Rebalancing Portfolios - Atlas ASE Market Brief Dec 27, 2002

Investors hurried to offer their stocks for sale this week in order to clean up their portfolios before the year's end. More than 12.54 million shares changed hands in deals worth JD16 million as major selling pressure tested stocks' resilience. This caused the AMI to fall by 0.24% whereas the ASMI gained 0.66%.

A bunch of bloc deals created a stir in the market mid-week. They were executed by a local broker on behalf of as existing shareholders of the Jordan National Bank (JONB) who transferred their holdings of certain stocks to a private company called Jordan Investment Center in order to increase the latter's capital.

The banking sector was put under stress but nevertheless exhibited high resistance. The Arab Bank (ARBK) saw 8,250 of its shares trade, but the blue chip was strong enough to allow its price to drop by only 1% to JD186. Similarly, the Export and Finance Bank (EXFB) fell by 1% to JD1.40, while the Industrial Development Bank (INDV) had 0.73 million shares change hands as it closed at JD0.98.

Jordan Telecommunications Co. (JTEL) gained a bit of ground this week as it climbed 3% to JD2.36. Specialized Investment Compounds (SPIC), on the other hand, was not so lucky, it shed 6% to close at JD0.72.

Pharmaceuticals calmed down returning to the levels they enjoyed a fortnight ago. Dar Al Dawa (DADI) and Arab Pharmaceutical Manufacturing (APHA) ended the week at JD5.36 and JD3.99, respectively.

International Tobacco and Cigarette Co. (ITCC) lost the momentum it had gained last week, dropping 3% to JD3.80 as it dragged Al Ekbal Printing and Packaging (EKPC) along with it. EKPC closed at JD1.47, rise1%.