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MENAFN - Jordan Times - 04/10/2004

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The Amman Stock Exchange ended last week 0.70 per cent higher, with trading suspended on Thursday due to technical difficulties but resumed later in the day. Cairo Amman Bank, completing the procedures to raise its capital by JD10 million, soared by 24 per cent to JD9.32. While Arab Bank closed up 0.7 per cent at JD151.


The Beirut Stock Exchange witnessed a 3.81 per cent rise last week driven by the price gains registered by Solidere shares. Market turnover jumped by 612 per cent to 8.5 million. The demand of Solidere shares rose in light of the company's incentives against the exchange of shares with properties in the Beirut Central District. Solidere "A" share surged by 5.79 per cent to 7.86 while its "B" shares soared 7.05 per cent to 7.90.


Witnessing heavy activity on particular stocks, the PSE registered a 0.83 per cent gain last week. PADICO, the most active stock of the week, closed up two per cent at 1.10. PALTEL, despite publishing higher midyear results than last year's, remained at JD4.89. Palestine Electric Company dropped by five per cent to 1.59.

Saudi Arabia:

Driven by gains of Saudi Basic Industries Corp. (SABIC) and Saudi Telecom, the Saudi Stock Exchange posted a one per cent gain. SABIC and Saudi Telecom, advancing on expected third-quarter results, progressed by 2.6 per cent and 2.4 per cent at SR595 and SR494 respectively. Saudi Electricity, witnessing heavy trading, jumped by 3.5 per cent to SR153.25.


Despite the appreciation in the value of the majority of the stocks, the BSE ended last week higher by only 0.3 per cent due to the drop in big caps. Ahli United Bank, continuing to attract investors' interest, closed up 1.4 per cent to 0.730. While Batelco, witnessing some profit-taking, retreated by one per cent to BD0.977, Bank of Bahrain and Kuwait posted a 2.1 per cent gain to close at BD0.735.


The Kuwait Stock Exchange closed last week 0.69 per cent higher. The total value of traded shares dropped by 25 per cent to KD216.8 million (734.8 million). National Bank of Kuwait stayed stable at KD1.26 while Mobile Telecom retreated by 0.6 per cent to KD3.16.

United Arab emirates (UAE):

The stock market corrected downward by 1.4 per cent following the high rise in prices. Market turnover fell by 41.5 per cent to AED2.4 billion (653 million). Emaar, witnessing profit-taking activities, closed down 2.3 per cent at AED8. Etisalat ended 2.1 per cent higher at AED172.


The Muscat Securities Market, recording the highest loss among Arab stock markets, closed down 2.5 per cent as a result of selling pressure for profit-taking. Bank Muscat dropped by 7.7 per cent to OR6.45 while the National Bank of Oman fell by 10 per cent to OR2.66.


Continuing to retreat, the DSM ended last week 1.1 per cent lower, with its year-to-date gains reaching 41 per cent. Q-tel, one of the top movers, advanced by 1.3 per cent to QR200 while the National Bank of Qatar closed up 0.6 per cent at QR180.


Recovering from last week's corrective decrease, the Cairo and Alexandria stock exchanges ended 2.5 per cent higher, driven by the telecommunications sector. Orascom telecom surged by 6.3 per cent to EP190.59, on news of employee hostage release working in a related company in Iraq. MobiNil advanced by 2.2 per cent to EP111.91 and Vodafone Egypt closed up 1.2 per cent at EP45.95.


After witnessing three consequetive weeks of decline, the MASI index recovered by the middle of last week, ending the week by a slight decline at 4490.81 points. ONA group jumped 2.9 per cent to MD890 while Managem slipped by one per cent to MD288


Recovering from its retreat, Tunindex registered a weekly gain of 0.33 per cent, with its year-to-date gains reaching 5.66 per cent. Sotetel soared 6.5 per cent to TD38.88 while SFBT surged 2.22 per cent to TD42.400.


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