Listed Bonds

Volumes continued to dwindle at the Amman Stock Exchange (ASE) with the majority of trading activity restricted to investors who had to answer their margin calls before the month's end. As a result only 10.6 million shares, valued at JD21 million, were exchanged as the AMI and ASE Index both retracted by more than 2%.

The Export and Finance Bank (EXFB), which had raised its capital by JD7 million through a bonus issue, saw its new shares listed on Wednesday at an opening price of JD3.37. Nonetheless, the stock was facing downward pressure causing it to end the week at JD3.25. Arab Orient Insurance (AALI) had its additional 0.5 million shares listed on the same day with an opening price of JD2.26.

Jordan Kuwait Bank (JOKB) announced that it has accumulated JD5.48 million in net profits during the first quarter of 2004, an increase of 36% from the same period last year. Consequently, JOKB climbed all the way up to JD8.58 before settling back at JD8.38. Société Générale Jordanie (MEIB), on the other hand, experienced a 77% rise in its bottom line for 2003. The bank recorded a net income of JD0.7 million despite a 10% drop in its revenues.

Jordan Telecom (JTEL) was halted from trading today due to its annual general assembly. Shareholders approved a JD0.18 per share cash dividend at the meeting. JTEL had witnessed relatively healthy trading prior to that, with approximately 0.38 million shares changing hands throughout the week as the stock closed at JD2.56, down 3%. Conversely, Jordan Phosphate Mines (JOPH), which also held its assembly this morning, advanced 1% to JD2.03 despite thin volumes.

Meanwhile, effective 21 April 2004, the ASE began to list Jordanian bonds denominated in US dollars. These fixed income instruments will be traded electronically during regular bond market hours.