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Al-Quds Index below the 600 points level with the continuation of Gaza War


 Sahem weekly trading report (15-19)-10-2023

In this week- with four trading sessions- Al-Quds Index continued to decline, decreasing below the 600 points level, to record 581.48 points; down by 4.44% than the previous week. While the price of the leading stocks and other listed companies’ stocks continued to severely decline in this week as well. This mainly resulted from the continuous Israeli aggression on Gaza Strip in the last quarter of the year. Where the war still causes direct and indirect damages on the listed companies and their subsidiaries. Regarding the liquidity indicators, they were relatively weak, influenced by the investors’ conservatism.

Regarding a report issued by Palestine Central Bureau of Statistics PCBS, it showed that the continuation of the Israeli war on Gaza Strip for a month and the extension of its effects over the following two months, in addition to the accompanying repercussions on the economy in the West Bank, will lead to a decline in the GDP of Palestine in 2023 at an estimated value of $500 million, which is equivalent to 3% compared to 2022, though the Palestinian economy was supposed to achieve a growth of 3% in the same year, as a result of the cessation of daily production wheel in Gaza Strip. Also, the report showed that the recent Israeli war on Gaza Strip will lead to a retrogression in the Palestinian economy during the second half of 2023, as the expected daily loss of production value in Gaza Strip is estimated to be $16 million as a result of the cessation of production wheel for all economic activities other than losses in properties and fixed assets. Whereby, during 2023, it is anticipated that there will be a decline of 5% in per capita income and to be accompanied by a decline of 1.2% in consumption level in Palestine as a result of Israeli war on Gaza Strip and its repercussions on Palestine, and thus leading to raising poverty levels in Palestine. At the level of labor forces, Palestine is experiencing a regional gap in unemployment rates. In 2022, the unemployment rate in the West Bank was about 13.1% and in Gaza Strip about 45.3%. The unemployment rate declined in the second quarter of 2023 to 24.7% compared to 25.2% in the first quarter of this year. Unemployment rates are estimated to increase from being 25.5% in 2022 to exceed 28% in 2023 as a result of the Israeli war on Gaza Strip and its repercussions on Palestine as a whole. Nonetheless, the most recent and the ongoing Israeli war on Gaza Strip is expected to increase inflation rates in Palestine over the coming period. Furthermore, estimates show that the increase in the exchange rate of the USD against the New Israeli Shekel (NIS) by 1% will increase inflation rates by 1.6%.


Al-Quds Index continued to decline amid lack of general incentives

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JCC approves distributing 10% cash dividends for the year 2023



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