Blown Away - Atlas ASE Market Brief 28 February 2002

Following the long holiday of Eid Al Adha, the market started the week recording the month's lowest trading levels. Trading later picked up as a National Poultry (NATP) bloc deal worth JD0.45 million was executed on Wednesday. Although the AMI indicated an upward trend in prices during the first two trading sessions, the market was hit hard following the news of a car bomb explosion in a densely populated area in Amman during the early hours of Thursday morning. The news drove the market downwards causing it to shed most of its earlier gains. Over the week, the AMI declined by 0.18% to close at 113.81.

Jordanian Electric Power (JOEP) made its mark as the week's most active stock as the public continued to respond positively to the announcement of a proposed dividend of 10%. The stock reached a high of JD2.54 but later closed at JD2.47, gaining 3.78% for the week.

Jordan Steel (JOST) and International Tobacco and Cigarettes (ITCC) experienced strong sell orders forcing their prices downwards by 3.83% and 1.25%, respectively. The week's worst performing stock was that of the Arab International Hotels (AIHO) as supply of shares outstripped demand causing it to fall 13.43%.

The Jordan Securities Commission (JSC) was featured in the local press again this week as it formally requested the 73 remaining companies that have not yet submitted last year's preliminary results to do so. The JSC also announced that it will not hesitate in taking the necessary legal measures against those companies in violation of the relevant JSC rules.