Wake Me Up - Atlas Market Brief May 23, 2002

The market in general remained steady throughout this session, as the relative calm prevailed over the Occupied Palestinian Territories. Prices managed to hold on to the gains they recorded after the Israeli military aggression subsided. Trading activity also remained strong with more than 7.6 million shares changing hands in deals worth JD12.2 million amidst a number of bloc deals on Jordan Press Foundation (PRES), Dar Al Dawa for Development & Investment (DADI), Jordan Petroleum Refinery (JOPT), and Ekbal for Printing and Packaging (EKPC).

Activity on pharmaceutical stocks remained strong, with Arab Pharmaceutical Manufacturing (APHA) and DADI leading the way in terms of volumes, closing at JD5.5 and JD4.33, respectively. Advanced Pharmaceutical Industries (ADPH) regained the losses it incurred earlier this week, and even managed to close around 5% higher. Nutri Dar (NDAR) was the biggest gainer this week, climbing some 17% to close at JD1.16.

The Arab Bank (ARBK), which has not seen any excitement over the past few weeks, sunk below the JD190 level to close at JD189. Despite high volumes on its stock, investors have been reluctant to drive prices in either direction. Similarly, Bank of Jordan (BOJX) and the Jordan Islamic Bank for Finance and Investment (JOIB) closed up only 1%, while the Housing Bank (THBK) managed to close some 4% higher for the week.

Meanwhile, the bonus issues of Export and Finance Bank (EXFB), International Tobacco and Cigarettes (ITCC), and Jordanian Electric Power (JOEP) were listed on the ASE on Sunday. Earlier this year, a number of companies' assembly meetings had approved stock dividends for the previous fiscal year.