ASE investors cash in on returns

Published April 22nd, 2003 - 02:00 GMT

The Amman Stock Exchange (ASE) witnessed a week of profit taking as many investors decided to cash in on their returns. Though decliners outnumbered advancers, the AMI managed to increase slightly, mainly due to the rise in the value of Arab Bank (ARBK) and Jordan Cement (JOCM) stocks, reported Atlas Investment Group, a Jordan-based research firm. 

 

The ASMI stepped down a little, as the pressure from decliners was met by strong resistance from their counterparts. Approximately 13.84 million shares, worth 21.87 million Jordanian dinars ($30.7 million), changed hands during the week with the AMI increasing by 0.74 percent, while the ASMI declined by 0.52 percent. 

 

The banking sector index climbed 0.72 percent due to the rise of ARBK, which reached the JD 200 mark before closing at JD 198. The Industrial Development Bank (INDV) witnessed extensive trading as its annual general assembly approaches INDV ranked second in terms of trading volume, while Jordan National Bank (JONB) is picking up again, gaining 8.70 percent to close at one dinar.  

 

The Bank of Jordan (BOJX) was heavily traded but could not support its position as it fell down to JD 2.24. Beit Al-Mal Saving & Investment for Housing (BAMB) soared 14.69 percent to end the week at JD 2.03 since it announced that it will distribute JD 0.10 in cash dividends in addition to a two for one bonus issue. 

 

The services sector captured some attention. Jordanian Electric Power (JOEP) maintained its position and as it closed at JD 2.14, while Unified for Organizing Land Transport (UNIF) had another busy week as it reached JD 0.87 before settling at JD 0.83. 

 

The industrial sector climbed 0.49 percent capturing more than half of total trading volume. Jordan Steel (JOST) ranked first in terms of volume and edged up slightly to close at JD 2.08 while JOCM had a field day as it rose by 6.06 percent with a turnover of more than one million dinars. Dar Al-Dawa (DADI) sustained its price level while Arab Pharmaceutical Manufacturing (APHA) dropped by 5.56 percent to end the week at JD 3.74. — (menareport.com) 

© 2003 Mena Report (www.menareport.com)


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