Baffling developments and setbacks on the political front are affecting investors’ morale at the Palestine Securities Exchange (PSE), with volumes not even surpassing the 0.5 million-share mark. All in all, trading value barely totaled 450,000 Jordanian dinars ($635,000) as the Al-Quds Index was pushed down 1.75 percent to 187.35.
The Palestine Development and Investment Company (PADICO) share rose one percent to one dollar as approximately 0.37 million shares changed hands. The Arab Palestinian Shopping Centers (PLAZA) was the week’s biggest advancer, climbing to percent to one JD.
The Palestine Telecommunications Company (PALTEL), shed four percent to end the week at JD3.20, with only 54,000 shares traded. Similarly, the Arab Islamic Bank (AIB) also fell four percent to $0.51, while the Jerusalem Cigarette Company (JCC) retracted two percent to JD3.24.
Meanwhile, various agencies, with different objectives, are trying to help out the Palestinians and their economy. On the one hand, the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development approved a two million dollar grant for Palestinian hospitals. The resources will be used to deliver much needed medical equipment and repair damages at hospitals and clinics in the West Bank and Gaza Strip (WBGS).
On the other hand, a Memorandum of Understanding (MOU) was signed between the Palestinian National Authority (PNA), the United States Agency for International Development (USAID), and the United Nations Development Program/Program of Assistance to the Palestinian People (UNDP/PAPP) last month.
The MOU will grant the PNA six million dollars for the expansion of the USAID funded Job Opportunities through Basic Services (JOBS), which is a large emergency employment scheme aimed at alleviating poverty and improving access to basic social services in impoverished areas in the WBGS. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
