Jordan Times
Saturday, January 23, 1999

King's return seen reflecting positively on the stock market

By Tareq Ayyoub

AMMAN— Turnover of shares at the Amman Financial Market declined in the past week as a result of the Eid Al Fitr holiday that marked the end of the holy month of Ramadan, a broker said Friday.

Naim Naqeeb said that the return of His Majesty King Hussein Tuesday after a six-month absence to undergo chemotherapy would reflect positively on the stock market.

"His Majesty's return, coupled with positive signs about primary results of the listed companies on the stock market, will push the share prices up in the coming few days," Naqeeb told the Jordan Times.

"The information obtained from some companies shows that the pharmaceutical and mining firms have recorded good results in the past year and that will bring good news to the stock market," he said.

The weekly bulletin showed that turnover amounted to JD1.1 million compared to JD8.9 million in the previous week. The price index recorded in the past week was 176.03 points.

Arab Pharmaceutical Manufacturing ranked first among the listed firms with a turnover amounting to JD247,827 followed by the Arab Phosphate Mining with a turnover of JD185,685.

The Industrial sector won the lion's share with JD714,124 followed by the banking sector which registered a turnover of JD241,848.

Naqeeb said that banks' share prices were "stable" amid weak demand for these shares.

The weekly bulletin showed that the Housing Bank ranked first among the nine banks whose shares changed hands in the stock market with a turnover amounting to JD95,285.

He added that investors' "appetite" for banks shares will depend on the 1998 results "which are expected to appear in the next few weeks."