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2019-09-26
Sahem Weekly Trading Report (22-26)-09-2019
In this week, Al-Quds Index continued its declining, to be confined to a relatively narrow price range without any noticeable or wide price movements, closing at the level of 517.21 points; down by 0.28% than its previous weekly closing level. While the normal liquidity levels are still weak coinciding with the increase in the investors’ conservatism prior to the start of the financial data disclosures for the first nine months of the year 2019, which will start by the end of September. This came despite executing cross institutional transactions on the stocks of Palestine Real Estate Investment Company PRICO- the investment arm of Palestine Development and Investment Company PADICO in the real estate sector- of 0.62 million shares in the week. In terms of investors' expectations, varied degrees of optimism and pessimism about the financial and operational results of listed companies for the period appear.
According to the substantial news, the Palestinian Ministry of Information and Communication Technology has requested the reduction of prices by 10-20% for internet access line provided by the Palestinian Telecommunications Company (PALTEL), effective on the first of October 2019. The ministry said that it has set new prices for access lines of various speeds, which should also go into effect from October. The ministry added that it is reviewing the work of all internet providers in Palestine to make sure they adhere to the terms of their license agreement. It also added that it has created a joint committee with them to better organize the sector, and to make it more efficient and competitive. Moreover, it urged telecommunications companies and providers to establish a new telecommunication company that can compete against PALTEL, which has a monopoly over all land lines in Palestine.
Regarding the economic news and according to the Palestinian Central Bureau of Statistics PCBS and Palestine Monetary Authority PMA, the preliminary results of the Palestinian Balance of Payments (BoP) showed an incessant deficit in the Current Account (goods, services, income, current transfers) which totaled$ 403 million. This deficit in current account mainly triggered by the deficit of the Trade Balance of Goods, which reached $1,230 million, as well as the deficit in Services Balance, which amounted to $260 million. The surplus in Income Account (compensations of employees and investments income) amounted to $631 million. This surplus was due to compensations of the employees working in Israel, which reached $609 million. As for the received investments income, it amounted to $47 million; and was mainly caused by the income received on the portfolio investments abroad, in addition to the interest received on the Palestinian deposits in banks abroad. The Current Transfers achieved a surplus value amounted to $456 million with a decrease of 12% compared to the previous quarter. The total transfers from abroad amounted to $537 million, of which 24% were the transfers to the government sector (with a decrease of 32% compared to the previous quarter), while the percentage of the transfers to other sectors reached 76%. The donors’ current transfers constituted 25% of total transfers from abroad.
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