Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Jordan- JSC bans three heavyweight investors from bourse trading  Join our daily free Newsletter

MENAFN - Jordan Times - 22/07/2009

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Jordan Times) Stockbrokers said Tuesday the Amman Bourse may regress following a decision by the Jordan Securities Commission (JSC) to temporarily ban three "major" investors from trading in shares of banks and companies that have "influential" shares in banks.

They indicated that JSC's decision banning investors Saad Sadoun Mahmoud Bunnieh, Samer Ali Khleif Shawawreh and Naser Abdul Ghani Mahmoud and their relatives from trading in such companies and banks till further notice has already caused a decline in the share price index by 0.67 per cent amid a sell-off of shares of many companies.

"Preventing these heavyweight investors, whose portfolios worth millions, from trading is likely to result in a wide-scale dumping when the ban is over," a broker, who preferred not to be named, said, noting that the shares of many companies in which they trade have already hit the lowest level in Tuesday's trading as the announcement of the ban came in the mid of the trading session.

JSC spokesperson Walid Kheirallah said the decision was taken following signs of trading practices that are likely to harm investors in the Amman Stock Exchange (ASE) in general.

"The decision is temporary to ensure justice and curb speculations that would harm investors in the ASE," Kheirallah told The Jordan Times over the phone.

Several brokers said the decision would have "disastrous" impact on the ASE.

"The moment the JSC's decision was announced and the news spread, several investors started dumping shares of many companies and panic spread among them," another broker, who asked not to be identified, said.

A third broker said: "The JSC's decision was hastily taken and it is simply a show of authority as this is not the solution to deal with investors."

Out of 172 companies traded Tuesday, share prices of 112 companies declined.

Asked about the impact of the decision on the ASE, the JSC official said: "When the people are more aware of the decision and why it was taken, there will be no negative impact."

Companies covered by the decision and their trading symbols at the ASE are the United Arab Investors (UAIC), the Union Investment Corporation (UINV), the Jordan Worsted Mill (JOWM), the Jordan New Cable (JNCC), the Jordan Investment Trust (JOIT), the Middle East Insurance (MEIN), the General Investments (GENI), First Jordan Investment Company Plc. (FRST) , Arab Real Estate Development (ARED), the Taameer Jordan Holdings (TAMR), the South Electronics (SECO) and the Union Tobacco and Cigarette Industries (UTOB).

Also yesterday, the JSC's council of commissioners decided to suspend the work of three brokerage companies as of Wednesday until further notice.

The JSC requested the suspended companies, which are Shareco for securities, Indemaj for brokerage and Al Jazeera for Financial investment, to submit bank guarantees, according to the Jordan News Agency, Petra.

By Mohammad Ghazal

 






  MENA News Headlines
Apr 15 2014VistaJet Bombardier Claims Landmark Julius Baer Beach Polo Title ,MENAFN Press
(MENAFN Press) The Julius Baer Beach Polo Cup Dubai 2014 presented by Cadillac was claimed yesterday by an 8-4 VistaJet Bombardier victory over the title sponsors, following two days of furious polo ...

Apr 15 2014Doha Bank named Best Retail Bank in Qatar by the Asian Banker ,MENAFN Press
(MENAFN Press) Doha Bank, the leading private commercial bank in Qatar, was named the Best Retail Bank in Qatar at The International Excellence in Retail Financial Services Awards Ceremony held this ...

Apr 15 2014Omnix International successfully hosts Autodesk event for local CAD, BIM and IT managers ,MENAFN Press
(MENAFN Press) Omnix International, the MENA region's leading provider of computer aided engineering solutions, successfully hosted an Autodesk event targeting local CAD, BIM and IT managers at the ...

Apr 15 2014Lord Mayor of London meets with the BIBF ,MENAFN Press
(MENAFN Press) The Lord Mayor of London, Right Honorouble Alderman Fiona Woolf visited the BIBF recently to meet with Senior Management and discuss opportunities for improved support from UK-based ...

Apr 15 2014Excellent survival rates for paediatric lymphoma has motivated research efforts in the Middle East ,MENAFN Press
(MENAFN Press) According to the American Cancer Society, Non-Hodgkin lymphoma (NHL) accounts for about 6% of all childhood cancers. Hodgkin disease accounts for about another 4 % . Although adult ...

Apr 15 2014Gulf Finance House hold ordinary and extraordinary general meetings ,MENAFN Press
(MENAFN Press) Gulf Finance House (GFH), the Bahrain based Islamic investment bank, today concluded the Ordinary and Extraordinary General Meetings of the Bank for the twelve-months ended 31 ...

Apr 15 2014Etisalat Honours 39 Sales Partners at 2nd Annual Conference ,MENAFN Press
(MENAFN Press) Etisalat, the UAE's leading telecom provider, celebrated the achievements of 39 of its channel partners at the 2nd annual sales partners conference. The event was attended by ...

Apr 15 2014Ericsson cloud Transformation, a key enabler of the networked society ,MENAFN Press
(MENAFN Press) As a part of its participation at Cloud World Forum MENA 2014, Ericsson discussed the opportunities enabled by the Cloud in light with the significant transformation of the Information ...

Apr 15 2014ENOC Retail offers over 60 lucky customers at ZOOM stores on Dubai Metro network free travel for a year ,MENAFN Press
(MENAFN Press) Lucky customers of ZOOM convenience stores operated by ENOC Retail on the Dubai Metro network now stand to win a daily prize of free commuting on the world's largest driverless metro ...

Apr 15 2014du celebrates more than two successful years of Emirati Plan - the mobile package exclusively for UAE nationals ,MENAFN Press
(MENAFN Press) 2014 is the year when Emirati Plan – du's exclusive plan for UAE nationals will enter its third year, and yet it stands head and shoulders above any other comparable plan in the ...

Apr 15 2014Kuwaiti plan to award USD4.3b oil project ,MENAFN
(MENAFN) The head of state-owned Kuwait Oil Company (KOC) said that his country plans to sign a USD4.2 billion contract for the first phase of a heavy oil production project, Arabian Business ...

Apr 15 2014Sharjah rents up 7% in Q1 as Dubai residents relocate ,MENAFN Press
(MENAFN Press) Sharjah is benefiting from ongoing rental rate rises in Dubai as residents look to relocate to more affordable accommodation according to a Q1 2014 Northern Emirates report from ...

Apr 15 201416th Water, Energy, Technology, and Environment Exhibition (WETEX) 2014 opened ,MENAFN Press
(MENAFN Press) The 16th Water, Energy, Technology, and Environment Exhibition (WETEX 2014), was inaugurated today by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of ...

Apr 15 2014The Address Hotels + Resorts win multiple accolades at 2014 World Luxury Spa Awards ,MENAFN Press
(MENAFN Press) The Address Hotels + Resorts, the five-star premium brand of Emaar Hospitality Group, has underlined its credentials in the recreation and leisure sector, winning four top laurels at ...

Apr 15 2014Dubai to start testing USD1 b Tram project ,MENAFN
(MENAFN) Dubai's Roads and Transport Authority (RTA) will soon start the second phase of testing Dubai Tram project, which worth USD1 billion, according to Arabian Business. Testing in the second ...

Apr 15 2014KUWAIT DECLARATION CALLS FOR BOLSTERING ARAB TIES ,Arab Times
(MENAFN - Arab Times)  kuwait city march 26 (agencies): arab leaders called wednesday for a political solution to the conflict in syria overlooking saudi-backed demands for greater military ...

Apr 15 2014Kuwait- Amir thanks ministers and senior officials for 'constructive' summit ,Arab Times
(MENAFN - Arab Times) Kuwait city march 27 (agencies): his highness the amir sheikh sabah al-ahmad al-jaber al-sabah sent letters of appreciations to senior officials and ministers for their ...

Apr 15 2014Reactions positive to Arab Summit hosted by Kuwait ,Arab Times
(MENAFN - Arab Times) Capitals march 28 (kuna): several arab governments are pleased with the outcomes of the wednesday-concluded two-day arab summit held in kuwait with some non-arab observers ...

Apr 15 2014Kuwait urges world to safeguard human rights ,Arab Times
(MENAFN - Arab Times) Geneva march 28 (kuna): kuwait called on friday on the international community take responsibility in safeguarding human rights urging all countries to follow the vienna ...

Apr 15 2014Kuwait pays heed to intellectual property protection ,Arab Times
(MENAFN - Arab Times) Kuwait march 30 (kuna): kuwait attaches much attention to intellectual property protection due to its significance to the economic development process said a senior commerce ...

more...


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help