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MENAFN - Jordan Times - 07/10/2007

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(MENAFN - Jordan Times) weekly analysis

AMMAN - Driven by rising prices of heavy weight shares of Arab Bank and Arab Potash, the Amman Stock Exchange (ASE) index shot up by 4.55 per cent closing last week at 5,994.21 points.

Market capitalisation rose to JD22.3 billion, up by 4.22 per cent for the week.

Except for the insurance sector, the index of which dropped by 1.34 per cent, all other indices recorded gains last week. The industrial sector was the highest gainer as the sector's index recorded a gain of 3.2 per cent.

As for trading activity, 65.65 million shares exchanged hands while the average daily trading value declined by 7.15 per cent to JD32.58 million. Overall, advancers outnumbered decliners as 89 companies out of 184 declined, while 81 advanced.

In terms of value traded by sector, real estate came in first, accounting for 25.6 per cent of the total value traded, followed by the diversified financial services sector with 22.8 per cent and then the banking sector which accounted for 21.5 per cent of the value traded last week.

The most actively traded shares last week were United Arab Investors, Jordan Industrial Resources and Union Land Development Corp with a combined value traded of JD15.38 million representing 10.59 per cent of the total value traded.

Several block deals were executed, the most significant of which were deals on shares of Arab Real Estate Development and Taameer Jordan Holding with transaction values of JD2.12 million and JD1.23 million respectively.

Data issued by the Department of Statistics (DoS) showed the upward trend of the general industrial price index slowing down for the first eight months of 2007 to 8.5 per cent as compared with the same period of 2006. The percentage for the first seven months of 2007 was 9.0 per cent as compared with the same period of 2006.

The DoS expects a slowdown in the annual increase of producer's prices in the coming months to continue due to the impact of higher fuel prices. The increase of the price index for the first eight months of this year resulted from higher prices of the manufacturing industries by 8.6 per cent.

Al Abdali Boulevard Company and the Arab Bank, in its capacity as the organising bank, announced the launch of procedures to arrange a JD110 million syndicated loan to finance part of the total Abdali Boulevard project costing JD258 million.

Arab Bank Group has signed 7.24 billion in loan agreements as part of a consortium of regional and international banks for the benefit of SABIC Innovative Plastic (6.1 billion) and Qatar's Mesaieed Energy Company (1.2 billion).

Project Finance International magazine has picked Arab Bank Group among the top regional and local banks for its competence in leading and managing large loans in the Middle East and North Africa region.

The Jordan Securities Commission agreed to register the additional five million shares in the paid-up capital of Arab East Investment Company at par value and an issuance premium of JD0.5. The capital increase will be achieved through public subscription to existing shareholders.


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