Tribulations and Transparencies

Prices at the Amman Stock Exchange (ASE) improved this week as investors began to rebuild their positions. In spite of that, volumes remained thin as a little more than 18.6 million shares changed hands in deals worth JD33.2 million. The AMI advanced 2.86% to 182.94 as some of the larger caps gained ground, while the ASMI contented with an increase of 2.05%.

The banking sector's activity picked up as troubled banks remained in the public eye. The Jordan Gulf Bank (JOGB) had approximately 1.7 million of its shares trade as it held on to its JD0.18 position. The Philadelphia Investment Bank (PHIB), on the other hand, witnessed a 56% hike to JD0.14 as a leading local daily revealed that a fraud case which was uncovered a couple of months ago will be presented in front of the state security court. It is estimated that JD80 million were embezzled from the bank. Meanwhile, Bank of Jordan (BOJX) saw 0.2 million of its shares exchanged in a bloc deal that was executed at JD3.11.

Stellar performers of the pharmaceutical sector continued to attract investors this week. Dar Al Dawa (DADI), which announced today, that it will be signing a toll manufacturing agreement with global giant Novartis, next week, rose 9% to JD5.01, as 0.7 million of its shares changed hands. Advanced Pharmaceutical Manufacturing (ADPH) managed to achieve almost double DADI's climb as it broke the JD2 barrier to settle at JD2.25.

Jordan Phosphate Mines (JOPH) advanced 7% to JD2.37 as the government announced that the privatization of the mining monopoly is still an option. The state is again looking into hiring a financial consultant to help guide it through with the sale of its stake in the company, after negotiations with Canadian firm, Potash Corp. of Saskatchewan, collapsed.

Unified for Organizing Land Transport (UNIF) picked up pace as the Ministry of Energy and Mineral Resources announced that the first shipment of Iraqi oil will dock at Aqaba port in a fortnight. UNIF recently won a government tender to transport oil by land from the harbour to the main refinery in Zarqa. The stock closed at JD1.48.