PSE News

 

  Arab Bank achieves increase in profits by 27% in six months
Aug , 26 , 2012  
  Arab Bank achieved during the first six months of the year, about 197 million Jordanian dinars, compared to 155 million dinars in the same period of last year, an increase in profits of 27%, while achieved in the second quarter of the year to 105.316 million dinars, compared to 75.53 million dinars in same period last year, an increase in profits of 39.4%.
 

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  "PICO" reduce its losses to 316 thousand dollars in the first half
Aug , 26 , 2012  
  Announced "Palestine Insurance" for its financial statements for the six months ended June 30, 2012, which showed a net loss amounted to 315.87 thousand dollars, compared with a net loss of 363 thousand dollars in the same period last year, making it the company has reduced its losses by 13%. The total premiums written during the first half of this year, about 3 million versus $ 5.94 million during the first half of last year dropped by 49.6%.
 

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  Al-Quds Index ends -0.46% Lower
Aug , 23 , 2012  
  The 'Al-Quds Index' closed at (433.24) points, a (-2.01) points (-0.46%) decrease compared to the last trading session. A Total of 187,753 shares were traded with a value of (384,442.56) USD, executed during (129) transactions. Shares of (20) companies were traded, share price increased in (5) companies whereas decreased in (5) companies. Top five gainers: NIC by (5%), PIIC by (4.92%), AIG by (4.55%), JCC by (2.78%), TIC by (0.99%). Top five decliners: PRICO by (-2.9%), PADICO by (-2.17%), GMC by (-1.32%), TRUST by (-1.06%), PALTEL by (-0.65%).
 

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  Palestine banks come to Dubai
Aug , 23 , 2012  
  BANK OF PALESTINE (BoP), the first and largest bank in Palestine, will set up an overseas representative office in Dubai by 2013. The bank plans to open a similar representative office in Chile this year. With its 200,000-strong Palestinian community, sophisticated banking system and ease of setting up business, “Dubai is a natural choice for the bank,” said Hashim Shawa, chairman and general manager, BoP. “Due to the onset of the Arab spring and uncertainty in global markets, Dubai stands out as a safe haven for us. The city has a thriving Palestinian community, who already make up three per cent of the bank’s shareholder base, and it also has strong trade and business linkages with Palestine.” Shawa also bears testament to the fact that Dubai is a relatively easy market for foreign companies to set up business, “It’s a simple ‘plug-and-play’ model. “We’re following a model in Dubai that is similar to that adopted by Indian and Lebanese banks here.” The bank will initially offer transactional products and services to customers, like savings accounts, remittance services, listed equity funds and mortgages to expat Palestinians looking for a holiday home in Palestine. “We aim to get a banking license in Dubai by 2015, and will then further extend our offerings,” added Shawa. He hopes that in the meantime the representative office will gain enough local know-how to operate on a wider scale. BoP aims to expand to other markets, including Qatar and Jordan, in order to target the global Palestinian diaspora of around 7.5 million. “We bought a stake in Invest Bank in Jordan to reaffirm our loyalty to that market. We also think that Qatar’s economic growth is impressive and it is a good financial centre.” For similar reasons, BoP chose Chile as its first overseas office, “Chile has the largest number of Palestinian’s outside Palestine, touching around half a million. It also has a regulated and stable economy.” Shawa is confident that these foreign offices will meet a pent-up demand of the Palestinian expat community, “Local Palestinians are missing a vehicle with which to engage expat Palestinians, and we act as a medium in that regard.” This point is further reiterated by the recent success of Dubai’s first equity fund focused on Palestine. Rasmala Investment Bank launched the Rasmala Palestine Equity Fund, in partnership with BoP and other institutions. It targets stocks listed on the Palestine Stock Exchange. The fund has raised $37 million since its inception in May 2011. It’s no surprise then that Shawa believes that many Palestinian companies in Dubai – most of which are in the construction and real estate space – as well as UAE-based companies, are looking for investment opportunities in Palestine, “A lot of them, like Abraaj Capital, have even set up offices there.” They may not be the only ones. Many experts, including Mark Mobius, manager of Templeton Emerging Markets, consider Palestine an attractive market to invest in. The World Bank’s 2011 Doing Business report ranks the West Bank and Gaza ahead of Egypt, Jordan, Lebanon and Syria on some indicators, including taxes and investor protection. According to the International Monetary Fund (IMF), Palestine’s real GDP growth in 2011 continued at a high pace of about 9.5 per cent, underpinned by Gaza’s strong recovery. Though unemployment has declined, it’s still high: 17 per cent in West Bank and 29 per cent in Gaza. Inflation stands at around three per cent. Palestine’s top economic adviser, Mohammad Mustafa, states that the economy can even grow 20 per cent annually, if peace is established. Established in 1960, BoP has a current paid-up capital of $134 million and assets of over $1.65 billion.
 

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  Al-Quds Index ends 0.33% higher
Aug , 22 , 2012  
  The 'Al-Quds Index' closed at (435.25) points, a (1.45) points (0.33%) increase compared to the last trading session. A Total of 282,804 shares were traded with a value of (366,498.75) USD, executed during (110) transactions. Shares of (13) companies were traded, share price increased in (4) companies whereas decreased in (2) companies. Top gainers: PADICO by (2.22%), UCI by (1.52%), ISBK by (1.22%), WATANIYA by (0.89%). Top decliners: TIC by (-0.98%), BOP by (-0.38%).
 

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  Al-Quds Index down 0.47% over the week
Aug , 16 , 2012  
  Quds Index closed this weekend at 433.80 points, down 2.07 points (0.47%) from the previous week's close. 5 sessions were held trading on the Palestine Exchange during the week during which 855.177 shares traded worth $ 2060367 executed through 557 contracts. Was trading 25 companies out of 48 companies listed 7 companies witnessed a rise in share prices, in contrast prices of shares of 12 companies and settled shares of 6 companies.
 

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  Profits "PEC" amounted to $ 6.7 million in the first half, down 0.16%
Aug , 16 , 2012  
  The company announced "PEC" for its financial statements for the six months ended June 30, 2012, which showed the company has achieved a net profit of 6.73 million dollars, compared with a net profit of 6.74 million dollars in the same period last year, making it the company has recorded decline in profit the first half 0.16%. The company PEC has made a net profit of $ 3.5 million in the first quarter ended March 31, 2012 compared to a net profit of $ 4.03 million in the same period of last year, making it the first-quarter profit fell by 12%
 

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  "WASSEL" contraction of losses in the first half by 87%
Aug , 16 , 2012  
  Declared "Palestinian Distribution and Logistics" for its financial statements for the six months ended June 30, 2012, which showed the company has achieved a net loss of 87.7 thousand dinars, compared with a net loss of 686.3 thousand dinars in the same period last year, making it the company has reduced its losses in the the first half increased by 87.2%. As for the three-month period ended June 30, 2012 during which the company has recorded a net loss of 263.5 thousand dinars, compared with a net loss of 675.2 thousand dinars in the same period of last year to reduce its losses in the second quarter by 61%
 

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  "ISBK" turn to profitability in the first half net profit of $ 2.8 million
Aug , 16 , 2012  
  Declared "Palestine Islamic Bank" for its financial statements for the six months ended 30 June 2012 and which showed achieve Bank net profit of $ 2.8 million compared with a net loss of 642 thousand dollars in the same period last year, making it the bank may shift to profitability first half . The Palestine Islamic Bank had achieved a net profit after tax amounted to $ 4,034,147 in 2011, compared with a net profit after tax by $ 1,594,453 in 2010 an increase of 153%.
 

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  "JREI" losses incurred $ 82.6 thousand in the first half of the year 2012
Aug , 16 , 2012  
  Declared "Jerusalem real estate investment" for its financial statements for the six months ended June 30, 2012, which showed the company has achieved a net loss of 82.6 thousand dollars, compared with a net profit of 115.1 thousand dollars in the same period last year, making it the company had wandered to the loss in half first. The company was Jerusalem Real Estate Investment has achieved net profit before tax amounted to $ 370.668 for the fiscal year 2011, compared with a net profit before taxes of $ 679.280 in the audited statements for the year 2010, a net decrease of 45.4%
 

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