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MENAFN - Jordan Times - 08/03/2009

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(MENAFN - Jordan Times) For the second week in a row, the general index of Amman Stock Exchange (ASE) continued to shed points affected by selling pressures on shares of Arab Bank and strategic companies in the mining sector. The index ended last week down by 2.2 per cent closing at 2616.42 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.

Except for the services and industrial sectors which rose by 1.1 per cent and 0.3 per cent respectively, all other indices recorded losses, especially the banking sector which dropped by 1.3 per cent.

As for the trading activity, 107.1 million shares exchanged hands leaving gains at 79 companies and losses at 93 firms out of 193 corporations.

In terms of value traded by sector, real estate came in first place accounting for 39.4 per cent of the total value traded followed by the services sector with 19.1 per cent and then the diversified financial services which accounted for 15.3 per cent of the value traded.

The most actively traded shares last week were those of South Electronics Company, Ad Dulayl Industrial Park and United Arab Investors with a combined value traded of JD25.4 million accounting for 13.7 per cent of the total value traded.

Only one block deal on the shares of First Insurance Company was executed with a transaction value of JD3.9 million.

The board of Jordan Electric Power recommended to the general assembly the distribution of 10 per cent cash dividends and 9 per cent stock dividend to the company's shareholders.

The board of Housing Bank for Trade and Finance recommended to the general assembly the distribution of a 25 per cent cash dividend to existing shareholders.

The general assembly of Jordan Steel has approved the distribution of 7 per cent cash dividends to the company's shareholders from the issuance premium.

The general assembly of Al Amin for Investment has decided to distribute JD2.5 million cash dividends at a rate of 25 per cent.

The board of Jordan Ahli Bank recommended to the general assembly the distribution of 10 per cent cash dividends in addition to a 5 per cent stock dividend.

The board of Al Bilad Securities & Investment Co. recommended to the general assembly the distribution of 15 per cent stock dividend to existing shareholders.

The board of Jordan Insurance recommended to the general assembly the distribution of 12.5 per cent cash dividends to existing shareholders.

The Central Bank of Jordan has approved Jordan Islamic Bank's request to distribute 15 per cent cash dividends to the bank's shareholders.

The volume of investment in companies registered at the Companies Control Department reached JD13.7 million in February compared to JD80.2 million during the same period of 2008, recording a drop of 82.9 per cent.

According to ASE data, net foreign investment reached JD18.6 million during the first two months of this year compared to JD22 million for the same period last year.

The latest report issued by the Department of Land and Survey indicated that real estate trading dropped by 36 per cent during the first two months of this year to JD577 million compared to JD879 million during the same period last year.

 






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