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Al-Quds index in the green zone in parallel to the scarcity in transactions

2018-12-27

Sahem Weekly Trading Report (23-27)-12-2018

With the approaching end of 2018, Palestine Stock Exchange PEX witnessed scare liquidity despite executing a transaction of 0.24 million shares on the stocks of Arab Palestinian Investment Company APIC. Whereby, Al-Quds Index ended this week with its four trading sessions with a slight increase of 0.64% than its previous weekly closing level, to record 528.16 points. However, it achieved significant decrease of 8.08% than its yearly closing at the end of 2017 and gains of 1.01% than its lowest level recorded during the year which was witnessed in October. However, the anticipation grows for the year 2019 for the listed companies’ achieved financial results and dividends distribution announcements and what may follow of boosting in the market capitalization and improving in the market in general.

Regarding this week’s trading, Arab Palestinian Investment Company APIC topped the PEX this week after executing a transaction on its stocks of 0.24 million shares, to close at the level of $2.35; up by 0.86% than its previous weekly closing level, through transactions worth $0.58 million. Followed by the stock of the largest company by market capitalization – Palestine Telecommunication PALTEL -, it stabilized at the level of JD4.28, without any change than its previous weekly closing level. through transactions worth $0.37 million. Moreover, regarding the stock of the largest bank by market capitalization – Bank of Palestine BOP-, it closed at the level of $2.32; up by 0.87% than its previous weekly closing level, through transactions worth $0.09 million. Also, regarding the stock of the largest investment company by market capitalization – Palestine Development and Investment Company PADICO - it closed at the level of $1.28; up by 1.59% than its previous weekly closing level. through transactions worth $0.06 million.

And  within the economic news, and according to the Palestinian Central Bureau of Statistics PCBS and the Palestine Monetary Authority PMA, the preliminary results of the Palestinian Balance of Payments BoP for the third quarter of 2018 showed: An incessant deficit in the Current Account (goods, services, income, current transfers) which totaled USD 444.7 million marking an increase of 19.1% compared to the previous quarter, mainly triggered by the deficit of the Trade Balance of Goods, which reached USD 1,254.7 million, as well as the deficit in Services Balance, which  amounted to USD 265.9 million. Moreover, regarding the gross domestic product GDP, the preliminary estimates indicated a slowdown in GDP growth in Palestine in 2018 to reach 0.7% compared to 3% in 2017, GDP per capita has decreased by 1.5%, where the first three quarters of the year 2018 witnessed a decrease in GDP for Gaza Strip by 8% compared to the same quarter of 2017, on the other hand the GDP in the West Bank rose by 2.3% during the same period.


 

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