Palestine stock exchange defies all odds
The Palestine Securities Exchange (PEX) announced profits of around $167 million in the first half of 2018; however, the general economic situation in Palestine is going downhill.
The Palestine Securities Exchange (PEX) announced in a press release Sept. 9 that it registered profits in the first half of 2018.
“First half financial results showed that aggregated net profits amounted to around $167 million, an increase of 6% compared with the same period of 2017,” the statement said. It continued that 38 out of its 48 listed companies (83%) achieved profits while eight companies incurred losses of $4 million.
The statement explained that the services sector came in first with total profits of $56 million followed by the banking and financial services sector with $51 million. The investment sector achieved $30 million in profits and ranked third. The industrial sector came in fourth with $18 million, followed by the insurance sector that registered more than $12 million in profits.
This announcement coincided with reports about the deteriorating Palestinian economic situation, in tandem with the reduction of financial aid provided by donor countries to the Palestinian Authority (PA). PEX’s registering profits amid a dwindling national economy shows a flagrant contradiction in the Palestinian economic scene.
