Atlas ASE Market Brief June 28

Amman Stock Exchange (ASE)

Weekly Commentary (24th - 28th June)

Trade's Up

The market was very active this week with the AMI closing at 92.31 points, a 2.18 point rise from last week. On average, advancers outnumbered decliners by five to three, leaving 24 unchanged. Over 8 million shares changed hands in deals worth JD16.9 million. Of the total value traded, JD15.8 million was channeled into advancing stocks, with the remaining JD 1.1 million finding its way to others.

Market heavyweight, Arab Bank (ARBK), closed 4.38% higher with deals worth JD7.8 million, thereby capturing around 46.2% of the value traded for the week. Reports showed that a Western, as well as a Gulf-based investor sold two large blocs to the Social Security Corporation, which earlier last month purchased 100,000 shares. Jordan National Bank (JONB) came in second in terms of activity (JD2.3 million), closing up 2.91% at JD1.06. Together with International Tobacco and Cigarettes Company (ITCC), which closed up 2.26%, these companies represented 68.35% of the total trading activity.

Meanwhile, both Jordan Kuwait Bank (JOKB) and Jordan Steel (JOST) have witnessed unusual activity on their stocks this week with turnover at JD1.3 million and JD1.1 million, respectively. Both stocks regained exceptionally high momentum and closed slightly higher.