NABLUS, January 7, 2010 (WAFA)- Quietness that is preponderant to slight ascending dominated the Arab Stock markets this week, among investors anticipation for companies disclosures of last quarter for the previous year, where most of them had changed their financial positions based on their expectations on the extent of how different companies in the markets had been affected by the economic crisis; to be the horizontal nature as the performance dominant.
In spite of the smooth transactions, markets had not been also away from short term trading trend by targeting low value and strategic stocks to achieve rapid gains that grant markets an activity within narrow price levels channels. On the other side, several markets indices had broken strong resistance levels in the beginning of the week, which gave positive signals on the possibility of continuity of growth promoters for the newborn recovery.
In the same context, Palestine Securities Exchange(PSE) index broke through the psychological level of 500 points during the week's (03-06/01/2010) transactions, to close at the level of 504.05 points rising by %2.24 in effect of trading 2.12 million shares that valued $3.81 million. It is worth to mention that the PSE had modified the sample of companies involved in calculating Al-Quds index, to exclude PRICO and JCC and insert WASSEL and PIIC, where the market movements will be more represented by the index.
In the services sector, PALTEL vouched an active trading with the presence of purchasing power, simulated by concentration of -short term unprecedented demands- within high price levels, to end the week's transactions earning by %5.06 at a new level that had not been reached from a while which is JD5.40, to lead the services sector's index to gain by %4.69 and constitute by that the main leverage to Al Quds index this week.
Trading volume on PALTEL reached 0.17 million shares that valued $1.26 million, to constitute approximately %81 from sector's transactions value. GCOM's performance was opposed to sector's performance when it declined by %4 to close at the level of $0.96 within medium transactions of $0.20 million.
Investment sector's index increased slightly by %0.67, when PADICO had rose by %1.68 and closed at the level of $1.21. On the other hand, and within company's investment restructuring plan that had been approved by the board directors last year, PADICO has transferred its direct control of most of its industrial investments to Palestine Industrial Investment company PIIC which is specialized in this area, to form a powerful investment arm for PADICO in the industrial sector that oversees and manages investments of the group with one vision and coherent strategy. PRICO declined by %2.47 to close at the level of JD 0.79 within transactions that valued $0.14 million.
Banking sector's index dropped by %1.94 affected by the descending of BOP by %2.67 which closed at the level of $3.65 within transactions of $0.73 million, QUDS also declined by %3.31 to close at the level of $1.17 after transactions that valued $0.17 million, while ISBK experienced no change when it ended the week's transactions at the level of $0.70 through trading 0.23 million shares that valued $0.16 million.
