Servicing Fundamentals

The Amman Stock Exchange faced bouts of selling pressure this week as a number of stocks broke through lower bands. However trading activity was kept at a minimum, as many investors stayed on the sidelines waiting for new fundamental information. Approximately 16.6 million shares worth JD40.4 million were traded during the week while the AMI slipped by 1.66% and the ASMI advanced by 0.29%.

The Arab Bank (ARBK) which will hold its annual assembly on 26 March 2004 declined 3.52% to close at JD343, while Bank of Jordan (BOJX) dropped slightly by 0.78% to JD3.80 with more than 0.262 million shares traded.

The services sector was responsible for a big share of the trading volumes this week. Arab International for Education & Investment (AIEI) shed 1.75% before settling at JD3.93. The company's bottom line remained flat at JD4.8 million for 2003, nonetheless, AIEI's board of directors proposed a 20% cash dividend for 2003. Union Investment Corporation (UINV) was also a main as it managed to rise 10.66% to JD3.01, while Unified for Organizing Land Transport (UNIF) captured some of the investors' attention to close at JD2.26. On the other hand, Resources for Qualified Industrial Zones (JOMA), was the biggest decliner this week despite the extensive trading that was executed on the stock. JOMA fell 16.2% to JD0.72 with more than 1.2 million shares changing hands. The company recorded JD1,695 net losses in 2003.

Dar Al Dawa (DADI)'s board of directors has asked to shareholders to vote during its general assembly, which will be held on 25 April 2004, a 20% cash dividend per share for the fiscal year 2003. DADI settled at JD5.32. Al-Ekbal Printing & Packaging (EKPC) saw its bottom line cut by 31% to reach JD0.678 million. Middle East for Engineering Electronics & Heavy Industries was heavily traded this week but could not support its position as it slid 3.21% to JD1.51. On the other hand, Arab Potash (APOT) invited shareholders to its annual general assembly on 29 April 2004. The stock closed at JD4.37, up 1.63%, despite thin volumes. Union Tobacco & Cigarette Industries (UTOB) held its meeting today during which shareholders approved the motion to raise the company's capital to JD10 million. UTOB advanced 2.38% to end the week at JD8.60.