RAMALLAH, June 25, 2011 (WAFA) – World Federation of Exchanges (WFE) Saturday decided to upgrade Palestine Exchange (PEX) membership from a correspondent to an Affiliate member. 

WFE approved PEX request to upgrade its membership, during a WFE board meeting following the latest developments in stock field, as a step to enhance the contribution of the local stock to generate a Capital in the area.

Chairman of Palestine Stock Exchange, Rami Hamdallah, praised WFX decision, which presents an important leap for Palestine Capital market sector and a positive indicator of the stock’s commitment to international standards.

This decision came following the major developments in Capital market in general and in Palestine Stock Exchange in particular.

Ahmed Oweida, chief executive officer of the Palestine securities exchange, stressed the importance of this decision and considered it a step to attract global institutional investors to Palestine Capital market.

He said that this is an important step to grant WFE full membership, which will encourage local and international investors to invest in the Palestinian stock market and develop additional financial instruments to meet investors needs.

Palestine stock will be able now to participate in the next annual WFE meeting, which will be held in Johannesburg in South Africa.

M.H./F.R.