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Sahem Weekly Trading Report ]12-16/06 [2016
Al-Quds Index continued its gradual increase for the fourth week in a row, to end the week in the green zone, once again, and with a good increase percentage to close above the 500-points level which has abandoned since the beginning of May; affected by the dividends distribution of the listed companies. During the week, the price range of Al-Quds Index widened to 1.43%, while closed at the level of 501.86 points; up by 1.02%. Regarding the liquidity levels, the institutional transactions dominated the market, to raise the trading value side by side to the relative activity of the effected stocks.
The positive effect of the gainer stocks in Al-Quds Index varied during the week. While the companies’ stocks with the small and medium market capitalization supported the increasing in Al-Quds Index too, side by side to the leading stocks with heavy weights. Regarding the most active stocks and their effects, the stock of the Arab Palestinian Investment Company APIC topped Palestine Stock Exchange PEX’s transactions when constituted 45.03% from the market’s total trading value following executing several institutional transactions on APIC’s stocks; the largest was a transaction worth 2 million shares sold by Palestine Investment Fund PIF for several investors, in which its stake decreased to 17.17% in the company. APIC recorded significant gains of 6.45% to close accordingly at the level of $1.32 amid noticeable trading activity besides the large deals. The stock of the Arab Hotel Company AHC followed, to constitute 18.04% from the PEX’s total trading value of the week. This followed executing an institutional transaction worth 2.43 million shares, whereby, Aswaq for Investment Portfolio- a subsidiary of Palestine Investment Fund PIF- purchased the stakes of board and representatives’ members in the company, to raise its stake to 25%. Accordingly, AHC closed at the level of JD0.72; up by 4.35%. On the other hand, the stock of Palestine Development and Investment Company PADICO followed when its transactions constituted 16.01% from total market value, to record gains of 4.46% and close at the level of $1.17, while the price movements on PADICO were rapid after recession in the selling offers on the previous low prices. Undoubtedly, PADICO is facing new resistance and important levels around its current closing price. The stock of Palestine Telecommunications PALTEL followed when its transactions constituted 11.29% from total PEX’s trading value, to stabilize and close at the level of JD5.05. PALTEL’s stock is considered the heaviest in the PEX, whereby, its new resistance levels drag the attention if the selling offers recede around the current levels.
Regarding the substantial news of the listed companies, Palestine Islamic Bank ISBK announced extending the secondary subscription period to 14/06/2016 until 27/06/2016. Within this extension, the shareholders who subscribed during the first phase of subscription from 02/05/2016 to 01/06/2016 will be able to subscribe to total shares amounting to 2,163,806 shares. In the case of surplus, pro-rata allocation will be applied, to be added afterward to the shares subscribed in the first phase.