Jordan’s main share index was stable on Tuesday, February 13, in activity dominated by small investors and floor-traders focused on industrials with good dividend prospects in the absence of local fund buying, dealers said. The official 60-share benchmark Amman Stock Exchange (ASE) index shed a marginal 0.02 per cent to close at 137.45 points in turnover of around JD767,407 ($1.08 million).
Dealers said the market saw few heavy transactions aside from a large block deal in hotel holding group Zara Investments . The group, with large tourism investments across the country, shed 0.157 percent to close at JD1.25 after shares worth JD124,500 changed hands. Trading in shares forecast to distribute healthy 2000 dividends accounted for the remaining activity.
“Local speculators focused mostly on industrials as funds kept a distance,” said Assad Al Dissi, head of Amman Securities and Investments. They said local funds and institutional investors are still hesitant to engage in heavy trading as many prefer to adopt a wait-and-see mood in the wake of Israeli elections. In the second busiest traded stock, market mainstay Arab Bank, was virtually unchanged at the JD160 support level, further reinforcing last week's recovery after recent falls on the back of profit-taking.
It ended 0.31 percent higher at JD160.8 after shares worth JD93,243 changed hands. The share accounts for over 40 percent of the bourse's total capitalization and so its price fluctuations heavily influence the overall ASE index. Meanwhile profit-taking by small investors undermined blue-chip detergents producer Industrial Commercial which fell 1.53 percent to close at JD1.29 after shares worth around JD58,736 changed hands.
Jordan Electric Power, a favorite among investors looking for good dividend payouts, rose 0.54 percent to close at JD1.86 after shares worth around JD40,000 changed hands. Jordan Cement Factories, the monopoly cement producer, slipped 0.34 percent to close at JD2.89 after shares worth around JD22,000 changed hands. — ( Jordan Times )
© 2001 Mena Report (www.menareport.com)
