AMMAN -- The Amman Stock Exchange (ASE) index declined for the second week in a row this year, in spite of positive results that companies started to release.
Fears of a downward trend in the market led to heavy selling pressure as investors were liquidating some of their positions.
The index closed at 8287.61 points, a drop of 3.01 per cent. The market capitalisation stood at JD27,181,456,508.
The ASE signed an agreement last week allowing Bloomberg to provide detailed and instant trading information for Arab and foreign investors on its international network.
As for trading levels, the average daily trading volume declined by 22.37 per cent for the week to JD63.101 million. Overall, decliners outnumbered advancers as 114 companies out of 150 declined, while 31 companies advanced.
The Arab Bank share price opened last week at JD34.90 after the close of the ex-dividend date for the 180 million new shares. The share's price ended the weekly session at JD33.70, down by 3.44 per cent.
Middle East Insurance (MEI) declared a pre-tax profit of around JD18.37 million for 2005 compared to JD3.88 million in 2004. MEI board of directors plans to propose to the general assembly a JD5 million increase in the paid-up capital to JD15 million through issuing 50 per cent stock dividends.
The board will also recommend distributing 10 per cent cash dividends. MEI's share price closed at JD8.11, down by 10.56 per cent.
Arabian Seas Insurance (ASI) announced JD705,000 net profit for the year, compared to JD49,000 in 2004. ASI's share price closed at JD4.15, down by 7.78 per cent.
United Arab Investors' 79.75 million additional shares will be listed on the ASE as of Jan. 29, 2006. The company revealed around JD50 million profit last year compared to JD11.5 million in 2004. The share price declined by 12.24 per cent to close at JD3.73.
Global Investment House declared that the process to establish First Jordan Investment Company is still under way, while increasing the company's paid-up capital from JD100 million to JD150 million is a likely possibility, where 40 per cent will be offered for public subscription.
Union Advanced Industries' board of directors announced pretax profit of JD1.41 million for 2005, an increase of 34 per cent compared to 2004 profits. The board will also propose the distribution of a 20 per cent cash dividend.
Jordan Steel's board of directors will request its general assembly's approval to distribute a 25 per cent cash dividend. The company indicated a decline in pretax profit from JD5.879 million in 2004 to JD3 million in 2005. The company's share price closed at JD5.38, down by 3.24 per cent.
National Steel Industries announced after tax profit of JD51,000 for 2005, compared to JD617,000 in 2004. The company's share finished the week at JD1.48, down by 7.50 per cent.
© Jordan Times 2006
