Season of Harvest

A wave of profit taking swept over the Amman Stock Exchange (ASE) this week as investors moved quickly to take advantage of escalating prices. As a result, 30.7 million shares, worth approximately JD64.8 million, changed hands, as the AMI and ASMI both advanced by more than one percent to 227.83 and 349.11, respectively. Meanwhile, the ASE became a member of the World Federation of Exchanges, an indication of the development of the country's financial institutions.

Jordan Gulf Bank (JOGB) experienced a significant hike of 16% to close at JD1.69, with more than 0.973 million shares changing hands, while intensive demand on Jordan Islamic Bank for Fin. & Inv. (JOIB)'s stock forced it to climb 8% to JD2.18 with more than 2.56 million shares being exchanged. Jordan Kuwait Bank (JOKB) announced that in the first half of 2004, net income before tax rose by more than 50% to reach JD11.88 million. JOKB slipped by 2% to JD11.45.

Arab East Real Estate Investments (REAL), was floated onto the ASE's second market on Sunday. The stock floated at JD3.30 and climbed all the way to JD3.96 securing its position as the biggest advancer of the week seeing as the ASE considers new listing's opening price to be JD1.00. On the other hand, both Petra Tourist Transport (PETT) and Jordan Express Tourist Transport (JETT) declined by 13% and 2% to settle at JD1.03 and JD 1.25, respectively.

Jordan Steel (JOST)'s semi annual financials showed impressive results, as the company managed to post JD3.4 million in net profit, an increase of 38% compared to the same period in 2003, while sales more than doubled to reach JD16.5 million. However, investors were not swayed by the positive indicators seeing as the stock maintained its last position of JD4.48.

Ready Mix Concrete & Construction Supplies (RMCC) invited its shareholders to the company's extraordinary general assembly, which will be held on 7th of August in order to discuss raising RMCC's capital by JD1 million to JD4 million. The stock closed at JD4.50, down by 5%.