(MENAFN - Jordan Times) The general index of Amman Stock Exchange (ASE) declined by 2.5 per cent closing last week at 3,172.14 points. A sharp decline during the first days of last week, as a consequence of similar drops in regional and global markets amid thin trading volumes, pushed the index below the 3,000 point barrier for the first time since December 2006. Higher prices of shares in the last two days of last week, also a result of a rise in the aforementioned markets, partly compensated the huge drop in the index.
We expect the upward trend to continue this week as most leading companies announce positive third quarter earnings.
Except for the banking sector whose index advanced by 1.03 per cent, all other sectors recorded losses, the largest of which was the industrial sector whose index regressed by 6.5 per cent
As for trading activity, 65.6 million shares exchanged hands leaving losses at 118 companies and gains at 75 firms out of 209 traded corporations.
In terms of value traded by sector, banking came in first place accounting for 31.8 per cent of the total value traded followed by the industrial sector with 21.5 per cent and then the real estate which accounted for 21.4 per cent of the value traded.
The most actively traded shares last week were Taameer Jordan, Jordan Steel and Union Investment Corporation with a combined value traded of JD16.7 million accounting for 10.2 per cent of total value traded.
Three block deals were executed last week on shares of Jordan Investment & Finance Bank, Jordan Phosphate Mines and Ad Dulayl Industrial Park with transaction value of JD4.2 million, JD1 million and JD0.7 million respectively.
Net profit of Jordan Electric Power at the end of the third quarter dropped by 9.7 per cent to JD9 million compared to JD10 million in the same period last year.
Bank of Jordan posted a net income of JD30.3 million at the end of the third quarter, a 48.7 per cent growth over the figure recorded in the same period last year.
Capital Bank of Jordan achieved a 35.4 per cent growth in net profit reaching JD14 million at the end of third quarter, compared to the same period last year.
Union Bank for Saving and Investment announced a pretax profit of JD18.8 million during the January - September period of this year compared to JD11.2 million for the same period in 2007.
Al Amin for Investment announced a net profit of JD10.9 million in the first nine months of 2008 compared to JD8 million in the same period last year.
Amad Investment & Real Estate Development reported a net income of JD1.9 million at the end of the third quarter, compared to JD1.8 million for the same period in 2007.
The net profit of Jordan Central at the end of the third quarter amounted to JD1.7 million compared to JD0.1 million in the same period last year.
Data issued by the Department of Statistics show an increase in the average wholesale trade general price index by 23.6 per cent for the third quarter of 2008 as compared with the same period of 2007. Moreover, the average wholesale trade general price index for the third quarter of 2008 has risen by 2.9 per cent as compared with the second quarter of the same year.
Remittances sent by Jordanians working abroad increased by JD191 million to JD1792.8 million during the first eight months of this year.
The total amount of foreign trade grew by JD3 billion or 36.9 per cent to JD11.2 billion during the January - August period of this year compared to JD8.2 billion last year.
The trading volume in the Jordanian real estate market reached JD5 billion at the end of this year's third quarter, increasing by 11 per cent compared to the same period last year.
The Central Bank of Jordan announced the issuance of the 13th issue of the Jordanian Treasury bills for the year 2008.