May's Medicines - Atlas Market Brief May 16, 2002

Price levels improved this week amidst stronger trading volumes. This came as the UN Security Council approved an overhaul to the sanctions regime against Iraq which will aim at facilitating the flow of civilian goods. Investors welcomed this development as the AMI and ASMI closed 1.12% and 0.712% higher, respectively.
Pharmaceuticals continued their upward trend and led this trading session's gain. Arab Pharmaceutical Manufacturing (APHA) hit the JD5.40 mark, a price not recorded by the company since mid-1998, before settling at JD5.29. Dar Al Dawa for Development and Investment (DADI) continued its winning streak before losing some of its earlier gains as it closed at JD4.29. Even the smaller pharmaceuticals made impressive gains with Advanced Pharmaceutical Industries (ADPH), Arab Center for Pharmaceuticals and Chemicals (APHC), and Nutri Dar (NDAR) being among the best performers for the week. Other sectors, however, did not experience the same excitement. Banks enjoyed a relatively stable week with both the Arab Bank (ARBK) and the Bank of Jordan (BOJX) gaining 2%, while the Housing Bank (THBK) closed unchanged.
Activity on Jordan Cement Factories (JOCM) subsided this week after some notable buying on its stock. The company is under harsh criticism over proposed cost cutting strategies that could have an adverse effect on its surrounding environment. By the end of the week, JOCM closed up 1%.