Stock & Awe

The certainty of war that was behind the activity at the Amman Stock Exchange (ASE) last week died down as investors realised that the quick and surgical attack on Iraq has now turned into a battle that might linger for a while. A little more than 7.6 million shares changed hands in deals worth JD12.3 million as the AMI advanced by less than 1% while the ASMI climbed almost 3%.

The Arab Bank (ARBK) had 25,210 of its shares change hands in several bloc deals, worth a total of JD4.4 million, ahead of its annual general assembly on Friday. Nevertheless, the stock retracted 1% to JD185. Conversely, the Export and Finance Bank (EXFB) rose 1% to JD1.46. The bank held its annual meeting today and decided to distribute a 15% bonus share dividend.

The services sector also witnessed its own bloc transaction involving 1.125 million of Trust International Transport (TRTR)'s shares. The stock remained stable at JD0.72.

Jordan Press Foundation (PRES), which approved the distribution of a JD0.70 cash dividend, climbed 2% to JD10.10.

Jordan Steel (JOST) and International Tobacco and Cigarette (ITCC), which are featured in a recent Forbes magazine article (http://www.forbes.com/home/2003/03/24/cz_kd_0324jordan.html), vacillated as a media debate broke out between the Jordanian and Iraqi governments. However, both stocks regained their momentum as things settled down. JOST ended the week at JD2.08, while ITCC closed at JD3.48.

Jordan Phosphate Mines (JOPH) gained 5% as it announced its preliminary results. Earnings before taxes reached JD6 million while sales topped JD198 million. Dar Al Dawa (DADI) experienced a similar climb, reaching JD6.19 as investors, attracted by promising dividends, hurried to purchase the stock