One To Go - Atlas Market Brief 29 Dec 2001

Contrary to widespread expectations, the market took a slight dip this week. Earlier, prices continued to rise as an increasing number of investors anticipated a strong hike ahead of the year's final trading session this coming Sunday. When investors returned from their Christmas break, however, they were disappointed to find that demand had softened and some profit taking had taken over. A leading newspaper reported that selling pressure occurred because some brokers closed out positions of unsettled accounts before closing their books for the year. Despite the decline, liquidity remained solid with more than 9 million shares changing hands in deals worth around JD17.4 million. Decliners outnumbered advancers by roughly two to one.

Earlier, the Arab Bank (ARBK), the biggest company listed on the exchange, rose to a high of JD209, it then briefly dipped below JD200 on Thursday. Similarly, Arab Potash (APOT), Bank of Jordan (BOJX), and Export and Finance Bank (EXFB) rode the same wave and closed relatively unchanged as the week came to an end.

The most prominent advancer of the week was Advanced Pharmaceutical Industries (ADPH). On Monday, speculators eventually bid up its price above the maximum allowable daily limit, which led to a halt in the stock's trading. Meanwhile, Jordan Steel (JOST), a major steel exporter, broke the JD2 level for the first time ever. This came as the company announced that it had recently secured UN approval to export 98,000 tons of its steel to neighboring Iraq in 2002 - an increase of more than 20%.