Riddling Recoveries - Atlas ASE Market Brief 11 Apr 2002

Prices finally recovered this week only after a very slow start. For the first time since early October, the value traded fell below the JD1 million mark. Amidst the ongoing Israeli military aggression in neighboring Palestine, investor sentiment pushed prices to higher levels where the AMI and ASMI closed 1.9% and 2.6% higher, respectively. Volumes in general were very thin with around 5 million shares changing hands in deals worth less than JD7 million.

The Arab Bank and Jordan Steel both shared the spotlight as the two notable stocks made sharp recoveries. Both stocks, which fell sharply as they entered their ex-dividend periods, recovered most of their earlier losses and gained JD7.5 and JD0.11, respectively, from their week-lows.

Jordan National Bank (JONB), whose stock has been hammered due to the recent banking scandal, made some surprising gains this week to add some JD0.23 or 25%. Other banks, on the other hand, such as Jordan Kuwait Bank (JOKB) and Export and Finance Bank (EXFB) closed the week relatively unchanged.

Speculative trade drove the prices of Jordan Phosphate Mines (JOPH) and National Shipping Lines (SHIP) higher. Traders bought into the stocks as hearsay about the future of both companies circulated. The two companies recorded gains of 6% and 20%, respectively.