Amman Stock Exchange rallied with certainty of Gulf War

Published March 23rd, 2003 - 02:00 GMT

Investors braced themselves ahead of the UN Security Council meeting on Monday to vote on a new resolution to forcefully disarm Iraq. However, the UK chose to surprise everyone as it pulled the proposal from the table merely a few hours ahead of the deadline. The Amman Stock Exchange (ASE) rallied later on as the sirens of certainty of another Gulf War began to sound.  


Overall, almost five million shares, worth 8.8 million Jordanian dinars ($12.4 million), traded as the ASMI climbed more than five percent, reported Atlas Investment Group, a Jordan-based research firm.  


The Arab Bank (ARBK) began to move again, closing up two percent at JD 186. Bank of Jordan (BOJX) rose by seven percent to JD2.02, ahead of its annual general assembly, as the board of directors proposed both a cash dividend of six percent and a 15.4 percent increase in capital through bonus shares.  


Similarly, the Industrial Development Bank (INDV) climbed six percent to JD1.14. The services sector experienced limited gains that were mostly in the hands of a couple of companies. Unified for Organizing Land Transport (UNIF) witnessed an 11 percent hike seeing as the company has business with Iraq. Jordanian Electric Power (JOEP), on the other hand, was content with advancing five percent to JD 2.06. 


Industrial companies benefited the most from investors’ sudden renewed interest. Jordan Steel (JOST) and International Tobacco and Cigarette (ITCC) both heavy exporters to Iraq, climbed six percent to JD 2.07 and JD 3.38, respectively. Dar Al Dawa (DADI) advanced all the way to six dinar before it ended the week at JD 5.90. The company announced that it too plans to distribute a JD 0.25 cash dividend, in addition to raising the company’s capital to JD 20 million through a stock dividend. — ( 

© 2003 Mena Report (

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