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Al-Quds Index in the green zone at the end of October

2024-10-31

 Sahem weekly trading repot (27-31)-10-2024

With the end of October and the approaching end of the year 2024, Al-Quds Index recorded 477.88 points, up by 0.29% than the previous week after trading in a relatively narrow range. Whereby, the price of some of the    blue-chips of heaviest weights and effects on the Index stabilized, while, the others declined with the continuous Israeli aggression on Gaza Strip. Regarding the market, the trading was scarce in this week, lacking any momentum. While several transactions of 1.31 million was executed on the stocks of Palestine Development and Investment Company PADICO at the end of the week. On another hand, the anticipation for 9M financial data disclosures continued. Where, with the end of October, 15 days remain to the legal period granted to the listed companies to disclose their data for the third quarter of 2024.

Regarding the listed companies financial and operational data disclosures for 9M 2024, Wataniya Palestine Mobile Telecommunications Company OOREDOO was the first to disclose its data. Where it noted posting net income of $10.39 million in 9M 2024, compared to net income of $13.99 million in 9M 2023. This mainly resulted from recording impairment loss and impairment loss from trade receivables and others of $3.56 million in 9M 2024. Based on the disclosed figures, OOREDOO records book value of $0.55, and P/BV of 1.35x.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Producer Price Index (PPI) for Palestine with its base year (2019) reached 173.05 in September 2024, as it sharply increased by 15.67% compared to August 2024. The increase of PPI for September 2024 was traced back to the increase in prices of the following major activities compared to the previous month: agriculture, forestry and fishing by 34.29%, which constitute 29.94% from total producer basket. Water supply; sewerage, waste management and remediation activities increased by 0.83%, which constitute 1.50% from total producer basket. Electricity, gas, steam and air conditioning supply increased by 0.23%, which constitute 8.23% from total producer basket, and manufacturing increased by 0.18%,  which constitute 58.92% from total producer basket, versus a decline in the prices of mining and quarrying by 0.29%, which constitute 1.41% from total producer basket.