Shielded - Atlas ASE Market Brief Oct 03, 2002

Sentiments were not easy to read this week as bouts of buying and selling spurred stocks to take little climbs and dips throughout the week, reacting to political news as it progressed. A little more than 4 million shares changed hands in deals worth approximately JD7.3 million. The good news was that advancers managed to outnumber decliners almost two to one, helping the ASMI rise by 1.12%.

The banking sector experienced minimal price changes as trading activity was fairly low. The Arab Bank (ARBK) dropped slightly to JD190.5, while the Housing Bank (THBK) and the Bank of Jordan (BOJX) held on to their positions at JD2.44 and JD2.11, respectively. However, another controversy troubled one of the smaller banks this week, as the auditors for the Jordan Gulf Bank (JOGB) resigned from their post pursuant to certain allegations that they have not performed their duty properly in the past. JOGB shed 5% with minimal volume.

Pharmaceutical blue chips were in demand this week as investors sought to find solace in their defensive nature. Dar Al Dawa (DADI) picked up the pace this week, reaching as far as JD4.9 at one point, with more than 0.16 million shares changing hands. Nevertheless, the stock closed at JD4.67, down 1% from last week's position. Arab Pharmaceutical Manufacturing (APHA) stayed in stride, climbing 2% to JD3.68 with more than 0.07 million shares traded.

Perennial favourites, International Tobacco and Cigarette (ITCC) and Jordan Steel (JOST) did not disappoint this week as they gathered up enough momentum, in the form of 0.4 million traded, to advance. ITCC rose from last week's JD3.66 to JD3.79, while JOST gained 1% closing at JD1.82.