General Assemblies Galore

A hold and wait approach was adopted by most investors at the Amman Stock Exchange (ASE) which caused trading to total only 8.6 million shares. Nonetheless, the thin volumes were enough to drive down stock prices during the week before they began to recover on Wednesday. As a result the AMI advanced 2.3% to 206.21. Note that the ASE will be closed on Sunday in honour of the Al Mawlid Al Nabawi feast.

Arab Bank (ARBK) declined all the way to JD305 before rebounding, to close at JD316.9, up 2% for the week. Société Générale Jordanie (MEIB), on the other hand, was relatively active with more than 0.22 million shares changing hands. The stock advanced 3% to JD1.06. Bank of Jordan (BOJX) witnessed a similar increase as it rose to JD3.99. The bank will hand out a JD0.10 cash dividend per share plus a stock dividend, which will raise the bank's capital by JD4.75 million, to JD41.25 million.

Jordanian Electric Power (JOEP), which held its annual general assembly yesterday, slid 5% to JD3.24. Shareholders had agreed at the meeting to have a JD0.12 per share cash dividend distributed, in addition to raising the company's capital by 25% to JD50 million through a bonus issue. Conversely, Specialized Investment Compounds (SPIC), which also held its assembly today, rose 1% to JD3.16. The company had achieved over JD3 million in net profit.

Middle East Complex (MECE) was met with some activity ahead of its annual meeting, as the 0.35 million shares exchanged helped the stock climb 1% to JD1.39. The company got shareholder's approval to increase paid up capital to JD35 million through a bonus issue. In addition, another 3.6 million shares will be issued and added to MECE's common equity as a result of the company's full purchase of its subsidiary Darwish Khalili & Sons Company (DKSC).

The insurance sector remained quiet, except for Jordan International Insurance (JIJC), which came under pressure and as a consequence slid 7% to JD2.20.