Amman Stock Exchange ASE WEEKLY MARKET BRIEF (PDF)

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Amman Stock Exchange ASE WEEKLY MARKET BRIEF (PDF) Powered By Docstoc
					                                     Research Division
                         Jordan
                                     Amman Stock Exchange (ASE)

                                      Running Out Of Gas
                                      December 24, 2008
                 WEEKLY
                                       THE MARKET
                MARKET                 The market was not able to sustain the momentum it built the last two weeks and the general
                                       index dropped 4.95% to 2797.48 points. Meanwhile, the AB-Invest Market Index (AMI) and
                       BRIEF           AB-Invest Smaller Market Index (ASMI) dropped by 5.04% and 4.85% respectively,
                                       reflecting the fact that both large capitalization and small capitalization stocks suffered almost
                                       equally this week. Trading activity dropped in a week that was cut one day short in
                                       celebration of Christmas; The Average Daily Trading Volume (ADTV) dropped from
                                       US$50.4 million last week to US$40 million this week. In related news, the last day on trading
                                       for this year will be Tuesday December 30th; the ASE will resume trading on January 4th,
                                       2009.

                                       FINANICIALS SECTOR
                                       The sector’s index dropped 3.56% after all four sub-indices declined. The real estate index
                                       suffered the largest drop at 8.51% and the diversified financials index, which dropped 6.59%,
                                       suffered the worst change from last week. Despite the general decline in the sector, Arab
                                       Assurers (ARAS) was the best performing stock in the market after gaining 16.25% to close
                                       at JD0.93.

                                       The financials sector gained more activity relative to the services sector and accounted for
                                       65% of the market’s trading activity. Meanwhile, the banking sector was the most active sub-
                                       sector and the stock of Arab Bank (ARBK), which lost 2.74% to close at JD16.00, continued
                                       to be the market’s most actively traded stock.

                                       In the insurance sector, Housing Loan Insurance (DRKM) decided to eliminate insurance
                                       from its list of approved business lines and keep finance and investment activities as the core
                                       business lines. Al-Ameer for Development Projects (MANE) will be listed for the first time
                                       on the ASE on the second market on Sunday December 28th; MANE will list 5 million
                                       shares.

                                       SERVICES SECTOR
                                       Under pressure from a retreat in the utilities & energy sub-sector, the services sector declined
                                       3.15%. Meanwhile, the sector’s trading activity dropped relative to the other two sectors. The
                                       utilities & energy index dropped 7.61%, which represents the worst change from last week
                                       among all of the services sector’s sub-indices. Meanwhile, Jordan Electric Power Co. (JOEP),
                                       which dropped 4.94%, was the most active services stock. Despite the general decline in the
                                       sector, the heath care services index gained 3.45%, which made it the best performing sub-
                                       index, and the educational services index gained 1.48%, which made it the most improved
                                       index from last week. In other sector news, Al-Ahlia Enterprises (ABLA) listed 33.29 million
  Al Arabi Investment
                                       new shares on Wednesday December 24th to raise its capital to 39.29 million shares.
        Group
 “Member of the Arab Bank Group”
                                       INDUSTRIES SECTOR
                                       After being the market’s top performer last week, the industries index was the market’s worst
                                       performer this week after it dropped 8.34%. The mining & extraction index recorded the
                                       largest drop in the industries sector at 11.56%. Arab Potash (APOT) lost 13.56% and Jordan
                                       Phosphate Mines (JOPH) lost 12.26%, but was the most active industries stock. Nonetheless,
                                       three industrial stocks were among the top four best performers for the week.
research@ab-invest.net
brokerage@ab-invest.net                In other sector news, Jordan Vegetable Oil Industries (JVOI) will list 1 million new shares on
                                       Sunday December 28th to raise its capital to 4 million shares. Meanwhile, the stock of Arab
                                       International Food Factories (AIFF) will be floated on Sunday December 28th because it has
                                       not been active for the last six consecutive months.
                            Amman 11814, Jordan ― Tel: 962 (6) 5522239 ― Fax: 962 (6) 5519064 ― research@ab-invest.net                  1
                                      www.ab-invest.net ― Reuters: <ATLAS1>-20 ― Bloomberg: ATIG
ASE Market Brief

                     500,000                                                                                                             1,300

                     450,000                                                                                                             1,200

                                                                                                                                         1,100
                     400,000
                                                                                                                                         1,000
                     350,000
                                                                                                                                         900
                     300,000                                                                                                             800

                     250,000                                                                                                             700

                     200,000                                                                                                             600

                                                                                                                                         500
                     150,000
                                                                                                                                         400
                     100,000
                                                                                                                                         300
                       50,000                                                                                                            200

                             0                                                                                                           100
                            Dec-07           Feb-08           Apr-08             May-08      Jul-08           Sep-08     Oct-08     Dec-08

                                                   Value (000s JD)                               AMI                         ASMI




                                         Company Name                                    High         Low        Close    Change     Turnover
                                                                                         (JD)         (JD)       (JD)      (%)         (JD)
                                                                                   Best Performers
                    ARAB ASSURORS                                                         0.95        0.78       0.93      16.25       42,320
                    RUM ALADDIN INDUSTRIES                                                4.37        3.75       4.30      16.22      1,067,667
                    JORDAN TANNING                                                        3.31        2.79       3.31      16.14       228,246
                    JORDAN SELPHO CHEMICALS                                               5.07        4.16       5.07      16.02       490,270
                                                                                   Biggest Decliner
                    ARAB GERMAN INSURANCE                                                 3.26        2.70       2.70      -18.18     2,064,260
                    COMPREHENSIVE MULTIPLE PROJECTS                                       1.75        1.47       1.47      -17.42      93,432
                    TAJAMOUAT CATERING & HOUSING                                          1.69        1.43       1.43      -17.34      132,004
                    RESOURCES FOR DEV. & INVESTMENT                                       0.90        0.78       0.78      -17.02      15,266
                                                                                     Most Active
                    ARAB BANK                                                            16.20        14.37      16.00      -2.74    30,351,250
                    JORDAN PHOSPHATE MINES                                               22.50        19.65      19.96     -12.26    10,901,593
                    SPECIALIZED INVEST COMPOUNDS                                          4.49        4.13       4.22       -7.86    6,798,529
                    JORDANIAN ELECTRIC POWER                                              3.18        2.96       3.08       -4.94    5,054,862


                    Index                AMI         ASMI             ASE
                    Close               674.29       484.29       2797.48                                     Trading Volumes
                    Change (%)           -5.04        -4.85           -5.65
                    YTD (%)             -10.05       -26.13          -23.88
                    Y-o-Y (%)            -7.48       -25.55          -23.08                                         Financials
                    Trailing P/E         17.30        16.04          19.22
                                                                                                                       65%
                   AMI: AB Invest Market Index
                   ASMI: AB Invest Smaller Market Index
                   ASE: Amman Stock Exchange Index
                   Trailing P/E: Market capital weighted P/E of index elements

                                Trading Activity
                    Volume (shares)              48,167,016
                    Volume (JD)                  113,608,128
                    Volume (US$)                 160,187,460


                                     Market Breadth                                             Industries                           Services
                    Advancers                                    51                                20%                                15%
                    Decliners                                   134
                    Unchanged                                    9




                               Amman 11814, Jordan ― Tel: 962 (6) 5522239 ― Fax: 962 (6) 5519064 ― research@ab-invest.net
                                                                                                                                                  2
                                         www.ab-invest.net ― Reuters: <ATLAS1>-20 ― Bloomberg: ATIG

				
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