On the Up and Up

The market was active this week with a noticed change to Atlas Investment Group Market Index. In total, 70 companies advanced in price while 18 companies declined leaving 15 unchanged. Over 17.5 million shares were traded over the week representing a volume of JD24.469 million. Atlas Market Index closed at 100.06 points, up 3.62% from last week's level of 96.56 points.

The banking sector in general was active this week. The Arab Bank (ARBK), which is a major driver in the Amman Stock Exchange, closed 5.17% higher at JD183 with a trading value of JD2.299 million, representing over 9% of the total trading value.

The other two banks that led the increase were the Bank of Jordan (BOJX), which increased by a whopping 20% followed by the Jordan Islamic Bank (JOIB) with an increase of more than 18%. BOJX has an 11% stake in International Tobacco and Cigarettes (ITCC), which has moved up 103% since May this year. ITCC also lead the way this week for advancing stocks as it jumped 18.4%.

On the other hand, Jordan Investment & Finance Bank (JIFB) saw some activity this week as more the 0.14 million shares traded on expectations of positive mid-year results.

In addition, Jordan Steel (JOST) witnessed extensive trading as over 1.7 million shares exchanged hands. The company closed at JD1.64, up 8.61% from last week.

On the flip side, there was a marginal drop in the pharmaceutical sector as the two major companies, Dar Al Dawa for Development and Investment (DADI) and Arab Pharmaceutical Manufacturing Company (APHA) finished below their last week levels. DADI closed at JD3.18, while APHA closed at JD3.20.