Less Uncertainty - Atlas ASE Market Brief Nov 13, 2002

A skeptic mood hovered around the Amman Stock Exchange (ASE) on Sunday as the week got off to a slow start. However, developments regarding Iraq have helped decrease the political uncertainty in the region, giving investors the signal to trade actively. Overall, more than 4.5 million shares traded in deals worth JD8.3 million. The AMI advanced by almost 1% to 123.77, while the ASMI rose 2.6% to 154.31.

Private placements were the main theme in the banking sector this week. The Jordan Securities Commission (JSC) has given the green light to both the Jordan National Bank (JONB) and the Jordan Investment and Finance Bank (JIFB) to raise their capital by JD18 million and JD10 million, respectively, through private placements. Nevertheless, both banks saw very little trading activity, with JIFB holding steady at JD0.90, while JONB climbed 3% to JD0.95.

The Pharmaceutical sector picked up pace with Dar Al Dawa (DADI) and Advanced Pharmaceuticals (ADPH) leading the way. DADI rose by 5% to JD5.12, while ADPH saw a 9% hike, breaking the JD1 band to settle at JD1.08.

Jordan Telecommunications Co. (JTEL) shed 2% in its second week of trading as only 32,342 shares changed hands.

Another bloc deal involving 0.45 million Jordan National Shipping Lines (SHIP) shares was executed on Sunday. However, the stock fell 8% to JD2.20.

In the meantime, companies with exports to Iraq were very active this week as they attracted investors' attention. As a result, Jordan Steel (JOST) rose 3% to JD1.84, with more than 0.5 million shares traded, while International Tobacco and Cigarette (ITCC) climbed 4% to 3.78.