The Amman Stock Exchange (ASE) got off to a flying start as the ASE Index reached 196.59. However, the profit-taking wave, which ensued managed to push prices down. Nevertheless, it is expected that before the month’s out, the market will rise, as companies review their stock portfolios prior to publishing their semi-annual figures.
Approximately 26.12 million shares, worth 35.40 million Jordanian dinars, changed hands during the week with the AMI declining 1.08 percent, while the ASMI lost 0.41 percent, reported Atlas Investment Group, a Jordan-based research firm.
The banking sector index inched down 0.75 percent as the Arab Bank (ARBK) decreased 1.71 percent to JD201.50, while the Jordan Islamic Bank for Finance and Investment (JOIB) reached JD1.19, gaining 3.48 percent as investors speculate that the bank will undertake a revaluation of its assets.
The Jordan National Bank (JONB) and the Jordan Investment and Finance Bank (JIFB) both advanced by more than 6 percent to JD1.08 and JD1.13, respectively. The two banks regained investors interest after one of the prime suspects in the alleged multimillion-dinar bank fraud case, was referred to the State Security Court on Monday to stand trial on several charges.
The services sector had a modest 0.02 percent increase with healthy trading volumes. Jordanian Electric Power (JOEP) retracted slightly by 0.45 percent to JD2.19, while Unified for Organizing Land Transport (UNIF) advanced 6.14 percent to JD1.14. Jordan Investment Trust (JOIT) was the most active stock, climbing 6.72 percent to JD1.27 as investors expect the company to post good mid-year results.
The industrial sector retraced by 1.38 percent due to the decline in price of large cap mining stocks, such as Arab Potash (APOT) and Jordan Phosphate Mines (JOPH), as they fell 3.18 percent and 1.83 percent to JD4.26 and JD2.14, respectively.
Arab Pharmaceutical Manufacturing (APHA) closed at JD4.00, an increase of 2.33 percent, while Dar Al Dawa (DADI) managed a slight rise of 0.36 percent to JD8.38. Jordan Steel (JOST) dropped 2.62 percent to JD2.23, while Jordan Petroleum Refinery (JOPT) lost the returns made last week and fell by 12.06 percent to JD3.28.
Middle East Complex for Eng. Electronics and Heavy Ind. (MECE) ranked second in terms of volume as it gained 1.09 percent to reach JD0.93. The company managed to enter the Iraqi market putting pressure on its inventory levels forcing the company to buy-back stock from the market at a seven percent premium in order to satisfy Iraqi market demand.
International Tobacco and Cigarettes (ITCC) advanced by 0.28 percent to JD3.59 despite announcing that the company recently signed an agreement with the Eastern Egyptian Company for Manufacturing Tobacco, which will grant ITCC entry into the lucrative Egyptian market alongside with Philip Morris and British American Tobacco.
Parliamentary elections are scheduled to take place in the Jordanian kingdom Tuesday, June 17, 2003. Consequently, all public and private businesses will be closed. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
