Mar 03 2011 |
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Economic performance: Economy feels the impact of regional unrest
The local and regional political situation has affected the Amman Stock Exchange ( ASE ). By the end of the third week of February, the index was down by 3.71% for the year, although the fall was tempered by a strong set of 2010 results from listed companies, notably the banks, with Bank of Jordan, Cairo Amman Bank, Jordan Commercial Bank, Capital Bank, ABC (Jordan) and Invest Bank all posting a healthy rise in profits. The 2011 decline follows a steady downturn in the market that started with the onset of the global financial crisis in the last quarter of 2008. The three-year decline was attributable to local as much as regional factors, and market players have complained that the presence of troubled companies in the market and the continuing reluctance of the banks to lend to local business have contributed to a loss of confidence. A number of frustrated investors staged a demonstration at the ASE and called for the resignation of the chairman of the Jordan Securities Commission (JSC), Bassam Saket. Most industry participants went for a quieter approach; some held a meeting in Amman on February 19th to discuss their grievances and consider practical ways in which the government, the Central Bank of Jordan and the JSC could help revive the market.
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