Jordan Times
Sunday, March 6, 2005
Weekly Analysis
Amman Stock Exchange
AMMAN — The Amman Stock Exchange (ASE) index went
up again last week and closed at a new high by the end of every trading day,
after breaching the 5,000 points barrier for the first time ever on Sunday. The
index finished the weekly session at 5,099.900 points, a rise of 2.94 per cent.
The market capitalisation for the week stood at JD15.8 billion.
The Ministry of Finance's latest figures revealed that the level of public debt
has declined by five per cent in 2004 to JD7.2 billion, which is equal to 95 per
cent of gross domestic product compared to 100.2 per cent in 2003.
According to the Minister of Industry and Trade, additional Arab investments in
Jordan reached $400 million in 2004 and total foreign investment went up by 80
per cent compared to 2003.
Jordan Securities Commission revealed that 82.4 per cent of companies listed on
the ASE have adhered to the laws and regulations with regards to the disclosure
of their 2004 year-end financial results.
In the banking sector, Arab Bank's share price went up by 1.1 per cent on Sunday
to JD274 after ending last week at JD271.5. The rise was attributed to an
announcement of an agreement between the bank and the American Foreign Currency
Control Office, by which the Arab Bank is to stop all electronic wire transfers
through its New York branch and resume all other operations as usual. The bank's
share price ended the week at JD277.
Jordan Investment and Finance Bank was the sector's top gainer for the week as
its share price went up by 15.3 per cent to close at JD4.30.
In the insurance sector, Yarmouk Insurance and Reinsurance Co. posted a 145 per
cent increase in its net profit to JD1.33 million. The company's share price
went up by 1.68 per cent to JD4.83.
In the services sector, the general assembly of the Arab Financial Investments
Company approved a 30 per cent cash dividend and the share price went up by 4.65
per cent to JD4.50.
In the industrial sector, Jordan Cement Factories announced a 65 per cent cash
dividend and the appointment of Rashid Ben Yakhlif as the new general manager.
Middle East Complex for Engineering, Electronics, & Heavy Industries will
distribute 10 per cent cash dividend. the company announced that the path is
clear for all it's products to enter the Syrian market, which is expected to
have a positive effect on its sales. On Monday, two block deals were executed on
the company's shares for the total of one million shares at a price of
JD2.07/share. The closing price for the week was JD2.38 up by 15 per cent.
On Thursday, three block deals were carried out on 1.02 million shares of Ad-Dulayl
Industrial Park at JD1.35/share.