Amman Stock Exchange taking a breather
The Amman Stock Exchange (ASE) witnessed a calm week with a daily average of 4.86 million Jordanian Dinars. The overall market dropped slightly as the ASE Index decreased by 0.83 percent, mainly due to the drop in Arab Bank (ARBK), reported Atlas Investment Group, a Jordan-based research firm.
Approximately 15.29 million shares, worth JD24.32 million, changed hands during the week with the predominately large-cap, AMI index declining 0.78 percent, while the ASMI advanced by 1.81 percent.
The banking sector index stepped down 0.80 percent as the Arab Bank (ARBK) ended the week at JD199.50 decreasing by 1.48 percent and ranking first in terms of trading volume due to a block trade of 10 thousand shares, while the Housing Bank for Trade & Finance (THBK) fell 1.03 percent to JD2.89 ranking second in the banking sector.
Bank of Jordan (BOJX) had a turbulent week as it reached the low of JD2.08 but managed to close at JD2.18 by the end of the week, dropping slightly by 1.80 percent.
The services sector fell 0.87 percent as Jordanian Electric Power (JOEP)'s stepped down 0.91 percent to JD2.18 while Zara Investments Holdings (ZARA) declined 1.04 percent to JD0.95 in thin trading. Unified for Organizing Land Transport (UNIF) declined 4.5 percent to JD1.06 while Jordan Press Foundation (PRES) rallied to JD13.40 increasing by 11.02 percent as investors are counting on the coming elections in June to maximize their returns.
Jordan Press & Publishing/Ad-Dustoor (JOPP) followed suite and progressed by 14 percent to JD5.70. Specialized Investment Compounds (SPIC) dropped by 1.08 percent to JD0.92 in a profit taking wave and ranked second in terms of volume in the services sector.
The industrial sector pulled back by 0.91 percent mainly due to the fall in Jordan Phosphate Mines (JOPH) share price by 4.21 percent to JD2.05 despite an imminent meeting between JOPH and their Canadian privatization suitor, PCS.
International Tobacco & Cigarettes (ITCC) dropped significantly during the week, but managed to pick up today as it closed at JD3.57 while Jordan Steel (JOST) stepped down 2.21 percent to JD2.21. Jordan Cement (JOCM) made a slight advance by 0.62 percent to JD4.89 while Middle East Pharmaceutical & Chemical Industries (MPHA) made a significant increase as it rose by 13.43 percent to JD0.76. — (menareport.com)
© 2003 Mena Report (www.menareport.com)