AMMAN -- Despite the positive third-quarter results released by several companies last week, the Amman Stock Exchange (ASE) index finished the weekly session down by 1.12 per cent closing at 7626.1 points due to profit-taking activities. The market capitalisation stood at JD24.6 billion.
Total trading volume declined by 14.1 per cent during the week to JD244.9 million. Overall, decliners outnumbered advancers as only 43 companies out of 150 closed in the positive territory while 85 companies declined.
Arab Bank Group hiked net income during the first nine months of 2005 to record $385.8 million, a year-on-year growth of 44.1 per cent. The bank's share price closed down at JD52.07, after reaching an intra-day high of JD53.95 during the week.
Bank of Jordan announced JD18.6 million in net income for the first three quarters of the year, an increase of 62 per cent compared to the same period last year. Investment income amounted to JD8.5 million representing 34 per cent of the bank's pretax profits.
Net income of Union Bank for Saving and Investment for the period ending 30/9/2005 showed a year-on-year growth of 184 per cent reaching JD29.8 million.
Net income of Arab Jordan Investment Bank for the first three quarters this year reached JD8.38 million, against JD2.59 million for the corresponding period of 2004, with investment income comprising JD7.2 million.
In the insurance sector, the quarterly results of Arab Life and Accident Insurance showed JD3 million in pretax income for the first nine months this year, compared to JD659,000 during the same period of 2004. The company's share price increased by seven per cent in calm trading, to end the weekly session at JD5.35.
In the services sector, United Financial Investments revealed net income of JD4.68 million during the first three quarters this year, compared to JD656,800 during the same period in 2004.
Jordan Investment Trust posted a 198 per cent year-on-year increase in profits, reaching JD7.16 million for the first nine months this year.
Moreover, Jordan Telecom Group announced an 88.6 per cent increase in net income reaching JD69 million for the period ending 30/9/2004, the majority of which represented operational income. The government is on the verge of selling its 41.5 per cent stake in the company, anticipating to finalise the process by year-end.
Six million new shares of United Arab Investors were listed on the ASE on Monday, as the company's paid- up capital was raised to JD40 million.
As for the industrial sector, Ready Mix Concrete and Construction Supplies showed JD1.35 million in net income for the first nine months of this year, a year-on-year growth of 113.2 per cent.
© Jordan Times 2005
