Hot Stocks

The market attempted a turbulence-free landing, as the first six months of the year came to an end and companies closed their books in preparation for posting their semi-annual results. However, the Amman Stock Exchange (ASE) swung around mid-week, allowing advancers to outnumber decliners by almost three to one.

The Arab Bank (ARBK) saw heavy trading, with a daily average of 10,000 shares, as both local and foreign fund managers bought into the stock, pushing its price up 8% to JD231. Bank of Jordan (BOJX) experienced a similar climb of 9% as the 1.49 million shares traded helped the stock reach JD2.34. Meanwhile, the Ministry of Industry and Trade has given the Middle East Investment Bank (MEIB) its approval to change the latter's name to Société Générale Jordan. MEIB shed 2% to close at JD1.00.

A bloc deal involving almost 1.5 million First Telecom Group (FTGR) shares took place on Wednesday. The buyer, Batelco Middle East EC (BMEC) bought the shares at JD3.04.

Specialized Investment Compounds (SPIC) witnessed a 14% hike this week, as investors rushed to buy the stock, which promises good mid-year results.

The Jordan Securities Commission (JSC) has decided to halt Arab Potash (APOT)'s stock from trading effective Sunday, 6 July 2003, as the company begins to receive the final offers from the four contenders willing to buy part of the government's stake in the corporation. Consequently, APOT advanced 6% to JD5.00.

Jordan Cement (JOCM) was also in the news, as the company announced that it will begin operating a new delivery system aimed at curbing price manipulations its product faces from certain distributors. JOCM rose 7% to JD5.36. El Zay Ready Wear Manufacturing (ELZA), a relatively quiet stock, experienced a similar climb, as it closed at JD1.12.