Easy Landing - Atlas ASE Market Brief Jan 02, 2003

The year came to a peaceful close at the Amman Stock Exchange (ASE) as 5.24 million shares, worth approximately JD8.59 million, changed hands. The usual trend of pressuring stocks to close at certain prices was not observed. The ASE began trading again today without any particular pattern that would give investors a hint as to the direction in which the market is heading.

The Arab Bank (ARBK), faced with selling pressure for the second week in a row, slipped by 1% to JD184.5. The Housing Bank for Trade and Finance (THBK), on the other hand, rose 2% to JD2.44. The Industrial Development Bank (INDV) gained 1% as news of the bank's change of status seeped through to the market. The institution is expected to switch to regular commercial banking activity over a four-year period.

Jordan International Insurance (JIJC) broke the sector's virtually dormant state as it attracted investors' attention. However, the stock lost ground, shedding 6% to close at JD1.09.

The services sector displayed mixed sentiments, but in their usual manner, stocks ended the week without too much turbulence. Both Jordanian Electric Power (JOEP) and Jordan Telecommunications Co. (JTEL) retracted 1% to close at JD1.99 and JD2.33, respectively. Conversely, Al Zarqa Educational and Investment (ZEIC) climbed 2% to JD2.48.

Pharmaceutical companies seem to have settled down again. Dar Al Dawa (DADI) rose 2% to JD5.48 while Arab Pharmaceutical Manufacturing (APHA) barely moved to JD4.00.

Trading volumes have improved for Jordan Cement Factories (JOCM). The stock climbed 2% to JD3.14 as more than 0.21 million of its shares changed hands.