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Trading activity leverages Al-Quds Index significantly

2021-07-15

 Sahem Weekly Trading Report (11-15)-07-2021

Very active trading was witnessed this week on the blue-chips and other stocks in Palestine Stock Exchange PEX, involving several transactions of around 0.35 million shares on the stocks of the largest company in the PEX by market capitalization and the heaviest weighted share in Al-Quds Index- Palestine Telecommunications PALTEL- and a transaction of 0.50 million shares on the stocks of the Golden Wheat Mills Company GMC, whereby, Al-Sanabel Trading and Investment Company purchased the shares, in addition to significant activity on the stocks of the largest bank by market capitalization – Bank of Palestine BOP-, the leading stock of the Arab Palestinian Investment Company APIC and Jerusalem Cigarette Company JCC, to leverage Al-Quds Index significantly by 2.20% than the previous week, closing at its highest level since the beginning of the year at 570.68 points after trading in a relatively wide range. In the same context, Al-Quds Index recorded significant increase of 21.10% than its yearly closing at the end of 2020 and an increase of 5.70% than its closing at the end of H1 2021. On another hand, it is expected that the PEX will witness- after Al-Adha Holiday which will start from Monday morning 19/07/2021 and ends on Saturday evening 24/07/2021- an acceleration momentum in the semi-annual financial data disclosures which ends mid-August, whereby, the PEX granted the listed companies one month and a half to disclose their H1 data.

On another hand, the listed companies accelerated to determine dates to hold their board of directors BOD meetings to discuss the financial data for H1 2021 and approve it. In this context, Jerusalem Pharmaceutical Company JPH determined 13/07/2021 to hold their BOD meeting. Also, the BOD of the National Bank TNB will be holding a meeting on 29/07/2021. Moreover, the BOD of Palestine Poultry Company AZIZA will be holding a meeting on 31/07/2021. In addition the BOD of Trust International Insurance Company TRUST will be holding a meeting on 05/08/2021. Furthermore, the BOD of the National Insurance Company NIC will be holding a meeting on 16/08/2021.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, The overall Consumer Price Index CPI for Palestine during June 2021 recorded a decrease by 0.62% compared with May 2021 (by 0.91% in the West Bank, and by 0.18% in Gaza Strip, while it increased by 0.15% in Jerusalem).   The decline in the CPI was due to the decrease in the prices of Potatoes and other tubers by 5.86%, fresh fruit by 3.98%, dried vegetables by 2.39%, fresh chicken by 1.72%, eggs by 1.59% versus an increase in the prices of fresh vegetables by 6.29%, liquid fuel for car “diesel” by 3.76%, liquid fuel for car “petrol” by 1.04%. The Palestinian CPI during June 2021 increased by 2.13% compared with June 2020 (by 3.20% in Jerusalem, by 2.28% in the West Bank, and by 1.02% in Gaza Strip).