Cashing in

The Amman Stock Exchange (ASE) witnessed a week of profit taking as many investors decided to cash in on their returns. Though decliners outnumbered advancers, the AMI managed to increase slightly, mainly due to the rise in the value of Arab Bank (ARBK) and Jordan Cement (JOCM) stocks. The ASMI stepped down a little, as the pressure from decliners was met by strong resistance from their counterparts. Approximately 13.84 million shares, worth JD21.87 million, changed hands during the week with the AMI increasing by 0.74%, while the ASMI declined by 0.52%.

The banking sector index climbed 0.72% due to the rise of ARBK, which reached the JD200.00 mark before closing at JD198.00. The Industrial Development Bank (INDV) witnessed extensive trading as its annual general assembly approaches INDV ranked 2nd in terms of trading volume, while Jordan National Bank (JONB) is picking up again, gaining 8.70% to close at JD1.00. Bank of Jordan (BOJX) was heavily traded but could not support its position as it fell down to JD2.24. Beit Al-Mal Saving & Investment for Housing (BAMB) soared 14.69% to end the week at JD2.03 since it announced that it will distribute JD0.10 in cash dividends in addition to a two for one bonus issue.

The services sector captured some attention. Jordanian Electric Power (JOEP) maintained its position and as it closed at JD2.14, while Unified for Organizing Land Transport (UNIF) had another busy week as it reached JD0.87 before settling at JD0.83.

The industrial sector climbed 0.49% capturing more than half of total trading volume. Jordan Steel (JOST) ranked 1st in terms of volume and edged up slightly to close at JD2.08 while JOCM had a field day as it rose by 6.06% with a turnover of more than JD1 million. Dar Al Dawa (DADI) sustained its price level while Arab Pharmaceutical Manufacturing (APHA) dropped by 5.56% to end the week at JD 3.74.