ASE drops as Middle East tensions slump the market
The market prices of the shares listed in the Amman Stock Exchange dropped by 0.77 percent in September compared to the previous month's figure, the ASE's monthly report showed.
The market capitalization of the listed firms' shares declined to JD3,457.2 million in September compared to JD3,484.1 million in the previous month, the report said.
The report did not specify the reasons behind the decline in the market prices of the shares but observers have repeatedly said that the stalemate in the Middle East peace process and fluctuations in the Kingdom's foreign trade were the main reasons behind the continuous decline in share prices.
The report indicated that the ASE's trading volume rose by 3.6 percent in September, up to JD24.8 million, while the trading volume in the first nine months amounted to JD240.3 million compared to JD324.7 million in the same period of 1999.
The stock market's General Price Index closed at 132.65 points in September, down 1.37 points from last month, the report said.
Non-Jordanian investment in the stock market declined by JD7.5 million in the first nine months of this year.
By the end of September, shares owned by non-Jordanian investors amounted to 41.4 percent, where Arab investors owned 35.3, while 6.1 percent were controlled by non-Arab investors, the report which was made available to the Jordan Times said.
Meanwhile, brokers will be able to take care of transactions from their offices instead of the trading floor through remote trading, the monthly report said.
It added that the bourse's management and brokerage houses have concluded their preparations for launching this service and see it as an added benefit to the ASE and brokers. — (Jordan Times)
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com)