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Al-Quds Index continued to decline amid lack of general incentives

2024-07-11

Sahem weekly trading report (07-11)-07-2024

With scarce trading that is far from high-volume transactions, Al-Quds Index continued to decline; recording a decrease of 0.64% than its previous weekly closing level after trading in a relatively narrow range, to close at the level of 519.24 points. However, the three leading stocks with heaviest weights and effects on Al-Quds Index witnessed scarce transactions and weak liquidity, to record declines than the previous weekly closing level. On the other hand, the other companies’ stocks did not witness any trading activity than the previous weeks amid almost absence of internal circulation. Where, this period is characterized with lack of general incentives following the current situation of the continuation of the Israeli aggression on Gaza Strip, while the market started to anticipate the semi-annual financial data disclosures, whereby, it is expected that the coming days will witness disclosures’ momentum. Where the legal period granted to disclose the semi-annual financial data for the listed companies ends with the end of July.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 78.44 during May 2024 with a sharp decrease of 28.93% compared to 110.38 in May 2023 (Base Year 2019). Compared with previous month, the overall IPI in Palestine reached 78.44 during May 2024 with an increase of 4.50% compared to 75.07 in April 2024 (Base Year 2019). IPI for May 2024 increased due to the increase in the activities of manufacturing industry by 7.39%, which had a share of 87.89% of the total industry, and the activities of mining and quarrying by 0.40%, which had a share of 2.89% of the total industry. While, the activities of water supply, sewerage, waste management and remediation decreased by 12.43%, which had a share of 1.84% of the total industry, the activities of electricity, gas, steam and air conditioning supply by 12.30%, which had a share of 7.38% of the total industry.

On another hand, the listed companies accelerate to determine dates to hold their board of directors BODs’ meetings in order to discuss and approve the financial data for the end of June 2024. In this context, the BOD of Palestine Investment Bank PIBC held a meeting on 08/07/2024. Also, the BOD of the National Carton Industry Company NCI will be holding a meeting on 21/07/2024. Moreover, the BOD of Palestine Islamic Bank ISBK will be holding a meeting on 23/07/2024. In addition, the BOD of Jerusalem Pharmaceuticals Company JPH will be holding a meeting on 31/07/2024.