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Al-Quds Index continues to decline with the approaching end of October

2024-10-24

 Sahem weekly trading report (20-24)-10-2024

With the approaching end of October, Al-Quds Index continued to decline in this week as well, closing at the level of 476.52 points; down by 0.60% than the previous week, after trading in a relatively narrow range. Where, the trading movements relatively slowed parallel to the continued Israeli Aggression on Gaza and the increase in the anticipation for 9M 2024 financial and operational data disclosures. Regarding the blue-chips, they stood-still with no significant change in their prices. On the other hand, the coming period will witness heavy disclosures’ momentum. In all cases, the expected 9M financial data will build more on what has been established by many of the Palestine Stock Exchange PEX’s constituents’ components.

Regarding the listed companies’ significant news for this week, the general assembly of Jerusalem Real Estate Investments JREI will be holding a meeting on 07/11/2024, whereby, will discuss the decision of reducing the company’s paid-up capital from $10.00 million/ shares to $8.00 million/shares in order to amortize part of the company’s losses by this value, and to charge each shareholder his share of the loss (reduction) by his percentage contribution to the company’s capital. Whereby, the reduction must be based on a decision issued by the General Assembly by a majority of not less than 75% of the voting shares represented in the meeting held with a quorum, provided that this is accompanied by the approval of the competent court.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, exports decreased in August 2024 by 8% compared to August 2023 and reached $136.9 million. Also, imports decreased in August, 2024 by 15% compared to August, 2023 and reached $638.2 million. While the trade balance which represents the difference between exports and imports showed a decrease in trade deficit by 16% in August, 2024 compared to August, 2023 and reached $501.3 million.