Some adjustment took place over the course of the week on the Amman Stock Exchange as investors, having swallowed the bitter pill of war in Iraq, concentrated on fundamentals and prospective dividend distribution. Approximately 8.3 million shares, worth 14 million Jordanian dinars ($19.8 million), changed hands on the Amman Stock Exchange as the AMI budged 0.05 percent while the ASMI climbed nearly two percent.
Most stocks witnessed impressive hikes at the beginning of the week, but profit taking ensued, causing prices to adjust back to fair values, reported Atlas Investment Group, a Jordan-based research firm.
The Arab Bank (ARBK) slipped at the beginning of the week after its annual general assembly had approved a four dinar per share dividend on Friday. However, the stock managed to regain some ground and closed at JD 181.5. On the other hand, the Industrial Development Bank (INDV) saw plenty of activity as the Jordan Kuwait Bank (JOKB) divested some of its holding in the former. A little more than 1.75 million INDV shares were exchanged as the stock climbed one percent to JD1.18.
Beit El Mal Saving and Investment for Housing (BAMB) was among this week’s favorite stocks as it climbed nine percent to JD 1.22. The company’s board of directors announced that they plan to raise capital by four million dinars through a proposed stock dividend that will be put forward at the annual general assembly. In addition, a cash dividend of JD 0.10 per share is on the agenda.
Dar Al Dawa (DADI) continued with its surge as it reached JD 6.81 before settling back to JD 6.76. International Tobacco (ITCC) and Jordan Steel (JOST) remain under close vigilance, with the latter suffering a nine percent decline to JD 1.90.
National Aluminum Industrial (NATA) and International Ceramic Industries (ICER) are proving attractive to investors as well. NATA climbed three percent to JD 0.98, while ICER advanced by one percent to one dinar. — (menareport.com)
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