NABLUS, February 4, 2010 (WAFA)- The first month of the new year had ended, which can be considered a lost month in an attempt of the markets to retain a painful decline that began with the surfacing of the global economic crisis, liquidity is still reserved by investors in which reflected negatively on the performance of Arab markets last month, now stocks are in need for market makers and new traders to rebalance after the exit of foreign portfolio and the absence of the local funds role, and to create trading activity to lift the markets out of their silence and strengthen the investors' confidence to invest in the financial sector again.
This week, (31/01-04/02) Arab markets and Palestine Exchange felt melody to rise again - although a weak rhythm - now the green tones dominate the ears of traders and feed their ambitions for fulfilling gains, financial markets ascending was driven by the flow of new liquidity that changed the direction of indices and purchasing transactions carried out by investors on carefully selected stocks, though scattered by corrective profits taking wave from one period to another, but did not prevent the Arab financial indices and Al-Quds index of their quiet ascending journey.
Palestine Securities Exchange performance was similar to Arab Market's, where Al-Quds index gained by %1.80 to close at the level of 512.56 pints amid a growth in transactions value in parallel to the beginning of companies to disclose their annual financial results, to trade 2.76 million shares that valued $8.53 million.
Services sector's index advanced by %2.55, simulated by the increase of PALTEL which earned by %2.97 when ended to close at the level of JD5.55 after active transactions of $5.54 million, to constitute approximately %65 from gross market trading value for the week. It is worth to mention that the company's board of directors which held its meeting at the end of last month, had approved the appointment of Mr.Ammar Aker as the CEO of PALTEL Group in order to transfer 'JAWWAL' experience and generalize it on the other group's companies. In the same sector, PLAZA announced its annual financial results for the year ended 2009, where it indicated a pretax income of JD0.33 million compared to 2008, the company's share closed at the level of JD0.70 declining by %4.11 versus its previous weekly closing.
Investment sector's index increased slightly by %0.62, when PADICO gained by %1.67 and closed at the level of $1.22 within medium transactions of $0.99 million. In the same context and in a workshop that had been held in Ramallah to discuss PADICO's experience and new strategy, the CEO Samir Hlieleh pointed out to PADICO's trend in the coming phase to invest in the sectors of infrastructure, water and wastewater, solid waste recycling and agriculture and tourism, and real estate in Jerusalem. In the same sector, PIIC gained remarkably by %6.06 to close at the level of JD0.70 after transactions that hadn’t exceeded $30 thousands.
On the other hand, Bank of Palestine and the International Finance Corporation (IFC) signed a consulting service convention to strengthen risk management and corporate governance system.
Under the agreement, the International Finance Corporation will develop the structure, systems, procedures and methods of risk management to assist the bank to attract investments and improving banking services. Also National Insurance Company announced its preliminary annual financial results of 2009, to indicate a pretax income of $5.42 million. While the company's board of directors recommended to the general assembly that will be held on March 25, 2010 to distribute profits as of %25 stocks dividends and %20 cash dividends to the shareholders.
