Amman stock exchange depressed at start of weekly trade
The bourse was depressed on Sunday as investors refrained from trading amid turnover dominated by block deals in rarely traded shares, dealers said.
The official 60-share benchmark Amman Stock Exchange (ASE) index shed 0.58 percent to close at 133.44 points in turnover of around JD854,639 ($1.2 million).
Two block deals in tourism firm Petra Tours Transport and Jordan International Insurance Company alone accounted for nearly two thirds of daily trading.
Petra Tours was unchanged at JD1.05 in one block deal worth around JD378,000. Jordan International Insurance rose 4.17 percent to close at JD1.
Dealers attributed the recent poor performance of the bourse to absence of institutional demand in trade characterized by block deals that appear to be either portfolio adjustments or ownership transfers among large shareholders.
Household electronics maker, Middle East Complex, shed 2.99 percent to close at JD0.65 in trade worth around JD54,000.
Jordan Refinery shed JD0.04 to close at JD11.49 in nearly JD54,000 worth of deals.
Reflecting the dearth of activity, few investors surfaced on market mainstay Arab Bank, which accounts for over 40 percent of the total capitalization of the bourse.
It shed 0.79 percent to close at JD156.8 in transactions worth a minimal JD18,000 but still one of the ten largest deals of the day.
Losers outpaced gainers by 22 to 15 with 27 shares unchanged. — (Jordan Times)