The Amman Stock Exchange (ASE)’s investors’ bullish sentiment persisted throughout the week despite the uncertainties that were gradually mounting over the situation in Iraq.
Nevertheless, the Buffets of the ASE did not hesitate for a minute as they pushed the trading value to two million Jordanian dinars ($2.8 million) in the first half hour of trading on April 10, reported Atlas Investment Group, a Jordan-based research firm.
Advancers outnumbered decliners by a striking 81 to 11 with most of the action taking place on the industrial front. Approximately 15.5 million shares, worth JD 27.1 million, changed hands during the week as the AMI increased by 6.81 percent, while the ASMI climbed by 7.92 percent.
The banking sector rose 7.21 percent, mainly due to the Arab Bank (ARBK)’s 7.16 percent climb to JD 194.50. The Housing Bank for Trade & Finance (THBK) followed suit as healthy trading helped it advance 7.17 percent. Beit El-Mal for Saving & Investment (BAMB) was the biggest gainer of the week as it hiked 45.08 percent to JD 1.77. The Industrial Development Bank (INDV) had a busy week as well, with total shares traded reaching JD 1.8 million as the stock ended the week at JD 1.22.
Jordanian Electric Power (JOEP) was the busiest stock in the services sector, followed by Zarqa Educational & Investment (ZEIC), which rose 13.73 percent to close at JD 2.90. Unified for Organizing Land Transport (UNIF) climbed 21.21 percent to JD 0.80.
The industrial sector was very vigorous during the week with most of the action concentrating on Dar Al-Dawa (DADI), Jordan Steel (JOST) and International Tobacco (ITCC). Jordan Cement (JOCM) managed to advance 6.14 percent to JD 3.63. Arab Potash (APOT) experienced a similar increase of 6.8 percent as it ended the week at JD 3.77.
It’s worth mentioning that EPS growth for 2002 for companies included in the AMI and ASMI was –3 percent and +2.5 percent, respectively. The decline in the AMI’s EPS growth is mainly due to the decline in Arab Bank’s EPS. If the Arab Bank were removed, the AMI would have grown by five percent. — (menareport.com)
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