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2022-06-09
Sahem Weekly Trading Report (05-09)-06-2022
In the second week of June, Al-Quds Index traded at its highest levels since years after the increase that the blue-chips – with heaviest weights and effects on Al-Quds Index- witnessed, to close at 669.95 points; up by 2.06% than the previous weekly closing level. While Palestine Stock Exchange PEX witnessed in this week executing several transactions on the listed companies. Where several transactions of about 6.67 million shares were executed on the stocks of the National Bank TNB. While, with the end of June, the PEX enters a new anticipation routine, which is waiting the semi-annual financial data disclosures. Whereby, the PEX grants the listed companies 45 days by the end of June to disclose their semi-annual data.
Regarding the significant news, Palestine Stock Exchange PEX has launched Al-Quds Islamic Index that comes in implementation of the general strategic plan of Palestine Capital Market Authority PCMA for the years (2021-2025) regarding developing of an ecosystem for Islamic financial services in Palestine. The Index includes 13 listed companies with total market capitalization of around $781 million from all market sectors. The listing on the Islamic Index follows several terms, including: the companies that have a Sharia committee with binding decisions, or companies with Shariah-compliant activity, or companies with mixed activities whose objectives are Shariha-compliant, but have activities that are not Sharia- compliant, along with the following criteria: the total amounts of borrowed money with interest should not exceed 30% of the total assets, the total amounts of invested/deposited money with interest should not exceed 30% of the total assets, revenues that are not compliant with Islamic Sharia shall not exceed 5% of total revenues, and expenses that are not compatible with Islamic Sharia should not exceed 5% of the total expenses. However, several companies cannot be included in the Index such as: traditional banks that are characterized by an activity that does not comply with Islamic Sharia in terms of lending and borrowing with interest, traditional insurance companies, traditional financing companies, and companies whose objectives include activates that violate Shariah Standard number (21) (Securities-Stocks and Bonds). In addition to distressed companies, doubtful continuity companies, companies that are suspended from trading, or in process of conducting a merger, or similar action.
Regarding the economic Indicators and According to the Palestinian Central Bureau of Statistics PCBS, the overall Industrial Production Index IPI in Palestine reached 98.63 during April 2022 which indicates a sharp decrease of 11.04% compared to March 2022 (Base Year 2019). IPI for April 2022 decreased due to the sharp decrease in the activities of manufacturing industry by 11.23% which had a share of 87.89% of the total industry, the activities of mining and quarrying by 11.15% which had a share of 2.89% of the total industry, the activities of electricity, gas, steam and air conditioning supply by 10.35% which had a share of 7.38% of the total industry, and the activities of water supply, sewerage, waste management and remediation by 7.74% which had a share of 1.84% of the total industry.
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