Coming to Town

Investors continued to adjust their positions with the few trading sessions left before the year 2003 draws to a close. Consequently, 24.5 million shares, worth JD48 million, changed hands as both the AMI and ASE indices advanced by more than 2%. Note that the ASE will be closed on Thursday, 25 December 2003, and the last trading session for the year will be held on Tuesday, 30 December 2003, with all settlements taking place the following day.

The Arab Bank (ARBK) was met with high demand this week as Saudi Oger disclosed the terms of sale for the 11% stake owned by the late Khaled Shoman's hiers. The Jordan Social Security Corporation (SSC) will pick up 4%, while Saudi Oger plans to purchase 5%, with the remaining 2% to be dispersed as the bank itself sees fit. The stock climbed all the way up to JD313 during the week before closing at JD306.5.

Meanwhile, two of the country's largest companies, both of which were partially government owned at one point, hosted representatives of the strategic investors who have since bought some of the government's shares. Arab Potash (APOT), which was recently privatised, received Mr. William Doyle, Chief Executive Officer (CEO) of the Potash Corporation of Saskatchewan (PCS), while Jordan Telecom (JTEL) got a visit from France Telecom's CEO Mr. Thierry Breton. Both representatives got to meet high-ranking officials in the government to discuss Jordan's investment climate. APOT experienced thin trading, advancing only 1% to JD4.68, while JTEL climbed 5% to JD2.27 with more than 0.48 million shares traded.

On the other hand, certain stocks continued to witness bloc deals this week. Jordan Insurance (JOIN) had 0.75 million of its shares involved in one transaction which was executed at JD4.25, while Middle East Complex for Engineering Electronics and Heavy Industries (MECE) had 1.147 million shares change hands in another deal. MECE closed at JD1.31, up 3%.