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MENAFN - Jordan Times - 21/02/2010

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(MENAFN - Jordan Times) Overall pessimism coupled with poor institutional investment, marked by weak demand for most stocks, pushed the general index of the Amman Stock Exchange (ASE) to its lowest level since November 2004.

The ASE index closed last week at 2,423.8 points, a drop of 3.6 per cent.

We are anticipating a rebound in the market expecting investors to start building new positions in the shares of strategic companies which are currently trading at attractive price levels especially those with high dividend yields.

All sectors regressed with the real estate index posting the largest loss of 4.2 per cent followed by services which dropped by 4 per cent.

As for trading activity, 88.1 million shares exchanged hands. Leaving gains at 47 firms and losses at 128 companies out of 197 traded corporations.

In terms of value traded by sector, services came in first place accounting for 28.1 per cent of the total followed by the real estate sector at 24.5 per cent and then the diversified financial services which accounted for 20.5 per cent of the total.

The most actively traded shares last week were those of Taameer Jordan Holdings, Middle East Complex and United Arab Investors with a combined value traded of JD12 million accounting for 11.2 per cent of the total value traded.

Several block deals were executed, most importantly on shares of Al Ahlia Enterprises and Middle East Complex with transaction values amounting to JD6.5 million and JD1.2 million respectively.

Arab Potash Company posted a net profit of JD131.8 million for full year 2009 compared to JD311.4 million in 2008, a 58 per cent plunge.

Jordan Phosphate Company (JOPH) announced a drop of 61 per cent in its bottom line during 2009 reaching JD92.9 million compared to JD238.6 million in 2008.

Jordan Petroleum's net income increased by 51 per cent during 2009 to JD11.7 million compared to JD7.7 million in 2008.

The board of directors of The Housing Bank for Trade and Finance recommended to the general assembly the distribution of a JD0.20 cash dividend.

Jordan Electric Power Company reported a 65 per cent drop in its bottom line for the year 2009 reaching JD4.5 million compared to JD12.8 million in the previous year.

Jordan Lafarge Cement Factories announced a profit of JD45.7 million for 2009 compared to JD49.3 million in 2008, a drop of 7.3 per cent.

Royal Jordanian Airlines (RJAL) posted a JD28.6 million profit in 2009 compared to a JD23.4 million loss in 2008.

According to data issued by the Department of Statistics (DoS), Jordan's trade deficit narrowed by 14.8 per cent last year to JD5.5 billion and the general prices index of industrial producers declined by 16.5 per cent.

The volume of total excess reserves held at the Central Bank of Jordan, as of February 18, 2010, amounted JD3.921 billion including overnight window deposits.

Jordan's tourism income rose 32.6 per cent to JD158 million during January 2010 compared to JD119 million during the same month 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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