Privatizing Potash

Calm ensued at the Amman Stock Exchange (ASE) as investors stuck to their guns and waited on the sidelines for new bits of information. All in all 21 million shares, worth JD31 million, changed hands as both the AMI and ASMI declined by more than 1% to 180.44 and 238.14, respectively.

The Jordanian Government has finally struck a deal with Potash Corporation of Saskatchewan (PCS) regarding the privatisation of Arab Potash (APOT). Half of the government's stake in APOT, or 21,662,550 shares, were sold to PCS today at a price of JD5.68. APOT will resume trading on Sunday 19 October 2003.

Banks involved in last year's fraud case continued to enjoy the limelight but were witness to a bout of profit taking that pushed their prices back to more moderate levels. The Jordan National Bank (JONB) had 1.4 million shares trade as it fell to JD1.37, while Jordan Investment and Finance Bank (JIFB) shed 8% to close at JD1.33. Jordan Gulf Bank (JOGB), on the other hand, persisted in its ascent, hiking 46% to JD0.19 as more than 2.6 million of its shares changed hands.

The insurance sector saw its fair share of activity this week as many of its constituents traded. Jordan International Insurance (JIJC) had almost 0.5 million of its shares trade as it climbed 15% to JD1.69. Jordan Insurance (JOIN) saw only half that amount exchanged, as it dropped 4% to JD4.10.

Pharmaceutical stocks got a boost as four companies announced that they were granted approval to begin exporting to Sweden, consequently gaining access to the European Union. As a result, Advanced Pharmaceutical Manufacturing (ADPH) rose 3% to JD1.61, while Dar Al Dawa (DADI) contented with a 2% increase to JD4.70.

Unified for Organizing Land Transport (UNIF) was one of the most active stocks this week as one of its board members put up 0.415 million of their shares for sale. UNIF advanced 2% to 1.44.