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MENAFN - Jordan Times - 21/06/2009

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(MENAFN - Jordan Times) The general index of Amman Stock Exchange (ASE) ended in the red for the second week in a row affected by the downward trend of other major regional and international markets amid lower trading volumes.

Mining companies further pressured the index following pessimistic news released by a major European potash producer concerning the outlook of the fertiliser industry.

The index ended last week at 2829.16 points, 2.8 per cent lower than its closing level in the previous week.

We expect the market this week to continue to follow the movement of other regional markets with a chance for a rebound as investors build new positions in a number of strategic stocks which have reached attractive price levels.

All the sectors regressed with the industrial index recording the largest loss of 6.4 per cent.

As for trading activity, 117.1 million shares exchanged hands, leaving gains at 57 firms and losses at 113 companies out of 209 traded corporations.

In terms of the value traded by sector, the real estate came in first place accounting for 27.8 per cent of the total followed by the diversified financial services sector with 24.4 per cent and then the services sector which accounted for 20.9 per cent of the total value traded.

The most actively traded shares were those of United Arab Investors , First Jordan and Arab Corp. with a combined value traded of JD25.7 million accounting for 12.1 per cent of the total value traded.

One block deal was executed on the shares of Darwish Al Khalili & Sons with a transaction value of JD0.6 million.

The Jordan Securities Commission (JSC) approved the registration of eight million new shares in the paid-up capital of Cairo Amman Bank (CABK) through the capitalisation of retained earnings.

The general assembly of Falcon for Inv. & Financial Services approved increasing the company's paid up capital from JD4.1 million to JD30 million through a private placement to existing shareholders.

The JSC's approved the registration of 5.6 million new shares in the paid-up capital of Jordan Electric Power through the capitalisation of retained earnings.

The JSC approved the registration of 1.5 million new shares in the paid-up capital of Jordan Investment & Finance Bank through the capitalisation of retained earnings.

Data issued by the Department of Statistics showed that national exports declined by 2.3 per cent during the first four months of 2009, while imports decreased by 21.4 per cent. The deficit in the trade balance dropped by 35 per cent compared to the same period of 2008.

According to the Insurance Commission, gross written premiums reached JD152.8 million by the end of May 2009, compared to JD139.2 million during the same period last year.

Data issued by the Central Bank of Jordan (CBJ) showed that excess reserves, including overnight window deposits held at the CBJ, reached JD3.2 million as of June 16, 2009.


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