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Al-Quds index declines by 0.93% in the penultimate week of September

2018-09-20

Sahem Weekly Trading Report (16-20)-09-2018

Al-Quds Index closed this week at the level of 537.22 points; down by 0.93% than its previous weekly closing level, this followed an increase in trading values by 60.62% compared to the previous week, after trading 3.98 million shares that valued at $10.77 million. On the other hand, the general assembly of the Arab Palestinian Investment Company APIC held a meeting on 19/09/2018, whereby, approved acquiring 50% of the Medical Supplies and Services Co. MSS, to become the fully owner of the company. This will happen through a strategic deal to acquire the stake of Mr. Walid Kayyali through a private placement of 7.00 million shares of $2.15 per share. Therefore, this will raise APIC'S paid-up capital from $75 million to $82 million. On the other hand and according to the expectations, the third quarter financial data disclosures for the listed companies are the most important anticipation for the investors in Palestine Stock Market PEX with their different types. Whereby, the long term investors may formulate a very clear vision about their annual return due to these disclosures, while speculators will follow any price wave that results from the financial disclosure.

In another context, the World Bank announced a new report about “Enhancing Job Opportunities for Skilled Women in the Palestinian territories”, which reported that The Palestinian territories suffer from limited job creation with stubbornly high unemployment rate, hitting particularly the youth and women. A striking feature of the labor market is the significantly higher rate of unemployment among skilled women (47%) relative to skilled men (18%), despite entering the labor force in comparable numbers and facing same constraining environment. Furthermore, high-skilled women are more likely to be unemployed than low-skilled women. Moreover, the report mentioned that skilled women make up the bulk of the Palestinian female labor force. If employment barriers are reduced, and women have more access to jobs, the results on welfare and stability in a fragile context will be reflected in better living conditions for the Palestinian households, and for the Palestinian economy.

In the market, the stock of the largest company by market capitalization in the PEX – Palestine Telecommunication PALTEL – topped the PEX this week by 47.06% from PEX total trading value. In turn, PALTEL closed at the level JD4.33; down by 0.46% than its previous weekly closing level after executing transaction on its shares. Moreover, the stock of the largest investment company by market capitalization - Palestine Development and Investment Company PADICO - closed at the level of $1.30; down by 1.52% than its previous weekly closing level, through transaction that contributed for 7.53% from PEX total trading value, after executing transaction on its shares. However, in the same sector, Arab Palestinian Investment Company APIC stabilized at the level of $2.30; without any change than its previous weekly closing level, through transaction that contributed 0.54% from PEX total trading value. Moreover, in the banking and financial services sector, the stock of the largest bank by market capitalization – Bank of Palestine BOP -, it recorded trading value that contributed for 37.76% from PEX total trading value, to close at the level of $2.54; down by 0.41 % than its previous weekly closing level.