Escalating Israeli military aggression on neighboring Palestine scared investors away from the local stock exchange. Prices weakened as Israeli armored vehicles reoccupied Palestinian cities, shattering hopes for any improvement in the situation, with the AMI and ASMI shedding 5% and 3.4%, respectively. Except for some block deals on Jordan Petroleum Refinery (JOPT) and Eqbal Printing and Packaging (EKPC), trading volumes were thin with less than 4 million shares changing hands in deals worth just over JD6.5 million.
The Arab Bank (ARBK) and Jordan Steel (JOST), two of the most active stocks listed on the exchange, fell sharply after their annual general meetings last week. A wave of sell orders on the stocks of both companies pushed their prices well below the usual cash dividend decline. Although the ARBK proposed a JD4 cash dividend, it fell by JD14 for the week. Meanwhile JOST was among the week's worst performers, falling by more than 15% to close at JD1.73 on Thursday.
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Darkness - Atlas Market Brief 04 Apr 2002
- Sunday, April 07 - 2002 at 12:00
Escalating Israeli military aggression on neighboring Palestine scared investors away from the local stock exchange.
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Maria-Gabriella S. Khoury, Head of Research DivisionSunday, April 07 - 2002 at 12:00 UAE local time (GMT+4)
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