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Optimism in the PEX with the start of October

2017-10-05

Sahem Weekly trading report (01-05)-10-2017

Quds Index succeeded to breakthrough the 570 points level barrier this week, in which rebounded from in the last week of September, to close at the level of 578.09 points; up noticeably by 1.81% than its previous weekly closing level with attempts to breakthrough new psychological barrier after increasing the trading activity on the stock of Wataniya Palestine Mobile Telecommunication Company WATANIYA- the fourth heaviest weighted stock in the Index, in which contributes for around 8.70% from its weight-. This followed the glimmer of hope in the political arena after the initiatives to resolve the split conflict between Fatah and Hamas which lasted for several years. With the conflict resolving, efforts are being made to develop the natural gas field  “Gaza Marine” that has been explored several years ago; as a turning  and essential point to restructure the Palestinian energy sector and impose the national sovereignty over the development and exploitation of the Palestinian natural resources. Whereby, developing this natural gas field will increase the economic movement in the Strip and provide benefit to the population  by offering thousands of jobs, in addition to solving the crisis of gas scarcity controlled by the Occupation. 

With the start of October, Palestine Stock Exchange PEX entered the legal period granted to the listed companies to disclose their 9M 2017 financial data, to raise the anticipation once again for the PEX and investors particularly towards the accumulated yield in their minds. Undoubtedly, the expectations for companies financial data vary based on what had been announced in the first half of 2017 and what was layed out for possible impacts in the third quarter. Accordingly, the listed companies’ stocks performance varied this week following the fundamental factors and the ease of the liquidity movement.

Regarding this week’s trading, the stock of the largest company by market capitalization – Palestine Telecommunication PALTEL-  topped the PEX in terms of trading value when its transactions amounted for $2.62 million, to stabilize at the level of JD4.65 without any change than its previous weekly closing level. On the other hand, the stock of Wataniya Palestine Mobile Telecommunications WATANIYA witnessed active trading this week, to record significant gains of 12.50% than its previous weekly closing level after trading in a relatively wide range, to close at the level of $1.17, through transactions worth $0.93 million. In the same context, the stock of Palestine Electric Company PEC witnessed noticeable trading activity when its transaction hit 0.60 million, to close at the level of $1.34; up by 7.20% than its previous weekly level. Also, the stock of Palestine Investment Bank PIBC increased by 5.77% than its previous weekly closing, to close at the level of 1.10, after transactions worth $0.71 million. However, the stock of the largest investment company by market capitalization – Palestine Development and Investment company PADICO, it closed at the level of $1.57; slightly up by 0.64% than its previous weekly closing level, following transactions worth $1.47 million