Constructive Trading

Investors at the Amman Stock Exchange (ASE) regained their confidence as they began to fervently shop for new stocks. As a result trading volume doubled to total almost 18 million shares valued at JD35.6 million. Consequently both the AMI and ASMI climbed 3% to 214.13 and 301.51, respectively.

The construction sector took to centre stage as most of its constituents counted themselves among the week's biggest movers. Jordan Steel (JOST) rose 2% to JD3.91 with 0.7 million shares traded. National Steel (NAST) witnessed a similar increase but with thin trading. Jordan Cement (JOCM) advanced a percentage point to JD7.34, while International Ceramic Industries (ICER) climbed 4% to JD1.36, with 0.56 million shares changing hands.

National Cable and Wire (WIRE), which hiked 17% to JD1.29, saw a little more than one million of its shares exchanged. Jordan New Cable (JNCC), on the other hand, contented with a 7% climb to JD4.06.

Meanwhile, Union Tobacco and Cigarette (UTOB) said it plans to establish a cigarette manufacturing company in Sudan with a capital of SD10 million, the equivalent of US$40,000. The stock had advanced 3% during the week to settle at JD6.56.

Arab Bank (ARBK) picked up momentum this week as it climbed back to its JD324 position. Jordan Kuwait Bank (JOKB) and Industrial Development Bank (INDV) have also been on the rise, both advancing 7%. INDV reached JD1.62 before ending the week at JD1.58 with 0.77 million shares traded, while JOKB closed at JD7.2.

Dar Al Dawa (DADI) experienced average volumes as it climbed 5% to JD5.34.