A draft of the new Palestinian Securities Law was presented last week. The directive has yet to be approved by legislators but covers many aspects of trading and dealing that were not spelled out previously.
Issues such as disclosure, Initial Public Offerings (IPOs), investment fund set up, bond issuance, fraud and insider trading are all addressed. If passed the law is expected to build a solid framework for the PSE, its constituent companies, and its investors.
Little enthusiasm and feeble volumes troubled the Palestine Securities Exchange (PSE) as it officially began its five-day trading week, reported Atlas Investment Group, a Jordan-based research firm.
The PSE will continue to administer one-hour trading session Sunday through Thursday. All in all, 0.64 million shares changed hands in deals worth 0.59 million Jordanian dinars as the Al-Quds Index climbed four percent to 190.69.
The Palestine Development and Investment Co. (PADICO) climbed six percent to $0.99, as a little more than 0.53 million of its shares traded, while the Palestine Telecommunications Comapny (PALTEL) rose to JD3.32.
The Gaza Ahliea Insurance Co. (GAIC) was the week’s biggest advancer, gaining nine percent, as it settled at $1.84. The exchange’s other insurance stock, National Insurance Company (NIC) climbed five percent to JD2.30. The Jerusalem Pharmaceutical Comapny (JPH) was the only decliner, falling three percent to JD4.35 with only 220 shares changing hands.
Meanwhile, the Palestinian Central Bureau of Statistics (PCBS) announced that the Consumer Price Index (CPI) for the West Bank and Gaza Strip (WBGS) had dropped 0.47 percent, from 138.46 in April, to 137.81 in May. The CPI had risen 5.25 percent year-on-year. Similarly, the index had climbed 12 percent from its September 2000 level. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
