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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 PALESTINE SECURITIES EXCHANGE Dr. Hasan Abu-Libdeh Chairman The Palestine Securities Exchange (PSE) was the best performing stock exchange in the world as the Al Quds Index increased by 306.61% for the year of 2005. The Palestine Securities Exchange (PSE) was the best performing stock exchange in the world as the Al Quds Index increased by 306.61% for the year of 2005. Moreover, trading values surged in 2005 to reach US$ 2.096 billion, which is more-than-double of all values for all years since the first trading session in 1997 and until 2004. The market capitalization surged to almost US$ 4.5 billion, that is as big or bigger than stock markets in seven of the 10 new European Union members. Three companies were listed on the PSE during the year, which brought the number of listed companies to 28. In January 2005, the PSE welcomed the listing of a new pharmaceutical company, Berzeit Pharmaceutical Co. (BPC). Golden Wheat Mills (GMC) began trading in June 2005. Meanwhile, Bank of Palestine (BOP) joined the banking sector in November 2005. HISTORY AND DEVELOPMENT As early as 1995, a number of pioneers in the Palestinian private sector realized the importance of creating a well-regulated, upto-date market for securities in the country. The aim was to tap and channel domestic and foreign capital into the business community through long-term financing of commercial and infrastructure projects. Their ideas materialized into an agreement signed with the Palestinian National Authority (PNA) on November 7, 1996 to operate the PSE as a private shareholding company. On February 18, 1997, PSE conducted its first trading session as the first fully automated and electronic Arab stock exchange. From only a few companies listed in early 1997, the number of listed companies rose to 28 in 2005 and is expected to grow further in the near future after the promulgation of a number of laws and the formation of the Capital Market Authority. In 2005, The PSE was the best performing stock exchange in the world as the Al Quds Index increased by 306.61% for the year of 2005. Although the existing setup is capable of trading several financial instruments, only common stocks are currently traded at PSE, with ongoing plans to trade other securities in the future. Shares of the listed companies are mostly traded in Jordanian Dinars, while some are traded in US Dollars. FUTURE OUTLOOK The excellent performance of the PSE in the first half of 2005 was compelling. Taking into account corporate growth expectations over the coming years, the PSE continues to exhibit strong upside potential. The PSE will aim to benefit from the regional changes including: record high oil price levels, repatriation of capital, low interest rate and inflation environment. The PSE believes that the introduction of capital market laws would boost investors’ confidence through increased transparency and regulation. All these have provided ground for confidence, and contributed significantly on the future outlook of the second half of 2005. The PSE looks forward to accomplishing the following objectives: • recruiting new shareholding companies to be listed. • creating exposure and awareness about the PSE and investing in securities. • establishing a “channel of communications” between the PSE and related institutions both locally and abroad. • holding more specialized training courses in corporate finance. • encouraging sound corporate governance. • promoting the brokerage firms to expand businesses geographically to cover all potential investment centers. PAGE 118
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 PALESTINE SECURITIES EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 100.6 6.3 14.3 0.90 Feb-06 182.3 9.1 25.9 1.3 Mar-06 220.5 10.5 29.8 1.4 Apr-06 58.0 3.1 12.2 0.64 May-06 63.1 2.9 15.5 0.70 Jun-06 65.3 3.1 16.1 0.77 TOTAL 689.8 5.8 113.8 1.0 Bonds Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-06 n/a n/a n/a n/a Feb-06 n/a n/a n/a n/a Mar-06 n/a n/a n/a n/a Apr-06 n/a n/a n/a n/a May-06 n/a n/a n/a n/a Jun-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ millions Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jan-06 4,017.9 1,001.6 Feb-06 3,559.8 885.1 Mar-06 3,138.8 871.5 Apr-06 2,602.9 670.1 May-06 2,241.3 574.1 Jun-06 2,275.5 536.7 CONTACT INFORMATION 250 200 150 100 50 0 1,200 4,500 1,000 4,000 3,500 800 3,000 600 2,500 2,000 400 1,500 200 1,000 500 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Dr. Hasan Abu-Libdeh E-mail habulibdeh@p-s-e.com Website www.p-s-e.com PAGE 119
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