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MENAFN - Jordan Times - 01/03/2009

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(MENAFN - Jordan Times) The general index of the Amman Stock Exchange (ASE) continued to shed points for the second week in a row affected by selling pressures on the shares of Arab Bank and strategic companies in the mining sector.

The index fell by 2.2 per cent closing last week at 2,616.42 points.

We expect the market to rebound this week as some strategic stocks have reached attractive price levels after the decline in the past couple of weeks.

All sector indices recorded losses last week except for the insurance sector which rose by 0.22 per cent. The industrial sector was the biggest loser as its index declined by 3.25 per cent.

As for the trading activity, 137.2 million shares exchanged hands. leaving gains at 72 firms and losses at 103 entities companies out of 196 corporations.

In terms of value traded by sector, real estate came in first place accounting for 34 per cent of the total value traded followed by diversified financial services sector with 20.7 per cent and then the services which accounted for 14.2 per cent of the value traded last week.

The most actively traded shares were those of Ad Dulayl Industrial Park, United Arab Investors and South Electronics Company with a combined value traded of JD37.9 million accounting for 17.3 per cent of the total value traded.

Several block deals were executed most significantly on Amwal Invest, Arab Financial Investment and Ittihad Schools with transaction values of JD37 million, JD26.3 and JD3.2 million respectively.

Arab Orient Insurance's board of directors recommended the distribution of 18.18 per cent stock dividends to the company's shareholders, taking its total capital to JD13 million.

Darwish Al Khalili & Sons posted a net income of JD0.6 million in 2008 compared to JD0.1 million in the year 2007, an increase of 610 per cent.

The general assembly of Philadelphia International Educational Investment Company approved the distribution of cash dividends at a rate of 18 per cent.

The minister of trade and industry approved increasing the capital of Al Jamil for General Investments from 1.023 million shares to 1.5 million shares through a private placement at the price of JD1 and the distribution of a 20 per cent stock dividend to the company's shareholders.

The board of Bindar for Trade and Investments recommended the distribution of cash dividends at a rate of 4.5 per cent.

The general assembly of AL Faris National has decided to increase the company's paid-up capital by 9.0 million shares through a private placement to a strategic partner, in addition to a 20 per cent rights issue to the company's shareholders at the price of JD0.75.

Total insurance premiums reached JD41.2 million by the end of January compared to JD34.8 million during the same period last year.

Total Jordanian exports to the US amounted to 1.14 billion in 2008, 14.6 per cent lower than the 1,333.8 million in 2007, while the total amount of imports reached 940.5 million in 2008, 9.8 per cent higher than the 856.5 million in 2007.

The Jordanian government signed four agreements with the US under which the United States Agency for International Development will provide Jordan with 100 million in grants. These funds are part of the US economic assistance programme to the Kingdom in 2009.

 






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