Stepping Up - Atlas ASE Market Brief Nov 07, 2002

Trading activity at the Amman Stock Exchange (ASE) somewhat improved this week as more than 5 million shares changed hands in deals worth a little over JD7 million. Investors regained their courage as the political situation in the region seemed to quiet down a bit. Consequently, the AMI retraced to 122.43, while the ASMI rose by almost 1% to 150.71.

Activity in the banking sector confined itself to the Industrial Development Bank (INDV) as other stocks did not jump on the market's bandwagon. INDV climbed 2% to JD0.95 as 0.6 million shares traded. Similarly, the Jordan Kuwait Bank (JOKB) rose 2% to JD3.79, while the Arab Bank (ARBK) shed 1% to close at JD184.5.

A bloc deal involving 0.23 million shares of Jordan National Shipping Lines (SHIP) was executed on Thursday. The stock saw an 11% increase in value, pending the sale of the government's stake in the company to a local strategic investor. SHIP ended the week at JD2.39.

Jordan Telecommunications Co. (JTEL) began trading on Monday. The stock was floated, and in turn, opened at JD2.50. Activity was limited, as most sought to sell the shares they had bought through the IPO. JTEL closed at JD2.39, down 4%, as only 75,472 shares changed hands.

Pharmaceutical companies finally began to pull their weight. Dar Al Dawa (DADI), whose patent registration for the new molecule has just gone through, rose 3% to JD4.89. At the same time, Advanced Pharmaceuticals (ADPH) also experienced its own hike of 9%, closing at JD0.99 with more than 0.59 million shares traded.