Fundamental Focus

Positions are slowly being rebuilt at the Amman Stock Exchange (ASE) as investors began to focus on fundamentals and expectations for mid year results. All in all, a little more than 8 million shares, valued at JD17 million, were exchanged as the indices for large caps barely budged while the ASMI advanced 2.47% to 292.70.

Union Bank for Savings and Investment (UBSI) took to the front of the banking sector as increased activity caused the stock to climb 6% to JD2.98. Jordan National Bank (JONB) also picked up 2% to close at JD1.53. Conversely, Arab Bank (ARBK) retracted 2% to JD312.

Philadelphia Insurance (PHIB) and Arab Assurors (ARAS) both witnessed heavy volumes with more than 0.1 million shares being exchanged. PHIB held on to its JD2.28 position while ARAS rose 9% to JD1.27.

Meanwhile, the real estate sector has been in motion the past couple of weeks in anticipation of the usual summer boom. Real Estate Development (REDV) advanced 1% to JD1.95 with approximately 0.13 million shares traded, while Real Estate Investment/AKARCO (REIN) climbed 5% to JD1.09 with a little more than 0.26 million shares changing hands.

Jordan Phosphate Mines (JOPH) published some indicators regarding its first quarter results. The company's direct phosphate sales had increased by 30% in the first three months of 2004 while fertilizer sales grew by 80%. Thus far JOPH has sold 1.4 million tonnes of phosphate versus 1.1 million tonnes during the same period last year. The company expects to export a total of 4.9 million tonnes by the end of the current year. As a result, the stock rose 1% to JD2.13.

Jordan Cement Factories (JOCM) continued its climb this week as the 0.16 million shares traded helped the stock reach JD7.50 before settling back at JD7.30.