Minute-Made Gains

Investors continued to bank on gains they received from profit taking activity throughout the week, thus ensuring high turnover for many stocks. Although principal companies, representing more than 70% of the market's total capitalization, have shown an average growth rate of approximately 30% in their semi-annual net incomes, some of the major players in the market have yet to post their financials. As a result both the AMI and ASMI advanced by almost 2% to 169 and 231, respectively.

The Arab Bank (ARBK) was relatively quiet but surprised market participants at the last minute by closing at its weekly high of JD230. The Jordan Kuwait Bank (JOKB) followed suite, climbing 9% to its own peak of JD8.40, despite thin trading.

Industrial zone holding companies seem to be creating a new niche at the Amman Stock Exchange (ASE) as the appetite for their stocks is increasing considerably. Specialized Investment Compounds (SPIC) witnessed a 15% hike as almost 2.3 million of its shares changed hands. In contrast United Arab Investors (UAIC) had more than 1.3 million of its shares trade, advancing 5% to JD2.66.

Pharmaceuticals are still having a hard time drumming up interest as their weekly volumes have fallen below the 0.1 million-share mark. Dar Al Dawa fell 1% to JD4.78 while Arab Pharmaceutical Manufacturing (APHA) barely budged, closing at JD4.19. Conversely, Advanced Pharmaceutical Industries (ADPH) had a surprise today as increased demand caused the stock to climb 3% to JD1.48.

Jordan Cement (JOCM), which has yet to show its mid-year profits, witnessed some institutional buying as it held on to its JD5.25 position.