send to a friend by email

The Palestinian securities exchange market stopped trading on Bank of Palestine shares because of the conflict information on the results for the third quarter

2007-10-23

The Palestinian securities exchange market stopped trading on the shares of Palestine Bank about half an hour, because of the variation of the published information about its performance during the third quarter of this year.

The market stopped trading for the bank shares about half an hour during the trading session because of the conflict financial information that the Acting Director of the bank mr. Hashim Shawa announced.

 Local newspapers published yesterday for that profits of the bank achieved during the third quarter of this year rose by 56% in comparison with the bank"s profits for the same period last year, knowing that the profits of the bank actually achieved during the first nine months of this year had fallen about it was for the same period last year, 12% decrease, as stated from the PSE in the explanatory statement describing what has happened yesterday.

The market in its statement that the Bank of Palestine apologized for the error contained in a Shawa’s statement, adding that the bank confirmed that the rest of the information contained in the press.

Also this decision to stop dealing in shares Palestine Bank, which lasted 28 minutes had been taken in consultation with the Capital Market Authority, to protect the interests of investors, indicating that the bank shares remained suspended from trading until the clarification of the circumstances in writing this difference in the financial statements.

According to the Palestine market for securities, the net profit achieved by the Bank of Palestine for the third quarter of last year amounted to 13020551 , before tax, and 508 11475508 dollars after tax .

The total assets of the bank rose from 59968988 last year to 766060600 at the end of the third quarter of this year, and increased total liabilities of 544990808 up to 683974973 during the same period, also increased shareholders rights of 54699080 at the end of the third quarter of last year to 81563372 at the end of the third quarter of this year.

The conflicting news on the profits of the bank for the third quarter of this year caused state of confusion and confusion among dealers, yesterday, where the bank"s share price rose Palestine with the start of dealings in the market for up to 3.09, but he declined to retreat and closing at 2.94 down 34 % compared with the closure of the previous meeting.