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2024-10-10
Sahem weekly trading repot (06-10)-10-2024
In this week, Al-Quds Index increased by 0.21% than the previous week, to close at the level of 480.24 points amid medium-volume trading that was raised through executing several transactions of 1.30 million shares on the stocks of Palestine Development and Investment Company PADICO. Where, stalling in the place outweighed pursuing any price trend. In another context and with the continuation of the Israeli aggression on Gaza Strip, the majority agrees on the absence of general incentives in the PEX during this period, which dictates inactivity in terms of liquidity and price movements. However, the 9M financial data disclosures are one of the important things that boost the growth expected factors in the market.
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 32% during the 2nd quarter of 2024 compared to the 2nd quarter of 2023, all economic activities recorded a sharp decline in value-added, as mining, manufacturing, electricity and water activity declined by 34% in Palestine (27% West Bank, 94% Gaza Strip), construction activity by 49% (41% West Bank, 98% Gaza Strip), agriculture, forestry and fishing activity by 29% (11% West Bank, 93% Gaza Strip), wholesale and retail trade, repair of motor vehicles and motorcycles activity by 28% (18% West Bank, 96% Gaza Strip). GDP for the 2nd quarter of 2024 was $2,599 million for the West Bank and $91 million for the Gaza Strip. GDP per Capita for Palestine was $512 during the 2nd quarter of 2024, which showed a decrease of 33% compared to the 2nd quarter of 2023. As for the West Bank, it showed a decrease of 24% compared to the 2nd quarter of 2023, while the Gaza Strip showed a decrease of 86% compared to the 2nd quarter of 2023.
Regarding the significant news, the board of directors of Palestine Development and Investment Company (PADICO) held a meeting on 01/10/2024, where it discussed the amortization of the company's existing bonds, and the issuance of new bonds. In addition to selling PADICO shares owned by PADICO subsidiaries at the best possible price (not less than 5% of the average trading price of PADICO’s share during the last 60 days of $1.03 per share).This came in order to improve the company's contractual terms in light of changes in interest rates and provide long-term liquidity for it. On the other hand, the Arab Palestinian Investment Company APIC signed a strategic partnership with Reema Hygienic Paper Company, where APIC acquired 51% of Reema’s Capital.
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