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Al-Quds Index in the red zone with the approaching end of June

2024-06-27

 Sahem weekly trading report (23-27)-06-2024

As mid-2024 approaches, Al-Quds Index traded in a relatively wide range, closing at the level of 526.18 points, down by 2.57% than the week that preceded Eid Al-Adha holiday. While the institutional transactions were absent from the leading stocks and others in this week as well, whereby, most closed with a decline than the comparable week.  According to the expectations, the semi-annual financial data disclosures for the listed companies are the most important anticipation for the investors in the PEX with their different types. Whereby, the long term investors may formulate a very clear vision about their annual return due to these disclosures, while speculators will follow any price wave that results from the financial disclosure

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP showed a decrease of Gross Domestic Product in Palestine by 35% during the 1st quarter of 2024 compared to the 1st quarter of 2023. All economic activities recorded a sharp decline in value-added, as mining, manufacturing, electricity and water activity declined by 36% in Palestine (29% West Bank, 95% Gaza Strip), construction activity by 51% (42% West Bank, 99% Gaza Strip), agriculture, forestry and fishing activity by 33% (11% West Bank, 93% Gaza Strip), wholesale and retail trade, repair of ,motor vehicles and motorcycles activity by 36% (27% West Bank, 96% Gaza Strip). GDP for the 1st quarter of 2024 was $2,474 million for the West Bank and $92 million for the Gaza Strip.  On the other hand, GDP per Capita for Palestine was $491 during the 1st quarter of 2024, which showed a decrease of 36% compared to the 1st quarter of 2023. As for the West Bank, it showed a decrease of 26% compared to the 1st quarter of 2023, while the Gaza Strip showed a decrease of 86% compared to the 1st quarter of 2023.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS as well, exports decreased in April, 2024 by 9% compared to April, 2023 and reached $102.8 million. Also, imports decreased in April, 2024 by 28% compared to April, 2023 and reached $420.3 million. The trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 32% in April, 2024 compared to April, 2023 and reached $317.5 million.