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
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Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0
COMPANY%20PROFILE
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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
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
ELIO
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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
- Join parent networks
- Look beyond school fees
- Keep an open mind
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- 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
