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2017-11-29
In the last week of November -with four trading sessions-, Al-Quds Index declined by 1.68% than its previous weekly closing level, to stand at 553.92 points, decreasing from the physiological barriers that have broken through in the last period. Whereby, despite the continuous status of heavy decline in the liquidity levels, which dominated the trading process for several weeks, Palestine Stock Exchange PEX has been refreshed, in this week, by executing a transaction of 3.22 million shares on the stocks of Union Construction and Investment Company UCI, which in turn has raised the total trading value to the medium level. However, this week witnessed scarcity in the significant news and events of the listed companies. Therefore, the last month of the year will be dominated by anticipation among investors for the final outlook of the financial data disclosures for the year 2017.
Regarding this week’s trading, the decrease in the prices of the leading stocks with the highest weights in Al-Quds Index majorly impacted the decline of the index this week. On the other hand, the stock of Union Construction and Investment Company UCI topped the PEX this week due to executing a transaction of its shares, to record trading value of $2.03 million. While the stock stabilized at the level of $0.63 without any change than its previous weekly closing level. However, the stock of the largest investment company by market capitalization – Palestine Development and Investment Company PADICO –secondly topped the PEX when recorded $1.03 million, to close at the level of $1.54; down by 0.65% than is previous weekly closing level after trading in a relatively narrow range. Also, the stock of the largest company by market capitalization – Palestine Telecommunication PALTEL – closed at the level of JD4.53; down by 1.31% than its previous weekly closing level. This followed transactions worth $0.38 million. In the same context, the stock of the largest bank by market capitalization – Bank of Palestine BOP – recorded a decline of 1.21% than its previous weekly closing level, to close at the level of $2.45 after transactions worth $0.62 million.
On the other hand, some of the listed companies continued to schedule their board of directors BOD’s meetings to discuss and approve the financial statements as for the end of November 2017 and to discuss the estimated budget for 2018. Whereby, the BOD of the Vegetable Oil Industries VOIC will be holding a meeting on 13/12/2017. Also, the BOD of Golden Wheat Mills Company GMC will be holding a meeting on 12/12/2017. In the same context, the BOD of National Insurance Company NIC will be holding a meeting on 18/12/2017. And the BOD of Palestine Islamic Bank ISBK announced a date to hold its meeting on 13/12/2017. On the other hand, the BOD of Palestine Investment Industrial Company PIIC held a meeting on 27/11/2017, whereby, discussed the operating performance of the company and its subsidiaries and affiliates as for the end of October 2017, in addition to the estimated budget for 2018 and the company’s projects.
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