NABLUS, December 24, 2009 (WAFA)- Profit taking casts its shadow on Arab markets and Al Quds index declines slightly.
Most of the Arab Market indices had fluctuated as the end of the current year approaches, within medium selling transactions that dominated most of these markets among investors aspiration in profit taking, portfolios restructuring and new position building to prepare for the next year, in addition to credit redemption for financial institutions to meet the desired financial leverage within what is described by analysts by 'Financial statements refining', where last trading sessions of the financial year are characterized with the sale of profitable investments to be reflected in the income statement, and rebuilding buy positions based on their investments analysis and expectations for the next year.
Arab Markets decline came adverse to what had been published of positive news that may dispel investors' fear regarding Dubai World's debt, where the Minister of Economy of the UAE announced that the emirate of Dubai, which more of its debt due in 2010 may receive more aid from either the federal government or Abu Dhabi to meet operating and interests expenses to guarantee the continuity of the major projects.
In the same outline, DFM announced its offer for Nasdaq Dubai and Borse Dubai to acquire %100 of Nasdaq and the transaction is waiting for regulatory commissions' approval. It is common knowledge now that the correlation in performance between the PSE and Arab markets had rose, where Al Quds index declined by %1.08 to close at the level of 486.01 points, while trading value rose by %23.75 within executing several institutional transactions on the leading shares, to trade 3.94 million shares that valued $10.22.
Investment sector was the most declining, when its index lost by %1.47 affected by the drop of PADICO by %1.67 which closed at the level of $1.18 among horizontal likely transactions of 0.71 million shares that valued $0.84 million. In the same sector, UCI rose by %3.13 to close at the level of $0.66 within noticeable transactions of 0.18 million shares that valued $0.12 million, while PRICO dropped by %3.85 and closed at the level of JD0.75, as for PIIC it had stabled at the level of JD0.70.
Services sector's index descended by %1.24, affected by PALTEL's drop of %1.54 when it closed at the level of JD5.11 among active transactions of 0.41 million shares that valued $2.97 million. It is worth to mention the assurance of Palestinian Telecommunications' assurance of promote the commercial cooperation with ZAIN away from the terminated merger deal. In the same sector, PEC gained by %2.00 this week within a medium transactions of $0.11 million to end its last trading session at the allowed limit up of $1.02. GCOM experienced no change when closed at the level of $1.01, where the share had touched the level of $0.95 to register its low price since its listing within transactions of $0.06 million, while WASSEL declined by %1.69 to close at the level of JD0.58.
