Home Archive 23/March/2017 04:17 PM

Palestine Exchange closes the week’s trading at a rise

NABLUS, March 23, 2017 (WAFA) - A total of 118,815 shares were traded on Thursday at the Palestine Exchange (PEX) with a value of $234,980.56 executed during 96 transactions to bring Al-Quds Index up by 1.24 points (0.23%) compared to the last trading session to close the week at 538.53 points, according to the daily PEX report.

Shares of 20 companies were traded; share price increased in 9 companies and decreased in four others.

The top five gainers were GUI by (4.97%), PRICO by (2.13%), BPC by (1.86%), GMC by (1.85%), JCC by (1.33%), while the decliners included: ABRAJ by (-4.17%), RSR by (-3.57%), TNB by (-2.11%), PIIC by (-0.9%).

Sahem Trading and Investment Company said in its weekly report on the market activity that the blue-chips witnessed active trading this week, supported by executing an institutional transaction of 1.20 million shares on the stocks of the largest investment company by market capitalization - Palestine Development and Investment (PADICO) - to top the trading value of Palestine Stock Exchange by 32.05%.

The stock of the largest bank by market capitalization - Bank of Palestine (BOP) - followed by 22.07%, and then came the stock of the largest company by market capitalization - Palestine Telecommunications (PALTEL) by 16.32%.

Sahem said that after companies started distributing dividends on shareholders, stocks will witness an automatic decline in price in the days that follow the distribution decision date by a percentage that approximates its dividends yield in order to meet the equivalent price.

The investment company also said the Arab Palestinian Shopping Centers (BRAVO) is going to convert from a public shareholding company to private shareholding company.

As a result, trading was halted on the company’s stocks beginning from Wednesday in preparation to delist it from the PEX.

On another hand, the subscribed capital of Palestine Plastic Industrial Company LADAEN was reduced by 90%, from 7 million to 700,000 shares, to cover the accumulated losses of the company.

M.K.

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