Download - FEAS xxx.fh9

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 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 market for securities. 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. Despite its modest beginning, the exchange maintained continued growth in terms of listed companies, number of sessions and trading volumes. From only a few companies listed in early 1997, the number of listed companies rose to 24 in 2004 and is expected to grow further after the promulgation of a number of laws including the securities law by the PNA. There are six brokerage firms that are members of the PSE, with branch offices in most Palestinian cities. PAGE 110 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 It is worth noting that, in 1999, the PSE was ranked the first among Arab stock markets in terms of its index gain. The "Al-Quds" Index grew by some 53%. In the first three quarters of the following year, the Index enjoyed a similar growth rate. The difficult times in Palestine during the fourth quarter of that year, however, adversely altered expectations. Times that followed were even more difficult, yet PSE managed to survive and, sparing no effort, remained determined to conduct the business of providing services to its members and listed companies, thus reinforcing the market's status and experience as well as boosting investor's confidence in it. Although the existing setup is capable of trading several financial instruments, only equities are currently traded at PSE, with ongoing plans to trade other securities in the future. 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 T.V stations, Jawwal’s mobile services and the website of the exchange has been redesigned. FUTURE OUTLOOK The excellent results of 2004 have contributed significantly on the future outlook of the next year, 2005. As 2004 is considered a recovery year for the PSE, the goals, ambitions, targets, and expectations of 2005 are greater than ever before. The PSE looks forward to accomplishing successes in 2005 in the following areas: • listing a number of shareholding companies; • replacing the existing PSE regulations, rules, and procedures with upgraded ones compatible with the new related laws; • updating the trading and CDS Software systems as well as hardware systems; • attracting more investors to invest in an improving investing environment; • enhancing Investor Education to increase the public awareness in the securities sector with some focus on the young generation; • expanding the data dissemination process, and developing its mechanism; • participating in exchange visits and experience with foreign bourses and related institutions and participating in different events; • holding more specialized training courses in the securities sector; • developing a disclosure system, and encouraging sound corporate governance; and • promoting the brokerage firms to expand business geographically to cover all potential investment centers.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 PALESTINE SECURITIES EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 4.8 0.23 3.6 0.17 Aug-04 10.7 0.47 6.5 0.28 Sep-04 35.9 1.7 15.6 0.74 Oct-04 34.1 1.6 18.6 0.89 Nov-04 23.4 1.3 10.3 0.58 Dec-04 35.0 1.7 13.0 0.62 TOTAL 144.0 1.2 67.7 0.55 Bonds July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index July-04 772.2 172.6 Aug-04 888.2 209.1 Sep-04 1,013.1 249.4 Oct-04 1,014.9 253.2 Nov-04 1,081.7 272.7 Dec-04 1,096.5 277.6 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 40 35 30 25 20 15 10 5 0 Stocks Index July Aug Sep Oct Nov Dec Contact Name Dr. Hasan Yassin E-mail yassin@p-s-e.com Website www.p-s-e.com 300 250 200 150 100 50 0 MONTHLY MARKET CAPITALIZATION (US$ Millions) 1,200 1,000 800 600 400 200 0 July Aug Sep Oct Nov Dec PAGE 111
Page 1:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 20 and 21:
Page 22 and 23:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 120: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 141: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 162 and 163:
Page 164 and 165:
Page 166:
show all

Download - FEAS xxx.fh9

Create successful ePaper yourself

Delete template?

Save as template?