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2024-12-19
Sahem weekly trading report (15-19)-12-2024
With the approaching end of the year 2024, Palestine Stock Exchange PEX witnessed an increase of 2.59% than the previous week, to record 490.86 points. This came due to the increase in the price of the leading stock of the Arab Palestinian Investment Company APIC by 14.29% than the previous week, to close at $2.48. While the normal trading is still relatively weak, lacking any momentum and institutional transactions that may raise the trading value from time to time. On another hand, the anticipation increases for the coming days that coincide with the last days of the year, to crown the results of a whole economically difficult year. Routinely and historically, the last days of the year is characterized with movements regarding the liquidity -on one hand- through executing transactions and moving between the investment positions, and the price trend movements on another hand, in order to affect the investment evaluation.
On the other hand and according to Palestine Monetary Authority, the inflation rate in Palestine rose during the second quarter of 2024, reaching 46.6% year-on-year, compared to 27.7% in the previous quarter. This significant increase is attributed to the ongoing Israeli aggression on the Gaza Strip, the blockade preventing the entry of essential goods and food into the region, as well as widespread destruction of infrastructure and agricultural lands, leading to a severe shortage of basic commodities, especially food, medicine, and fuel. Tensions in the Bab al-Mandab Strait, the complete suspension of trade activities between Turkey and Israel, along with the depreciation of the shekel against other currencies, also contributed to the rise in shipping and maritime insurance costs, thus increasing import costs. On the other hand, Forecasts suggest that inflation is expected to range between 38.6% and 44.0% in 2024, depending on different scenarios. These forecasts remain subject to risks related to global supply chains, fuel prices, ongoing regional tensions, and an unprecedented state of instability.
Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during November 2024 sharply increased by 14.75% compared with October 2024 (28.61% in Gaza Strip. While, the CPI decreased by 1.21% in the West Bank, and by 0.85% in Jerusalem). The Palestinian CPI during November 2024 increased by 88.93% compared with November 2023 (344.91% in Gaza Strip, by 2.13% in Jerusalem, and by 1.54% in the West Bank).
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