Rising Capital

An optimistic sentiment took over the Amman Stock Exchange (ASE) this week as investors began to slowly rebuild their positions. Approximately 20 million shares, with a value of JD47 million, changed hands, as the AMI rose 3.7% to 214.99 while the ASMI climbed more than 5% to 285.03. Note that Jordan will move its clocks one hour ahead tonight as it switches to summer time.

The Arab Bank (ARBK) advanced 3% to JD344 ahead of its annual general meeting on Friday. Export and Finance Bank (EXFB) had a similar climb as it closed at JD4.00. The bank held its assembly on Tuesday during which shareholders agreed to raise the bank's capital to JD41.5 through a 20% bonus issue.

United Arab Investors (UAIC) and Union Investment Corporation (UINV) experienced heightened activity as they advanced 9% and 6%, respectively. UAIC had 1.2 million shares exchanged as it closed at JD3.49 while UINV had 1.4 million shares trade as it settled at JD2.98.

Unified for Organizing Land Transport (UNIF), which achieved profits of JD0.28 million in 2003, distributed a cash dividend of JD0.07 per share. UNIF ended the week at JD2.04.

Both Jordan Press Foundation (PRES) and Jordan Press and Publishing (JOPP) held their general assemblies yesterday. PRES announced a JD0.80 per share dividend, while JOPP will distribute a total of JD0.75 million in cash to shareholders while it got their approval to raise the company's paid up capital to JD3.3 million through a private placement.

Meanwhile, Industrial Commercial Agricultural (ICAG) saw 0.705 million of its shares exchanged in a bloc deal today. In the interim, the stock managed a 19% rise to JD0.86.