NABLUS, February 25, 2010 (WAFA)- Palestine Securities Exchange (PSE) registered a slight decline this week (February 21-25) , driven by the corrective movement on the various stocks listed in the market, and affected by the decline of Arab Stock Markets’ indices and the instability of global news.
Investors in PSE preferred to refrain from buying and sense the extent of correction impact in Arab markets, in order to take up their proper timing to buy in our local market and seize the appropriate prices to do so, where the declines this week were slight and unaffected by strong sales volumes to be an indication that the investors are convinced with the current prices and do not wish to liquidate their investments among those levels and prefer the neutrality and waiting.
Al-Quds index ended the week’s transactions at the level declining by %1.67 and closing at the level of 520.74 points, within trading of 2.45 million shares that valued $3.87 million. In another context, the Capital Market Authority issued a resolution to restructure Palestine Securities Exchange, in which to establish a private shareholding company under the name of Palestine Stock Exchange and another company under the name of Clearing and Depository, in furtherance of the principles of governance and transparency and in line with international standards to achieve market leadership of Palestine in the region.
Investment sector’s index declined by %1.94, affected by the descending of PADICO which in its turn dropped by %1.50 to end the week at the level of $1.31 through transactions of $0.85 million, it’s worth to mention that the board of directors had scheduled the initial appointment for the general assembly to meet on 16 May 2010. In the same sector, PIIC declined remarkably by %6.76 to close at the level of JD0.69 within medium transactions of $0.09 million, while UCI advanced by %1.52 ending the week’s trading at the level of $0.67 after transactions of $0.07 million.
Banking sector’s performance dropped when its index lost by %1.86, while ISBK vouched an active trading when its transactions value reached $0.53 million at the end of the week and closed stabling at the level of $0.86. In the same sector, BOP descended by %2.39 when it closed at the level of $3.67 among transactions that valued $0.34 million while PCB increased by %3.95 to close at the level of $0.79 within transactions that had not exceeded $39 thousands.
Services sector’s index ended the week’s transactions declining by %1.77, when PALTEL decreased by %1.93 and closed at the level of JD5.58 after transactions of $0.93 million. In industry sector, APC gained remarkably by %7.14 after weak transactions, in effect of the company’s board of directors’ recommendation to distribute profits of %18 to shareholders in the general assembly that will be held on March 8, 2010.
