The Amman Stock Exchange (ASE) witnessed a week characterized by an all time high for the ASE index, which reached 196.23 points, mainly driven by fresh money flowing into the market, reported Atlas Investment Group, a Jordan-based research firm.
The new spur of liquidity targeted industrial stocks, which managed to increase the price of 78 stocks with more than 40 stocks rising by more than five percent. This was also a result of the relaxed political atmosphere that came after the Aqaba summit. Approximately 29.65 million shares, worth 41.49 million Jordanian dinars ($58.3 million), changed hands during the week with the AMI index advancing 3.01 percent, while the ASMI added 3.72 percent.
The banking sector index stepped up 2.78 percent on the back of Arab Bank (ARBK) rising 2.76 percent to JD 205 while Export & Finance Bank (EXFB) rallied to JD 1.77 adding 12.03 percent. Industrial Development Bank (INDV) ranked third in the banking sector and managed to close at JD 1.17 ascending by 4.46 percent.
The services sector had a 1.31 percent increase with good trading volumes. Jordanian Electric Power (JOEP) rose by 2.33 percent to JD 2.20 while Unified for Organizing Land Transport (UNIF), a beneficiary of the reconstruction and trade effort with Iraq, added 5.56 percent to JD 1.14. Specialized Investment Compounds (SPIC) reached the high of JD 1.04 during the week, but closed at JD 0.99 due to profit taking.
The industrial sector, which is positioning itself for trading with the new Iraq and the new Palestine, surged by 4.81 percent as more than 40 stocks increased in price, capturing more than 70 percent of total trading volume. Pharmaceuticals continued last week's rally with Middle East Pharmaceutical & Chemical Industries (MPHA) being the most active as it ranked second in terms of trading volume and climbed 6.82 percent to JD 0.94.
Arab Pharmaceutical Manufacturing (APHA) closed at JD 4.30 increasing by 7.50 percent while Dar Al-Dawa (DADI) made a 6.51 percent climb to close at JD8.35. Jordan Steel (JOST) ranked fourth in terms of volume closing at JD 2.29 and increasing 2.69 percent while Jordan Petroleum Refinery (JOPT) jumped 13.37 percent to JD 3.73 after it began this week at JD 3.29.
Middle East Complex for Eng. Electronics & Heavy Ind. (MECE) was heavily traded and managed to step up by 10.84 percent to JD 0.92 while National Aluminum Industrial (NATA) followed suite and added 15.45 percent to JD 1.42. Jordan New Cable (JNCC) ranked first in terms of trading volume, mainly due to some block deals, which drove its price to JD 1.78. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
