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MENAFN - Jordan Times - 02/08/2004

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Despite the good midyear results of most companies, the Amman Stock Exchange ended the week 0.08 per cent lower on profit-taking activities. The value of traded shares dropped 14 per cent to JD57.2 million (80.7 million). Jordan National Bank jumped six per cent to JD1.95, while Arab Bank fell 0.33 per cent to JD150.


The Beirut Stock Exchange recorded a weekly gain of 2.87 per cent on the continued price appreciation of Solidere shares. Market turnover soared 203.5 per cent to 3.15 million. Solidere's "A" share jumped five per cent to 8.11 while its "B" share surged 4.4 per cent to 8.05.


The Palestine Securities Exchange ended last week 0.52 per cent higher. Market turnover jumped 19 per cent to JD0.99 million (1.4 million) on the withdrawal of the resignation of the Prime Minister. Palestine Electric Company closed up 0.61 per cent at 1.65, PALTEL ended 0.33 per cent higher at JD3.01 while PADICO remained stable at 0.76.

Saudi Arabia:

Driven by strong midyear corporate results of companies especially Saudi Basic Industries Corp. (SABIC) and some Saudi banks, the Saudi Stock Market rose gradually to close the week up 2.3 per cent. The value of traded shares jumped 33 per cent to SR34 billion (9.1 billion). SABIC surged 2.8 per cent to SR530.25, while Saudi Telecom Co. retreated 2.2 per cent to SR535 after paying its midyear dividends. SAVOLA Group, the third largest company in the industrial sector, soared 14.8 per cent to SR570.


The Bahrain Stock Exchange registered a weekly gain of 1.02 per cent due to the good midyear results of companies. Market turnover fell by 50 per cent to BD1.1 million (2.9 million).The National Bank of Bahrain closed the week five per cent higher at BD0.905. Batelco rose 1.5 per cent to close at BD0.833 and Bank of Bahrain and Kuwait rose 0.3 per cent to end the week at BD0.597.


The Kuwait Stock Exchange advanced 0.58 per cent on prime minister's promise of strong economic activity. The value of traded shares declined 12.7 per cent to KD253.7 million (860 million). Mobile Telecom fell by four per cent to KD3.14 while National Bank of Kuwait jumped three per cent to KD1.260.

United Arab Emirates (UAE):

Reversing its upward trend, the Shuaa General Index for the UAE recorded a fall of 2.07 per cent last week on selling pressures for profit-taking. Market turnover dropped 42.7 per cent to AED647.5 million. Emaar Properties declined four per cent to AED5.66 and Etisalat retreated 2.7 per cent to AED164.5.


The Muscat Securities Market closed slightly higher by 0.93 per cent bringing the total increase from the beginning of the year to 26.18 per cent. Bank Muscat advanced 0.5 per cent to OR6.45 while National Bank of Oman fell 0.8 per cent to OR2.59.


Driven by Qatar Telecommunication's good midyear results, the Doha Stock Exchange closed up 1.51 per cent. Q-Tel surged six per cent to QR205 while Qatar National Bank rose three per cent to QR156.9.


The Cairo and Alexandria stock exchanges registered a weekly fall of 0.99 per cent after two weeks of strong performance, with investors awaiting corporate midyear results. MobiNil advanced 0.3 per cent to EP90.17, Vodafone Egypt retreated 2.2 per cent to EP38.76 and Orascom Telecom fell 1.1 per cent to EP127.03.


The Casablanca Stock Exchange closed the week slightly lower at 4514.72 points. Its year-to-date gains reached 14.48 points. ONA Group closed down 0.3 per cent at MD930 and Managem fell three per cent to MD274 while SAMIR closed up 1.3 per cent at MD319


Tunindex ended 0.01 per cent higher. Sotetel fell 1.2 per cent to TD40.9, SFBT retreated 2.3 per cent to TD43 and UIB Bank ended down 0.9 per cent at TD11.5.


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