Black Gold

The Amman Stock Exchange (ASE) witnessed a calm week as the political front settles down with no significant variations from the status quo. The slight decrease in the market value was mainly due to the decline in the Arab Bank (ARBK)'s stock, which was compensated for by the increase in value of both Jordan Cement (JOCM)'s and Jordan Phosphate Mines (JOPH)'s shares. Approximately 8.17 million shares, worth JD12.54 million, changed hands during the week with the AMI decreasing by 0.09%, while the ASMI advanced by 1.81%.

The banking sector index dropped 1.52% as ARBK shed 2.5% to close at JD193.00. Bank of Jordan (BOJX) witnessed some action and held on to its JD2.24 position, while the Industrial Development Bank (INDV) was the heaviest traded stock in the banking sector rising slightly by 0.79% to close at JD1.27.

The services sector climbed 1.20%, due to the increase in value of the rarely traded Zara Investment Holdings (ZARA). Jordanian Electric Power (JOEP) was the main player in the services sector and ranked 2nd in terms of trading volume. JOEP rose 2.43% ending the week at JD2.19 while Jordan Press Foundation (PRES) followed suit advancing 6.28% to close at JD11.00 in anticipation of high dividends.

The industrial sector was the biggest gainer as it climbed 1.69%. JOCM witnessed a JD1.85 million block deal, involving 0.45 million of its shares on Thursday. The stock managed to increase by 4% as its annual general assembly agreed to distribute a JD0.14 per share cash dividend. Dar al Dawa for Development and Investment (DADI) ranked 1st in terms of trading volume, shedding 1.62%, while Jordan Steel (JOST) ranked 5th as it decreased by 0.96% to close at JD2.06. Jordan Petroleum Refinery (JOPT) had a field day as it shot up 9.46% to end the week at JD 15.28.