Anomaly

The Amman Stock Exchange (ASE) kick started the week with its continuing rise supported by thin volumes. The trek was not prolonged, however, as investors, seeing a good opportunity to claim capital gains, began to sell their holdings en masse, thus allowing for a bout of profit taking to ensue. Large cap companies were unable to completely recover on Thursday, as represented by the AMI, which retracted almost 0.4%, whereas the ASMI mustered a small advance of 0.05%. The ASE will be closed on either Wednesday or Thursday, depending on the muslim lunar calender, due to a public holiday marking Al Isra Wal Maraj.

The Arab Bank (ARBK) shocked market participants as it shot through all the way to JD281, assisted by relatively heavy trading. Nevertheless, the upsurge was hard to maintain as ARBK closed, in proximity of last week's position, at JD269. The Industrial Development Bank (INDV), another of the banking sector's active stocks, saw approximately 3 million of its shares change hands as it climbed 4% to JD1.40.

United Arab Investors (UAIC) and Arab East Investment (AEIV), both holders of Investors & Eastern Arab for Industrial & Real Estate Investments (IEAI), oscillated throughout the course of the week as investors added the companies to their radar screens. UAIC ended the last session unchanged at JD3.05 while AEIV rose 9% to JD2.63. IEAI, on the other hand, slipped 1% to close at JD1.99.

Specialized Investment Compounds (SPIC) was the mover and shaker of the week, advancing 3% to JD3.88 as more than 2 million of its shares changed hands.

The industrial sector was kept quiet once again with only Jordan Industrial Resources (JOIR) claiming significant volume as it climbed 7% to JD1.11.