Jordan Times
Sunday, September 16, 2007
Amman Stock Exchange : weekly analysis
The index of the Amman Stock Exchange (ASE) edged
up by 1.1 per cent closing last week at 5,580.16 points. Market capitalisation
rose to JD21.8 billion, up by 0.08 per cent for the week.
The sectors that recorded gains last week were the industry, diversified
financial services and real estate as their indices increased by 1.94 per cent,
1.26 per cent and 0.96 per cent respectively.
The insurance sector was the biggest loser as its index recorded a loss of 1.97
per cent by the end of the week amidst low trading volumes.
As for trading activity, 73.461 million shares exchanged hands, while the
average daily trading value decrease by 5.73 per cent to JD30.13 million.
Overall, advancers outnumbered decliners as 76 companies out of 187 declined,
while 93 advanced.
In terms of value traded by sector, real estate came in first place accounting
for 27.3 per cent of the total value traded followed by the diversified
financial service sector with 24.2 per cent and then the industrial sector which
accounted for 17.4 per cent of the value traded last week.
The most actively traded shares last week were United Arab Investors, Jordan
Industrial Resources and El Zay Ready Wear with a combined value traded of
JD15.29 million accounting for 10.1 per cent of the week’s total value traded.
Several block deals were executed, most significant of which were deals on
shares of Tameer Jordan and Arab American Takaful Insurance with transaction
values of JD2.32 million and JD0.8 million respectively.
According to figures issued by the Department of Statistics, the general
industrial production index rose by 1.3 per cent during the first seven months
of 2007 compared with the same period of 2006. The rise was due to higher
electricity production by 22 per cent, with a relative importance of 6.5 per
cent, and manufacturing output by 0.1 per cent, with a relative importance of 11
per cent. Quantities produced by the quarrying sector edged down by 0.1 per
cent, with a relative importance of 82.5 per cent.
National exports during the first seven months of this year rose by 12.1 per
cent to JD1,842.6 million compared to JD1,644.4 million during the same period
of 2006. When reexports are taken into consideration, the total value of exports
becomes JD2,307.6 million, a 10.8 per cent increase over the JD2,082.2 million
during the same period of 2006.
Saudi Arabia’s Savola Group acquired a 5 per cent stake in Taameer Holding
Company in accordance with an agreement signed last month. The agreement also
entails the establishment of a Saudi-based real estate company with an
authorised capital of JD1 billion and a paid up capital of JD500 million. The
share price of Taameer closed unchanged at JD2.39.
Société Générale de Banque - Jordanie received approval from the Ministry of
Industry and Trade to increase its paid-up capital from JD26.97 million to
JD40.465 million through private subscription.
Additional shares were listed through private subscription for Enjaz for
Development and Multi projects to reach 57,476 shares. This will raise the paid
up capital to JD3,334,333.
Additional shares were listed for Investors and Eastern Arab for Industrial and
Real Estate Investments to reach 45,396 shares. This will raise the paid up
capital to JD30 million.
Jordan Cement Factories increased the prices of cement by JD2.88 a tonne.
According to the company, the increase was necessitated by higher oil prices
during previous months. The share price of the company closed at JD11.25 up by
0.33 per cent.