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MENAFN - Jordan Times - 01/12/2009

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(MENAFN - Jordan Times) As anticipated, the Amman Stock Exchange (ASE) general index fluctuated last week within a narrow price range as day traders dominated the market while medium to long-term investors were reluctant to build new positions in the shares of strategic companies prior to Eid Al Adha holiday.

The index closed last week at 2,583.5 points, 0.4 per cent higher than the closing level at the end of the previous week.

We expect trading activity to pick up especially on selected shares as investors' sentiment is beginning to improve after the recent hikes at a number of regional and international exchanges

Diversified financial services was the only sector that regressed while real estate posted the highest gain as the sector's index rose by 0.7 per cent.

As for the trading activity, 74.6 million shares exchanged hands leaving gains at 75 firms and losses at 89 companies out of 194 traded corporations.

In terms of value traded by sector, services came in first place accounting for 30.1 per cent of the total followed by real estate with 21.8 per cent and then the industry which accounted for 18.5 per cent of the total value traded last week.

The most actively traded shares were those of United Arab Investors, Taameer Jordan Holdings and South Electronics with a combined value traded of JD11.3 million accounting for 13.8 per cent of the total.

Several block deals were executed last week, most importantly on shares of Al Ahlia Enterprises, and United Group Holdings with transaction values amounting to JD5.3 million and JD1.9 million respectively.

Capital Intelligence ratings agency has adjusted the future outlook for Cairo Amman Bank (CAB) from stable to positive in its latest October report which reviewed the bank's operations for the year 2008.

CAB will extend JD12 million credit facilities under an agreement signed with Al Samra Electricity to finance its projects and ongoing activities in electricity generation.

The ASE announced that trading in the shares of Jordan Poultry Processing & Marketing (JPPC) will resume on Thursday, December 3, 2009, after the company completed its capital reduction procedures from JD6.4 million to JD2.6 million.

The ASE's board of commissioners has approved the registration of 0.5 million shares in the paid-up capital of Jordan Tanning through a public offering to the company's existing shareholders at par value.

Excess reserves at the Central Bank of Jordan, including overnight deposits in the deposit window, have reached JD3.8 million as of November 23, 2009.

The minister of tourism and antiquities revealed that the Kingdom's tourism income has slightly slipped by 0.2 per cent during October compared to the same period last year.

Latest data issued by the technical department at the Jordanian Engineers' Union has indicated a rise of 24 per cent in construction activity in the month of October 2009.

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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