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MENAFN - Jordan Times - 19/08/2007

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(MENAFN - Jordan Times) AMMAN - Despite the drop of most share prices, the index of the Amman Stock Exchange (ASE) rose slightly last week due to higher prices of blue chip stocks, mainly shares of United Arab Investors, Jordan Telecom, and Jordan Cement.

The index finished the week at 5,697.79 points, an increase of 0.44 per cent. Market capitalisation stood at JD22.2 billion, up by 0.22 per cent for the week.

Indices of diversified financial services, insurance and industry recorded gains increasing by 4.55 per cent, 0.84 per cent, and 0.1 per cent respectively. The real estate sector was the biggest loser as the index recorded a loss of 1.43 per cent by the end of the week amid low trading volumes.

As for trading activity, 71.9 million shares exchanged hands, while the average daily trading value increased by 0.17 per cent to JD32.3 million. Overall, decliners outnumbered advancers as 132 companies out of 190 declined, while 47 advanced.

In terms of value traded by sector, diversified financial services came in first place accounting for 22.2 per cent of the total value traded followed by the real estate sector with 18.5 per cent and then the industrial sector which accounted for 18.2 per cent of the value traded last week.

The most actively traded shares last week were United Arab Investors, Middle East Complex, and Jordan Industrial Resources with a combined traded value of JD31.4 million accounting for 19.4 per cent of the week's total value traded.

Several block deals were executed, the most significant of which were deals on shares of Middle East Complex and Tameer Jordan with transaction values of JD47.1 million, and JD0.2 million respectively.

Data issued by the Department of Statistics (DoS) showed a slight decrease in the consumer price average during July 2007 by 0.14 per cent compared with the previous month.

According to the DoS, the trade balance deficit amounted to JD2,382.7 million during the first half of 2007 compared to JD2,374.5 million during the same period of 2006, increasing by 0.3 per cent.

The value of oil imports declined by 18 per cent during the first six months of this year compared to the same period last year reaching JD805.3 million.

The Jordan Securities Commission agreed to register the additional 42.5 million shares in the paid- up capital of South Electronics Company at par value. The capital increase will be achieved by allotting 10 million shares to the Amman General Company for Industry and Marketing, six million shares to the Middle East Financial Investment Company, and 1.5 million shares to Osama Al Khalili in addition to offering 25 million shares for public subscription.

The Middle East Complex sold 20 per cent of its capital to the Kuwait-based National Industries Group Holding in a deal worth JD40 million. The deal brought up the Kuwaiti company's stake to 20 per cent.

The ASE approved the listing of additional shares in the paid-up capital of the Arab Jordan Investment Bank amounting to 42.8 million shares as of August 19, 2007. This will raise the paid-up capital to JD100 million.

The Jordan Securities Commission approved the allocation of five million of Arab Real Estate Development shares to the Dubai-based Gulf General Investment Company at an issuance price of JD1.5 per share.

United Arab Emirates-based Al Saud Co. Ltd. announced that its stake in Amwal Invest reached 10.5 per cent. Amwal's share ended the week unchanged at JD1.3.

Jordan Telecom Group completed their rebranding process as their mobile subsidiary, MobileCom, became Orange as part of the France Telecom Group strategy.


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