Mining Deficiency

Overall activity at the Amman Stock Exchange (ASE) slightly cooled off this week as the ASE Index decreased by 0.24%. Approximately 15.6 million shares, worth JD28.9 million, changed hands as the AMI barely budged, while the ASMI advanced 0.14%.

The Arab Bank (ARBK), which had raised its capital by 8.8 million shares, saw its new shares listed on the ASE on Sunday with an opening bid of JD158. The stock ended the week at JD158.9 up 1%. Conversely, Philadelphia Investment bank (PHIB)'s large trading volumes did not support the stock as it retracted by 5% to JD0.37.

Zara Investment (ZARA), which hiked 11% to JD0.90, saw a little more than 0.09 million shares exchanged. Ready Mix Concrete & Construction Supplies (RMCC), on the other hand, witnessed an 8% climb to JD1.9 amid healthy trading. Industrial Commercial & Agricultural (ICAG) rose 9% to JD0.96, while Jordan Trade Facilities (JOTF) was the week's biggest advancer, as it settled at JD0.89, an increase of 11%.

Meanwhile, Arab Potash (APOT) announced its results for 2003. The company's sales increased by 9% which translated into an operating profit of JD40 million, nonetheless, the mining monopoly's bottom line showed a net loss of almost JD56 million due to certain extraordinary items pertaining to its subsidiaries. APOT fell back to JD3.76, a decrease of 6%. National Chlorine Industries (NATC) and United Arab Investors (UAIC) both rose by 4% and 5%, respectively, while Specialized Investment Compounds (SPIC), managed to pick up by 3% to JD2.59 with only 0.19 million shares traded before it ended the week at JD2.59.