Jordan Times
Sunday, January 11, 2004
Amman Stock Exchange marks new year with record activity
AMMAN — Record levels of activity marked the beginning of the new year at the Amman Stock Exchange. With volumes surpassing the 20 million shares mark on Tuesday, a total of 42 million shares, worth JD95 million, changed hands during last week. The AMI and ASMI rose 7.34 per cent and 9.44 per cent respectively.
The ASE changed the base of its index points from 100 to 1,000 points effective Jan. 1 2004.
The banking sector continued to ride the wave of price rises with many stocks reaching new highs. The Arab Bank reached JD326 with several bloc deals involving a total of 9,900 of its shares being executed on Wednesday. Saudi Oger announced that the five per cent stake it plans to buy in the Arab Bank will be registered under the name of Oger Middle East Holding.
The Jordan Kuwait Bank was the week's biggest advancer climbing 27 per cent to JD10.88.
Meanwhile, a local daily announced that almost 50 per cent of the funds embezzled from banks last year will most likely be returned within the coming three months.
Jordan Telecom began its gradual ascent to its initial listing price as it climbed 14 per cent to JD2.52 with approximately one million of its shares traded.
Dar Al Dawa also got a boost, climbing 12 per cent to JD6.01. Meanwhile, Arab Pharmaceutical Manufacturing and Advanced Pharmaceutical Industries announced that they will hold an extraordinary general assembly on Jan. 15, 2004, in order to discuss their pending merger.
Jordan Industrial Resources (JIR) has sold its stake in Resources Company for Development and Investment to Resources Qualified Industrial Zones for JD10 million, guaranteeing the company a JD2.1 million capital gain. JIR rose 16 per cent to JD1.52.