NABLUS, January 28, 2010 (WAFA)- The performance of global markets has reflected on Arab financial markets in the beginning of the week's transactions, pushing them to drop disproportionately; to make some of the general indices abandon new support levels which have been registered from the beginning of the year.
Some of the U.S economic indicators especially associated with the credit crunch and the unemployment level have a great impact on the global and Arab growing fears for the large countries' economies to enter new crises that would blow the financial markets again. On the Arab level, investors' compass hasn't stabilized to determine their direction, thus leaving the investors hope to hear positive news to rush to buy and build positions within the prevailing price levels, as well as the negative news were a motive to rapidly liquidate their portfolios waiting to buy in lower price levels, arguing that by their experiences in previous crises, which has created a kind of fluctuation in the Arab markets this week (24-28/01 2010).
Locally, Palestine Securities Exchange was excluded from the fluctuations supported by investors' confidence of current prices and companies' ability to overcome crises, when Al Quds index grew by %2.13 from the beginning of the year ending the fourth week's transactions with a decline of %1.57 closing at the level of 503.48 points, among an increase in transactions value by %54.71 to trade 3.18 million shares that valued $5.88 million.
Services sector's index declined by %1.75, affected by the descending of PALTEL by %2.00 when closed at the level of JD5.39 through trading of 0.24 million shares that valued $1.78 million to constitute about %30.30 from aggregate market trading value this week. It is worth to mention that PALTEL and ZAIN Group signed an agreement to launch the “One Network” service between Jordan and Palestine; also it has been decided to hold the company's board of directors' meeting on Jan 31, 2010 to discuss the financial results of 2009. AHC gained remarkably by %5.43 when it closed at the level of JD0.97 within active trading of $0.86 million, while GCOM lost by %3.06 and PEC decreased by %0.93 to close at the levels of $0.95 and $1.07 respectively.
Investment sector's index closed declining by %1.78, when PADICO retreated by %2.44 and ended the week's transactions at the level of $1.20 after trading 0.38 million shares that valued $0.46 million. In the same sector, PRICO rose by %1.27 and closed at the level of JD0.80 through transactions that valued $0.17 million, while UCI dropped by %1.52 to close at the level of $0.65 within transactions of $0.11 million.
Banking sector's index ended the week's transactions descending slightly by %0.15, when BOP decreased by %0.54 and closed at the level of $3.67 among trading of 0.32 million shares that valued $1.16 million. PCB earned remarkably by %4.11 closing at the level of $0.76 within medium transactions of $0.22, as ISBK also increased noticeably by %5.80 when it closed at the level of $0.73 at the end of the week's transactions.
