Moving forward

Investors were keen to readjust their positions in certain stocks as companies began to let out a whiff of their 2004 mid year financials. Consequently, 32.65 million shares, worth JD76.66 million, were exchanged at the Amman Stock Exchange (ASE) as the AMI advanced 3.19% while the ASMI rose by 1.12%.

Arab Bank (ARBK) announced that its earnings before taxes and allocations had reached US$231 million for the first half of 2004, an increase of 28% compared to the same period last year. ARBK advanced 5% to end the week at JD150 with more than 0.073 million shares traded. Despite thin trading Cairo Amman Bank (CABK) secured its position as the week's biggest mover, climbing 23% to grasp the JD5.93 mark. On the other hand, the Central Bank of Jordan (CBJ) approved Bank of Jordan (BOJX)'s request to raise its capital by JD3.455 million. The stock managed to rise 3% to reach JD4.27 with 0.524 million shares traded.

Arab Orient Insurance (AALI)'s semi annual figures showed a net profit of JD0.5 million for the fiscal year 2004 versus the JD0.08 million achieved in 2003. The positive results did not do much to stir the stock as it moved by only 2% to close at JD2.75.

Jordan New Cable (JNCC) saw its bottom line swell by 330% to total JD1.76 million in the first half of 2004. Consequently, JNCC moved up 7% to settle at JD5.25, while its competitor National Cables & Wire Manufacturing (WIRE) witnessed double that growth in value as it closed at JD1.79. Similarly, both Ready Mix Concrete & Construction Supplies (RMCC) and National Aluminium Industrial (NATA) continued their climb ending the week at JD3.52 and JD2.57, respectively.

Meanwhile, the Government of Jordan has selected the winning consortium, which includes Atlas Investment Group, to act as advisor for the privatisation of Jordan Phosphate Mines (JOPH). The 0.6 million JOPH shares exchanged during the week were enough to push the stock's price up by 9%, to close at JD2.51.