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Al-Quds Index declines in mid-June

2023-06-15

 Sahem Weekly Trading Report (11-15)-06-2023

Al-Quds Index recorded a decline of 0.15% than the previous week after trading in a relatively narrow range, to close at the level of 650.69 points. This mainly came amid scarce and slow trading. While the performance of one leading stock didn’t stand out of other leading stocks in the market. Where the leading stocks recorded declines than the previous week. While the stock of Palestine Electric Company PEC shined this week, closing with significant increase of 11.42% than the previous week, at $3.22. On the other hand and with the end of June. The anticipation increases for all types of investors for the financial data disclosures of H1 2023.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during May 2023 recorded a decrease by 0.26% compared with April 2023 (0.31% in the West Bank, 0.24% in Gaza Strip, and with a slight decrease by 0.04% in Jerusalem). The decline in the Palestinian CPI during May 2023 were traced back to the decline in prices of the following expenditure sub groups compared with previous month: dried vegetables by 16.93%, eggs by 6.47%, potatoes by 6.39%, fresh vegetables by 5.98%, and fresh chicken by 3.70%, versus, an increase in the prices of fresh fruit by 3.59%, and fresh meat by 1.03%. On the other hand, the Palestinian CPI during May 2023 increased by 3.86% compared with May 2022 (4.33% in the West Bank, 3.62% in Jerusalem, and by 2.51% in Gaza Strip).

On the other hand, the listed companies including the leading ones accelerated to hold board of directors meetings in order to discuss the approve the financial data for May 2023 and other things. Where, the board of directors of Bank of Palestine BOP held a meeting on 08/06/2023. In the banking and financial services as well, the board of directors of Palestine Islamic Bank ISBK held a meeting on 13/06/2023. While the board of directors of Safa Bank SAFABANK will be holding a meeting on 19/06/2023. Also, the board of directors of the Arab Islamic Bank AIB will be holding a meeting on 22/06/2023. In the same context, the board of directors of Palestine Investment Bank PIBC will be holding a meeting on 26/06/2023.