Stampede

Record levels of activity were the order of the day as the Amman Stock Exchange (ASE) kick started the year. With volumes surpassing the 20 million shares mark on Tuesday, a total of 42 million shares, worth JD95 million, changed hands this week. The AMI and ASMI rose 7.34% and 9.44%, respectively. Note that the ASE changed the base of its index points from 100 to 1000 points effective 1 January 2004.

The banking sector continued to ride the wave of growth with many of its stocks reaching new highs. The Arab Bank (ARBK) reached JD326 with several bloc, deals involving a total of 9,900 of its shares, being executed on Wednesday. Saudi Oger declared that the 5% ARBK stake it plans to buy will be registered under the name of another company it owns called Oger Middle East Holding.

The Jordan Kuwait Bank (JOKB) was the week's biggest advancer climbing 27% to JD10.88. On the other hand, new light has been shed on last year's bank fraud case as a local daily announced that almost 50% of the funds embezzled will most likely be returned to the banks affected by the case within the coming three months.

Jordan Telecom (JTEL) began its gradual ascent to its initial listing price as it climbed 14% to JD2.52 with approximately 1 million of its shares traded.

Dar Al Dawa (DADI) also got a boost, climbing 12% to JD6.01. Meanwhile, Arab Pharmaceutical Manufacturing (APHA) and Advanced Pharmaceutical Industries (ADPH) announced that they will hold an extraordinary general assembly on January 15, 2004, in order to discuss their pending merger.

Jordan Industrial Resources (JOIR) has sold its stake in Resources Company for Development and Investment (RCDI) to Resources Qualified Industrial Zones (RQIZ) for JD10 million, guaranteeing the company a JD2.1 million capital gain. JOIR rose 16% to JD1.52.