NABLUS, April 1, 2010 (WAFA)- Positive news has been reported this week (March 28-April 1) about the near recovery of Dubai’s debt crisis that affected the economies of the region as a whole.
Most of regional markets ended the first quarter of 2010 with gains comparing to the end of the previous year, to dispel the negative image about the financial crisis and its impact on the investor’s psyche, and crystallize a state of optimism towards the future derived from the confluence of the elements of global economic recovery and the absorption of investors fear from new crises.
Al-Quds index in Palestine Securities Exchange also ended the first quarter’s transactions with an increase of %2.06, while the index has reached the level of 532.65 points during this period in which registered the highest increase.
But this week, Al-Quds index has reduced some of the generated gains since the beginning of the year, affected by the justified decline of the leading share of Palestine Telecommunications Company (PALTEL) after the meeting of the general assembly that approved the distribution of cash dividends to shareholders, in which Al-Quds index descended at the end of the week by %3.97 closing at the level of 504.84 points through trading of 2.77 million shares that valued $4.53 million.
Services sector’s index declined remarkably by %7.21, affected by the descending of PALTEL which in its turn lost by %8.13 when closed at the level of JD5.20 in effect of trading 0.18 million shares that valued $1.32 million; it is worth to mention that the company approved in its general assembly meeting on 28/03/2010 to distribute cash dividends of %35 from the share’s par value. In the same sector, GCOM declined by %5.26 to close at the level of $0.90 through transactions that hadn’t exceeded $3,500; as the company’s board of directors agreed to hold an extraordinary general assembly on 15/04/2010 in order to adjust the company’s capital to $15 million, while AHC gained by %4.65 and closed at the level of JD0.90 after transactions of $0.05 million.
Investment sector’s index earned by %0.58; when PADICO rose by %1.54 and closed at the level of $1.32 after trading of 1.37 million shares that valued $1.79 million to constitute %39.50 from gross market trading value. In the same sector, UCI decreased remarkably by %9.21 to end its transactions at the level of $0.69 through transactions of $60 thousands; noting that the general assembly of the company approved distributing cash dividends of %7.50 from par value as of 30/03/2010, while PIIC advanced by %3.90 closing at the level of JD0.80 after medium transactions of $0.30 million, and the company called to hold its general assembly on 25/04/2010.
Banking sector’s index increased slightly by %0.33; when BOP ended the week’s transactions at the level of $3.68 advancing by %0.27 through transactions of $0.18 million, it is worth to mention that the bank will convene a board of directors meeting on 12/04/2010. In the same sector, AMB stabled at the level of $0.87 after transactions of $0.14 million, while ISBK increased noticeably by %6.10 and closed at the level of $0.87 after transactions of $0.25 million and the bank disclosed purchasing the portfolio of Al Aqsa Islamic Bank on 01/04/2010 which in its turn has been decided to be liquidated in its general assembly in 31/03/2010.
