New Pharma Listing

The Amman Stock Exchange (ASE) did not see any distinct trend this week as stock prices failed to adhere to any particular paths. Nevertheless trading volume totalled 33 million shares, valued at JD64 million, as the AMI retracted by 1.54% while the ASMI advanced by only 0.30%.

Philadelphia Investment Bank (PHIB) played a major role in the banking sector's activity this week as it reached a high of JD0.63. Nonetheless, the stock could not maintain its position as it ended up closing at JD0.57, an increase of 6% over its previous position. On the other hand, selling pressure pushed the Arab Bank (ARBK)'s stock down 4% to JD143.5 as a little more than 0.05 million shares, worth JD7.35 million, were exchanged. In a move to enhance cooperation between the public and private sector, Jordan Petroleum Refinery (JOPT) signed a JD55 million credit-facilities agreement with the Housing Bank for Trade & Finance (THBK) in order to finance its imports of raw materials that are required to increase JOPT's manufacturing capacity to meet local market needs. THBK barely budged as it settled at JD4.37.

Meanwhile, the merger between Al-Razi Pharmaceutical Industries (RAZI) and Jordanian Pharmaceutical Manufacturing was finally completed and the shares of the newborn company (JPHM) were floated on the ASE's second market on Monday. The opening bid was at JD3.58, which is the same level at which JPHM ended the week.

Jordan Wood Industries (WOOD) was the week's biggest advancer with its 26% hike to JD2.75, while Union Investment Corporation (UINV) headed the decliners' list as it shed 14% to close at JD3.08, amongst thin trading

Insurance companies performed well this week, led by Arab Orient Insurance (AALI), which stepped up 10% to JD2.70 despite having only 800 shares traded.