Capturing the Upside

After witnessing a fortnight of healthy and robust activity, the Amman Stock Exchange (ASE) was privy to spells of profit taking, which once again played a factor in keeping volumes at high levels. All in all, 30 million shares, worth JD52.3 million, changed hands as the AMI retracted by 2.12%.

The banking sector remained at the center of the exchange's motion, which caused most of its stocks to lose ground as investors cashed in on their gains. Nevertheless, the Philadelphia Investment Bank (PHIB) was able to weather the storm as it climbed 14% to JD0.40. According to a local daily, the bank was able to recoup around a third of the JD120 million it lost in a recent fraud case which is still under investigation.

Jordan Steel (JOST) revealed that its exports in 2003 have risen sharply as the company gained a stronger foothold in the Lebanese and Saudi markets. However the stock did not react to the news as it dropped 4% to JD3.45 with less than 0.35 million shares traded.

Jordan Press and Publishing (JOPP) has invited potential investors to participate in its JD0.5 million private and public placements, the proceeds of which will go to raising the company's paid-up capital from JD2.5 million to JD3 million.

Several bloc deals, involving industrial stocks, took place throughout the week. International Commercial Agricultural (ICAG) saw 1.66 million shares change hands in a couple of transactions, while 2 million Arab Aluminium Industry (AALU) and 2.5 million National Wire and Cable (WIRE) shares were also exchanged in similar deals.

Meanwhile, Jordan's Finance Minister, Dr. Mohammad Abu Hammour, submitted the new government's budget to the Lower House of Parliament for approval. In his speech, he announced the government's forecast of a 5% real growth in gross domestic product (GDP) for the coming year, as inflation and is expected to remain steady at 3%.