send to a friend by email

PSE in a week... Gains of $62 million in the Palestinian stocks

2009-03-22

 Jafar Sadaqa wrote:
Palestine Telecommunications Company ended its emergency meeting of the board of directors in the Jordanian capital yesterday, to discuss the latest developments with respect to the partnership with Kuwaiti ZAIN, without disclosing the results waiting for the Chairman of the Board Mr. Sabeih Al Masri to meet the Prime Minister Dr. Salam Fayyad today.
A source said "There is great progress in the latest reply which was received by the company from the government".
The source, who preferred to be anonymity said to Al-Ayyam Newspaper "Things are moving positively, and there are some procedural matters need to be discussed further, and we hope to be concluded at the meeting of Mr. Al Masri with the Prime Minister tomorrow (today). The disclosure will be issued by the board of directors following to the meeting the Prime Minister".  
PALTEL received last Monday a letter from the Prime Minister to ensure the status of the Authority regarding the deal with ZAIN. Al Masri stated in a follow that is likely that completion of the transaction will within ten days.
This statement was positive news that the PSE was waiting, Al Quds index closed the week"s trading week at the level of 524.90 points, up by 17.16 points or %3.38 compared with the previous week, driven by four increasing sectors indices represented in the market: Banks, services, investment and insurance, compared to a slight decline in the index of industry sector.
Concurrently, the market has seen an upswing last week, raising the average number of shares traded by 15% to about 1 .1 million shares per day from approximately 950 thousand shares a day in the previous week, while average traded shares value increased by %7.27 to about $3.16  million from about $2.95 million in the previous week.
In aggregate, the Palestinian stocks gained $62.2 million, or %2.64, to increase the market capitalization of the shares at the end of trading week to about $2.419 billion from about $2.357 billion at the end of trading in the previous week.