Zeal for the New Year

Market participants at the Amman Stock Exchange (ASE) maintained their increased levels of activity as they finalized their position adjustments. All in all, large caps emerged a bit scathed as depicted by the AMI's minor decline to 202.59, while the ASMI, on the other hand, enjoyed a 1.2% increase to 275.46.

The banking sector remained at the forefront with most of its stocks making it on the most active list. Jordan Kuwait Bank (JOKB) gained some ground as it climbed 7% to JD8.55 whereas the Arab Bank (ARBK) climbed all the way up to JD310 before ending the week at JD305 with only 9,300 shares traded.

Meanwhile, the Housing Bank for Trade and Finance (THBK)'s chairman, Mr. Zuhair Khouri, announced that he plans to resign in April 2004, while Dr. Michel Marto will assume his position as the bank's consultant starting January 1st, 2004. THBK barely traded as it retracted 1% to JD4.33.

Arabian Seas Insurance (ARSI) won an insurance contract for one of the Iraq reconstruction tenders which will be carried out across the Jordanian-Iraqi border. The stock advanced 3% to JD0.95 as a result.

Jordan National Cable (JNCC) witnessed a bloc deal involving 0.4 million of its shares but the stock managed to end the week unchanged at JD3.02.

Universal Modern Industries (UMIC) and Jordan Industrial Resources (JOIR) got a piece of the action as they both saw more than 0.5 million of their shares trade. UMIC remained at JD1.25 while JOIR rose 1% to JD1.36.

Beit El Mal Savings and Investment for Housing (BAMB) and Jordanian Electric Power (JOEP) were among the services sector's most dynamic stocks. BAMB advanced 3% to JD3.77 with approximately 0.19 million shares traded while JOEP saw 0.27 million of its shares exchanged as it retracted by 1% to JD3.08.