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Al-Quds Index in the green zone despite the political instability

2017-12-07

 

Sahem Weekly Trading Report (03-07)-12-2017

In the first week of December, Palestine Stock Exchange PEX witnessed significant increase in the trading value over the past weeks, following executing several institutional transactions on the stocks of both Palestine Investment Bank PIBC and Palestine Telecommunication Company PALTEL. However and despite the tense situation in the Palestinian Territories following the official recognition of occupied Jerusalem as the Capital of Israel by the US president "Donald Trump” and moving the U.S. Embassy from Tel Aviv to Jerusalem,  Al-Quds Index closed in the green zone at the level of 560.12 points; up by 1.12% than its previous weekly closing level. Whereby, it traded in a relatively wide range; breaking the 560 points barrier that has abandoned last week. Thus, the PEX repeatedly emphasizes its distinguished entity of being able to isolate itself from any political and economic instability.

 

Regarding this week’s trading, the stock of Palestine Investment Bank PIBC topped the PEX in terms of trading value when contributed for 47.76% from the PEX total trading value. This followed executing two institutional transactions of 6.90 million shares on the bank’s stocks, to close at the level of $1.16; up by 0.87% than its previous weekly closing level. Whereby, PIBC recorded its highest price since 52 weeks. However, it is worth mentioning that the board of directors of the bank held a meeting on 06/12/2017, whereby discussed the financial results as for the end of November 2017 and the estimated budget for the fiscal year 2018. Moreover, the largest stock by market capitalization – Palestine Telecommunication PALTEL – secondly topped the PEX in terms of trading value when its transactions contributed for 28.50% from the PEX total trading value, following executing an institutional transaction of 0.70 million stocks of PALTEL, to close at the level of JD4.55; up by 0.44% than its previous weekly closing level and after trading in a relatively narrow range. Furthermore and regarding the blue-chips also, the stock of Bank of Palestine BOP – the largest bank by market capitalization – increased by 2.45% than its previous weekly closing level, to record $2.51 through transactions that contributed for 6.23% from the PEX total trading value. On the other hand, the stock of the largest investment company by market capitalization – Palestine Development and Investment company PADICO- decreased by 2.60% than its previous weekly closing level, to stand at $1.50 through transactions that contributed 4.49% from the total trading value.

 

In the same context, the stock of Union Construction and Investment Company UCI witnessed active trading  this week, to increase by 4.76% than its previous weekly closing level and record $0.66 after transactions that contributed for 2.86% form the PEX total trading value. And in terms of the most active stocks for this week, the stock of Palestine Industrial Investment company PIIC – a subsidiary of PADICO Holding – increased significantly by 23.45% than its previous weekly closing level, to close at the level of JD2.79 through transactions that didn’t exceed $18 thousand. Also, the stock of Golden Wheat Mills Company GMC witnessed a noticeable increase by 10.61% than its previous weekly closing level, to close at the level of JD0.73 through transactions that didn’t exceed $0.12 million. 

 


 

2017-12-07
Al-Quds Index in the green zone despite the political instability

 

 

 
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