Stay Tuned - Atlas ASE Market Brief Mar 06,2003

Pessimism hovered around the Amman Stock Exchange (ASE) as investors kept away from their trading screens, opting to stay tuned to television news channels. Consequently, no more than 4.6 million shares changed hands, many of which were through bloc deals, in transactions worth JD6.9 million, as all indices advanced by less than 1%. The exchange was closed on Tuesday because of a public holiday in celebration of the Hijri New Year.

The banking sector seemed unsettled as the Arab Bank (ARBK) retracted by 1% to JD181 while the Bank of Jordan (BOJX), which inched to JD2.04, had approximately 0.5 million of its shares trade in cross-deals between its employees. There seems to be little interest in the Philadelphia Investment Bank (PHIB) and the Jordan Gulf Bank (JOGB) as their stocks, which are being offered at their limit down prices, remain stuck.

The Jordan Press Foundation (PRES) was fairly active this week as investors await the company's dividend announcement. The enthusiasm was not enough, though, to keep the stock from falling 1% to JD9.85.

Meanwhile, according to a recent Cabinet decision, all imported industrial inputs will be exempt from customs tariffs effective this month. The objective of such a move, to increase the sector's competitiveness, has not had the desired effect on the ASE as investors continue to worry over a possible second Gulf War. The biggest mover of the sector, Advanced Pharmaceutical Industries (ADPH), had almost 1.6 million of its shares change hands as it climbed 2% to JD1.09.

Kindly note that Atlas Investment Group (Atlas), in collaboration with Radio Ammannet, is now presenting a daily economic brief regarding the ASE's activity on the radio's website at www.ammannet.net