Seven-Week Itch

Investors, after getting the chance to absorb this year's relatively mundane mid-year results, resorted to profit taking, thus leading stocks through an uneasy ride. Consequently, both the AMI and ASMI retracted by 0.59% and 1.20%, respectively as more than 26 million shares changed hands in deals worth JD48 million.

The Jordan Kuwait Bank (JOKB) was the front-runner of the banking sector this week due to its 0.6 million-share bloc deal. The stock ended the week at JD7.70, down 1%. Although other banks kept quiet, the Industrial Development Bank (INDV) went through an active streak, climbing 3% along the way to close at JD1.23.

Jordan French Insurance (JOFR) caught market participants' attention as it attempted to reach its top-limit, on a daily basis, during trading sessions. JOFR ended up experiencing a 27% hike to JD3.72 despite thin volumes.

Arab International Hotels (AIHO) was witness to several bloc deals as well. The company had 2 million shares change hands, in total, through the aforementioned transactions. AIHO slipped 1%, at the end of the week, to JD1.82.

Meanwhile, government officials have officially named Potash Corp of Saskatchewan (PCS) as the preferred bidder for purchase of the former's 26% stake in Arab Potash (APOT). Seeing as APOT's shares are still halted from trading due to the on-going privatization negotiations, Jordan Phosphate Mines (JOPH) reveled in investors' enthusiasm which was directed at the mining sector, climbing all the way to JD3.02 before settling at JD2.94.

Most pharmaceutical stocks stayed on the sidelines, suffering as a result of their disappointing semi-annual figures. Dar Al Dawa (DADI) shed 1%, while Arab Pharmaceuticals (APHA) fell to JD4.21 amidst thin trading. Despite the negative sentiment, Middle East Pharmaceuticals (MPHA) had 1.4 million of its shares trade as it ended the week unchanged at JD1.06.