Slow Pace - Atlas ASE Market Brief Sep 19, 2002

The week got off to a slow start at the Amman Stock Exchange (ASE), with trading volumes averaging JD1.5 million per session. However, once investors got wind of Iraq's decision to allow UN inspectors to return, the exchange went reeling. Nevertheless, the exuberance did not last long as the ASE dithered towards the end of the week. This was all captured in the minute rise experienced by both the AMI and ASMI, closing at 128.19 and 152.24, respectively.

The banking sector was very quiet, with improvements and declines compressed into the 2% range. The Arab Bank (ARBK) barely moved ending the week at JD191.5. Jordan Gulf Bank (JOGB) mustered an increase to JD0.59, while the Bank of Jordan (BOJX) closed at JD2.12 with more than 0.2 million shares traded.

Zara Investments (ZARA), a stock that rarely sees any action, had 19,140 shares change hands, depressing its price by 10% to JD1.08.

Both Jordan Steel (JOST) and International Tobacco (ITCC) got worn out this week, vacillating with heavy volumes, until they ended the week with modest increases in their value. JOST closed at JD1.82 with 0.8 million shares traded, while ITCC climbed 2% to JD3.77.

Pharmaceutical companies also displayed some wobbly behaviour in anticipation of further political developments in the region. Dar Al Dawa (DADI), a company with no exports to Iraq, saw strong trading shooting its price up and down until it closed at JD4.75. Arab Pharmaceutical Manufacturing (APHA), on the other hand, climbed 1% to JD3.69 with less than 88,000 shares changing hands.