Closing Bells - Atlas ASE Market Brief Ost 31, 2002

The week got off to a slow start as investors once again kept to the sidelines, but as the month's-end drew closer, portfolio managers began to close out their positions, consequently stirring up some action. Nevertheless, volume remained weak as a little more than 3.6 million shares changed hands in deals worth approximately JD6.2 million. Both Atlas' indices remained unaffected as the AMI and ASMI closed at 123.09 and 150.02, respectively.

Banks remained relatively calm, with the Arab Bank (ARBK) slipping 1% to JD186. The Industrial Development Bank (INDV) saw more than 0.3 million of its shares trade, as the stock climbed 1% to JD0.93. The Jordan Islamic Bank for Finance and Investment (JOIB) attracted some attention, also rising, by 3% to JD1.02.

The services sector picked up this week as a couple of its prominent companies experienced relatively good trading activity. A bloc deal, involving 0.1 million Jordan Press and Publishing Co. (JOPP) shares, was executed on Tuesday; however, that did not deter the stock from slipping. JOPP closed at JD4.05, down 1%. Al Zarqa Educational and Investment Co. (ZEIC) also had more than 0.1 million of its shares change hands, but in this case the volume managed to give the stock a 5% boost to JD1.81.

On the industrial front, the National Chlorine Industries Co. (NATC) secured enough momentum to propel itself up to JD1.20. Similarly, Union Tobacco and Cigarette Co. (UTOB), a quiet stock, managed to haul itself up by 4% to JD7.35.

As usual, Jordan Steel (JOST) was among the biggest movers, nabbing 15% of the value traded, as it closed at JD1.76.

Meanwhile, as Jordan Telecommunications Co. (JTC)'s subscription closed, the issue size was reduced by 27% given less than expected demand. The allocation was predominantly local and was priced at JD2.35, which is at the lower end of the JD2.30-2.70 range. The IPO price is approximately 50% lower than what France Telecom entered at several years ago during the privatization.