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MENAFN - Jordan Times - 23/09/2007

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(MENAFN - Jordan Times) AMMAN - The index of the Amman Stock Exchange (ASE) rose by 1.82 per cent closing the week at 5,680.82 points.

Market capitalisation went up by 1.66 per cent to JD22.14 billion.

All sector indices recorded gains last week. Diversified financial services, insurance and banking posted the highest gains, increasing by 5.53 per cent, 1.37 per cent and 1.25 per cent respectively.

As for trading activity, 69.382 million shares exchanged hands, while the average daily trading value increased by 5.78 per cent to JD31.87 million.

Overall, advancers tied with the decliners as 85 companies out of 187 declined and 85 advanced, while 17 remained unchanged.

In terms of value traded by sector, diversified financial services came in first place accounting for 33.4 per cent of the total value traded, followed by real estate with 28.6 per cent and then the industrial sector which accounted for 14 per cent of the value traded last week.

The most actively traded shares last week were United Arab Investors, Union Investment Corporation and Tameer Jordan with a combined value of JD50.146 million accounting for 31.48 per cent of the week's total value traded.

Several block deals were executed, most significant of which were deals on shares of Tameer Jordanand Arab Real Estate Development with transaction values of JD1.132 million and JD1 million respectively.

Economic and financial news last week covered an announcement by the Ministry of Finance that its accumulative account of privatisation returns reached JD569.9 million until the end of July 2007 compared to JD611.8 million during the same period in 2006.

American aid to the Kingdom reached 530 million after the American Congress approved extending a 78 million grant as economic and security aid.

Preliminary results of Ittihad Schools show a net income of JD77,000, after provision for income tax and minority interest compared to a loss of JD183,000 during the same period in 2006. The share price closed at JD1.94 up by 2.11 per cent.

Jordan Press and Publishing/Ad-Dustour increased its profit by 125 per cent during the first eight months of 2007, recording JD1.36 million compared to JD0.6 million during the same period in 2006. The share price closed at JD16.57 down by 0.36 per cent whilst trading at a forward P/E ratio 12.4x.

The first general assembly meeting held by Jordan Dimensions Company and Emirates for Commercial Investment discussed applying initial actions and IPO procedures. The company, capitalised at JD10 million, aims to invest in various sectors including finance, industry, commercial, real estate, tourism and services.

The board of directors of Al Salem for Investment Company decided to increase its capital from 500,000 share/JD to 1,500,00 share/JD. This process will be done through private subscription. The share price of the company closed at JD3.25 up by 0.62 per cent whilst trading at a forward P/E ratio 3.34x.


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