Palestine stock exchange faces major drops amid Gaza war
(MENAFN) Samir Halila, Chairman of the Board of Directors of the Palestine Stock Exchange, disclosed that the Al-Quds index has experienced a dramatic 24 percent drop since the onset of the current conflict in Gaza. In an interview with Sky News Arabia, Halila described the ongoing war as the most prolonged and severe conflict the exchange has faced, surpassing previous experiences of operating under wartime conditions.
Halila reported a sharp decrease in daily trading volumes, which have plummeted to approximately USD710,000 compared to around USD1.5 million before the conflict began. Additionally, the market capitalization of the Palestine Stock Exchange has diminished by about 19 percent, falling to roughly USD4 billion by the end of August from USD5 billion prior to the escalation. The banking sector has been notably hard-hit, with its market value declining by about 28 percent, while the investment sector has seen a 21 percent drop. Despite the widespread impact, the Palestinian Electricity Company, the only firm exclusively operating in Gaza, has managed to avoid significant damage, with its listing suspended at the company's request as a precaution.
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