Eager Anticipation

Healthy volumes were the order of the day as semi-annual results continued to answer many anticipant investors' questions. Meanwhile, market participants were given another encouraging sign as Jordan hosted a conference aimed at briefing bidders about the tender regarding the reconstruction of the Iraqi telecommunications sector. This helped push the AMI forward to 167.10 as advancers outnumbered decliners three to two.

The Jordan Kuwait Bank (JOKB) climbed 3% to JD7.75 this week, as its chairman announced that JOKB has entered into an agreement with the Credit Bank of Iraq. The arrangement will see both institutions offering a variety of banking and investment services through bilateral representation. On the other hand, the Jordan National Bank (JONB) continued to see improvement in trading as more than 0.25 million of its shares changed hands. The stock climbed 1% to JD1.04.

Pharmaceuticals did not fair well this week as lacklustre results pushed stock prices down. Dar Al Dawa (DADI), whose net income remained flat vis-à-vis last year's semi-annual level, shed 1% to close at JD4.90. Arab Pharmaceutical Manufacturing (APHA), who posted JD3.7 million in profits for the first six months of 2003, a 14% drop year-on-year, held on to its JD4.30 position.

Jordan Steel (JOST) continued with its hike, almost reaching the JD3.50 mark before settling back at JD3.46. Similarly, the Jordan Phosphate Mines (JOPH) kept on climbing to JD2.81 as approximately 1.2 million of its shares traded.

Specialized Investment Compounds (SPIC) is still drawing plenty of attention, rising 15% to JD2.11, as the Jordan Securities Commission (JSC) approved its 10% bonus share issue. Jordan Industrial Resources (JOIR) witnessed a similar advance, ending the week at JD0.82.

Jordan Telecommunications (JTEL) was relatively active this week as 0.1 million of its shares changed hands. The stock was unable to take advantage of the increase in volume as it declined 2% to JD2.17.