Emergence

The Amman Stock Exchange (ASE) continued with its rise, which was supported by high volumes as market participants continued to build their positions while benefiting from a few profit-taking transactions. All in all, more than 19 million shares, worth approximately JD39 million, traded, as the AMI slipped a percentage point, while the ASMI settled at 306.15.

On the banking front, Jordan Kuwait Bank (JOKB) shed 3% despite thin trading while Jordan Islamic Bank (JOIB) climbed all the way up to JD1.83 with more than 0.9 million shares changing hands. Meanwhile, shareholders at Cairo Amman Bank (CABK)'s general assembly approved the board's decision to raise the company's capital from JD20 million to JD30 million. The additional JD10 million will be funded through a 25% bonus issue as well as a private placement. The stock closed at JD3.85, up 1% for the week.

Arab Orient Insurance (AALI) stirred up the insurance sector with its 21% hike to JD2.26 given that the stock had less than 1,000 shares exchanged.

On the other hand, Middle East Complex (MECE) persisted with its climb this week as the 0.9 million shares traded pushed the stock all the way up to JD1.54 before it settled at JD1.49. National Cable & Wire Manufacturing (WIRE) enjoyed similar volumes as it advanced by 8% to JD1.37.

Universal Modern Industries (UMIC)'s 1.4 million shares traded gave the stock a boost, allowing it to claim a spot among the biggest advancers with a climb of 13% to JD1.39. Conversely, Resources for Qualified Industrial Zones (JOMA) retracted by 11% to JD0.48.

Arab Real Estate Development, which was the week's most active stock, closed at JD0.90, a rise of 17%, with only 0.16 million shares traded.