Flurry of Results

The Amman Stock Exchange (ASE) faced downward pressure this week despite the healthy volumes it enjoyed. Investors, unimpressed by the preliminary results of some companies, readjusted their positions. All in all, 23 million shares, valued at JD52.4 million, were traded as the AMI retracted by more than 4% to 210.49, while the ASMI slipped 3% to end the week at 290.39. Note that the ASE will be closed next Sunday, 22 February 2004, due to a public holiday celebrating the Hijri calendar New Year.

The Jordan Kuwait Bank (JOKB)'s shareholders agreed, at the firm's general assembly on Sunday, to the board's recommendation to distribute a 20% cash dividend, in addition to a 25% stock dividend. JOKB declined 1% to JD10.40 with thin trading.

Cairo Amman Bank (CABK) stunned market participants by announcing that it achieved over JD5 million in profits in 2003 vis-à-vis the JD1.4 million loss it recorded last year. The Industrial Development Bank (INDV), on the other hand, saw its bottom line cut by almost half to total JD2.8 million. CABK shed 1% to JD3.66 while INDV dropped 5% to JD1.75.

Jordan Telecom (JTEL) managed a 15% growth in its results. The company expects to post a net income of around JD35 million. Nonetheless, JTEL followed the flailing bandwagon as it retracted 2% to JD2.37 with 0.3 million shares traded.

Dar Al Dawa (DADI)'s initial results came in close to analysts' forecasts with a 7% rise in profits. The stock retracted 3% to JD5.84.

The Jordan Press Foundation (PRES)'s board has proposed that the company hand out a JD0.8 cash dividend per share for the year 2003. Meanwhile, Jordan Press and Publishing (JOPP) announced that it will hold its annual meeting on February 24th, 2004.