Jordan Times
Sunday, August 28, 2005
Amman Stock Exchange
AMMAN — Most heavy weight stocks, especially in
the banking sector, held their ground and brought a sense of stability over the
Amman Stock Exchange (ASE) last week.
The change in the index was minimal as it rose 0.01 per cent to end the weekly
session at 8010.82 points. The market capitalisation stood at JD25.7 billion
The average trading volume increased by 9.9 per cent last week reaching JD61.8
million, as investors increased their stake in the services sector which
captured 60.1 per cent of the total trading volume which reached JD309 million.
Overall, decliners outnumbered advancers as 67 companies out of 151 managed to
advance, while 72 companies closed in the negative territory.
In the banking sector, Jordan National Bank's (JNB) 66.05 million shares
returned to trading on Tuesday after more than seven months in suspension due to
the merger process with Philadelphia Bank. The stock began trading at a floating
price of JD6.95 compared to JD3.75 closing price before its suspension. JNB's
stock price had the highest percentage increase in the sector by the end of the
trading, rising by 15.54 per cent to close at JD8.03.
Jordan Kuwait Bank stock price increased by a mere 1.8 per cent as it moved
against the sector's index which dropped by only 1.8 per cent as a result of the
small declines in the prices of most banks.
The insurance sector's index also dropped by about 1.2 per cent last week.
Nonetheless, Arab American Insurance Co. stock price increased by 26.3 per cent
to JD3.12 which was the highest increase in the sector.
In the services sector, United Arab Investors (UAI) intends to propose to the
general assembly a 100 per cent increase in the company's capital for the second
time this year to reach JD80 million through a private subscription. UAI stock
price reacted positively to the news rising by 7.8 per cent to close at JD11.91.
Union Investment Corp.'s stock price rose by 10.6 per cent to stand at JD15.37.
The company announced that the private subscription for raising its capital to
JD50 million will start from the beginning of next month.
Stocks of Arab East for Financial and Economic Investments was heavily traded
last week taking the price up by 19.7 per cent.
In the industrial sector, the increase in the prices of the relatively heavy
Arab Potash Co. and Jordan Cement Factories by 10.8 per cent and 5.6 per cent
respectively, positively affected the industrial sector's index raising it by a
good 5.7 per cent to end the week at 3311 points.