Vertical Limits

The Amman Stock Exchange (ASE) witnessed a week carachterized by an all time high for the ASE index, which reached 196.23 pts, mainly driven by fresh money flowing into the market. The new spur of liquidity targeted industrial stocks, which managed to increase the price of 78 stocks with more than 40 stocks rising by more than 5%. This was also a result of the relaxed political atmosphere that came after the Aqaba summit. Approximately 29.65 million shares, worth JD41.49 million, changed hands during the week with the AMI index advancing 3.01%, while the ASMI added 3.72%.

The banking sector index stepped up 2.78% on the back of Arab Bank (ARBK) rising 2.76% to JD205.00 while Export & Finance Bank (EXFB) rallied to JD1.77 adding 12.03%. Industrial Development Bank (INDV) ranked 3rd in the banking sector and managed to close at JD1.17 ascending by 4.46%.

The services sector had a 1.31% increase with good trading volumes. Jordanian Electric Power (JOEP) rose by 2.33% to JD 2.20 while Unified for Organizing Land Transport (UNIF), a beneficiary of the reconstruction and trade effort with Iraq, added 5.56% to JD1.14. Specialized Investment Compounds (SPIC) reached the high of JD1.04 during the week, but closed at JD0.99 due to profit taking.

The industrial sector, which is positioning itself for trading with the new Iraq and the new Palestine, surged by 4.81% as more than 40 stocks increased in price, capturing more than 70% of total trading volume. Pharmaceuticals continued last week's rally with Middle East Pharmaceutical & Chemical Industries (MPHA) being the most active as it ranked 2nd in terms of trading volume and climbed 6.82% to JD0.94. Arab Pharmaceutical Manufacturing (APHA) closed at JD4.30 increasing by 7.50% while Dar Al Dawa (DADI) made a 6.51% climb to close at JD8.35. Jordan Steel (JOST) ranked 4th in terms of volume closing at JD 2.29 and increasing 2.69% while Jordan Petroleum Refinery (JOPT) jumped 13.37% to JD3.73 after it began this week at JD 3.29. Middle East Complex for Eng. Electronics & Heavy Ind. (MECE) didn't miss the party as it was heavily traded and managed to step up by 10.84% to JD0.92 while National Aluminum Industrial (NATA) followed suite and added 15.45% to JD1.42. Jordan New Cable (JNCC) ranked 1st in terms of trading volume, mainly due to some block deals, which drove its price to JD 1.78.