Atlas ASE Market Brief 14 June 2001

Amman Stock Exchange (ASE)

Weekly Commentary (10th - 14th June).

Trade Unions

It's been a while since the ASE witnessed such high trading volumes with almost 8.5 million shares changing hands in deals worth more than JD17 million. Nevertheless, the AMI declined slightly by a single point to close at 92.56, while the number of decliners slightly outnumbered those of advancers.

Union Tobacco & Cigarettes (UTOB) was amongst the week's best performers; recording a 12% rise at JD7.6, after reaching a high of JD8.2. UTOB's good fortunes spilled over to two if its major shareholders, Union Investment Corporation (UINV) and United Arab Investors (UAIC), both of which made considerable gains of 8% and 3%, respectively.

As expected, the Arab Bank (ARBK) led the way with the highest value traded, only this time it fell back below the JD170 barrier, followed by Jordan Steel (JOST), which also slipped by a minor 2%. Other decliners include Jordan Phosphate Mines (JOPH), which the government aims to divest by the end of 2002 as it stated in its open invitation to bidders for the role of financial advisor. Also in the market, investors lined up strong bids for Rum Metal Manufacturing (IENG) at JD0.48.

On the tardy side, Bank of Jordan (BOJX) wrapped up its AGM yesterday, which approved a 25% bonus issue, thereby bringing the total number of outstanding shares to 26.25 million.