The certainty of war that was behind the activity at the Amman Stock Exchange (ASE) last week died down as investors realized that the quick attack on Iraq has now turned into a battle that might linger for a while.
A little more than 7.6 million shares changed hands in deals worth 12.3 million Jordanian dinars ($17.3 million) as the AMI advanced by less than one percent while the ASMI climbed almost three percent, reported Atlas Investment Group, a Jordan-based research firm.
The Arab Bank (ARBK) had 25,210 of its shares change hands in several bloc deals, worth a total of JD 4.4 million, ahead of its annual general assembly on Friday. Nevertheless, the stock retracted one percent to JD 185. Conversely, the Export and Finance Bank (EXFB) rose one percent to JD 1.46. The bank held its annual meeting today and decided to distribute a 15 percent bonus share dividend.
The services sector also witnessed its own bloc transaction involving 1.125 million of Trust International Transport (TRTR)’s shares. The stock remained stable at JD 0.72. Jordan Press Foundation (PRES), which approved the distribution of a JD 0.70 cash dividend, climbed two percent to JD 10.10. Jordan Steel (JOST) and International Tobacco and Cigarette (ITCC) vacillated as a media debate broke out between the Jordanian and Iraqi governments. However, both stocks regained their momentum as things settled down. JOST ended the week at JD 2.08, while ITCC closed at JD3.48.
Jordan Phosphate Mines (JOPH) gained five percent as it announced its preliminary results. Earnings before taxes reached six million dinars while sales topped JD 198 million. Dar Al-Dawa (DADI) experienced a similar climb, reaching JD 6.19 as investors, attracted by promising dividends, hurried to purchase the stock. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
