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Al-Quds Index rebounds upwards in the first week of October

2021-10-07

 Sahem Weekly Trading Report (03-07)-10-2021

Al-Quds Index rebounded upwards with the beginning of October by 0.56% than its previous weekly closing level, to trade above the 580 points level and close at 582.72 points. On the other hand, trading was active in this week, supported by executing several medium-volume transactions on the leading stocks with heaviest weights and effects in the Index. Whereby, several medium-volume transactions were executed on the stocks of the leading companies with heaviest weights and effects on the Index. Transactions were executed on the stocks of: Bank of Palestine BOP, Palestine Development and Investment Company PADICO, and Palestine Telecommunications Company PALTEL. At the time Palestine Stock Exchange PEX entered the legal period granted to the listed companies to disclose their 9M 2021 financial data, to raise the anticipation once again for the PEX and investors particularly towards the accumulated yield in their minds. Undoubtedly, the expectations for companies financial data vary based on what had been announced in the first half of 2021 and what was laid out for possible impacts in the third quarter.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 114.96 during August 2021 with an increase of 14.47% compared to 100.43 in July 2021 (Base Year 2019). IPI for August 2021 increased due to the increase in the activities of manufacturing industry by 15.62%, which had a share of 87.89% of the total industry, the activities of electricity, gas, steam and air conditioning supply by 11.27%, which had a share of 7.38% of the total industry, the activities of water supply, sewerage, waste management and remediation by 1.81%, which had a share of 1.84% of the total industry, and the activities of mining and quarrying slightly increased by 0.04%, which had a share of 2.89% of the total industry.

This week, the listed companies accelerate to hold their board of directors BOD’s meetings to discuss and approve the third quarter financial data disclosures, whereby, the PEX grants the listed companies a month to disclose their data starting from the end of September. In this context, the BOD of the Vegetable Oil Industry VOIC held a meeting on 06/10/2021. In addition, the BOD of the Palestine Insurance Company PICO will be holding a meeting on 21/10/2021.