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MENAFN - Jordan Times - 17/11/2008

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(MENAFN - Jordan Times) Analysts want the government to step in and stop the "bleeding" as the share price index of Amman Stock Exchange (ASE) shed about 16 per cent over the past six trading days that were marked by a downward trend.

The share price index closed at 2,893 point on Sunday, registering a 3.47 per cent drop. Out of 170 companies whose shares were traded, prices of 30 companies rose, and prices of 132 declined.

"The series of losses has been continuing for a long time at the Amman Bourse and I believe it is the time for the government to do something to stop the flagging market," Jawad Kharouf, president of the Association of Certified Capital Market Professionals said Sunday.

Kharouf attributed the ASE's continued drop to cash shortage and higher bank interest rates, especially on credit facilities.

According to the association's president, the huge losses incurred by investors and the continued panic over what seems as a "vague" future of the bourse are other reasons behind the slump.

"Financial service companies and banks have made it difficult to finance the purchase of shares, and people are discouraged from withdrawing money to invest either in the ASE or somewhere else because of high interest rates on bank deposits, " he said, calling on the government to take action.

Nasser Barghouthi, director of a brokerage house affiliated with the Industrial Development Bank, said: "The decline took so long it seems panic is back and the government must do something to stop the massacre at the bourse."

"There is a large shortage in cash and investors lost lots of their savings," said Barghouthi.

Yesterday's top five gainers were, the Jordan Tanning by 5 per cent, Jordan Clothing by 4.95 per cent, Arab Financial Investment by 4.83 per cent, Comprehensive Multiple Transportation by 4.69 per cent, and Amwal Invest by 4.64 per cent.

The top five losers were, the Mediterranean Tourism Investment by 5.02 per cent, Jordan New Cable by 5 per cent, Arab Union International Insurance by 5 per cent, Al-Tajamouat for Touristic Projects by 5 per cent, and Jordan Company for Electricity And Oil Shale by 5 per cent.


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