AMMAN -- Despite the 0.25 per cent increase in key interest rates by the Central Bank of Jordan, the Amman Stock Exchange (ASE) index managed to sustain the levels of the previous week by closing at 7099.6 points, slightly up by 0.30 per cent. The market capitalisation stood at JD25.2 billion
The Department of Lands and Survey indicated in a report last week that total property sale transactions reached JD1.2 billion during the first four months of this year, as Iraqis continued to top the non-Jordanian sales list with a total value of JD25.4 million.
The monthly bulletin issued by the Ministry of Finance revealed a surplus of JD196.5 in the government's budget for the first quarter of this year, compared to JD122 for the same period last year.
Also last week, a Jordanian-Spanish-UAE real estate investment company signed an agreement with Sigma Engineering to establish its first project at the Dead Sea with an investment cost of around $100 million.
The Jordan Securities Commission granted four brokerage companies a license to perform margin trading, which will likely enhance the liquidity in the market for the period to come.
On the trading floor, the average daily trading volume declined by 28.3 per cent reaching JD91.1 million. Overall decliners outnumbered advancers as 79 companies out of 161 declined, while 74 companies advanced.
In the banking sector, the Arab Bank sold its 12 million stake in Jordan Telecom (JT) to France Telecom, thus bringing up the French partner's ownership in JT to 100 million shares; equivalent to 40 per cent of the company's JD250 million paid-up capital.
Informed sources said the deal was closed at a price ranging between JD4 -- JD4.5 per share, thus bringing in JD48 million - JD54 million additional revenues to Arab Bank this year.
Moreover, a block deal was executed on 457,540 shares of Arab Bank for a total value of around JD12.6 million. The bank's share price closed at JD28.49, up by 0.32 per cent.
The Housing Bank for Trade and Finance will hold an extraordinary general assembly meeting on June 7, to discuss the possibility of purchasing five per cent of its outstanding shares as treasury stock.
In the insurance sector, the ASE suspended trading of Arab German Insurance (AGICC) shares on May 17 due to its merger with one of its subsidiaries -- Basma Trading Co. The insurance index finished the week at 6120.6 points, up by 1.26 per cent.
In the services sector, the first quarter profit of International Arabian Development & Investment Trading reached JD298,000.
A extraordinary general assembly meeting of the United Arab Investors (UAI) approved the increase in paid-up capital from JD120 million to JD150 million through the allocation of 30 million shares to undisclosed strategic partners as the board was given full discretion to assign value added partners and to set the subscription price. UAI's annual general assembly meeting approved the distribution of 22 per cent cash dividends.
Tantash Investment Group announced majority ownership in Jordan Investment and Tourism Transport (ALFA), with a stake reaching 52 per cent of its paid up capital.
In the industrial sector, a block deal was executed on 100,000 shares of Middle East Complex For Eng., Electronics (MECE) with a total value of JD305,000. The industrial index closed at 2632.8 points, up by 1.28 per cent buoyed by the share price appreciation of heavyweight MECE and Jordan Cement Factories by 8.42 per cent and 4.43 per cent respectively to close at JD2.96 and JD12.25.
© Jordan Times 2006
