Construction & Mining - Atlas ASE Market Brief June 13, 2002

Investors' sentiments were mixed this week, as many stocks climbed and then sharply fell, as profit taking ensued during the course of the day. Trading volume looked good with more than 13.3 million shares, worth JD24.3 million, changed hands. The AMI saw a 2.56% increase as the big players experienced most of the activity, while the ASMI had to contend with a 0.36% rise.

All eyes where on Jordan Phosphate Mines (JOPH) as the stock finally began to see some action on Monday when it opened at JD1.98. JOPH was halted for 2 days as pressure on the stock mounted, due to the government's announcement last Thursday, that it would be selling part of its stake to a Canadian company. The stock climbed to JD2.05 before ending the week at JD1.96.

Construction companies got a bit of a boost as the government announced that prices of locally manufactured steel bars will increase by JD40 per tonne. National Steel (NAST) was the most to profit from the news, as its price climbed 11% to 1.86. Jordan Steel (JOST) and Jordan Cement (JOCM) both gained 9% as they ended the week at JD2.21 and JD3.48, respectively.

Arab Life & Accident Insurance (ARIN) had its bonus shares listed on Sunday at an opening price of JD1.9. Nevertheless the stock did not see any activity.

JOPT caught fire, today, as its price neared the limit up level of JD16.32. The company will hold its general assembly sometime in July. JOPT closed at JD16.30, an increase of 8% from last week's level.

Heavy-weight the Arab Bank (ARBK) remained quiet this week, only climbing 1% on Thursday to close at JD191.5. The Jordan Kuwait Bank (JOKB) on the other hand managed a 7% increase, closing at JD3.93