Coalition of the Willing Players

Some adjustment took place over the course of the week as investors, having swallowed the bitter pill of war in Iraq, concentrated on fundamentals and prospective dividend distribution. Most stocks witnessed impressive hikes at the beginning of the week, but profit taking ensued, causing prices to adjust back to fair values. Approximately 8.3 million shares, worth JD14 million, changed hands as the AMI budged 0.05% while the ASMI climbed nearly 2%.

The Arab Bank (ARBK) slipped at the beginning of the week after its annual general assembly had approved a JD4.00 per share dividend on Friday. However, the stock managed to regain some ground and closed at JD181.5. On the other hand, the Industrial Development Bank (INDV) saw plenty of activity as the Jordan Kuwait Bank (JOKB) divested some of its holding in the former. A little more than 1.75 million INDV shares were exchanged as the stock climbed 1% to JD1.18.

Beit El Mal Saving and Investment for Housing (BAMB) was among this week's favourite stocks as it climbed 9% to JD1.22. The company's board of directors announced that they plan to raise capital by JD4 million through a proposed stock dividend that will be put forward at the annual general assembly. In addition, a cash dividend of JD0.10 per share is on the agenda.

Dar Al Dawa (DADI) continued with its surge as it reached JD6.81 before settling back to JD6.76. International Tobacco (ITCC) and Jordan Steel (JOST) remain under close vigilance, with the latter suffering a 9% decline to JD1.90.

National Aluminum Industrial (NATA) and International Ceramic Industries (ICER) are proving attractive to investors as well. NATA climbed 3% to JD0.98, while ICER advanced 1% to JD1.00.