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Al-Quds Index declines sharply following the Gaza war

2023-10-12

 Sahem Weekly Trading Report (08-12)-10-2023

In this week, Al-Quds Index witnessed sharp decline by 7.00% than the previous week, closing at 608.49 points, after trading in a relatively wide range. This followed a noticeable decline in the prices of blue-chips and others with the continuous Israeli aggression on Gaza Strip and the direct and indirect damages it causes on the listed companies and their subsidiaries, in which, Palestine Capital Market Authority PCMA requested from to disclose the nature of damages “ if found” to which they are exposed as a result of the Israeli aggression on Gaza Strip, with the importance of estimating the size of these damages and their expected impact on the financial and operational data. The PCMA has granted the companies till Thursday 19/10/2023 to estimate the damages. However, the declines were reflected in Palestine Stock Exchange PEX’s performance this week, as a reaction especially from small investors. However, there is no doubt that some long term investors are conservative to sell, due to their different investment decisions’ basis on one hand, and the lack of high- volume purchasing bids with acceptable prices on another hand.

Regarding the significant news and based on the decision of the Palestinian Capital Market Authority PCMA and according to a request by Palestine Electric Company PEC, the stock of PEC will be halted from trading on Palestine Stock Exchange PEX from Tuesday’s trading session 10/10/2023, due to the ongoing Israeli aggression on Gaza Strip, until further notice.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, the overall Consumer Price Index CPI for Palestine during September 2023 recorded a sharp increase by 1.37% compared with August 2023 (1.43% in the West Bank, by 1.01% in Gaza Strip, and by 1.41% in Jerusalem). On the other hand, the Palestinian CPI during September 2023 increased by 4.97% compared with September 2022 (5.60% in the West Bank, 4.60% Jerusalem, and by 3.17% in Gaza Strip).