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Al-Quds Index records gains in mid-December

2023-12-14

 Sahem Weekly Trading Report (10-14)-12-2023

In this week –with four trading sessions- Al-Quds Index recorded slight increase by 0.49% than the previous week after trading in a relatively narrow range, to stand at 573.81 points. While Palestine Stock Exchange PEX witnessed executing medium-volume transactions on the blue-chips and others in this week. Whereby, a transaction of 0.61 million shares was executed on the stocks of Palestine Development and Investment Company PADICO, and a transaction of 0.55 million shares was executed on the stocks of Arkaan Real Estate Company ARKAAN. Regarding the normal trading, it was scarce, lacking any momentum. On the other hand, anticipation increases for the coming days, which coincide with the last trading days in 2023, to crown the results of a whole economically and politically difficult year, especially with the continued aggression on the Gaza Strip.

Regarding the blue-chips’ disclosures for this week, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $15.79 million in 9M 2023, compared to $25.09 million in 9M 2022. This mainly resulted from an increase in the selling and distribution expenses and the finance costs, in addition to recording $0.55 million other expense in 9M 2023 compared to other profits of $2.79 million in 9M 2022. Based on the disclosed figures, APIC records book value BV of $1.63, and P/BV of 1.80x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during November 2023 recorded a sharp increase by 3.50% compared with October 2023 (18.35% in Gaza Strip ( a sharp increase that has not witnessed for more than a decade) , and with a slight increase by 0.02% in Jerusalem. While, the CPI decreased by 0.90% in the West Bank). Whereby, sharp accumulated increase in the Palestinian Consumer Price Index (CPI) was witnessed, to record an increase of 6.15% since the start of the Israeli aggression on Gaza Strip by 2.57% for the first month of the aggression "October 2023" and by 3.50% during the second month of the aggression "November 2023".