Energizer

The market was closed on Sunday commemorating the religious holiday of Isra wal Miraj. Apparently, the extended weekend improved the morale and overall sentiment as investors commenced their activities with a spark. Prices finally pulled back up after the heavy losses they incurred in recent weeks and neared levels similar to those before the attacks in September, as the AMI closed up 1% at 99.68. Liquidity also improved after the inspiring holiday with more than 4.5 million shares changing hands in deals worth more than JD7.4 million. Expectedly, advancers outnumbered decliners by more than three to two.

Despite the comeback, the wave of dumping by a prominent international investor continued well into this week. Following up from previous weeks, the investor divested holdings in a number of stocks including the Arab Bank (ARBK), the Housing Bank (THBK) and Dar Al Dawa for Development and Investment (DADI).

Compared to earlier weeks volumes were thin on pharmaceutical stocks, although there was some pent up demand on selected companies within that sector. The exception to that was Al Razi Pharmaceutical Industries (RAZI), which had some activity picking up on it stock as a number of bloc deals took place at the end of the week.

On Thursday, ARBK approached the psychological JD190 mark as it peaked at JD188 before it closed at JD186.5. Jordan Press Foundation (PRES), which prints and publishes the kingdom's leading newspaper, saw a number of unusual bloc movements on its stock; it closed at JD5.7. Meanwhile, speculative trade resumed on Bank of Jordan (BOJX) after some unconfirmed reports suggested that it might propose a stock dividend next year and pushed its price up to JD1.84.

Export and Finance Bank (EXFB), announced its results for the nine month period ending September 30th. Compared with the same period last year, its net earnings jumped an impressive 46% to reach around JD2.725 million. The hike was mainly attributed to a sizeable loan portfolio generating net interest of around JD4.73 million. EXFB ended the week only 2% higher at JD1.33.

For the first time in five years, National Shipping Lines (SHIP) has successfully managed to stay afloat. According to a report in a local paper, SHIP's earnings for the nine-month period ending September 30, stood approximately at JD0.25 million. The new turnaround came after a restructuring effort that involved the sale of two of its ships. Further analysis would be required to ascertain to what extent the one off sale of the ships constituted of the company's revenues. Despite this apparent improvement, only 1,000 shares traded, but it still managed to close up 4%.