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MENAFN - Jordan Times - 11/04/2010

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(MENAFN - Jordan Times) The Amman Stock Exchange (ASE) general index continued to record more gains for the second week in a row driven by rising share prices of a number of heavy weight stocks led by the Arab Bank which rose by 8.7 per cent during this week's trading session pushing the index above the 2600 psychological barrier for the first time since the 16th of December 2009 amid notably higher trading volumes.

Moreover, this week's daily average trading volume witnessed a significant increase of more than 50 per cent reaching JD59.3 compared to JD39.05 in the previous week. As for next week, we anticipate increasing demand for the shares of strategic companies which are expected to report strong quarter results amid general improvement in market sentiment with a possibility for some profit taking activities on a number of speculative stocks which recorded handsome gains during the past few weeks.

All sector indices recorded gains for this week with the diversified financial services sector being the biggest gainer at 6.93 per cent followed by the real estate sector which rose by 2.73 per cent during this week's trading sessions.

As for the trading activity, 325.69 million shares exchanged hands. Moreover, advancers outnumbered decliners, as 127 companies out of 203 advanced, while 54 declined.

In terms of the value traded by sector, the real estate sector came in first place accounting for 35.1 per cent of the total value traded followed by the diversified financial services sector with 31.3 per cent and then the industrial sector which accounted for 12.7 per cent of the value traded for this week.

The most actively traded shares during this week were the shares of the United Arab Investors (UAIC), Taameer Jordan Holdings (TAMR) and Arab Corp. (ARED) with a combined value traded of JD131.38 million accounting for 44.30 per cent of the week's total value traded.

Additionally, several block deals were executed during the week, the most important of which were on the shares of Union Bank (UBSI) and Capital Bank of Jordan (EXFB) with transaction values amounting to JD4.80 million and JD1.94 million respectively.

The general assembly of Jordan Press Foundation (PRES) has approved the Board of Director's (BOD) recommendation to distribute a JD0.50 cash dividend to the company's shareholders.

The general assembly of Union Bank (UBSI) has approved the BOD's recommendation to distribute a JD0.10 cash dividend to the company's shareholders and the purchase of 5 per cent treasury stocks.

The general assembly of Jordan Steel (JOST) has approved the BOD's recommendation to distribute a JD0.15 cash dividend to the company's shareholders.

The general assembly of Jordan International Insurance Company (JIJC) has approved the BOD's recommendation to distribute a 10 per cent stock dividend to the company's shareholders. The general assembly of Jerusalem Insurance (JERY) has approved the BOD's recommendation to distribute a JD0.07 cash dividend to the company shareholders.

Jordan's Budget recorded a JD153 million surplus after grants during the first two months of the current year. Public Revenue has increased 2.9 per cent while expenses decreased 17.6 per cent compared to the same period of 2009.

According to the monthly report issued by the Ministry of Finance, net external and internal Public debt decreased by 4.6 per cent or JD19 million during January 2010 compared to the end of 2009.

Total Credit Facilities extended by licensed banks to individuals decreased by 3.6 per cent or JD120.9 million during February 2010 compared to the end of 2009. Total Credit Facilities extended to all sectors of the economy increased by 0.7 per cent during February 2010 compared to the end of 2009.

According to data issued by the Department of Lands and Survey, real estate trading in Jordan reached JD1.129 billion by the end of March 2010 recording an increase of 20 per cent compared to 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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