Tweaking Positions

Liquidity and healthy volumes were carried over from last week allowing the Amman Stock Exchange (ASE) to enjoy some heightened levels of activity. More than 42 million shares changed hands in deals worth approximately JD75 million as many individuals and institutions began to adjust their positions and portfolios before the year's end.

The banking sector took center stage this week with much of the volume heading its way. The Export and Finance Bank (EXFB) hiked 14% to JD3.89 as 0.87 million of its shares were traded. Similarly, the Bank of Jordan (BOJX) and the Jordan Islamic Bank for Finance and Investment (JOIB) were among the sector's most active stocks, climbing 10% and 9%, respectively. Conversely, Union Bank for Savings and Investment (UBSI) retracted 8% to JD2.09. The bank had wintessed some losses from its foreign portfolio investments but hopes to cover any shortfall with its retained earnings.

Jordan Telecommunications Co. (JTEL), gained some ground as the company's CEO announced a JD2.7 million rise in third quarter revenues, which had reached JD231.8 million, vis-à-vis the same period last year. As a result, JTEL had more than 1 million of its shares trade as it advanced 5% to JD2.19.

Jordan Industrial Resources (JOIR) also grabbed its fair share of attention as approximately 2.8 million of its shares were exchanged, letting the stock climb 10% to JD1.28.

Meanwhile, National Cable and Wire Manufacturing Co. (WIRE) stated that it had gotten the approval to amend and extend one of its tenders in Iraq. The EURO 2.9 million tender, to export cables to Iraq, was put on hold when the last Gulf War broke out. WIRE rose 1% to JD1.34 as 1 million of its shares changed hands.