Coronavirus strikes Palestine, closing down stock exchange
With the Palestinian Authority's declaration of a state of emergency to fight the coronavirus pandemic, the Palestine Exchange has closed, without convincing everyone of the economic necessity.
RAMALLAH, West Bank — Palestinians are divided over the Palestine Capital Market Authority's decision to suspend trading indefinitely on the local stock exchange due to urgent health conditions arising from the coronavirus pandemic.
For investor Ahmed Abu al-Haija of Jenin in the West Bank, the decision to shut down activity on the Palestine Exchange (PEX) March 23 was reassuring. Abu al-Haija believes this step will help overcome the sharp downturn stocks experienced. For him and other investors, this period is critical, especially in light of the state of emergency and the ensuing movement restrictions in Palestinian cities due to the spread of the coronavirus. The banking sector in the West Bank has also restricted activities to a minimum.
