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Al-Quds Index in the red zone in the first week of September

2023-09-07

 Sahem Weekly Trading Report (03-07)-09-2023

In the first week of September, Al-Quds Index recorded a decline of 0.17% than the previous week, to close at 642.39 points after trading in a relatively narrow range. While Palestine Stock Exchange PEX witnessed weakness in trading and slowness in price movements. Where the regular trading is still scarce, lacking any institutional transactions that may raise the trading value from time to time. On another hand, it is good to note that 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.

On another hand, the performance of one share didn’t shine than any other in the PEX this week, while, the price of blue-chips stabilized without any significant changes than the previous week. On the other hand, the listed companies accelerate to determine dates to hold their board of directors BODs meetings in order to discuss the financial data as for the end of August and other issues. Whereby, the BOD of Palestine Investment Bank PIBC held a meeting on 06/09/2023. Also the BOD of Palestine Poultry Company AZIZA will be holding a meeting on 16/09/2023

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 109.24 during July 2023 with an increase of 2.68% compared to June 2023 (Base Year 2019). IPI for June 2023 increased due to the increase in the activities of electricity, gas, steam and air conditioning supply by 10.67%, which had a share of 7.38% of the total industry, the activities of mining and quarrying by 2.30%, which had a share of 2.89% of the total industry, and the activities of manufacturing industry by 1.96%, which had a share of 87.89% of the total industry. While, the activities of water supply, sewerage, waste management and remediation decreased by 0.70%, which had a share of 1.84% of the total industry.