Pricing to Market - Atlas Market Brief June 27, 2002

It was mostly a week of endurance testing, as most stocks attempted to cross their upper limits but failed as they were met with inadequate support. Advancers outnumbered decliners by 2 to 1. Both the AMI and ASMI were unable to achieve a 1% rise as they closed at 136.83 and 171.28, respectively.

The banking sector stepped into the limelight as investors began to feel out the first half profits for 2002. The results are expected to be announced the coming month. Arab Bank (ARBK) began to climb on Wednesday and landed at JD198. Bank of Jordan (BOJX) experienced a 3% rise while Union Bank for Savings and Investment (USBI) ended the week at 1.34, up 2%.

Jordan Press Foundation (PRES) had its presses spinning again as it hit the JD9 mark on Tuesday. Nevertheless the stock slipped back to this week's opening price of JD8.85. Similarly, Jordan Petroleum Refinery (JOPT) savored the JD18 frontier but had to contend with JD17.4 by the end of trading on Thursday.

Jordan Phosphate Mines (JOPH) announced that it is issuing a new JD40 million bond to partially repay an older issue that matures in August. The bonds will be denominated in both JD and US$ depending on market demand. JOPH barely budged, closing at JD1.95

The usual mover and shaker, International Tobacco (ITCC), nearly rose 6% to JD4.41 as 0.77 million shares changed hands. Conversely, pharmaceutical companies remained fairly stable, as Dar Al Dawa (DADI) and Arab Pharmaceutical Manufacturing (APHA) ended the week at JD5.28 and JD4.24, respectively.

Two companies had their bonus share issues listed on Sunday. Middle East Complex (MECE) had 2.2 million new shares introduced. The stock opened at JD0.64. Similarly, Delta Insurance (DICL) saw 0.25 million shares listed with an opening price of JD0.95.