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MENAFN - Jordan Times - 28/06/2004

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The Amman Stock Exchange closed up 0.49 per cent, continuing its upward trend. The value of traded shares fell by four per cent to JD50.4 million (71 million). The Arab Bank closed the week 1.2 per cent lower at JD152.9, while Jordan Kuwait Bank surged by 8.8 per cent to reach JD11.4.


The Blom Stock Index advanced by 2.1 per cent. The value of traded shares jumped by more than four folds to 14 million resulting from a block deal on Audi shares worth 11 million , whose share price ended 4.8 per cent higher at 22. Solidere's class "A" share closed up 2.3 per cent at 7.66 while its class "B" share surged by 4.8 per cent to reach 7.81.


Al Quds index retreated by 0.39 per cent, with a decline in market turnover of 45 per cent to JD0.4 million (0.6 million). PADICO remained stable at 0.80, PALTEL closed 0.3 per cent lower at JD3.03 and Palestine Electric Company closed 3.45 per cent lower at 1.40.

Saudi Arabia:

Based on expected gains in the second quarter of 2004 , especially those of SABIC and STC, the Saudi Stock Market surged by 2.5 per cent, recording the highest weekly rise among Arab stock markets. Market turnover declined by 22 per cent to SR22.2 billion (5.92billion). SABIC rose by 5.8 per cent to close at SR472.5, Saudi Electricity Co. closed 1.2 per cent higher at SR122 and Saudi Telecom advanced by 2.4 per cent to SR527.25.


The Bahrain Stock Exchange ended last week higher by a marginal 0.16 per cent. The value of traded shares surged by 63 per cent to reach BD3.1 million (8.2 million). Batelco closed 0.5 per cent lower at BD0.791, while Ahli United Bank advanced by 1.7 per cent to 0.6.


The Kuwait stock exchange ended the week 0.65 per cent lower. Mobile Telecom Company closed three per cent lower at KD3.22, while the National Bank of Kuwait declined by 3.5 per cent to KD1.1.

United Arab Emirates:

The Emirates market closed last week down by 0.52 per cent. Emaar Properties surged by six per cent to close at AED54.85 due to expectations of impending approval of a stock split. Etisalat closed 0.9 per cent lower at AED136.6.


Continuing its rising trend on banking gains, the Muscat Securities Market recorded a weekly gain of 2.43 per cent. Bank Muscat soared by six per cent to OR6.9, Oman International bank edged up 0.9 per cent at OR3.23, while National Bank of Oman closed one per cent lower at OR2.86.


The Doha Securities Exchange recovered from its sharp fall registered in the previous week, closing 1.09 per cent higher. The market year-to-date gains reached 36.2 per cent, the highest among its Arab peers. Qatar Telecom, winner of the second Omani GSM licence, remained stable at QR174.


Due to President Mubarak's scheduled operation and the consequent delay in ministerial reshuffle, the Egyptian Stock Market continued to decline recording the largest fall among Arab Markets of 2.12 per cent. Orascom Telecom fell by five per cent to EP109.81, MobiNil declined by three per cent to EP74.46, while Vodafone Egypt closed two per cent higher at EP38.9.


The Casablanca Stock Exchange continued its falling trend due to profit taking, closing 0.81 per cent lower. Oil refiner Samir declined by 9.8 per cent to MD320.10 , ONA Group stayed stable at MD925 and Managem closed down 3.24 per cent at MD296.10.


Tunindex recovered last week, closing 0.08 per cent higher. Soft drinks firm SFBT continued to retreat closing down 0.46 per cent at TD43.3. Sotetel closed 1.7 per cent higher at TD42.92, while UIB Bank fell by 1.68 per cent to close at TD11.7.


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