Retail investors are finally showing their money at the Palestine Securities Exchange (PSE), as small transactions helped maintain improved trading activity. A little more than 0.37 million shares changed hands in deals worth almost 400,000 Jordanian dinars ($567,376), which allowed the Al-Quds Index to continue with its hike, this time climbing 7.51 percent to 166.83, reported Atlas Investment Group, a Jordan-based research firm.
The Palestine Telecommunications Company (Paltel) and the Palestine Development and Investment Company (Padico) were the week’s biggest advancers, rising by 10 percent and seven percent, respectively. Paltel closed at JD 2.96 as 55,800 of its shares traded, while Padico had 0.25 million of its shares change hands as it settled at $0.81.
Gaza Ahliea Insurance (GAIC) and National Insurance (NIC) saw their share of activity this week. GAIC climbed five percent to $1.71 while NIC rose by six percent to JD 2.05. The Jerusalem Cigarette Company (JCC) and the Palestine Real Estate Investment Company (PRICO) both advanced by two percent to JD 2.49 and JD 0.87, respectively. The only decliner of the week, the Arab Islamic Bank (AIB), fell 2% to US$0.52 as only 1,000 of its shares traded.
Meanwhile, the US State Department has requested $200 million from the US Congress to fund the Middle East Partnership Initiative (MEPI) for the year 2003. The program is designed to help Middle Eastern countries in areas such as education, boosting the economy and political reform. The request includes $50 million that will be directed towards support activities in the West Bank and Gaza Strip (WBGS), which are mainly aimed at alleviating the dire economic situation.
On the other hand, the Bush administration has decided to extend a nine billion dollar in loan guarantees to Israel, of which one billion dollars will be in the form of military aid, over the coming four years. In return, the US is demanding that Israel adopt a series of economic reforms. This scheme still requires congressional approval. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
