Jumpstart Giant

The Amman Stock Exchange (ASE) witnessed a splurge of activity this week as a deal involving shareholders of the Arab Bank (ARBK) captivated investors, leading the way for the rest of the market. Volumes soared as 38 million shares, worth JD75.6 million, changed hands, allowing the AMI to climb almost 5% to 202.93, while the ASMI reached a high of 263.72.

According to a leading local daily ARBK board member, Omar Khalid Shoman, reportedly intends on selling his 11% stake in the bank to several other members of the board. Jordan's Social Security Corporation (SSC) will pick up 4%, while Saudi Oger plans to purchase 5% and the remaining 2% will go to Abdulmajeed and Abdel Hamid Shoman, respectively. ARBK hiked all the way up to JD322 in the frenzy but settled down again on Thursday, closing at JD310.

Jordanian Electric Power (JOEP) got a surge of activity when the Jordanian Minister of Energy and Mineral Resources signed a letter of understanding with his Iraqi counterpart in order to link up both countries' electricity grids, in addition to providing Iraq with assistance in terms of training and maintenance. JOEP had approximately 1.3 million of its shares trade as it advanced 9% to JD3.03.

Pharmaceuticals kept hold of their place at the forefront of the industrial sector as the merger talks between Advanced Pharmaceutical Industries (ADPH) and Arab Pharmaceutical Manufacturing (APHA) kept market participants on high alert. Consequently, Middle East Pharmaceutical and Chemical Industries (MPHA) climbed 11% to JD1.46 as more than 2.6 million of its shares were exchanged. Dar Al Dawa (DADI), on the other hand, contented with a 5% rise to JD5.30.

Meanwhile, Middle East Complex for Engineering Electronics and Heavy Industries (MECE) hiked 18% to JD1.37 with approximately 3.25 million shares changing hands. MECE had witnessed a bloc deal, on Tuesday, involving 0.8 million of its shares.