Short and Sweet - Atlas Market Brief Dec 20 ,2001

The market was closed for the first three days of the week marking the religious celebration of Eid El Fitr. When trading resumed on Wednesday, investors showed excitement with a number of leading blue chips advancing significantly. Liquidity was solid with around 3.6 million shares changing hands in deals worth more than JD8.7 million, while advancing issues outnumbered declining ones by more than five to two.

For two straight days Advanced Pharmaceuticals (ADPH), Arab Potash (APOT), and Jordan Phosphate Mines (JOPH) jumped by the maximum allowable limit of 5%. Jordan Cement Factories (JOCM) gained 5% and broke the JD3 barrier for the first time since April of this year. Later on Thursday, JOPH announced that, subject to its General Assembly approval on the 30th of this month, it plans to raise its capital by JD10 million. According to a circular from the ASE, the Treasury will receive 10 million shares in exchange for capitalizing part of its dues from JOPH.

As some selling resumed on the Arab Bank (ARBK), investors strongly supported the stock at the JD202 level and eventually pushed it into positive territory - it closed at JD205. At the same time, a bloc trade was executed on ARBK which pushed the value traded by around JD0.8 million.

Meanwhile, Jordan Steel (JOST) made moderate advances and reached a new all-time high of JD1.95 before closing at JD1.93. Bank of Jordan (BOJX) and International Tobacco and Cigarettes (ITCC), on the other hand, remained fairly stable and closed at JD3.07 and JD3.42, respectively.