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Al-Quds Index below the 440 points level amid scarce liquidity

2020-09-24

 Sahem Weekly Trading Report (20-24)-09-2020

Al-Quds Index traded, in this week, in a relatively wide range, to decline below the 440 points level, closing at the level of 439.63 points; down by 1.28% than its previous weekly closing levels. While the liquidity levels of the leading stocks and overall market were weak coinciding with the lack of general incentives. However, the increase in conservation among investors prior to the third quarter financial data disclosures for the year 2020 constitute another reason for this decline. In terms of investors’ expectations, a variation in the degrees of optimism and pessimism about the 9M financial results also appear. On another hand, the listed companies accelerate to determine dates to hold their board of directors meeting in order to discuss and approve the financial data for the first nine months of 2020. In this context, Palestine Poultry Company AZIZA will be holding a meeting on 10/10/2020. Also, Beit Jala Pharmaceuticals will be holding a meeting on 12/10/2020. In the same context, Palestine Industrial Investment Company PIIC will be holding a meeting on 14/10/2020. 

On another hand and regarding the significant news, the CEO of Palestine Stock Exchange PEX noted that the PEX trading declined in the first eight months of the year by 70% compared to the previous year. He added that the average value trading per session for 2020 decreased to about $1 million; a continuation of the decline over the previous years. He also described the year 2020 as an exceptional one not only for the PEX, but also for all the world’s stock exchanges due to the Coronavirus pandemic and its effects of the economy, which was directly reflected on the liquidity and the Palestinian shares trading. Whereby, the listed companies reported declines in their semi-annual financial data results; similar to a large number of other Arab stock exchanges that went in the same direction. Also Al-Quds Index lost around 15% of its value since the beginning of the year. This mainly followed a contraction in the economy, whereby the Palestinian economy is going through a real liquidity crisis, in addition to the Coronavirus pandemic and the inability of Palestine to pay its obligations, including the salaries, besides the political crisis and its reflection, as well as the specific financial standards that were applied this year.

In the economic indicators and according to the Palestinian Central Bureau of Statistics, the Construction Cost Index (CCI) for residential buildings reached 105.83 with a slight increase of 0.03% in the West Bank during August 2020 compared with July 2020 (base year 2013). At the level of major groups, rental of equipment increased by 0.22%, and the prices of raw materials slightly increased by 0.04%. At the same time, labor costs and wages remained stable during August 2020 compared with the previous month.


 

2020-10-20
ARAB posts net income of JD0.06 million in 9M 2020

2020-10-19
QUDS posts net income of $7.92 million in 9M 2020

2020-10-18
RSR posts net income of JD0.19 million in 9M 2020

2020-10-15
Al-Quds Index in the green zone amid the start of 9M 2020 financial data disclosures

2020-10-14
APC posts net income of JD0.49 million in 9M 2020

2020-10-08
Scarce transactions and an absence in the institutional transactions

2020-10-01
Al-Quds Index continues to decline and a new anticipation raises

 

 

 
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