Banking on Results - Atlas ASE Market Brief August 8, 2002

Nevertheless, the market managed a minor rebound on Thursday as investors regained their confidence. All in all, 6.34 million shares changed hands in deals worth JD11 million. The AMI and ASMI fell 2.43% and 2.93%, respectively.

Some of the banks listed on the Amman Stock Exchange (ASE) announced their results this week, which led to mixed reactions from investors. The Arab Bank (ARBK) fell 3% to JD191 as the Group's mid-year results showed a 5.3% decline in net income to JD158.336 million. Conversely, the Industrial Development Bank (INDV) presented a JD4.7 million profit for the first six months of 2002 versus the JD0.27 million loss it suffered the same period last year. The increase was due mainly to an improvement in revenues and easing of provisions. The stock climbed 8% to JD0.98 with 0.6 million shares traded.

Jordan Steel (JOST) had 0.22 million of its shares change hands this week, but its price slid 1% to JD2.00. Similarly, Jordan Press foundation (PRES) retracted by 1% to JD9.35 although the trading activity around the stock gave the impression that it would be one of the week's climbers.

International Tobacco and Cigarette (ITCC) regained its position as the most active stock for the week. ITCC fell 4% to JD4.21 with 0.58 million shares traded, dragging along with it the Bank of Jordan (BOJX) and Al Ekbal Printing and Packaging. BOJX shed 5% to close at JD2.31, while EKPC retracted by 2% to settle at the JD1.48 level.

On the other hand, the Jordan Petroleum Refinery (JOPT) remained quiet holding on tightly to its JD14.85 position, as nothing has been declared yet regarding its board of directors' reelection.