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The Amman Stock Exchange(ASE)showed signs of weakness last week as the trading volume dropped sharply due to lack of buying orders on most of the stocks.  Join our daily free Newsletter

MENAFN - Jordan Times - 07/08/2005

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The Amman Stock Exchange (ASE) showed signs of weakness last week as the trading volume dropped sharply due to lack of buying orders on most of the stocks. The trading volume reached a low of JD36.4 million on Wednesday.
The ASE index finished the week at 7617.8 points, down by 2.41 per cent. The market capitalisation stood at JD23.8 billion.

The index rose on Sunday, spurred by the positive mid-year results announced by most of the companies. But the market up-trend did not hold for the rest of the week amid fears and uncertainty over the ASE direction in the coming weeks.

However, the fall in the index was softened by the slight 0.71 per cent increase in the Arab Bank's share price to JD58. The trading volume stood at JD47.88 million a drop of 36.3 per cent from the previous week's level.

Overall, decliners outnumbered the advancers as 119 companies out of 144 closed in the negative territory, while only 17 companies managed to advance.

In the banking sector, Jordan National Bank (JNB) announced on Wednesday that two new strategic partners entered its shareholder structure having bought 4.4 million shares of the bank's 85 million shares.

JNB also announced its mid-year results, which revealed an income of JD15.5 million compared to JD1.33 million for the same period last year.

Despite a 407 per cent increase in the bottom line of Jordan Commercial Bank's semiannual results to JD8.44 million, the bank's share price dropped by 7.7 per cent to JD3.60.

Contrary to other listed banks, Societe Generale De Banque Jordanie announced a drop in its mid-year profits from JD1.2 million last year to JD767,000 this year.

In the insurance sector, Arab German Insurance revealed a 277 per cent growth in its pretax profit for the first half of this year to around JD1.47 million, of which investment income amounted to JD961,000.

In services sector, Jordan Telecom Group announced an increase of 153 per cent in its semiannual profit to JD47.7 million compared to the same period of last year but the share price dropped by 4.3 per cent last week to JD5.54.

Jordan Electric Power Company revealed mid-year results showing a net profit of JD5.3 million, a 70 per cent rise from the same period last year.

In the industrial sector, the Jordan Cement Factories announced a profit of JD30.7 million for the first six months of this year, an increase of 15 per cent from the same period last year.

The share price of Middle East Complex dropped by 11.8 per cent to JD4.68 despite a 610 per cent growth in the company's mid-year results which reached JD15 million.


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