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Al-Quds Index at its highest level in three years

2017-06-22

Sahem Weekly Trading Report (18-22)-06-2017

Within active-trading week that is charged with positivity, the performance of the leading stocks shone significantly in general and the stock of Palestine Development and Investment Company- PADICO Holding- in particular, to constitute leverage for the liquidity indicators, trading volume and price movements. Whereby, Al-Quds Index witnessed in this week a fiery increase, to trade at its highest price since January 2014, and close at the level of 543.55 points; up by 1.71% than its previous closing level and by 2.53% than its yearly closing level at the end of 2016.  As a promising factor, this week witnessed an entry of external liquidity to the PEX; a positive step for the end of the second quarter of 2017.

Regarding this week’s trading, the stock of the largest investment company by market capitalization -Palestine Development & Investment Company PADICO- topped the PEX in terms of trading value by contributing 56.45% through transactions that were characterized with momentum and rapid movement, leading the stock to break through important and new physiological barrier. However, the liquidity on PADCIO ranged between investment and speculative liquidity regardless of being local or external. The liquidity came as individuals or institutions to reflect the interest of the several PEX investors’ categories given especially when recorded BV of $1.78 at the end of Q1 2017. Due to the optimism, PADICO touched its highest level during 52 weeks and closed at the level of $1.44; up by 5.88% than the previous closing level. Furthermore, the stock of Palestine Telecommunications- PALTEL- the heaviest weighted in the index and largest company by market capitalization- increased by 3.00% than its previous closing level, to trade above its equivalent price after approving distributing 40% cash dividends for the year 2016, to close at the level of JD4.80 after transactions that constituted 11.73% from PEX total trading value.

Regarding the significant news for this week, The Arab Palestinian Shopping Centers BRAVO- a subsidiary of the Arab Palestinian Investment Company APIC- was delisted from the PEX on the trading session of Tuesday 20/06/2017. Accordingly, the number of the PEX’s listed companies declined to 48 companies. This followed the decision of the extraordinary general assembly meeting in March 2017, in which through it approved the previous board of directors BOD’s decision to convert the company from public shareholding company to private shareholding company that is specialized in real estates. Whereby, the BOD previously proposed establishing a new private shareholding company and transferring the supermarkets’ operations to the new company and the net assets worth $1.8 million to it, excluding the buildings and real estate as an in kind contribution in the company’s capital.