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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 PALESTINE SECURITIES EXCHANGE Dr. Rami Himdallah Chairman I am pleased to put in front of you the outstanding results that Palestine Securities Exchange (PSE) achieved during 2004. PSE was able to achieve its best results ever since its incorporation in 1997. These results cover many areas: trading volume, market capitalization, number of executed transactions, and the number of trading sessions. Al- Quds Index has also increased to a new all time high. Accordingly, PSE has managed to recover its losses that it had incurred during the past several years of the Al-Aqsa Intifada. Meanwhile, PSE has celebrated two important anniversaries in 2004. The first is the tenth year of establishment and the second is the first trading session (18th of February 1997). The astonishing results that PSE achieved can be attributed to many interrelated factors. First: The listed companies achieved very good financial results for the year ended 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 Palestine Securities Exchange (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 27 in 2005 and is expected to grow further in the near future after the promulgation of a number of laws including the securities law by the PNA. 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. PAGE 116 PSE has celebrated two important anniversaries in 2004. The first is the tenth year of establishment and the second is the first trading session (18th of February 1997). 2003. Second: The relative political stability that has been witnessed during 2004 has contributed towards regaining confidence in the Palestine economy and the investment process in general. Third: PSE has implemented a new marketing strategy that aims towards increasing the public awareness and confidence in Palestine Stock Exchanges and the listed companies. Fourth: The year 2004 has witnessed the listing of two new companies, Palestine Electric Company and Birzeit Pharmaceutical Company. Palestine Electric Company, which is the largest listed company in terms of the number of shareholders, started trading in May 2004. Fifth: PSE has extended the trading hours to two hours instead of one hour. PSE also takes measures that aim to increase that liquidity of the market. Sixth: The performance of the member companies (Brokerage firms) has improved which has been reflected of the array of services they 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. offer to their clients and the quality of those services. Finally, PSE has performed a number of institutional trades during the year. The above-mentioned performance has been supplemented by other activities that have long term implications and that aim to putting PSE on the world financial markets’ map. PSE has signed a memorandum of Understanding with the Arab Monetary Fund. Quarterly bilingual brochures, newsletters, and periodicals are published by PSE. In order to cope with new developments, PSE has initiated a modernized set of rules and procedures that will be put in place in the near future. Further trading information is recently disseminated across local TV stations, Jawwal’s mobile services and the website of the exchange has been redesigned.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 PALESTINE SECURITIES EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 35.3 2.0 14.0 0.78 Feb-05 157.8 8.3 35.3 1.9 Mar-05 252.1 11.0 55.7 2.4 Apr-05 178.3 9.4 31.2 1.6 May-05 100.5 4.6 18.5 0.8 Jun-05 78.7 3.6 13.5 0.6 TOTAL 802.6 6.5 168.3 1.4 Bonds Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index Jan-05 1,265.0 316.6 Feb-05 1,583.8 409.0 Mar-05 2,319.8 603.7 Apr-05 2,687.0 708.8 May-05 2,594.2 687.2 Jun-05 2,562.0 670.0 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) Stocks Index Contact Name Dr. Hasan Yassin E-mail yassin@p-s-e.com Website www.p-s-e.com MONTHLY MARKET CAPITALIZATION (US$ Millions) 300 800 3,000 250 700 600 2,500 200 500 2,000 150 400 1,500 100 300 200 1,000 50 100 500 0 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun PAGE 117
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