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Achieved gains in the PEX and anticipation growth for the last trading week of the year

2017-12-21

Sahem Weekly Trading Report (17-21)-12-2017                                                                        

Palestine Stock Exchange PEX witnessed, with the approaching end of 2017, a flow of institutional liquidity following executing varied volumes cross institutional transactions. Whereby, Al-Quds index closed this week higher by 0.91%  than its previous weekly level, to record 573.36 points. On the other hand, the anticipation increases for the coming week that coincides with the last week of the year, to crown the results of the whole year. Routinely and historically, the last days of the year is characterized with movements regarding the liquidity -on one hand- through executing transactions and moving between the investment positions, and the price trend movements on another hand, in order to affect the investment evaluation.

Regarding this week’s trading, the stock of Palestine Investment Bank PIBC topped the PEX this week in terms of trading value when its transactions recorded $7.84 million. This followed executing cross institutional transaction on it shares of 6.50 million shares during the week, to increase the stock price by 1.71%  than its previous weekly closing level, and  record $1.19. However and regarding the significant news, Palestine Capital Market Authority PCMA approved raising PIBC’s paid-up capital from 68.00 million shares/dollar to 73.00 million shares/dollar, through offering 5.00 million shares for secondary subscription with a $1 par value per share to the company’s shareholders as for 01/11/2017.
Furthermore, executing cross institutional transaction on the stock of Quds Bank QUDS of 3.50 million shares caused its transaction to reach $7.54 million. This led the stock to close at the level of $2.10 after trading in a relatively wide range, to record gains of 3.96% than its previous weekly closing level.

Regarding the blue-chips’ trading, Bank of Palestine BOP- the largest bank by market capitalization- achieved gains of 2.31% than its previous weekly closing level, to record $2.66 after transactions worth $1.38 million. Moreover, the leading stock of the Arab Palestinian Investment Company APIC recorded gains of 1.57% than its previous weekly closing level, to stand at $1.94 following transactions worth $0.35 million. On the other hand, the largest stock in the PEX in terms of market capitalization and the heaviest weighted in Al-Quds Index- Palestine Telecommunication PALTEL- closed at the level of JD4.55 without any change than its previous weekly closing level and after transactions worth $1.57 million. In another context, the stock of the largest investment company by market capitalization- Palestine Development and Investment Company PADICO- declined by 2.00% than its previous weekly closing level, to record $1.47 after transactions worth $0.17 million.