The Liquid State

The Amman Stock Exchange (ASE) had another week of busy trading with total trading volume reaching JD31.89 million with a daily average of JD7.97 million. Most of the large caps were in the spotlight which pushed the ASE Index up by 2.16%. Approximately 20.29 million shares, worth JD31.89 million, changed hands during the week with the AMI increasing 2.49%, while the ASMI advanced by 0.45%.

The banking sector index moved up 1.32% as the Arab Bank (ARBK) climbed 1.63% to close at JD202.50 ranking 2nd in terms of trading volume, while Export & Finance Bank (EXFB) rose 3.27% to JD1.58 ranking 2nd in the banking sector. Jordan Gulf Bank (JOGB) made a 17.65% climb as speculation grew about the old Board of Directors being reestablished again the Minister of Finance being an active member on the board. The Arab Bank had been requested by the Central Bank to seriously consider acquiring the troubled Bank.

The services sector increased 0.71% with Jordanian Electric Power (JOEP)'s capturing most of the activity and advancing slightly by 0.92% to JD2.20. Unified for Organizing Land Transport (UNIF), is still on the run as it stepped up by 6.73% to JD 1.11 and ranked 7th in terms of trading volume. Specialized Investment Compounds (SPIC) had a good trading week as it stepped up by 9.41% to JD0.93 and ranked 3rd in terms of volume in the services sector.

The industrial sector added 4.79% with a total trading volume of JD20.83. Jordan Phosphate Mines (JOPH) continued last week's heat and ranked 3rd in terms of volume advancing by 7.00% to close at JD2.14 while Arab Potash (APOT) ranked 9th in terms of volume and climbed by 3.53% to end the week at JD4.40. Jordan Steel (JOST) was the major player in the market as it reached the high of JD 2.34, but managed to close at JD2.26, adding 3.67%. Dar Al Dawa gained 1.04% this week closing at JD7.76 while Jordan Cement (JOCM) made a significant advance by 16.27% to end the week at JD4.86.