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Al-Quds Index in the red zone amid anticipation for the year’s end

2019-12-19

 Sahem Weekly Trading Report (15-19)-12-2019

The general situation in Palestine Stock Exchange PEX is still associated to the local political and economic development anticipations, whereby no substantial issues arose this week that would support a particular price trend.  With the approaching end of the year 2019,  Al-Quds Index ended its trading at the level of 522.83 points; down by 0.52% than its previous weekly closing level, and down by 1.23% than its yearly closing at the end of 2018. In another context, the PEX witnessed medium-volume liquidity levels, which were raised through executing a transaction of 0.33 million shares on the stocks of Al-Quds Bank QUDS. While some of the leading stocks witnessed declining in their prices versus a stabilization in the prices of other leading stocks during the week at the same price levels of the previous week. On another hand, the anticipation increases for the coming days that coincide with the last days of the year, to crown the results of the whole year. Historically and routinely, the last days of the year is characterized with movements regarding the liquidity -on one hand- through moving between the investment positions and executing transactions, and the price trend movements on another hand, in order to affect the investment evaluation.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, imports decreased in October 2019 by 7% compared to September 2019. It also decreased by 7% compared to October 2018 and reached $471.8 million. Where, imports from Israel decreased by 6% in October 2019 compared to September, 2019; representing 58% of total imports in October 2019. At the same time, imports from other countries decreased by 8% compared to September 2019. In the same context, exports decreased in October 2019 by 1% compared to September 2019. It also decreased by 9% compared to October 2018 and reached $89.3 million. Whereby, exports to Israel decreased in October 2019 by 8% compared to September 2019; representing 82% of total exports in October 2019. On the other hand, exports to other countries increased by 50% during the same period compared to September 2019 and reached $15.9 million. In another context, the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 8% in October 2019 compared to September 2019. It also decreased by 7% compared to October 2018 and reached $382.5 million.

Regarding the economic indicators as well, a new report by Palestine Monetary Authority PMA showed expectations that the inflation rate in Palestine will reach 1.6% for the year 2019 as a whole. This followed a growth acceleration in the consumer prices in Palestine for the second quarter of the year 2019; registering the highest inflation on annual basis in nearly four years (2.1%), compared to 0.8% in the first previous quarter which recorded very slight changes in the consumer prices, and 0.1%, on average, throughout the previous four quarters. It is worth mentioning that the acceleration of inflation in Palestine during the second quarter of 2019 was contrary to trends in the world's major economies in the advanced, emerging and developing countries, which faced a general situation of weak demand, pushing inflation rates below levels targeted by its central banks. This acceleration is also contrary to Palestine’s main trading partners, which experienced a slight decline in inflation, such as Turkey, Eurozone, Jordan and Israel.


 

2020-06-04
The PEX records average PE of 19.3x and average P/BV of 1.11x

 

 

 
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