The Palestine Legislative Council (PLC)’s unanimous vote to create the post of Prime Minister in the Palestinian Government seems to have blown some fresh air into the Palestine Securities Exchange (PSE).
For the first time in months, the number of shares that changed hands through regular transactions jumped beyond the 500,000 million-share level, all with a value of 57 million Jordanian dinars ($80.3 million), reported Atlas Investment Group, a Jordan-based research firm.
The Al-Quds Index consequently advanced two percent to 146.49, as 10 of the exchanges listed companies traded. The Palestine Telecommunications Company (PALTEL) finally managed to climb three percent to JD 2.48, as volumes improved. The Palestine Development and Investment Company (PADICO) also managed an increase, of one percent, as it ended the week at $0.70, however it did not witness any major bloc deals.
The Arab Palestinian Shopping Centers Company (PLAZA) captured a large chunk of the activity as more than 0.28 million of its shares traded. Nevertheless, the stock retracted by one percent to JD 0.89. The Arab Hotels Company (AHC) saw 0.1 million of its shares change hands as the company held on to its position of JD 0.78. Similarly, the Gaza Ahliea Insurance Company (GAIC) stayed put at $1.71.
Arab Real Estate Establishment (ARE) was the week’s biggest decliner, falling nine percent to JD 0.81 as 10,100 of its shares traded. The National Insurance Company (NIC) also shed some weight, falling five percent to JD 1.95 as 33,350 shares changed hands.
According to the Palestinian Central Bureau of Statistics (PCBS), the Consumer Price Index (CPI) rose 0.18 percent in February 2003 to reach 135.52, in comparison with January’s 135.27. The index also managed to top last February’s level by 5.6 percent, while at the same time rising by 10.30 percent vis-a-vis the September 2000 figure. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
