AMMAN -- The Amman Stock Exchange (ASE) index finished its weekly session at 7712.3 points, an increase of 0.68 per cent. The market capitalisation stood at JD24.8 billion. Total trading volume dropped last week week by 32.7 per cent to JD285.2 million among which were four block deals amounting to JD4.2 million covering 578,400 shares of three different companies. The biggest two were executed on 534,700 Bank of Jordan shares for a total of JD3.8 million.
Several companies declared increases in paid-up capital, while others announced positive results for the first nine months of this year.
Overall, decliners outnumbered advancers as 49 companies out of 145 managed to advance, while 85 companies closed in the negative territory.
In the banking sector, the general assembly of Export & Finance Bank (EFB) approved the increase in paid-up capital from JD72 million to JD102 million through private subscription. EFB's results for the period ending Sept. 30, 2005 revealed JD15 million in net profit compared to JD6.3 million for the same period of 2004.
Jordan Kuwait Bank announced its results for the first nine months of this year showing a year-on-year increase of 53 per cent in pretax, post allowances profit reaching JD27.8 million. The third quarter results of the Housing Bank for Trade & Finance revealed JD80 million in pretax profit, an increase of 140 per cent compared to the first nine months of 2004.
In the services sector, the general assembly of Amwal Invest approved the increase in paid-up capital by JD16.25 million to JD36.25 million through private subscription, thus enabling the acquisition of Arab Financial Investment. The assembly approved the entry of new investors from Saudi Arabia, the United Arab Emirates, Oman, and Jordan, to raise its paid-up capital to JD42.5 million.
United Financial Investments' board of directors recommended raising its paid-up capital from JD2 million to JD5 million.
In the industrial sector, Jordan Steel's board of directors proposed an increase in paid-up capital from JD15 million to JD21.565 million through a JD4.5 million private subscription at JD2.5 per share, in addition to the allocation of JD2 million to each of Andalucia Resorts and Real Estate Development and United Arab Investors (UAIC) equally at JD5 per share.
Jordanian Pharmaceutical Manufacturing's board of directors will propose to the general assembly the increase in paid-up capital from JD16 million/shares to JD20 million/shares through private subscription at JD1.5 per share.
The ASE witnessed a sharp decline during the first day of the week amid news of increasing interest rates by 0.5 per cent. However, the index recuperated after the prime minister negated rumours that the Social Security might liquidate some of their investments in the ASE.
© Jordan Times 2005
