 send to a friend by email
2023-11-09
Sahem Weekly Trading Report (05-09)-11-2023
After one month of the War on Gaza, the normal trading in Palestine Stock Exchange PEX is still scarce and lacks any momentum, While Al-Quds Index closed with a decline of 0.68% than the previous week after trading in a relatively narrow range, to record 592.06 points. On the other hand, Palestine Capital Market Authority PCMA extended the 9M financial data disclosure period for the listed companies in the PEX until 12/17/2023. Whereby, PCMA emphasized that with the continuous Israeli aggression in Gaza Strip and its repercussions and impacts, it was decided to grant the listed companies another 32 days to disclose their data and give the ability to provide more realistic information especially with the continued aggression on Gaza Strip. Where, the decision to extend the period will enable the public shareholding companies and auditing companies to nearly estimate the effects of current and subsequent damages, whether in terms of credit or any disruption to operational activities.
On the other hand and according to a report by the United Nations Conference on Trade and Development (UNCTAD) on its assistance to the Palestinian people says: 2022 was another bad year for Palestinians. Against a backdrop of heightened political tensions, deepening dependency on the occupying Power and a stalled peace process, the Palestinian economy continued to operate below potential in 2022 as other persistent challenges intensified. The report showed that 80% of population dependent on international aid. In Gaza, real GDP was 11.7% below the Corona Pandemic year 2019 level and closed to its lowest level since 1994. Unemployment in Gaza reached 45%. Instead, the two economies have diverged, with the Palestinian per capita GDP currently standing at just 8% of Israel’s. The report highlights the Palestinian economy’s forced dependency on Israel. Excessive production and transaction costs and barriers to trade with the rest of the world have resulted in a chronic trade deficit and a pervasive, lopsided dependence on Israel, which accounted for 72% of total Palestinian trade in 2022. The dearth of jobs forces many Palestinians to seek employment in Israel and settlements. In 2022, 22.5% of employed Palestinians from the West Bank worked in Israel and settlements, where the average wage is higher.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 109.67 during September 2023 with a decrease of 4.37% compared to 114.68 during August 2023 (Base Year 2019). IPI for September 2023 decreased due to the decrease in the activities of electricity, gas, steam and air conditioning supply by 9.93%, which had a share of 7.38% of the total industry, and the activities of manufacturing industry by 4.27%, which had a share of 87.89% of the total industry. While, the activities of mining and quarrying increased by 15.81%, which had a share of 2.89% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 1.42%, which had a share of 1.84% of the total industry. It is good to note that due to the Israeli attack on Gaza strip in October,7 2023, the production of 63% of industrial establishment working in Gaza strip was estimated according to international recommendation in this field for September 2023.
|
|
-trade
