Banking on Tourism

The building of positions on certain stocks this week offset profit-taking transactions. Consequently, 25.36 million shares, worth JD48.79 million, were exchanged at the Amman Stock Exchange (ASE) with the AMI advancing 0.62% while the ASMI rose by 1.36%.

Investors directed their attention towards tourism transportation stocks this week. Petra Tourist Transport (PETT) made a significant increase as it hiked 23% to JD1.00, while Jordan Express Tourist Transport (JETT) followed suit, rising 16% to settle at JD0.96.

Jordan Cement Factories (JOCM) retracted by less than a percentage point to JD8.76, while National Cable & Wire Manufacturing (WIRE) continued with its climb as it closed at JD1.47, up 4%, with more than 2 million shares changing hands. Union Chemical & Vegetable Oil Industries (UCVO)'s new shares were listed at the ASE on Sunday with an opening bid of JD0.98. The stock managed to pick up, however, as it rose 20% to JD1.18. On the other hand, Jordan Industrial Resources (JOIR) shed 7% to end the week at JD0.99.

The banking sector regained its fervour this week as Philadelphia Investment Bank (PHIB) climbed 19% to JD0.44, making it the sector's biggest advancer, while Jordan Kuwait Bank captured investors' attention too, which pushed the stock up 9% to close at JD11.40 amongst healthy trading. Meanwhile, Jordan National Bank (JONB) announced that it is in negotiations with a strategic investor in order to raise the firm's capital from JD49 million to JD60 million. Based on shareholders' requests, the bank is studying the feasibility of raising capital further to JD65millon or JD70 million in the second half of 2004. JONB shed 1% to close at JD1.55 with more than 0.247 million shares traded. Jordan Gulf Bank (JOGB), which will see its shares relisted at the exchange on Sunday, announced its result for the year 2003. The bank was able to cut down its losses to only JD1.1 million compared with JD14 million dent in 2002's bottom line.