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Al-Quds Index in the red zone amid relatively weak trading

2023-11-02

 Sahem Weekly Trading Report (29-10)-(02-11) - 2023

With the start of November and the approaching end of the year 2023, Al-Quds Index recorded 596.12 points, down by 1.16% than the previous week. Whereby, the price of blue-chips of heaviest weights and effects on the Index declined with the continuous Israeli aggression on Gaza Strip for the 26 days in a row. Regarding the market, the trading was scarce in this week, lacking any momentum. While a transaction of 0.70 million was executed on the stocks of Bank of Palestine BOP at the end of the week. On another hand, the anticipation for 9M financial data disclosures continued. Where, with the end of October, 15 days remain to the legal period granted to the listed companies to disclose their data for the third quarter of 2023.

Regarding the market news, the listed companies accelerated to determine dates to hold their board of directors BOD’s meeting to discuss and approve the financial data for 9M 2023. In this context, the BOD of Palestine Insurance Company PICO held a meeting on 02/11/2023. While the BOD of Palestine Securities Exchange Company PSE will be holding a meeting on 06/11/2023. Also, the BOD of Safa Bank SAFABANK will be holding a meeting on 07/11/2023. In addition, the BOD of: Trust International Insurance Company TRUST, Amlak Real Estate Investment & Trading AMLAK, and Global United Insurance Company GUI will be holding a meeting on 14/11/2023.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, he overall Producer Price Index (PPI) for Palestine with its base year (2019) reached 115.73 in September 2023, as it sharply increased by 5.55% compared to August 2023. Where, Producer Price Index for locally consumed products (2019) reached 116.32 in September 2023, which indicates a sharp increase of 6.04% compared to August 2023. Also, Producer Price Index for local exported products (2019) reached 110.21 in September 2023, which indicates an increase of 0.95% compared to August 2023.