Slippery Stocks - Atlas Market Brief 28 March 2002

Prices at the ASE slipped this week ahead of the Arab League summit. With all eyes on the new peace initiative from the meeting in Beirut, both the AMI and ASMI shrugged 1.46% and 2.6%, respectively. Despite the decline, volumes remained generally healthy with more than 6 million shares changing hands.

Dar Al Dawa for Development and Investment (DADI) had a very volatile week as an individual investor dumped his holdings in the company. The move took the entire market by surprise with the stock falling to as low as JD4.15 before closing at JD4.42 - down 8% for the week.

Similarly, a round of selling on Jordan Steel (JOST)'s stock pushed its price JD0.06 lower to JD2.04 ahead of its annual general assembly meeting. The company's shareholders approved a JD0.18 cash dividend on Thursday for the previous year.

Jordan Cement Factories (JOCM) got a head start on the heels of last week's speculative trade. Its stock climbed to a high of JD3.17 before finally cooling down to just above the JD3 mark. The company's latest financials revealed impressive growth in sales beyond the JD100 million for the first time since 1997.

Amidst the declining wave, the mighty Arab Bank (ARBK) maintained its levels and closed the week relatively unchanged. The bank's general assembly meeting is scheduled to take place on Friday.