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MENAFN - Jordan Times - 20/09/2009

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(MENAFN - Jordan Times) Amman bourse posted gains for the fourth consecutive week driven by rising share prices of strategic companies in the real estate and financial services sectors.

Amid relatively high trading volumes, the index of Amman Stock Exchange (ASE) closed last week at 2,647.75 points, a slight increase of 0.23 per cent over the closing level of the previous week.

Due to the arrival of Eid Al Fiter, there will be only one trading session on Thursday. We expect trading volumes to be relatively low with a chance for a pick up in transaction volumes in the following week as investors begin building new positions in the shares of companies expected to record strong third quarter results.

Except for the industrial and services sectors which declined by 1.5 per cent and 0.5 per cent respectively, all other indices advanced led by the diversified financial services which went up by 2.9 per cent.

As for the trading activity, 148.8 million shares exchanged hands leaving gains at 90 companies and losses at 85 firms out of 194 traded corporations.

In terms of value traded by sector, real estate came in the first place accounting for 31.9 per cent of the total followed by the services sector with 24.5 per cent and then the financial services which accounted for 21.4 per cent of the total value traded.

The most actively traded shares last week were those of Real Estate Development Company, Taameer Jordan and South Electronics with a combined value traded of JD19.3 million accounting for 10.4 per cent of total value traded.

Additionally, several block deals were executed on the shares of Capital Bank of Jordan, Amwal Invest and South Electronics with transaction values amounting to JD1.3 million, JD1 million and JD0.6 million respectively.

The Arab Potash Company announced in a press release that it has recently signed a memorandum of understanding with the Indonesian Fertiliser producer Kaltim for the supply of 150,000 tonnes of potash as the Kaltim plants come on stream in 2010 and 2011.

A JD35 million loan agreement was signed between Jordan Kuwait Bank and Royal Jordanian Airlines for financing construction of RJAL's new headquarters in addition to other operating activities. The loan extends for a duration of seven years.

The Greater Amman Municipality has agreed on a financial support package totalling JD17.3 million over four years to provide aid to the Comprehensive Multiple Transportation Company.

The capital increase of Middle East Diversified Investments (MEDI) has been suspended and the rights issue cancelled; accordingly, the company's share price is now JD10.5.

Total credit facilities extended by licensed banks in the Kingdom have risen by JD179 million in the first seven months of this year to JD13.2 billion.

The general budget's deficit during the first eight months of the year reached JD763 million compared to JD207 million during the same period in 2008.

Foreign currency reserves have reached a record 9.79 billion at the end of July, compared to 9.2 billion at the end of June.

According to data released by the Department of Statistics (DoS), the industrial price index has declined by 6.3 per cent in the first seven months of the year compared to its level in the same period last year. The industrial production index also fell by 1.9 per cent in the corresponding period.

The DoS indicated that the consumer price index has declined by 0.4 per cent during the first eight months of 2009 compared to the same period last year.

Data showed that the unemployment rate reached 14 per cent during the third quarter 2009, a 2 per cent increase over last year's level.


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