AMMAN — The Amman Stock Exchange (ASE) index reached an all-time high of 3200.2 points on Monday. However, due to profit-taking activities, the ASE lost some of the gains finishing its weekly session at 3173.0 points for a rise of 2.42 per cent.
The market capitalisation for the week stood at JD9.87 billion.
According to the Ministry of Finance's monthly statistical bulletin, taxes on income and profits reached JD169 million during the first eight months of 2004, a rise of 25 per cent compared to the same period a year earlier.
The value of shares purchased by non-Jordanians reached JD267.8 million during the first nine months of this year, representing 11.5 per cent of the total trading volume.
Furthermore, the volume of primary market issues of both shares and bonds increased by 66.7 per cent to reach JD594.36 million by the end of September this year compared to JD356.54 million during the same period in 2003.
In the banking sector, Arab Bank's share led the rise in the ASE last week as it it increased by five per cent (limit up) on Monday to close at JD166.47 amid rumours of a potential split of the bank's nominal share value. The Arab Bank share price dropped by the end of the week to close at JD160.10.
Cairo Amman Bank's five million new shares were listed at the ASE last week after the bank completed procedures to increase its paid up capital to JD25 million through the capitalisation of the bank's reserves. The Cairo Amman Bank share price declined to close at JD6.95.
In the services sector, Jordan Electric Power Company completed all the necessary procedures for raising the company's paid up capital by JD5 million /share through the capitalisation of reserves to reach JD45 million / share.
Union Financial Corporation has also completed all the procedures for raising its paid-up capital by JD5.5 million /share through private placement to reach JD16.5 million.
The income statement of Al Belad Medical Services showed an impressive increase of 244 per cent to reach JD2.38 million for the first nine months of 2004. the company's share price increased by 4.43 per cent to close at JD3.30.
Three block deals were executed last week on 900,000 shares of Al Duleil Industrial Park at a price of JD1.33. Another block deal on 430,750 shares of Al Amin for Investment was completed at a price of JD2.52.
In the industrial sector, Jordan Phosphate Mines Company announced net profits of JD1.025 million during the first eight months of this year despite achieving losses of JD3.6 million during the first half of 2004. The company's management declared that year-end profits are expected to reach at least JD3 million. The share price of the phosphate company fell by 2.55 per cent to finish its weekly session at JD2.29.
An extraordinary general assembly meeting has approved the merger of Advanced Pharmaceutical Industries with Arab Pharmaceutical Manufacturing under the name "Arab Pharmaceutical Manufacturing" with a paid-up capital of JD20 million.