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2018-09-27
Sahem Weekly Trading Report (23-27)-09-2018
Al-Quds Index continued its decline for the second week respectively, whereby, it closed at its lowest closing since June 2017 at the level of 532.15 points; down by 0.94% than its previous weekly closing level. After trading 1.80 million shares that worth $2.94 million. While the liquidity index of leading stocks and overall market was characterized by weakness, that may be due to enhance in the reservation among investors ahead of the financial disclosure for the first nine months of 2018, which will enter into the legal period, starting from the beginning of October. In terms of investors' expectations, varied degrees of optimism and pessimism about the financial results of listed companies for the period. Moreover, regarding the board of directors meetings, the BOD of Palestine Poultry Company AZIZA will be holding a meeting on 13/10/2018, whereby, will discuss the financial results as for 30/09/2018. In the same context, the BOD of Sanad Construction Resources SANAD will be holding a meeting on 03/10/2018, whereby, will discuss the financial results as for 31/08/2018. Moreover, the BOD of Wataniya Palestine Mobile Telecommunications WATANIYA will be holding a meeting on 01/10/2018.
Regarding this week’s trading, the stock of the largest investment company in terms of market capitalization - Palestine Development and Investment Company PADICO – topped the PEX when recorded trading value of $0.87 million, after executing institutional transaction on its shares worth 0.32 million shares. However, PADICO’s stabilized at the level of $1.30, without any change than its previous weekly closing level. In the same sector, Arab Palestinian Investment Company APIC stabilized at the level of $2.30, without any change than its previous weekly closing level, after trading value of $0.08 million Moreover, in the services sector, the stock of the largest company by market capitalization in the PEX – Palestine Telecommunication PALTEL – recorded trading value of $0.66 million. In turn, PALTEL stabilized at the level JD4.30, without any change than its previous weekly closing level. Moreover, in the banking and financial services sector, the stock of the largest bank by market capitalization – Bank of Palestine BOP -, it recorded trading value of $0.24 million, to close at the level of $2.40; down by 2.04% than its previous weekly closing level.
Regarding the significant economic news and according to the Palestinian Central Bureau of Statistics PCBS and the Palestine Monetary Authority PMA, the primary results of the International Investment Position IIP (external assets – foreign liabilities) for Palestine at the end of second quarter 2018 revealed that the net IIP amounted to about USD 1,492 million, which means that the Palestinian economy’s investments outside Palestine outweighs investments in Palestine from abroad. The resident cash deposits in foreign banks and foreign exchange in the Palestinian economy accounted for the bulk of the external assets, constituting 59.7% of the total value of external assets. In addition, the preliminary estimates at constant prices showed a decrease of 1.3% in Gross Domestic Product GDP in Palestine during the 2nd quarter 2018 compared to the 2nd quarter 2017, (increase 0.2% in the West Bank and decrease 6.1% in Gaza Strip compared to the 2nd quarter 2017). And it showed a decrease of 0.8% in Palestine compared to the 1st quarter 2018 at constant prices, meanwhile the base year is 2015. GDP for the 2nd quarter 2018 at constant prices was USD 2,560.9 million for the West Bank and USD 790.4 million for Gaza Strip.
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