Manipulation

Trading activity at the Amman Stock Exchange (ASE) was toned down this week as the Holy month of Ramadan began on Sunday. Volumes were thin as some investors chose to liquidate their positions at any price in order to cover their margin calls that are due at the month's end. All in all, approximately 11.7 million shares changed hands in deals worth JD16.6 million. Most indicators retracted by less than a percentage point as the AMI closed at 177.85 while the ASMI settled at 237.23.

The Arab Bank (ARBK) witnessed a bout of profit taking which pushed the stock all the way down to JD247. Nevertheless, ARBK managed to close near last week's position as it ended the last trading session at JD256. Jordan Gulf Bank (JOGB), on the other hand, was the recipient of regional interest as more than 5.1 million shares traded. Nonetheless, the stock declined 10% to JD0.18.

The Jordan Cement Factories(JOCM) has agreed to supply the local market with an additional 2,000 tonnes of cement in the coming few days. According to a local daily, the move was intended to curb some merchants' repeated manipulation of prices, which was made possible due to the current cement shortage. JOCM rose 1% to JD5.33.

Arab Potash (APOT) continued to face pressure this week as it shed 4% to JD4.70 with little volumes to support it. Conversely, Jordan Phosphate Mines (JOPH) attracted investors' attention as it climbed 5% to JD2.22.

Advanced Pharmaceutical Industries (ADPH) continued with last week's upward trend as it gained 8%. ADPH closed at JD1.94 as 0.23 million of its shares changed hands.

Real Estate Investment Co./ AKARCO (REIN) regained some ground, advancing 5% to JD1.07 with more than 0.4 million shares being exchanged. Specialized Investment Compounds (SPIC), on the other hand, despite witnessing similar trading volumes, retracted 3% to JD3.55.