 send to a friend by email
2024-01-11
Sahem weekly trading report (07-11)-01-2024
Al-Quds Index started the second week of the year 2024 - with four trading sessions- with a decline of 1.10% than the previous week, to record 571.20 points. While it recorded a decline of 2.96% than its yearly closing at the end of the year 2023. This mainly resulted from the scarceness in normal trading, absence of institutional transactions, and slowness in price movements. On the other hand, and with this routine period, the listed companies accelerate to announce holding their board of directors meetings to discuss and approve 2023’s financial results in order to disclose their annual profits. Whereby, the anticipation for the annual financial data disclosures remains on top of the investors agendas, in expectation to the yields that may be achieved in form of dividends to compensate any capital losses.
Regarding the economic indicators, the Palestinian Central Bureau of Statistics PCBS and the Palestine Monetary Authority PMA issued two reports on the economic forecasts for 2024. Accordingly, those reports forecasted the main indicators of the Palestinian economy for 2024, based on a group of factors and assumptions, which were included in the baseline scenario, where its impact is expected to be reflected on the most important indicators in various sectors (the real sector, the financial sector, and the external sector). Based on the baseline scenario, the Palestinian economy is expected to witness a sharp decline in its performance during 2024, after the fact that Gaza Strip has been under unprecedented Israeli aggression since the beginning of the fourth quarter of 2023. Hence, it is expected that this brutal Israeli aggression on Gaza Strip will continue with the same intensity and brutality until January 2024. Thus, the consequences of which will not only be limited on Gaza Strip, whose buildings and infrastructure have been destroyed but also will extend to reach the West Bank, and negatively affect most of its economic sectors and activities.
Acordingly, this Israeli aggression is expected to cause a decline in the levels of domestic demand, especially in regard to investment and consumption expenditure for individuals and households, as a result of the almost complete interruption of the business cycle in Gaza Strip. In addition, economic activity in the West Bank has been affected by the consequences of this aggression, by the decline in commercial movement, passengers’ movement and Palestinian employment in the Israeli labor market, and by clearance money movement with the Israeli side and other vital sectors, whose final outcome has been reflected in the overall performance of the Palestinian economy. Based on this scenario, the results of the forecasts indicate that the performance of the Palestinian economy will continue to decline during 2024 and for the second year in a row by a percentage of almost 5%, driven by the decline in consumption and investment expenditure and exports, and the decline in the value added of economic activities. It is expected that a rise in unemployment rates will accompany this decline, where it is expected to reach 35.1%, compared with 30.7% in 2023.
|
|
-trade
