Palestine Securities Exchange drops as renewed peace process falters
Instability loomed once again on the Palestinian territories, as Israeli military attacks targeting the Gaza Strip provoked retaliations that might prove detrimental to the renewed peace process. The Palestine Securities Exchange (PSE), which picked up momentum on Tuesday, June 10, found itself entangled in the sharp decline that ensued.
A little more than 0.5 million shares changed hands in deals worth 0.58 million Jordanian dinars, as the Al-Quds Index fell seven percent to 183.2. Meanwhile, the PSE has issued a draft securities law, reported Atlas Investment Group, a Jordan-based research firm.
The Palestine Development and Investment Company (PADICO), together with the Palestine Telecommunications Company (PALTEL), captured 97 percent of the trading volume. PADICO shed seven percent as it leveled off at $0.93, while PALTEL suffered an eight percent loss, closing at JD3.20.
The Arab Palestinian Shopping Centers (PLAZA) held on to its JD0.98 position with its 14,000 shares traded. Meanwhile, the Palestine Investment and Development Company (PID) was the biggest advancer, enjoying a five percent gain as it ended the week at JD0.46.
The Palestine Securities Exchange (PSE) was incorporated as a private shareholding company in early 1995, with the Palestine Development & Investment Company (PADICO) and (SAMED) as its major investors. — (menareport.com)
© 2003 Mena Report (www.menareport.com)