Revaluation

The market came under pressure this week as profit taking pushed prices down. Many investors are still awaiting mid-year results but are now more conservative in their forecasts. Blue chips were the hardest hit as the AMI shed 1.2% to close at 159.38, while the ASMI, on the other hand, advanced to 214.89.

The Arab Bank (ARBK) could not hold up this week as it dropped 2% to JD217. The Cairo Amman Bank (CABK), which has been undergoing concerted restructuring efforts over the past year, on the other hand, witnessed a 25% hike as institutional buying pushed the stock up to JD1.98 against a total volume of JD0.2 million. The Bank of Jordan (BOJX) was involved in 4 bloc deals, which saw 0.9 million of its shares change hands at JD2.60. BOJX ended the week at JD2.72, up only 1%.

The services sector experienced some movement as a few of its prominent stocks exceeded their weekly averages. Jordanian Electric Power (JOEP) rose 5% to JD2.47 as more than 1.7 million of its shares traded while United Arab Investors (UAIC) climbed 10% to JD1.70. Zarka Education and Investment (ZEIC) advanced 1% to JD3.50 as the Ministry of Education gave its consent for the university to double its enrolment quota to 6,000 students.

Pharmaceutical companies were active as certain investors bought into the stocks. Advanced Pharmaceuticals (ADPH) held on to its JD1.43 position as Dar Al Dawa (DADI) climbed all the way to JD5.20 before stumbling back down to JD4.99. Arab Pharmaceuticals (APHA) took a beating as it declined 5% to JD4.27.

Sister companies, International Tobacco and Cigarette (ITCC) and Al Ekbal Printing and Packaging (EKPC) oscillated as they faced heavy trading. ITCC remained unchanged at JD3.80 while EKPC fell 3% to JD1.38.

Jordan Phosphate Mines (JOPH) is still at the centre of attention seeing as it may be next in line for privatization. The stock climbed 2% to JD2.54 as almost 1 million shares changed hands.