East Side, West Side

The Amman Stock Exchange (ASE) witnessed an active week with a daily average of JD6.58 million. The overall market stepped up slightly as the ASE Index increased by 0.73%, mainly driven by the improvement in small caps' stock prices. With the lifting of sanctions on the east side of Jordan and the continuous efforts to regain stability on the west side of Jordan, investors' sentiment is getting a strong uplift as Jordan will gradually regain trade with its natural trade partners. Approximately 20.61 million shares, worth JD26.34 million, changed hands during the week with the AMI index advancing 0.61%, while the ASMI added 2.55%.

The banking sector index stepped up 0.24% as Jordan Kuwait Bank (JOKB) and Arab Banking Corporation (ABCO) both rose by 2.54% and 5.10% to close at JD5.25 and 1.65, respectively. The Arab Bank (ARBK) closed at last week's level of JD199.50 and ranked 2nd in terms of trading volume while the Housing Bank for Trade & Finance (THBK) inched up slightly by 0.35% to JD2.90 in good trading.

The services sector maintained last week's level and rose slightly by 0.04% though Jordanian Electric Power (JOEP)'s stepped down 1.38% to JD 2.18, but it was compensated by a rise in various small caps. Unified for Organizing Land Transport (UNIF) added 1.89% to JD1.08 while National Portfolio Securities (NPSC) rallied to JD1.14 increasing by 18.75% in healthy trading. Specialized Investment Compounds (SPIC) surged by 9.78% to JD1.01 ranking 1st in terms of volume as investors speculate that the companies' Board of Directors will propose a 10% stock dividend in their upcoming meeting.

The industrial sector climbed 1.90% capturing more than 60% of total trading volume. All pharmaceuticals scaled up as the Egyptian authorities recently approved the registration of 5 Jordanian medicines in Egypt, with the ability to enter other African countries. As such, Middle East Pharmaceutical & Chemical Industries (MPHA) made a significant increase as it rose by 15.79% to JD0.88 while Advanced Pharmaceutical Industries (ADPH) followed suite and added 15.83% to JD 1.61. Arab Pharmaceutical Manufacturing (APHA) closed at JD4.00 increasing by 5.26% while Dar Al Dawa (DADI) made a 1.95% return to close at JD7.84. Jordan Steel (JOST) and Jordan Cement (JOCM) both rose by 0.90% and 2.25% while Jordan Phosphate Mines (JOPH) pulled back to JD2.02 decreasing by 1.46%. Jordan Petroleum Refinery (JOPT) jumped 5.81% to JD15.66 as the Ministry of Industry & Trade approved the 5 for 1 stock split, reducing the par value of the share to JD1.

It is worth mentioning that the Parliamentary elections are on June 17. This is a national holiday and no trading will take place at the ASE.