Download - FEAS xxx.fh9

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 AMMAN STOCK EXCHANGE Jalil Tarif Executive Manager For the second consecutive year the ASE performance was outstanding in 2004. Performance indicators reached their all-time high since the establishment of the securities market in 1978. In December 2004, the ASE price index reached 4254 points, a record high, and closed at 4246 points at the end of 2004, up by 62.4% compared to its’ 2003 closing. Trading volume doubled to reach US$ 5.4 billion and the ASE's market value went up by 67.7% to reach US$ 18.4 billion or 185% of the GDP, which indicates the important role the ASE plays in the national economy. As a recognized sign for the increasing confidence in the ASE, Wilshire Associates issued a revised report including a list of emerging markets that have an attractive investment climate in securities markets. Jordan ranked 10th among the 27 most attractive emerging stock markets, jumping two steps a head of Jordan’s rank in 2003. The improvement in Jordan’s ranking can be attributed to regulatory, legislative and technical developments that have been implemented over the last year. This report HISTORY AND DEVELOPMENT The Amman Stock Exchange (ASE) was established in March 1999 as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The Exchange is governed by a seven-member board of directors. An executive manager oversees day-to-day responsibilities and reports to the board. The ASE membership is comprised of Jordan’s 30 brokerage firms. The history of securities trading in Jordan traces its origins back to the 1930s. In 1976, the Amman Financial Market was established to create a regulated trading market. More recently, as part of Jordan’s move to upgrade its capital market, a new Securities Law was enacted in 1997 separating the supervisory and legislative roles from those of exchange operations. As a result, the Jordan Securities Commission (JSC) was created at the same time as the ASE and the Securities Depository Center (SDC) were established. The JSC supervises the issuance of and trading in securities and monitors and regulates the market. The SDC oversees clearing and settlement and maintains ownership records. PAGE 36 ASE's market value went up by 67.7% to reach US$ 18.4 billion or 185% of the GDP, which indicates the important role the ASE plays in the national economy. was prepared for one of the largest USbased pension funds, “The California Public Employees Retirement System” (CalPERS). Also in 2004, the ASE issued new Listing Directives in which the trading of public shareholding company shares are divided into two markets, according to shareholders equity, free float, profitability, number of shareholders, liquidity and disclosure criteria. By these directives, companies listed at the first market must provide the ASE with quarterly reports. Also the ASE has amended it’s internal By-Laws which introduced a set of amendments to the organizational structure and departments of the ASE. As a result, a new Surveillance and Inspection Department was created. Further, these new Trading Directives include a number of ethical rules that brokerage firms must abide by in their relations with their clients. As part of the ASE’s efforts to strengthen ties of cooperation with international market institutions, the ASE has been accepted as an Affiliate member of the World Federation of Exchanges (WFE), this decision was taken in recognition of the progress that has been To provide a transparent and efficient market, the ASE implemented internationally recognized directives regarding market divisions and listing criteria. It also adopted procedures for improving regulatory effectiveness. On 26 March 2000 the ASE launched an automated order-driven Electronic Trading System. The new system is in compliance with international standards and takes into account the G-30 recommendations. This system also offers brokers immediate access to stock prices and orders and enables members to trade remotely. made in the business development of the ASE, and its efforts to deepen its local significance and presence in the Jordanian economy. The ASE has also been elected as chairman of the Working Committee of the Federation of Euro-Asian Stock Exchanges (<strong>FEAS</strong>). In 2004, the ASE was the main sponsor of the Annual Conference of the International Organization of Securities Commissions (IOSCO) that was held in Amman May 2004. The ASE also hosted a conference on the Greek experience in the capital market development, this conference came as a result of the Cooperation Agreement that was signed between the ASE and the Thessaloniki Stock Exchange Center in October 2002. To develop its data dissemination policy, the ASE has launched a new website www.exchange.jo. The new site contains many new advantages and information such as, on-line market depth and the company guide, in addition to a number of added features of interest to investors. FUTURE OUTLOOK During 2005 the ASE will: • apply for a full membership in the World Federation of Exchanges (WFE); • upgrade the technical infrastructure; namely; the electronic trading system to the AtosEuronext V800, the Wide Area Network (WAN) to accommodate projects in the fields of surveillance systems and automating communication with brokers, issuers and the disaster recovery site; • implement new sectoral distribution, which will be consistent with international standards; • improve information dissemination by introducing new retail products; • introduce and publish a new price index, which is a free float weighted index that was tested during 2003 and 2004; and • redesign all publications and bulletins, while concentrating on the monthly statistical bulletin and the companies’ guide.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 AMMAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 397.0 18.9 133.0 6.3 Aug-04 260.1 11.3 91.0 4.0 Sep-04 511.8 24.4 158.6 7.6 Oct-04 574.7 27.4 137.6 6.6 Nov-04 678.9 39.9 140.6 8.3 Dec-04 804.4 38.3 124.5 5.9 TOTAL 3,226.9 26.7 785.3 6.4 Bonds July-04 4.9 0.23 0.0008 0.00005 Aug-04 0.51 0.02 0.001 0.00008 Sep-04 0.49 0.02 0.0007 0.00009 Oct-04 0.03 0.001 0.0002 0.0003 Nov-04 0.08 0.005 0.0003 0.0004 Dec-04 0.02 0.001 0.0002 0.0001 TOTAL 6.0 0.05 0.003 0.0002 Other July-04 0.0 0.0 0.0 0.0 Aug-04 0.0 0.0 0.0 0.0 Sep-04 0.0 0.0 0.0 0.0 Oct-04 0.0 0.0 0.0 0.0 Nov-04 0.0 0.0 0.0 0.0 Dec-04 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Market Capitalization US$ Millions Index July-04 12,733.4 2,915.7 Aug-04 12,742.4 2,902.0 Sep-04 13,509.9 3,068.0 Oct-04 15,028.0 3,436.0 Nov-04 17,738.3 4,106.0 Dec-04 18,383.4 4,245.6 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 900 800 700 600 500 400 300 200 100 0 Stocks Index July Aug Sep Oct Nov Dec Contact Name Mr. Sami Hattab E-mail info@ase.com.jo Website www.exchange.jo 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 MONTHLY MARKET CAPITALIZATION (US$ Millions) 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 July Aug Sep Oct Nov Dec PAGE 37
Page 1: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 5 and 6: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 88 and 89:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166:
show all

Download - FEAS xxx.fh9

Create successful ePaper yourself

Delete template?

Save as template?