Eventful - Atlas Market Brief July 4, 2002

Trading was very active this week after all institutions closed their books for the first- half of the year. The AMI and ASMI climbed 1.95% and 2.31%, respectively, as 12.7 million shares changed hands in deals worth JD22.4 million.

The banking sector captured a good share of the volume. Arab Bank (ARBK) climbed 3% to JD203 as buying pressure increased by the end of the week. Industrial Development Bank (INDV) had 0.5 million of its shares trade as it rose 5% to JD0.85, while Export & Finance Bank (EXFB) went up 8% to JD1.78.

The Jordan Phosphate Mines (JOPH) experienced some resistance, but finally landed at JD1.93. Turnover picked up as the company's management announced that JOPH is interested in solidifying its holding position in one of its subsidiaries. The company is contemplating a debt for equity swap that will increase its stake in the Indo-Jordan Chemicals Co. (IJCC) from 35% to 87%.

Dar Al Dawa (DADI) and its subsidiary NutriDar (NDAR) grabbed investors' attention today as DADI announced that it had received the European Union's Good Manufacturing Practices (E.U. GMP) certificate. DADI ended the week at JD5.41, up 2%, while NDAR closed at JD1.18, its limit up for the day.

Among the surprise movers of the week were National Chlorine Industries (NATC) and National Aluminum (NATA). NATC nearly had 0.5 million shares change hands, climbing from JD1.15 to JD1.33. NATA, on the other hand, saw more 0.7 million of its shares trade, but only managed to climb 9% to JD0.97.

Jordan Petroleum Refinery (JOPT) was not able to sustain its upward trend for the second week, falling 4% to JD16.7. The company submitted its preliminary results to the Jordan Securities Commission (JSC) which showed a JD6 million profit.