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2016-07-21
Weekly Trading Report ]17-21/07 [2016
Amid the continuing similarity in the liquidity levels of the previous weeks, the leading stocks with the heaviest weights exchanged positions in stabilizing Al-Quds Index around strong resistance levels. Despite the slight daily swinging, the balance of Palestine Stock Exchange is well noticed, which in turn follows the balancing in the leading stocks around specific support levels that were transformed from resistance levels within the activity wave that was resulted from several causes varied between new liquidity or changes in major shareholders in some companies and the 2016 semi-annual financial data disclosures’ optimism. While the coming period still drags the attention of followers, especially with the attempts of important stocks in the market to breakthrough new levels despite the absence of significant news this period.
Within the exchanging roles, the stock of the Arab Palestinian Investment Company APIC has continued to leverage Al-Quds Index for several weeks. Its price trend dominated the Index’s price trend compared to the overall leading stocks’ price trends. This week, APIC recorded noticeable gains of 3.92%, when closed at the level of $1.59 after transactions that constituted 34.58% from PEX total trading value this week. APIC recorded gained 8.90% in July only and with significant percentage. The stock of Palestine Telecommunications PALTEL- the largest company by market capitalization- followed when recorded transactions worth 17.63% from PEX total trading value, to close at the level of JD5.17; down by 0.58% after attempts to breakthrough strong resistance level. And then the stock of Palestine Development and Investment Company PADICO followed in terms of activity, when its transactions constituted 9.89% from PEX total trading value in the market. PADICO witnessed relatively horizontal movements, to end the week closing at the level of $1.17 after a slight decrease of 0.85%.
Within fiery price activity for some stocks calculated in Al-Quds Index sample which also witnessed activity in trading value, the stock of Birzeit Pharmaceutical Company BPC increased significantly by 6.02%, to close at the end of the week at the level of $4.05 after transactions that constituted 7.03% from PEX total trading value. The management of the company justified this price increase to purely market causes without the existence of any undisclosed significant news. Moreover, the stock of Union Construction and Investment Company UCI- out of the index- recorded gains of 11.11% when closed at the level of $0.40 through transactions that constituted 5.80% from total trading value. Regarding the available significant news about the listed companies, the general assembly of the Arab Hotels Company AHC held ordinary and extraordinary meetings on 19/07/2016, whereby approved raising its paid-up capital from JD19.68 million to JD25.00 million through secondary subscription for the company's shareholders in its records as for 18/07/2016. On the other hand, the general assembly of Dar Al-shifa’a for the Manufacturing of Pharmaceutical approved on its meeting on 11/07/2016, distributing 8% cash dividends for the year 2015, to record dividends yield of 2.22%.
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