's paid up capital by 25 million shares during the years 2016-2018. The Board of directors decided in its meeting on 16/12/2015, to raise 6 million shares in the first half of the year 2017 and 6.5 million shares during the first half of the year 2018, bringing the total capital increase to 25 million by mid-2018.