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Sahem Weekly Trading Report [14-18/09[2014
Al-Quds Index declined in Palestine Stock Exchange PEX this week by 0.93% amid a significant lack of liquidity, to close in the red zone for the third week in a row, which the index tried thoroughly, to breakthrough main resistance levels over the 520 points, but the technical liquidity indicator couldn’t support the market trend. Regarding the leading shares, they have had the greatest impact on the decline of the index due to its incapability of strengthening around the beginning of September levels, and the returning of declining trend again. The anticipation remains in its routine phase in the PEX, but the relief sigh of the investors hasn’t survived in front of the rapid random sales- even with their small sizes- following the sensitive internal characteristics of the PEX and its activity drivers.
Regarding the blue-chips, the share of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization-topped the PEX in terms of trading value, to constitute 31.38% of the PEX total trading value. Accordingly, PADICO’s share traded in a price range of 3.27%, to close at the level of $1.57, down by 0.63% than its previous week closing. In terms of PADICO’s news, the board of directors BOD of the company held a meeting on 17/09/2014, whereby, discussed PADICO’s procession, future plans, its subsidiaries’ performance and any new updates on its projects. On the other hand, the largest company by market capitalization- Palestine Telecommunications PALTEL-, it traded in a price range of 2.96%, to close at the level of JD5.50; down by 1.61%; contributing 33.32% of the PEX total trading value during the week. Moreover, Bank of Palestine BOP- the largest bank by market capitalization- gained by 0.36% to close at the level of $2.81 through medium-sized trading. It is worth mentioning that the bank held a BOD meeting in 14/09/2014, whereby, discussed its business plan and the impact of the damages of Gaza Strip on the bank’s assets.
Among expectations and regarding the weekly substantial news of the listed company, The National Bank TNB announced the secondary subscription, starting from Wednesday 17/09/2014, until the end of the business day of Thursday 02/10/2014, pointing out that 25,000,000 shares, worth $25,000,000 were offered to the bank’s shareholders as registered on 27/08/2014, whereby, the shareholders have the right to subscribe by 50% of the total number of their owned shares with a $1 par value per share. This coincides with the extraordinary GA decision of raising the paid up capital from $50 million to $75 million. Moreover and within the substantial news, Palestine Mortgage and Housing Corporation PMHC called an extraordinary GA meeting in 28/09/2014, to discuss converting the company from a public shareholding company to a private shareholding company. On the other hand, The CEO of Palestine Electric Company PEC emphasized the company’s readiness to run the Gaza power station as soon as fuel is provided for its operation. This comes after halting the trading on PEC’s share since August 2014 due to the Israeli aggression on Gaza Strip and bombing the power station of the company.