Volume Lifts Richter Scale

Market participants were finally able to witness the eagerly anticipated Arab Bank (ARBK) deal which involved the exchange of 0.978 million of its shares between the late Khaled Shoman's heirs and several purchasing parties. The 11% stake in the bank was split among the Jordan Social Security Corporation (SSC), Saudi Oger and the Abdul Hameed Shoman Foundation. Consequently, the Amman Stock Exchange (ASE) recorded a total weekly volume, including after hour bloc trades, of 23.25 million shares, valued at an unprecedented JD326.57 million.

Both International Tobacco and Cigarette (ITCC) and Union Tobacco and Cigarette (UTOB) retracted by 1% just as they had posted their preliminary results. ITCC, which showed preliminary operating profits of JD2.83 million, closed at JD3.78, while UTOB ended the week at JD8.68 with expectations that it's bottom line will exhibit a 22% rise to JD5.46 million.

Jordan New Cable (JNCC)'s audited financial statements showed net profits of JD1 million for the fiscal year 2003, a 16% advance from last year. The stock remained unchanged at JD3.20. National Aluminium Industrial (NATA), which held on to its JD1.94 position, expects to see similar results. Conversely, National Cable and Wire Manufacturing (WIRE) seems to have been able to cut its net losses by almost half to JD0.09 million. WIRE shed 4% to close at JD1.29.

Jordan International Insurance (JIJC)'s net income remained relatively flat in 2003, totalling JD0.7 million. JIJC fell 2% to JD2.50.

According to its initial numbers, Jordan Industrial Resources (JOIR) will likely recoup its losses and post profits of approximately JD2.5 million. The stock closed at JD1.41.

Meanwhile, Jordanian Pharmaceutical Manufacturing (RAZI) has invited investors to attend its first annual general assembly on February 26th, 2004. This will be the company's first meeting following its merger with Al-Razi Pharmaceutical Industries.