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MENAFN - Jordan Times - 04/10/2009

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(MENAFN - Jordan Times) Despite notable improvement in trading volumes, the general index of Amman Stock Exchange (ASE) regressed after profit-taking activities placed downward pressure on share prices of most companies.

The index closed last week at 2,660.8 points, 1.1 per cent lower than the closing level at the end of the previous week.

We expect investors to start building new positions this week in a number of selected stocks based on expectations of third quarter results.

All sector indices recorded losses especially the diversified financial services which topped the list with a 1.9 per cent drop followed by the industry sector with a 1.4 per cent decline.

As for trading activity, 153.7 million shares exchanged hands leaving gains at 50 firms and losses at 128 companies out of 200 traded corporations.

In terms of value traded by sector, real estate came in first place accounting for 34.7 per cent of the total followed by the diversified financial services sector with 20.3 per cent and then the services which accounted for 18.7 per cent of the total value traded last week.

The most actively traded shares were those of Ad Dulayl Industrial Park, South Electronics and Union Land Development with a combined value traded of JD40.7 million accounting for 19.5 per cent of the total value traded.

Several block deals were executed last week, most important of which were on shares of Al Ahlia Enterprises, Darat Holdings and South Electronics with transaction values amounting to JD2.5 million JD1.3 million and JD1.2 million respectively.

The general assembly of Falcon Investments & Financial Services approved raising the company's paid-up capital to JD150 million through a private placement to the company's existing shareholders.

United Arab Investors recorded a net loss of JD18 million for the first six months of 2009 compared to a profit of JD8.6 million in the same period last year.

The Model Restaurant Company announced a loss of JD0.3 million for the first half of this year.

Excess reserves at the Central Bank of Jordan (CBJ) totalled JD3.6 billion including overnight deposits in the deposit window as of September 28, 2009.

Data released by the CBJ showed a 3.7 per cent decline in the remittances of Jordanian expatriates during the first eight months of 2009 compared to its levels in the same period last year.

According to data released by the Ministry of Finance, local revenues and foreign grants dropped by JD324.10 at a rate of 10 per cent in the first eight months of 2009 compared to its levels in the same period of 2008.

Other data showed that tax revenues increased by JD90.6 million in the first eight months of this year compared to the same period last year and that total spending increase by 6.5 per cent in the first eight months of this year compared to the corresponding period in 2008.

The Ministry of Finance revealed that the general budget's deficit has shot up by 265.7 per cent to JD757.7 million in the first eight months of 2009 compared with the same period last year.

Disclaimer: The above information and opinions have been compiled in good faith from sources believed to be reliable, but Capital Investments makes no warranty as to the truth and accuracy of the information contained herein. All opinions expressed are not to be regarded as investment advice, and are only for informative purposes. Therefore, Capital Investments accepts no liability whatsoever for any loss of any kind arising out of the use of all or any part of this report.


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