AMMAN -- Prices of most stocks declined last week due to profit-taking activities during the first days of Ramadan. The Amman Stock Exchange (ASE) index closed at 7660.2 points, a drop of 2.4 per cent from the previous week's level. The market capitalisation stood at JD24,678,863,617.
Total trading volume declined by 9.3 per cent to JD423.9 million. A block deal on one million shares of Societe Generale Bank's (MEIB) stocks, amounting to JD820,000, was executed last week. Ten block deals on 2.5 million shares of various stocks also took place, collectively amounting to JD19.4 million.
Three new companies will be listed on the ASE as of the beginning of this week, namely, Travertine Company, Building Development and Investment Company and International Arabian Development and Investment Trading, with paid up capitals of JD4.5 million, JD7 million, and JD1 million respectively.
Overall, decliners slightly outnumbered advancers as 63 companies out of 144 managed to advance, while 65 companies closed in the negative territory.
In the banking sector, Jordan National Bank announced profits of JD24 million after allowances and before taxes for the first three quarters of 2005, with profits expected to surpass JD30 million by year-end.
In the insurance sector, Jordan International Insurance's net profit for the period ending 30/9/2005 showed a year-on-year increase of 316 per cent reaching JD4.029 million of which investment income accounted for JD3.577 million.
In the services sector, the board of directors of Arab East for Real Estate Investments decided to increase the company's paid up capital from JD2.5 million to JD9 million by offering five million shares for private subscription at a price of JD3 per share, as well as allocating 1.5 million shares to Arab East for Financial and Economic Investments at the same price.
United Financial Investments' board of directors will hold a meeting on Sunday to discuss raising its paid up capital by distributing stock dividends and/or by means of private subscription.
Similarly, Jordan Trade Facilities' board of directors will propose at an extraordinary general assembly meeting the increase in paid up capital from JD7.5 million to JD15 million through a private subscription at par.
In the industrial sector, the extraordinary general assembly meeting of Middle East Complex for Eng., Electronics & Heavy Industries (MECE) approved the increase in paid up capital from JD40 million to JD100 million through a 100 per cent private placement at par, as well as offering JD20 million for private or public subscription at JD3 per share.
© Jordan Times 2005
