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A transaction on the stocks of PALTEL raises the liquidity levels this week

2017-09-07

Sahem Weekly Trading Report (05-07)-09-2017

Palestine Stock Exchange PEX has witnessed in this week with three trading sessions a noticeable increase in the liquidity levels, which were raised through executing cross transaction of 2.20 million shares on the stocks of the largest company in the PEX in terms of market capitalization and the heaviest weighted stock in Al-Quds Index- Palestine Telecommunications Company PALTEL-. However, the Index closed at the level of 570.60 points; up by 0.79% than its closing at the end of August and prior to Eid Al-Adha Holiday. On another hand and as obvious to the observer, the current month of September is of much importance with the approach of the companies’ announcements of financial results for the third quarter of 2017, because of their ability to boost the price jumps to chart the trend of the market until the end of the year.

Regarding the significant news of the listed companies for this week, Wataniya Palestine Mobile Telecommunication Company WATANIYA announced that it is in the final phase of preparation to actually operate its services in Gaza Strip. It expects that the launching of its services in Gaza will take place in November 2017. Whereby, entering the Strip will expand the coverage areas, to cover the remaining 40% of the Palestinian telecommunications market. On another hand, the Israeli occupation is still banning the operations of 3G frequencies in Gaza Strip, despite lifting the ban in the West Bank, which is expected to start operating at the end of the current year. It is worth mentioning that the number of subscribers for WATANIYA has grown by 7.52% at the end of H1 2017 compared to the same period of 2016.

Regarding the trading of the blue-chips in the week, the stock of Palestine Telecommunications PALTEL topped the PEX for this week when reached $15.05 million; contributing for 83.20% from PEX total trading value. Whereby, the stock increased by 0.64% than its previous weekly closing level, to close at the level of JD4.74. Moreover, the stock of the largest investment company by market capitalization- Palestine Development and Investment Company PADICO- increased by 0.62% than its previous weekly closing level, to record $1.63 after trading in a relatively narrow range and through transactions worth $1.45 million. On another hand, the stock of the largest bank by market capitalization- Bank of Palestine BOP- declined by 0.81% than its previous weekly closing level and through transactions that reached $0.43 million.