From Blix to Blitz? - Atlas ASE Market Brief Jan 30, 2003

The pending US strike against Iraq and Israeli elections hampered the mood at the Amman Stock Exchange (ASE). Preliminary results' fervour gave way to prudence and small capital gains satisfaction. Were it not for a bloc that was performed on one of the ASE's blue chips, trading volume would not have reached the 6 million mark. Effectively, both the AMI and ASMI indices retracted to 127.13 and 160.20, respectively. The ASE will be closed on Thursday, 30th January 2003, on the occasion of his Majesty King Abdullah II's birthday.

The aforementioned bloc deal involving a little more than 1.8 million Jordan Cement Factories (JOCM) shares took place on Sunday, which gave the market an urgently needed boost at the beginning of the week. Consequently the stock climbed 3% to JD3.3.

The banking sector was once again the recipient of mixed signals. On the one hand, the Industrial Development Bank (INDV) and the Jordan Kuwait Bank (JOKB) gained ground as they announced their positive preliminary results. INDV climbed 5% to JD1.11, while JOKB reached JD3.85. The Jordan Gulf Bank (JOGB) and the Philadelphia Investment Bank (PHIB), on the other hand, took a beating as the former dropped 7% to JD0.39 whereas the latter suffered even more falling 16% to JD0.41.

Jordan International Insurance (JIJC) announced during today's annual general assembly that it plans to distribute dividends equal to 15% of paid up capital but has not decided on whether it will be in the form of bonus shares or cash. JIJC shed 2% to JD1.16.

Meanwhile the Jordan Petroleum Refinery (JOPT) held an extraordinary assembly today to elect its board members. Six individuals from the private sector were elected to the 13-member board. The stock inched up 1% to JD12.86.