Incubation

Investors resumed their muted activity as 18.6 million shares, worth approximately JD33 million, changed hands. The bulk of trading was restricted to a few companies that have recently been the centre of attention. Large caps lead the way, as indicated by the AMI's rise to 186.25, while the ASMI contented with a less than 1% increase to 243.99.

The industrial sector enjoyed the limelight as pharmaceutical and aluminium stocks picked up speed, both in terms of volume and value. A little more than 0.65 million Advanced Pharmaceutical Manufacturing (ADPH) shares were traded as the stock climbed 26% to JD2.84. Dar Al Dawa (DADI) saw only half that amount trade as it remained unchanged at JD5.01. Middle East Pharmaceutical and Chemical (MPHA), on the other hand, had 2 million of its shares change hands, but only managed a 4% advance to JD1.15.

Arab Aluminium Industry (AALU) and National Aluminium Industrial (NATA) captivated investors as both stocks began to climb inexplicably. AALU rose 9% to JD1.76, while NATA advanced 8% to JD1.67.

Specialized Investment Compounds (SPIC) declined unexpectedly this week despite having posted good third quarter results. Revenues totalled JD4.49 million in the first nine months of 2003, allowing the company to post JD1.1 million in profit for that period. SPIC retracted 2% to JD3.65.

Unified for Organizing Land Transport (UNIF) continued to ride last week's wave as it climbed 5% to JD1.56 with more than 1 million shares traded.

The Arab Bank (ARBK) experienced a long awaited recovery as it rose 3% to JD276.25 despite relatively ordinary volumes. The Industrial Development Bank (INDV) witnessed a similar advance as 0.5 million of its shares changed hands. The stock closed at JD1.39.