Managed Portfolios

The Amman Stock Exchange (ASE) was a market of many flavours this week, with participants dabbling in different activities including profit taking, slow position building, and waiting at the sidelines. A little more than 21 million shares changed hands in deals worth approximately JD40 million with major indices moving by almost a percentage point.

Seemingly, investment companies were able to benefit from 2003's cycle peak to the maximum as they now look forward to recording unprecedented numbers in their bottom line. United Arab Investors (UAIC) more than trebled its profits, which are expected to reach JD5.8 million. Union Investment Corporation (UINV), on the other hand, will most likely post a six-digit figure, with net income surpassing the JD1 million mark. UAIC remained unchanged at JD3.50 while UINV advanced 2% to JD2.90.

Jordan Insurance (JOIN) posted impressive results for the year-ended 2003, with net income rising by almost 200% to JD2.5 million. However, the stock witnessed meagre trading as it advanced 3% to JD5.00. In the meantime, Middle East Insurance (MEIN) expects to double its profits to reach JD0.9 million.

Middle East Pharmaceutical and Chemical Industries (MPHA) came in line with investors' forecasts as it ended up in the black in 2003. Nonetheless, the stock was unable to withstand pressure, despite healthy volumes, as it retracted 4% to JD1.55. Conversely, NutriDar (NDAR), which was able to curtail its losses but came short of breaking even, climbed 5% to JD1.76.

Zarka Educational and Investment Co. (ZEIC) surprised investors by showing a bottom line that was cut by more than half, with only JD0.34 million as net income. Nevertheless, the ZEIC was able to hold on to its JD4.50 position.

International Commercial Agricultural (ICAG), which faced a difficult time this year, still posted a loss but was successful in shrinking it by more than a third to JD1.15 million. ICAG climbed 3% to JD0.90.