After a conflict that has lasted almost three years, Palestinian and Israeli leaders met on Tuesday, July 1, 2003, in Jerusalem, to try and draw up a new peace plan. As a gesture of goodwill Israeli troops began to withdraw from the city of Bethlehem in the West Bank and from northern parts of the Gaza Strip, handing the areas over to the guardianship of the Palestinian police force.
The news gave the Palestine Securities Exchange (PSE) a boost, as traded shares’ value surpassed the 1.1 million Jordanian dinars ($1.55 million) mark, reported Atlas Investment Group, a Jordan-based research firm.
The Palestine Telecommunications Company (PALTEL) climbed six percent to JD3.40 as the company’s chairman, Zahi Khoury, held a press conference to discuss the latest developments. PALTEL, which plans to hold its annual general assembly in September, has been performing well, despite a drop in revenues, all thanks to its implementation of tight cost controls.
Khoury also added that the company’s network has suffered grave damages at the hands of the Israeli military, costing the company millions of dollars, but that it was PALTEL’s technical efficiency, which helped it remain in the black.
The Palestine Development and Investment Co. (PADICO) advanced four percent to $1.04 as more than 0.9 million of its shares changed hands. The Palestine Investment and Development Co. (PID) and the Jerusalem Cigarette Co. (JCC) followed suite, with rises of seven and six percent, respectively. PID ended the week at JD0.48, while JCC closed at JD3.45.
Al-Quds Bank for Development and Investment (QUDS), Gaza Ahliea Insurance (GAIC) and the Arab Palestinian Shopping Centers (PLAZA) all witnessed a two percent rise. QUDS, with 20,000 shares traded, closed at $0.88, while GAIC and PLAZA settled at $1.90 and JD1.02, respectively.
Meanwhile, the United States has announced that it will grant the Palestinians a $30 million aid package as a reward for their efforts in pursuing an aggressive reform agenda. The funds will go to repair roads, water works and other infrastructure in the West Bank and Gaza Strip (WBGS) that were damaged by Israeli army incursions in the past thirty three months. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
