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Al-Quds Index declines amid the absence of significant news

2023-07-13

 Sahem weekly trading report (09-13)-07-2023

Within relatively scarce trading that is far from high-volume transactions, Al-Quds Index declined by 0.62% than the previous week, closing at 645.59 points after trading in a relatively narrow range. While the blue-chips with highest weights in the Index witnessed price performance balancing amid the partial absences of internal circulation. On the other hand, the scene is not free of preparation and anticipation- with its varying degrees -for Palestine Stock Exchange PEX in particular and all parties of the Palestinian economy in general until a clearer vision appears regarding the sustainable economic growth, which in turn will still drag the attention and hope together if any political development appears.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during June 2023 recorded a decrease by 0.35% compared with May 2023 (0.54% in Gaza Strip, 0.32% in the West Bank, and by 0.17% in Jerusalem).The decline came due to decline in the prices of: fresh chicken by 8.56%, fresh fruit by 4.07%, fresh vegetables by 1.62%, versus, an increase in the prices of dried vegetables by 12.77%, potatoes by 9.82%, eggs by 7.41%, and fresh meat by 0.97%. The Palestinian CPI during the first half of 2023 increased by 3.11% compared with the first half of 2022 (by 3.57% in the West Bank, by 3.13% in Jerusalem, and by 1.64% in Gaza Strip).

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS as well, the overall Industrial Production Index IPI in Palestine reached 110.38 during May 2023 with an increase of 13.95% compared to 96.86 points in April 2023 (Base Year 2019). IPI for May 2023 increased due to the increase in the activities of manufacturing industry by 15.64%, which had a share of 87.89% of the total industry, the activities of mining and quarrying by 14.08% which had a share of 2.89% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 10.19%, which had a share of 1.84% of the total industry. While, the activities of electricity, gas, steam and air conditioning supply decreased by 0.83% which had a share of 7.38% of the total industry.