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Al-Quds Index in the red zone in parallel to the scarcity in transactions

2018-07-19

Sahem Weekly Trading Report (15-19)-07-2018

Al-Quds Index closed in this week also in the red zone; down slightly by 0.28% than its previous weekly closing level, to record 543.56 points. Whereby, the three leading stocks witnessed scarce transactions and weak liquidity levels, leading some to decline than their previous weekly closing levels and others to stabilize at the same price levels. However and regarding the other listed companies’ stocks, their price performance was not distinguished than any other listed stocks. Where, this period is characterized with general incentives inactivity following lack of any developments in the political and economic aspects, while the market started to anticipate the semi-annual financial data disclosures, whereby, it is expected that the coming days to witness momentum with the approaching end of the legal period granted to disclose the data in mid-August.

Regarding the significant news of this week, Palestine Investment Fund PIF announced starting the second phase of “The Jerusalem Program to Finance Small and Medium Sized Enterprises SMEs” which is implemented by Palestine for Development Foundation- PIF’s arm for social investment-. This program is jointly financed by the European Union and the PIF with a total cost of EUO 2.3 million for this stage. The program purposes to provide grants to the Jerusalem programs in various economic sectors in order to expand its activities and develop its business, in addition to providing more employment opportunities. It is good to note that the first phase of the program has been implemented during the past year, benefiting 21 projects in Jerusalem, whereby, these projects were financed through grants worth EUO 2 million to develop their businesses and expand their activities. This constituted in providing 110 job opportunities in various economic sectors in Jerusalem such as: industry, agriculture, trade, tourism, transportation and technology; benefiting a large number of youth including females.

Regarding the economic indicators issued by Palestine Monetary Authority PMA, consumer prices in Palestine declined during Q1 2018 on annual basis, registering a deflation by %1.10 in conjunction with the backdrop of a deflation in both the West Bank and Gaza Strip. In general, inflation in Palestine is largely imported and highly sensitive to world prices (particularly for food and fuel) but has been largely well-below the average for the MENA region. On the other hand, inflation forecasts by PMA show that consumer prices in Palestine are expected to grow insignificantly during Q2 2018, registering an inflation rate by around %0.60. However, inflation is expected to speed up in the coming quarters, to record %1.20 for the year 2018 as a whole.


 

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