Amman Stock Exchange swings around mid-week

Published July 6th, 2003 - 02:00 GMT

The Amman Stock Exchange (ASE) attempted a turbulence-free landing, as the first six months of the year came to an end and companies closed their books in preparation for posting their semi-annual results. However, the ASE swung around mid-week, allowing advancers to outnumber decliners by almost three to one, reported Atlas Investment Group, a Jordan-based research firm. 

 

The Arab Bank (ARBK) saw heavy trading, with a daily average of 10,000 shares, as both local and foreign fund managers bought into the stock, pushing its price up eight percent to 231 Jordanian dinars ($326).  

 

Bank of Jordan (BOJX) experienced a similar climb of nine percent as the 1.49 million shares traded helped the stock reach JD2.34. Meanwhile, the Jordanian Ministry of Industry and Trade has given the Middle East Investment Bank (MEIB) its approval to change the latter’s name to Société Générale Jordan. MEIB shed two percent to close at JD1.00. 

 

A bloc deal involving almost 1.5 million First Telecom Group (FTGR) shares took place on Wednesday. The buyer, Batelco Middle East EC (BMEC) bought the shares at JD3.04. Specialized Investment Compounds (SPIC) witnessed a 14 percent hike this week, as investors rushed to buy the stock, which promises good mid-year results. 

 

The Jordan Securities Commission (JSC) has decided to halt Arab Potash (APOT)’s stock from trading effective Sunday, July 7, 2003, as the company begins to receive the final offers from the four contenders willing to buy part of the government’s stake in the corporation. Consequently, APOT advanced six percent to five JD. 

 

Jordan Cement (JOCM) was also in the news, as the company announced that it will begin operating a new delivery system aimed at curbing price manipulations its product faces from certain distributors. JOCM rose seven percent to JD5.36. El Zay Ready Wear Manufacturing (ELZA), a relatively quiet stock, experienced a similar climb, as it closed at JD1.12. — (menareport.com) 

© 2003 Mena Report (www.menareport.com)


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