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PSE receives support from PALTEL's share and the decline in oil prices bleeds the Arab stock exchanges.

2008-09-07

 Jafar Sadaka- Alayyam Newspaper:

Al-Quds index in PSE ended the decline wave that had continued for five sequence weeks by closing last week rising slightly by 0.38 points or by %0.06, supported by executing an institutional transaction on PALTEL"s share that lifted the week"s trading value by more than %340 comparing with the previous week. The institutional transaction had been executed on two stages; the first was in the second trading session and constituted half a million shares while the second was executed in last trading session of the week and constituted one million shares. Al-Ayyam newspaper knew that the transaction"s parties include a local institution and one of the biggest Arab investment portfolios. By executing this transaction, PALTEL closed at the level of JD 7.11 rising by %0.85 and monopolized approximately $20.1 million that constituted %79.16 from market aggregate trading value that had reached $25.5 million. The transaction reflects the increasing interest of the foreign portfolios especially the Arab ones in the PSE, within the sever decline that the Arab exchange had vouched last week in effect of oil prices retreat. On the other hand, brokers anticipated an improvement in the market activity during the remaining months of the year whether in transactions or Al-Quds index, in addition of leading companies" maintenance of strong results of the second half of the year that may exceed the disclosed in the first half, also the termination of fears regarding a financial crisis in the PNA due the donations that the government had received in August which also proved the donors" strong commitment of continuous support to the PNA"s treasury, in addition to the little effect of short term investors in the PSE comparing with the other markets.        


 

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