Acquiring Minors - Atlas ASE Market Brief Feb 20, 2003

The on-going debate surrounding the possible US-lead strikes against Iraq continues to preoccupy investors at the Amman Stock Exchange (ASE). Overall, more than 7.5 million shares, worth approximately JD9 million, traded as both the AMI and ASMI declined by almost 1%

The Central Bank of Jordan (CBJ) announced that two of Jordan's largest banks have agreed, in principal, to consider acquiring a couple of smaller institutions that have recently had some difficulties. The Arab Bank (ARBK), which closed at JD182, down 1%, is contemplating the purchase of the Jordan Gulf Bank (JOGB). On the other hand, the Housing Bank for Trade and Finance (THBK), which fell 3% to JD2.50, has its sights set on the Philadelphia Investment Bank (PHIB), the week's biggest decliner, with a 12% drop to JD0.29.

Meanwhile, the Jordan Kuwait Bank (JOKB), which held it annual general assembly on Tuesday, declared that it will distribute cash dividends of JD0.16 per share. Nevertheless, the stock retracted 7% to JD3.59.

The Specialized Jordanian Investment Co. (SJIC) witnessed a bloc deal involving 0.794 million of its shares. Consequently, the stock climbed 6% to JD0.95.

Dar Al Dawa (DADI) hiked all the way up to JD5.92, after the company published its preliminary results, which showed a 25% increase in profits. However, the stock could not withstand the overall market pressure and declined back to JD5.67.

Middle East Complex for Eng. Elec. (MECE) is still holding on to its reins among the week's biggest advancers. The 2.6 million shares traded, however, were not able to give MECE a push, leaving it at its JD0.71 position.