Ramallah - Palestine Economy Portal.

The CEO of the Palestine Stock Exchange, Ahmed Oweidah, said today, Tuesday, that the stock market's trading declined in the first eight months of the year by 70%, compared to the corresponding period last year.

Oweidah added, in an interview, that the average value of one-session trading for the year 2020 decreased to about one million dollars, which is a continuation of the decline over the previous years.

Oweidah described the year 2020 as "an exceptional year by all standards, not only in the Palestine Stock Exchange but in all stock exchanges of the world, due to the Corona pandemic and its repercussions on the economy, which was directly reflected on the liquidity and trading of Palestinian stocks."

He explained that the disclosures of the first half of the listed companies showed a decline in their profits and financial performance, pointing out that "the performance of the Palestinian Stock Exchange was similar to a large number of Arab stock exchanges, because all stock exchanges headed in the same direction, and the Al-Quds Index lost more than 15% of its value since the beginning This year. "

Oweidah attributed the decline in the profits of Palestinian companies to a significant contraction in the economy, in addition to the repercussions of the "Corona" pandemic and the inability of the State of Palestine to pay its obligations, including the salaries of employees, not to mention the political crisis and its repercussions, as well as the specific financial standards that were applied this year.

Oweidah stressed that the Palestinian economy "is going through a real liquidity crisis," indicating that the stock market's recovery is linked to the end of the "Corona" pandemic, finding a solution to the financial crisis afflicting the State of Palestine, and a political and economic breakthrough in general.