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MENAFN - Jordan Times - 26/07/2004

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The Amman Stock Exchange recorded a weekly gain of 2.93% per cent. The value of traded shares surged by 17.7 per cent to reach JD76.7 million (109.6 million). Arab Bank jumped by 4.5 per cent to JD150 on news of its mid-year earnings before taxes and allocations reaching 231million, an increase of 28 per cent from the same period of last year. Jordan Phosphate Mines surged by nine per cent to close at JD2.51 after the announcement of the winning consortium acting as adviser for its privatisation by the government.


Continuing its upward trend, the Beirut Stock Exchange ended last week 0.97 per cent higher. Market turnover rose by 22 per cent to 2.1 million. Solidere's class "A" share closed up 1.3 per cent at 7.94 while its class "B" share advanced by 1.9 per cent to 7.99.


The Palestine Securities Exchange continued to fall closing down by 0.12 per cent. The value of traded shares surged by 60 per cent reaching JD0.9 million (1.3 million). PADICO fell by one per cent to 0.77, PALTEL rose by 0.3 per cent to JD3.01 while Palestine Electric Company soared by nearly six per cent to 1.52.

Saudi Arabia:

Witnessing a volatile week, the Saudi Stock Market ended 0.6 per cent higher on good mid-year performance of STC and most banks. The value of traded shares fell by 23 per cent to SR27.8 billion (7.41 billion). Saudi Telecom Company (STC) closed down 0.3 per cent at SR544.25 while Saudi Electricity Company ended 0.7 per cent higher at SR136.5.


The BSE posted a weekly gain of 1.15 per cent. The market turnover fell by 37 per cent to BD1.7 million (4.5 million). Bank of Bahrain and Kuwait closed up 3.3 per cent at BD0.598, Ahli United Bank rose 1.7 per cent to 0.6 while Batelco advanced by 0.13 per cent to BD0.797.


The Kuwaiti Stock Exchange ended the week slightly higher by 0.45 per cent due to good mid-year results of many companies. The value of traded shares rose by 20 per cent to reach KD211.602 million(717.295 million).Mobile Telecom Company closed 0.6 per cent higher at KD3.2 while National Bank of Kuwait fell by 1.7 per cent to KD1.14.

United Arab Emiratess (UAE):

Driven mainly by the performance of Etisalat UAE shares registered a weekly gain of 5.7 per cent. Etisalat soared by 20 per cent to its highest level ever recorded of AED166.8 on news of being the highest bidder for the second GSM license in Saudi Arabia.


Continuing its decline the Muscat Securities Market closed down 1.52 per cent. Cement and banking stocks dragged the market , with National Bank of Oman retreating by 1.9 per cent to OR2.65 on news of its CEO's resignation, while Bank Muscat dropped by 2.3 per cent to OR6.35 despite the heavy over subscription of its recent fixed rate bond issue.


Recording the best performance of the week, the Doha Stock Exchange surged by 10.68 per cent, driven by the banking and insurance stocks. Qatar National Bank rose by 10.3 per cent to QR165 and Qatar Commercial Bank closed up 17 per cent at QR165. Qatar shipping Company also ended 24 per cent higher at QR131.5.


The change of government in Egypt led to the rise in the Cairo and Alexandria Stock Exchanges which jumped 8.09 per cent. MobiNil soared by 17 per cent to EP90.85 due to its positive mid-year results. Orascom telecom, the biggest investor in MobiNil, consequently surged by 12 per cent to EP128.24 while Vodafone Egypt rose by five per cent to EP40.87.


The Casablanca Stock Exchange advanced by 0.05 per cent. ONA group fell by 2.7 per cent to MD900, Managem remained stable at MD290, SAM closed up 1.6 per cent at MD325.


Tunindex recorded a fall of 0.42 per cent last week. SFBT closed up 2.3 per cent at TD44.5, while Sotetel dropped 13 per cent to TD39.8 and UIB Bank ended 2.9 per cent lower at TD11.4.


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