Taking a Breather

The Amman Stock Exchange (ASE) witnessed a calm week with a daily average of JD4.86 million. The overall market dropped slightly as the ASE Index decreased by 0.83%, mainly due to the drop in Arab Bank (ARBK). Approximately 15.29 million shares, worth JD24.32 million, changed hands during the week with the predominately large-cap, AMI index declining 0.78%, while the ASMI advanced by 1.81%.

The banking sector index stepped down 0.80% as the Arab Bank (ARBK) ended the week at JD199.50 decreasing by 1.48% and ranking 1st in terms of trading volume due to a block trade of 10 thousand shares, while the Housing Bank for Trade & Finance (THBK) fell 1.03% to JD2.89 ranking 2nd in the banking sector. Bank of Jordan (BOJX) had a turbulent week as it reached the low of JD2.08 but managed to close at JD2.18 by the end of the week, dropping slightly by 1.80%.

The services sector fell 0.87% as Jordanian Electric Power (JOEP)'s stepped down 0.91% to JD 2.18 while Zara Investments Holdings (ZARA) declined 1.04% to JD0.95 in thin trading. Unified for Organizing Land Transport (UNIF) declined 4.50% to JD1.06 while Jordan Press Foundation (PRES) rallied to JD13.40 increasing by 11.02% as investors are counting on the coming elections in June to maximize their returns. Jordan Press & Publishing/Ad-Dustoor (JOPP) followed suite and progressed by 14.00% to JD5.70. Specialized Investment Compounds (SPIC) dropped by 1.08% to JD0.92 in a profit taking wave and ranked 2nd in terms of volume in the services sector.

The industrial sector pulled back by 0.91% mainly due to the fall in Jordan Phosphate Mines (JOPH) share price by 4.21% to JD2.05 despite an imminent meeting between JOPH and their Canadian privatization suitor, PCS. International Tobacco & Cigarettes (ITCC) dropped significantly during the week, but managed to pick up today as it closed at JD 3.57 while Jordan Steel (JOST) stepped down 2.21% to JD2.21. Jordan Cement (JOCM) made a slight advance by 0.62% to JD4.89 while Middle East Pharmacuetical & Chemical Industries (MPHA) made a significant increase as it rose by 13.43% to JD0.76.