Big Fish

Blue chips were the order of the day as investors turned their attentions towards the Amman Stock Exchange (ASE)'s large caps. Consequently the 18 million shares traded had a total value of JD63.7 million, driving the AMI up 2% to 218.25. On the other hand, the ASMI slipped almost 3% to 285.14.

The Arab Bank (ARBK) climbed all the way up to JD374 before it settled at JD355.5, a rise of 7% for the week. Meanwhile, the Arab Bank PLC announced its results for 2003. The bank's bottom line retracted by 7% while its total assets increased by 5%. On the other hand, the Export and Finance Bank (EXFB) posted JD8 million in profits, almost double the previous year's figure. Nonetheless, the stock barely budged as it closed at JD4.08 with more than 0.3 million shares traded.

The Jordan Islamic Bank for Finance and Investment (JOIB) saw 0.2 million of its shares exchanged in a bloc deal. The stock could not withstand the pressure though, as it shed 12% to JD1.69.

El Zay Ready Wear Manufacturing Co. (ELZA) held it annual general meeting today. The company recorded a loss during its fiscal year ended 30 June 2003 despite a 24% increase in sales. ELZA's management had also mentioned plans to raise capital to JD10 million during the meeting.

Jordan Worsted Mills (JOWM) remained close to its JD7.8 level as the company announced its results for the year. Net income had remained flat at JD2.2 million in spite of a slight dip in revenues to JD12.3 million.

General Investment Co. (GENI) saw its bottom line grow by 35% in 2003. Profits totalled approximately JD1.6 million vis-à-vis the year 2002's level of JD1.2 million. The stock did not see any activity this week.