NABLUS, February 11, 2010 (WAFA)- Palestine Securities Exchange’ index increased significantly during the week’s transactions, February 7-1, amid investors optimism of continuing the outstanding performance which has emerged since the beginning of the current year.
The flow of new liquidity has strongly supported the ascending of the indices through an active purchasing power on the shares of leading companies that enhanced the gains and constituted an essential leverage for the growth of Al-Quds index, driving it to achieve an increase of %3.83 closing at the level of 532.17 points, to break by that new resistance levels that turned into support points forming a cornerstone in the growth of the market in light of investors anticipation to the results of leading companies that were among the gainers, as the value of transactions in the market increased remarkably by %280.97 in effect of – unprecedented activism from a while- on the shares of the PALTEL and PADICO; transactions value reached $32.50 million.
The legal period for corporate disclosure of the preliminary data of the past year had paralleled with the Minister of National Economy’s approval of conversion Palestine Securities Exchange from private joint stock company to public shareholding, basing on the positive results that are represented in increasing the confidence of domestic and foreign investors in the Palestinian market and raising the number of listed companies; to become the second Arab stock market that takes this step in preparation for listing in the stock market.
Investment sector’s transactions recovered well when its index advanced by %5.77 by the leadership of PADICO, which in its turn gained remarkably by %8.20 to close at the level of $1.32 simulated by an active trading movement of $5.40 million that constituted %16.62 from gross market trading value, this came in parallel with the company’s announcement to hold a press conference on Feb 15, 2010 in order to announce its financial results of 2009 and future plans.
Services sector’s index ascended by %3.27, and the sector’s transactions also rose remarkably within executing an institutional transaction on PALTEL that had accounted for more than %50 from market aggregate trading value of the week; PALTEL closed at the level of JD 5.76 increasing by %3.78 after trading 2.95 million shares that valued 24.01 million.
It is worth to mention that Al Masri confirms confining the cooperation between Paltel and Zain on commercial campaigns denying other intentions outside this field, in response to what had been reported by media about reviving the merger with Zain.
On the other hand, AIG’s board of directors recommended to its general assembly distributing %16 profits (%12 cash and %4 stocks), it is worth to mention that AIG close at the level of $0.75 declining by %3.75, while ISBK witnessed a remarkable advance of %5.48 closing at the level of $0.77, accompanied with an increase in transactions to reach $0.70 million. In sequence of companies’ disclosures, VOIC announced a pretax income in 2009 of JD1.36 million with a growth rate of %46.87.
