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PSE in a week... British Fund completes the purchase of Palestinian shares of five million dollars

2009-06-22
Jafar Sadaqa wrote:

Three factors contributed to the decline in the index of Palestine Stock Exchange last week, first: the completion of the British fund"s purchase of several leading companies shares, and the second: what the media reports on the uncertainty of the Jordanian Telecommunications Regulatory Commission on the integration of ZAIN Jordan in  PALTEL, which reduced the demand on PALTEL and led to decline significantly, and third: selling transactions and closing positions to take profits to benefit from the increase that continued for two weeks. The most important factor, as witnessed in the market over the past three weeks is the active transactions of foreign funds, including British one that allocated 5 million dollars to invest in the Palestinian market, and targeted over the three weeks the leading shares, particularly: Bank of Palestine BOP, and Palestine for Development and Investment PADICO, and with the completion of these purchases over the last week, the two shares and in particular BOP vouched an increase in the offers over demands, leading to a decline in the last sessions of Monday and Tuesday in the last week to the limits down, and continued to decline at the next two sessions but in a lower rate.