The Snowman Cometh - Atlas ASE Market brief Feb 27, 2003

The Amman Stock Exchange (ASE) was forced to remain idle, midweek, as a large snowstorm blanketed the country causing severe immobility. Consequently, trading sessions were halted on Tuesday and Wednesday. To make up for lost time, banking institutions will be open for normal business on Saturday, 1st of March 2003.

Trading indicators took a nosedive, as investors, dissuaded by new regulations issued by the Jordan Securities Commission (JSC) regarding margin trading, were unable to cover their positions, and as a result, were forced to sell their holdings. The AMI and ASMI retracted, as approximately 2.2 million shares changed hands in deals worth JD3.2 million.

The banking sector was fairly subdued with the Arab Bank (ARBK) holding on to its JD182 position, while both the Export and Finance Bank (EXFB) and the Industrial Development Bank (INDV) fell by 1% to JD1.36 and JD1.08, respectively. Meanwhile, the Philadelphia Investment Bank (PHIB) and the Jordan Gulf Bank (JOGB) remain halted from trading as the Central Bank scrambles to find other banks to acquire them.

Zarka Education and Investment (ZEIC) was the week's most active stock, climbing 3% to JD2.60 as the company announced a 7% rise in net profits for 2002.

Jordan Telecom (JTEL), on the other hand, was not so lucky, dropping 4% to JD2.07 as the company posted lower than expected results. Net income, which came in at JD30 million for 2002, is almost 23% below JP Morgan's forecast of JD39 million, the figure published at JTEL's IPO in October 2002.

Middle East Complex for Eng. (MECE) held it annual general assembly on Monday. The company declared profits of JD1.4 million which it decided to retain. The stock slipped 1% to JD0.70.