Summer's In - Atlas Market Brief June 6, 2002

Summer fever has set in at the ASE as investors clamored to get a piece of the action. Both Volume and Value were on the rise as more than 12.4 million shares traded in deals worth JD22.8 million. The AMI closed at 132.01, up 2.58% for the week, while the ASMI managed a 3.43% increase, settling at 147.96.

Pharmaceutical companies led the procession with Arab Pharmaceutical Manufacturing (APHA) and Dar Al Dawa for Development & Investment (DAD) both climbing 4% to close at JD6.08 and JD4.96, respectively. APHA's bonus shares will be listed on the ASE as of next Sunday and will begin trading at JD4.05.

The mining sector had a wake up call early this morning as news of the Government of Jordan's decision to sell its stake in the Jordan Phosphate Mines Co. (JOPH) slipped through. The Government announced that it will sell 40% of the company's shares to Canadian fertilizer giant Potash Corporation of Saskatchewan. JOPH was halted form trading as investors held tight to their shares. Nevertheless, Arab Potash (APOT) grabbed most of the attention as it climbed to JD4.50.

International Tobacco & Cigarette (ITCC) saw its price rise to JD3.57 on Tuesday as the market got a whiff of reports that the company will soon begin producing a line of famous high brand cigarettes. The stock closed at JD3.60 with more than 1 million shares traded.

Market blue chip the Arab Bank (ARBK) remained quiet this week as its price hovered around the JD189 level.

Last week's star, Jordan Steel (JOST), managed to surpass the JD2 mark on Sunday to reach a high of JD2.08. JOST eventually landed at JD2.02.