Welcome to Marlboro Country - Atlas ASE Market Brief Sep 12, 2002

Things got off to a buzzing start at the Amman Stock Exchange (ASE) on Tuesday, as both individual and institutional investors alike went on a buying spree with the intention of organizing their portfolios before the year is out. Volumes improved, averaging JD3 million a day, as both the AMI and ASMI advanced by more than one percent.

International Tobacco and Cigarette (ITCC) was the center of attention as the company announced the renewal of its contract with Philip Morris for another five years. The company also stated that it has launched a new production line to produce Marlboro and Marlboro Lights cigarettes. Consequently, ITCC climbed 4% to JD4.07 as more than 0.5 million of its shares traded. As expected, Al Ekbal Printing and Packaging (EKPC) and Bank of Jordan (BOJX) were pulled into the current, rising by 1% to JD1.48 and JD2.17, respectively.

The banking sector experienced varied movement this week. The Arab Bank (ARBK) saw some activity, advancing 1% to JD190, while the Jordan Investment and Finance Bank (JIFB) had 1.2 million of its shares change hands in a bloc deal before settling at JD1. Meanwhile, the Jordan National Bank (JONB) is patiently awaiting the conclusion of its private placement. A report in a leading daily hinted that a strategic investor from the gulf might be interested again in procuring around one third of the 18 million shares on offer. JONB rose 2% to JD1.

Jordan Steel (JOST) and Advanced Pharmaceuticals (ADPH) both managed to climb by 5% despite the relatively quiet mood that weighed down on industrial stocks. JOST had 0.47 million shares change hands as it closed at JD1.94 while ADPH broke the JD1.20 barrier, ending the week at JD1.21.

Little by little Al Zarqa Educational and Investment (ZEIC) has been piquing investors' interest. The company was one of this week's biggest advancers as the 0.2 million shares traded helped ZEIC secure a place at its weekly high of JD2.23.