The Palestine Securities Exchange (PSE) got a surprise boost as the Palestinian Prime Minister Mahmoud Abbas met with US President George Bush in Washington. Investors, however, are still awaiting to see palpable results to the slowly progressing peace process.
All in all, almost two million shares, worth 1.7 million Jordanian dinars ($2.39 million), changed hands as the Al-Quds Index advanced by one percentage point to 189.47, reported Atlas Investment Group, a Jordan-based research firm.
The Palestine Development and Investment Co. (PADICO) was the main reason behind the market’s improvement. Nevertheless, the 1.8 million shares that were traded failed to give the stock’s value a push, as PADICO fell two percent to $0.98.
The Palestine Telecommunications Co. (PALTEL), on the other hand, climbed two percent to JD3.25 as 0.12 million of its shares managed to trade. The Jerusalem Cigarette Co. (JCC) was the week’s biggest advancer, giving shareholders a pleasant surprise as the stock hiked 16 percent to JD3.65.
The Vegetable Oil Industries Co. (VOIC) followed suite, advancing 12 percent to JD1.89 thus allowing investors to recoup last week’s losses. The Al-Quds Bank for Development and Investment (QUDS) posted its 2002 year-end results, which showed a $3.9 million loss.
The shortfall was mainly due to a four million dollar credit facilities provision that was taken in 2002. The bank’s assets have also taken a beating, shedding 11 percent to total $80.4 million.
In the meantime, Palestinian Minister of Economy and Trade, Maher Masri, announced that the European Union intends to begin implementing various support programs to help Palestinians in the West Bank and Gaza Strip (WBGS) as part of a 10 million euro aid package.
The said grant will be managed by the Palestinian Monetary Fund, which will offer long-term loans with competitive, low interest rates. The minister also mentioned that the current dire situation and the damages caused by the Israeli army incursions are on the agenda for discussion at the upcoming donor countries meeting, which will take place in Brussels this month. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
