Slow as a Sloth - Atlas Market Brief Oct 24, 2002

Investors at the Amman Stock Exchange (ASE) moved with the enthusiasm of a sloth this week, as the number of shares traded did not even surpass the 4 million mark. Institutional buyers remained on the sidelines as the small bouts of selling did not warrant much attention. Nevertheless, prices improved from last week's upsetting dip. As a result, both the AMI and ASMI rose by more than 1%.

Banks remained quiet, with the Arab Bank (ARBK) trading around the JD187 band. The Jordan Kuwait Bank (JOKB) and the Bank of Jordan (BOJX) saw some activity that did not do much to alter their positions. JOKB closed at JD3.80 while BOJX ended the week at JD2.01.

The insurance sector experienced a spurt of activity as a bloc deal, involving 0.1 million of the Arab German Insurance Co. (AGICC) shares, helped give it a jump-start.

Another tourism company was added to the list of those that already trade on the ASE. The Jordan Projects and Tourism Development (JPTD) had 11.5 million of its shares listed on the exchange.

The Jordan Phosphate Mines (JOPH), who had its JD bond issue listed on the ASE on Wednesday, saw its fair share of activity. Nonetheless, its price could not use the attention to its advantage as it retracted by 1% to JD1.39. Apparently, the discussions with Potash Corporation of Saskatchewan (PCS) with regards to the privatization were not halted as was erroneously carried in a story last week by a leading daily.

National Cable and Wire Manufacturing (WIRE) and National Chlorine (NATC) kept investors intrigued as their movement proved to defy the overall market sentiment. Almost 0.2 million of WIRE's shares changed hands as the stock climbed 4% to JD0.56, while NATC rose 3% to JD1.08 with 0.15 million shares traded.