Cemented Blocs

It was a lukewarm week at the Amman Stock Exchange (ASE) as trading centred on a selection of usually dormant stocks. All in all, approximately 17 million shares, worth JD31.5 million, changed hands as the AMI retracted a percentage point to close at 210.69.

The Housing Bank for Trade and Finance (THBK) held its annual general assembly today. The bank's chairman submitted his previously announced resignation during the meeting, while stockholders approved the board's recommendation to hand out a 15% cash dividend. The stock closed at JD3.80 on Wednesday, up 1% for the week.

Jordan Cement (JOCM)'s shareholders also gathered for their meeting today. The company, which saw its bottom line grow by more than JD10 million, will distribute a JD0.20 per share cash dividend. JOCM had closed at JD7.09 but not before reaching a record high of JD7.37.

Arab Jordanian Insurance Group (ARGR) claimed its place as the week's most active stock. ARGR secured the position because of several bloc deals through which almost 2.5 million of its shares were exchanged. The stock rose 8% to JD1.29.

Jordan Phosphate Mines (JOPH) published its financials, which show flat results for the year 2003. The company's top line had retracted by JD5 million to total JD205.3 million, while net income dropped 8% to JD5.1 million. JOPH climbed 1% to JD2.13 with thin trading.

Jordan Telecom (JTEL) was very active this week ahead of its general assembly which is scheduled for April 22nd, 2004. The stock advanced all the way up to JD2.68 before settling at JD2.66, with 0.85 million shares traded.