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2022-12-29
Sahem Weekly Trading Report (25-29)-12-2022
Palestine Stock Exchange PEX’s closing for the year 2022 was the highest since 2005, to close at the level of 639.71 points at the end of the year 2022; up by 5.14% compared to its 2021 closing, and by 0.93% compared to its previous weekly closing level. Whereby, the performance of the PEX varied over the past 10 years, to record the highest closing of the Index at 639.71 points in this year 2022, and the lowest at 471.26 points by the end of 2020; with a compound annual growth rate CAGR of 2.69% since the year 2012. While the trading in the PEX witnessed, in the last trading session of this year, price movements not only for the blue-chips, but for the other listed companies’ stocks as well. And if we exclude the last trading session of the year that is full of active trading, the PEX trading was characterized with relative quietness and lack of normal liquidity. However, in another context and despite the varied behavior of investors in building their portfolios based on their investment strategies, the anticipation increases among all investors’ segments towards the disclosed annual financial statements of the listed companies, to predict the financial returns from the distributed dividends from one hand and the capital gains from another hand.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS and Palestine Monetary Authority PMA, during the year 2022, the Palestinian economy succeeded in achieving a growth of about 3.6%, compared to a growth of 7.0% during the year 2021, despite the many complex crises it suffered from, and despite the almost complete cessation of external support provided to the State of Palestine to support the budget, and the continuation of the Israeli deductions of tax revenues (clearance) throughout the year, in addition to the repercussions of the Ukrainian- Russian crisis, driven by the improvement in the level of aggregate demand, whereas the level of gross consumption increased by 7.0%, and gross investment increased by 15.3%. While based on the forecasting assumptions, there is possibility that the Palestinian economy achieves a growth rate of about 2.5% during the year 2023, compared to estimated growth of about 3.6% during the year 2022, driven by the growth of consumption and investment and exports expenditure, and the improvement in the value added of most economic activities. This performance is expected to be accompanied by a slight decrease in unemployment rates, to 25.5% compared to 25.7% in 2022, with the per capita income level remaining unchanged.
In addition and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP at constant prices showed an increase of 1% in GDP in Palestine during the 3rd quarter 2022 compared to the 2nd quarter 2022, mainly in transportation and storage by 8%, wholesale and retail trade, repair of motor vehicles and motorcycles by 5%, mining, manufacturing, electricity and water, construction, financial and insurance activities, information and communication activities by 2% for each, services by 1%. Meanwhile, there was a decrease in agriculture, forestry and fishing by 16%, and public administration and defense by 1%. On the other hand, it showed an increase of 5% in Palestine during the 3rd quarter 2022 compared to the 3rd quarter 2021 at constant prices, which excludes the seasonal effect, meanwhile the base year is 2015. GDP for the 3rd quarter 2022 at constant prices was USD 3,243 million for the West Bank and USD 667 million for Gaza Strip. While GDP per Capita for Palestine at constant prices was USD 771 during the 3rd quarter 2022, it showed an increase of 2% compared to the parallel quarter 2021. As for the West Bank it was USD 1,119 at constant prices during the 3rd quarter 2022, it showed an increase by 2% during the 3rd quarter 2022 compared to the parallel quarter 2021, while for Gaza Strip it was USD 307 during the 3rd quarter 2022, and it showed an increase by 3% during the 3rd quarter 2022 compared to the parallel quarter 2021.
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