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MENAFN - Jordan Times - 10/01/2010

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(MENAFN - Jordan Times) Amman Bourse started the new year on a positive note, driven by higher share prices of a number of strategic companies in the real estate and diversified financial services sectors.

By closing last week at 2,564.3 points, an increase of 1.21 per cent over the closing level at the end of the previous week, the Amman Stock Exchange (ASE) index partly erased the losses most companies accumulated last year.

We expect some fluctuations within a narrow price range this week as investors await the release of fourth quarter-financial results.

Except for the insurance sector, all other indices advanced led by real estate which added 4.3 per cent followed by the diversified financial services sector with a 3.8 per cent gain.

As for trading activity, 98.6 million shares exchanged hands leaving gains at 121 firms and losses at 58 entities out of 201 traded corporations.

In terms of value traded by sector, services came in first place accounting for 40.6 per cent of the total followed by the real estate sector with 21 per cent and then the diversified financial services which accounted for 17.9 per cent of the total value traded last week.

The most actively traded shares were those of Taameer Jordan Holdings, Royal Jordanian Airlines and Amwal Invest with a combined value traded of JD25.5 million accounting for 23.2 per cent of total value traded.

Several bloc deals were executed last week, most important of which were on shares of Al Ahlia Enterprises, Bank of Jordan and Al Manara Insurance with transaction values amounting to JD10.9million, JD5.9 million and JD3.2 million respectively.

The board of directors of Rum Group for Transportation and Tourism Investment invited its general assembly to meet in order to approve its purposed capital increase to bolster its aviation investments. The capital increase will raise the company's paid-up capital from JD7 million to JD11 million through a private placement to the company's existing shareholders.

The Islamic International Rating Agency (based in Bahrain) granted Jordan Islamic Bank a stable BBB-/A3 rating for long-term and short-term obligations respectively in both local and foreign currencies.

The pretax income of United Financial Investments reached JD1.9 million in 2009 according to a recent disclosure.

The ASE suspended trading in the shares of Comprehensive Multiple Transportation until the company completes its capital reduction procedures.

Arab East Investments acquired 78 per cent of First Ramtha Investments, which has a paidup capital of JD0.03 million, from First Jordan Investment.

The Central Bank of Jordan announced that its foreign currency reserves have reached 10.9 billion as of December 2009, an increase of 40.3 per cent compared to its level at the end of 2008.

Real estate trading in the Kingdom fell by 21 per cent last year to JD4.6 billion compared to JD6 billion in 2008.

ASE statistics showed a JD3.8 million fall in net non-Jordanian investments in 2009 compared to a JD309.8 million increase in the previous 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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