Activity recently picked up at the Palestine Securities Exchange (PSE) as around one million shares changed hands in deals worth 1.67 million Jordanian dinars ($2.36 million), figures the exchange had not seen for a while. The Al-Quds Index consequently rose 2.99 percent to 171.81 as all traded companies advanced, reported Atlas Investment Group, a Jordan-based research firm.
The Palestine Telecommunication Company (Paltel) captured more than 70 percent of total value traded as it climbed 1.35 percent to three Jordanian dinars. The Palestine Development & Investment Company (Padico) and the Arab Islamic Bank (AIB) both increased by around five percent, to reach $0.85 and $0.55, respectively.
Jerusalem Cigarette (JCC) was the biggest gainer as it climbed 15.26 percent to JD2.87. National Insurance (NIC) witnessed a slight rise despite thin trading, as it closed at JD 2.06. Palestine Real Estate Investment (PRICO), on the other hand, advanced by 3.45 percent to end the week at JD 0.90.
Meanwhile, according to the director of the East Jerusalem Chamber of Commerce and Industry, the new Israeli economic plan proposed by Minister of Finance Benjamin Netanyahu will harm the Palestinian residents of East Jerusalem.
Middle and low-income earners will be affected most as their purchasing power has been at a steady decline, mainly due to the demise of tourism, shortage of revenue and heavy taxation. As employment in that part of the city dwindled to an unprecedented level of 25 percent, the Israeli residents of Western Jerusalem benefited from more tax breaks and a better business atmosphere. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
