A dealer wearing a mask monitors price movements on an electronic board as the Amman Stock Exchange reopened on Sunday. Reuters
A dealer wearing a mask monitors price movements on an electronic board as the Amman Stock Exchange reopened on Sunday. Reuters
A dealer wearing a mask monitors price movements on an electronic board as the Amman Stock Exchange reopened on Sunday. Reuters
A dealer wearing a mask monitors price movements on an electronic board as the Amman Stock Exchange reopened on Sunday. Reuters

Jordan's stock market resumes trading after a 50-day lockdown


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Jordan's bourse resumed trading on Sunday after a two-month suspension with shares falling across the board, weighed down by investor fears the coronavirus pandemic will drag on the economy for months.

The Securities Exchange Commission (SEC) decided to reopen the market after it was suspended on March 16 to halt further declines amid financial turbulence as the crisis unfolded.

The bourse was one of only a few markets around the world to stop trading entirely, a move brokers said dented its credibilty with foreign funds.

After reopening, the bourse maintained a short trading session and reduced the daily price limit to 2.5 per cent from the 5 per cent limit that was introduced two days before the halt in trade.

The main ASE index closed 1.04 per cent lower at 1,650 points in thin trading which dealers and bourse officials attributed to a negative business outlook for the next few months before a slow recovery.

"The bourse mirrors the economy but we need a longer period for the market to return back to its balance," Amman Stock Exchange chief executive Mazen Wathaifi told Jordan's Al-Mamlaka TV public broadcaster.

Jordan's aid-dependant economy has been hard hit by the impact of the pandemic with a tight two-month lockdown to stem the spread of the virus that had hit revenues of many listed companies.

The economy is forecast by the finance minister and World Bank to contract by 3.5 per cent in 2020 compared to a government expectation before the crisis for 2.1 per cent growth. This would be the first contraction since 1990.

Market capitalisation has fallen to around 13.5 billion dinars (Dh69.9bn), levels unseen since 2005.

Following the reopening, leading shares dropped with only five shares rising as investors hurt by a central bank decision in March to freeze distribution of cash dividends sought liquidity.

"There were many shares that were offered at limit down and had no buyers. Many investors wanted to divest their shares to cash in," said Wajdi Makhamreh, an investment consultant

Arab Bank, which alone accounts nearly a quarter of the market's total capitalisation, fell 2.33 percent.

The market, which has been hurt by lack of institutional fund activity, has in recent years seen average daily trading activity fall to around 4 million dinars.

The absence of restrictions on foreign ownership has also increased the percentage of equity owned by foreigners to 50 percent of the market’s total capitalisation.

Dealers said there were no signs of any foreign funds divesting from bluechip banks and industrials.

The bourse also lifted curbs on the use and sale of treasury stock and allowed brokers more margin trading to minimise risks in the event the market falls further, brokers said.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Company profile

Name: Tharb

Started: December 2016

Founder: Eisa Alsubousi

Based: Abu Dhabi

Sector: Luxury leather goods

Initial investment: Dh150,000 from personal savings

 

UAE currency: the story behind the money in your pockets
Match info

Uefa Champions League Group B

Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
%3Cp%3EDirectors%3A%20John%20Francis%20Daley%20and%20Jonathan%20Goldstein%3Cbr%3EStars%3A%20Chris%20Pine%2C%20Michelle%20Rodriguez%2C%20Rege-Jean%20Page%2C%20Justice%20Smith%2C%20Sophia%20Lillis%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

UJDA CHAMAN

Produced: Panorama Studios International

Directed: Abhishek Pathak

Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla

Rating: 3.5 /5 stars

If you go

The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road. 

The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
 

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
RESULT

Brazil 2 Croatia 0
Brazil: 
Neymar (69'), Firmino (90' 3)    

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

AL%20BOOM
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Asian Cup 2019

Quarter-final

UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

'Ashkal'
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The results of the first round are as follows:

Qais Saied (Independent): 18.4 per cent

Nabil Karoui (Qalb Tounes): 15.58 per cent

Abdelfattah Mourou (Ennahdha party): 12.88 per cent

Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent

Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent