Tuesday, August 14

Palestine Exchange’s record trading value to boost advanced tech adoption

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Palestine Exchange (PEX) recorded its highest daily trading value, at a whisker shy of $75 million at the end of March.

This is the highest value since the securities exchange was launched in 1997, breaking the 2013 record of $48 million, and is on the back of the acquisition of the Palestinian Islamic Bank shares by the National Bank and other investors.

Ahmed Aweidah, CEO of PEX said in a statement that “the trading
volumes and values of PEX have witnessed remarkable increases over the past two years”.

He noted that this will support PEX efforts to develop the securities sector, which began early last month by signing an agreement with Nasdaq to buy the X-Stream trading platform.

The platform has next generation trading technology including machine intelligence and blockchain capabilities.

Trading values for the first three months of 2018 have edged up to 136% compared to the same period of 2017, an indicator of recovery and return to normal activity, Aweidah said.

Returning to these levels of trading will also boost the Nablus-based bourse’s plans to offer modern financial instruments that move the Palestinian securities sector to advanced levels, he noted.

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