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Al-Quds Index at its highest level since February 2014

2021-09-09

 Sahem Weekly Trading Report (05-09)-09-2021

Palestine Stock Exchange PEX ended its optimistic week with significant increase by 3.49% than the previous week after the trading of Al-Quds Index in a relatively wide range, closing at its highest level since February 2014, at 593.30 points. Moreover, Al-Quds Index recorded premium to low of 27.26% since the beginning of the current year, and traded at its highest level since the beginning of this year as well. This mainly followed noticeable trading activity on the leading stocks in specific and other stocks in general. While a transaction of 0.50 million shares was executed on the stocks of Palestine Islamic Bank ISBK, leading the trading value to increase to a relatively high level. Whereby a board of directors’ member in ISBK purchased half of stocks and Birzeit Pharmaceuticals Company BPC purchased the other half. Also, a cross transaction of 1.02 million shares was executed on the stocks of Palestine Development and Investment Company PADICO. Undoubtedly, the PEX has sole characteristics that are noticeably different from the other regional Arabic markets. Where the current prices are considered investment opportunities compared to the market indicators that result from the semi-annual financial data and the average yield from one side, and the PEX isolation of itself from the outside effects that influence directly the other financial markets’ performance from another hand.

In the market, the stock of the largest investment company in the PEX by market capitalization – Palestine Development and Investment Company PADICO- topped the PEX by trading value, constituting 48.83% after significant trading activity, to close at the level of $1.21; up by 4.31% than its previous weekly closing level. In the same context, the stock of the largest company in the PEX by market capitalization –Palestine Telecommunications PALTEL- closed at the level of JD5.30; breaking-through psychological levels that have abandoned for years, and increased significantly by 7.07% than the previous week after trading in a relatively wide range and through transactions worth $1.18 million. In the same context, the performance of the stock of Jerusalem Cigarette Company JCC shined, closing at the level of JD2.35; up by 4.44% than the previous weekly level after transactions worth $0.95 million. Regarding the largest bank in the PEX by market capitalization –Bank of Palestine BOP- it increased by 1.50% than the previous week, closing at $2.03 after transactions worth $0.24 million. Also, trading was active on the leading stock of the Arab Palestinian Investment Company APIC, closing with an increase of 0.63% than the previous week, at the level of $3.17 after transactions worth $1.44 million.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 100.43 during July 2021 with a decrease of 6.71% compared to 107.65 during June 2021 (Base Year 2019). IPI for July 2021 decreased due to the decrease in the activities of manufacturing industry by 9.04% which had a share of 87.89% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 8.95% which had a share of 1.84% of the total industry. While the activities of electricity, gas, steam and air conditioning supply increased by 19.77% which had a share of 7.38% of the total industry, and the activities of mining and quarrying increased by 3.29% which had a share of 2.89% of the total industry.