Banking Hour

Activity was muted at the Amman Stock Exchange (ASE) as bearish investors waited at the sidelines. Daily volumes averaged at around JD3 million while decliners dominated the scene as they outnumbered advancers by almost three to one. All in all 14.4 million shares worth JD26 million changed hands as the AMI shed 2%, while the ASMI barely budged, closing at 280.72.

Bank of Jordan (BOJX) has published its preliminary results for 2003. The bank's bottom line retracted by 5% to JD7.86 million; despite the JD4 million increase in its operating revenues. The stock slipped 5% to end the week at JD3.93. On the other hand, the Export and Finance Bank (EXFB) announced its first quarter results for 2004. Net income more than doubled to reach JD1.7 million versus the JD0.7 million achieved during the same period last year.

Jordan Kuwait Bank (JOKB) got a boost this week as its 0.1 million shares traded allowed the stock to claim its place as the week's biggest advancer with its 10% rise to JD8.20. Conversely, United Arab Investors (UAIC), which held its annual general assembly on Tuesday, was the week's biggest decliner as it dropped by 10% to JD3.20. Shareholders had approved a JD0.25 per share cash divided during the meeting, in addition to agreeing to the board's proposal to raise the company's paid up capital from JD16.5 million to JD20 million through a private placement.

Both Jordan Industrial Resources (JOIR) and its subsidiary Resources for Qualified Industrial Zones (JOMA) fell by 7%. JOIR saw 0.28 million of its shares exchanged as it closed at JD0.86 while JOMA had 0.64 million shares trade as it ended the week at JD0.57.

Meanwhile, Middle East Complex for Engineering Electronics and Heavy Industries (MECE), a usual advancer, retracted by 6% to JD1.36 with 2.4 million shares traded altogether.