The week got off to a zealous start on the Amman Stock Exchange (ASE), with industrials capturing more than 50 percent of trading volume, as the Central Bank of Jordan (CBJ) lowered its rediscount rate by 0.75 percent, pumping liquidity into the market, reported Atlas Investment Group, a Jordan-based research firm.
However, as investors’ attention shifted towards parliamentary elections, smaller, less active stocks took to center stage. Overall, 14 million shares, worth approximately 20 million Jordanian dinars, traded pushing up both the AMI and ASMI indices to 147.07 and 197.60, respectively.
The banking sector remained relatively quiet, with the Arab Bank (ARBK)’s total turnover barely surpassing the JD1.2 million-mark. However, the Jordan Islamic Bank (JOIB) had investors tiptoeing around it, as the bank is expected to revalue its assets in the near future. JOIB climbed three percent to JD1.22.
A new trend has emerged in the services sector, as market makers, encouraged by the above average performance of the exchange and its potential gains, concentrated on companies whose primary function is to hold investment portfolios.
Consequently, Jordan Investment Trust (JOIT) saw more than 1.1 million of its shares change hands as it advanced one percent to JD1.28, while National Portfolio Securities (NPSC) experienced a similar climb, settling at JD1.17.
Small-cap stocks counted themselves among the biggest advancers this week as certain brokers turned their focus towards them. As a result, Middle East Pharmaceuticals (MPHA), the week’s most active stock, rose 17 percent to JD1.03, while Jordan Industrial Resources (JOIR) witnessed a 38 percent hike, settling at JD0.66.
Meanwhile, several stocks had their bonus-issue shares listed today. Dar Al Dawa (DADI), whose paid in capital now rests at JD20 million, opened at JD5.01, while Union Tobacco (UTOB) and Beit El Mal Saving and Investment for Housing (BAMB) began trading at JD5.90 and JD0.94, respectively. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
