Vibrancy at the Dead Sea

All eyes and ears were set upon the Dead Sea as the Extraordinary Annual Meeting of the World Economic Forum (WEF) was held at the Jordanian resort. Leaders and policy makers from around the world met to discuss several issues, among which were the rebuilding of Iraq and the Palestinian-Israeli peace process. This gave the Amman Stock Exchange (ASE) a shot in the arm as 24 million shares changed hands in deals worth almost JD42 million.

The Arab Bank (ARBK) stayed on the sidelines for a while, before a block deal between two existing shareholders sent other investors into a frenzy. The stock hit the JD215 mark before settling at JD213. The Industrial Development Bank (INDV) and the Export and Finance Bank (EXFB) witnessed healthy volumes as both institutions are expected to post above average profits for the first half of the year. INDV remained unchanged at JD1.19, while EXFB advanced to JD1.79.

Specialized Investment Compounds (SPIC) had approximately 2 million shares trade as the company announced that it would distribute a 10% share dividend. The influx of interest was enough to raise the stock's price by 14% to JD1.16.

The Arab Potash Co. (APOT) climbed all the way to JD4.84, before settling at JD4.70, as investors kept a close watch on the stock. The company, which is undergoing privatisation, expects to receive the bids from the three international contenders by early next week. In addition, one of the company's subsidiaries, Jordan Bromine Co., was officially inaugurated this week by H.M. King Abdullah II.

Middle East Pharmaceuticals (MPHA) experienced heavy trading for the second week in a row with 0.23 million shares changing hands as the stock closed at JD1.08.