Dissatisfaction

Despite the fact that companies listed on the Amman Stock Exchange (ASE) showed impressive results for the first half of the year, investors were more tempted by profit taking opportunities causing stock prices to retreat. Consequently, 26.2 million shares worth JD57.1 million changed hands, as the ASE Index and the ASMI slipped by 0.08% and 0.22%, respectively, to 2915.7 and 348.34.

Jordan Investment & Finance Bank (JIFB) saw 0.619 million of its shares exchanged, which gave the stock a push allowing it to close at JD2.23, up 10%. Jordan National Bank (JONB), managed to climb 6% to JD1.95 as 2 million of its shares were traded. Conversely, Jordan Islamic Bank (JOIB) shed 6% to end the week at JD2.04. JOIB's mid-year results show a decrease of 31% in its net profits, which totaled JD1.9 million.

Real Estate Development (REDV) finally acquired the Jordan Securities Commission (JSC)'s approval to raise its capital by JD3 million. As a result the 1.6 million shares it had distributed as a stock dividend were listed today with an open price of JD1.35. The remaining portion of the capital increase will be covered through a private placement. REDV was the week's biggest decliner as it dropped to JD1.29. On the other hand, Woolen Industries (WOOL) reduced its capital from JD1.4 million to JD836,157. The stock resumed trading on Sunday with an open price of JD0.99 and managed to hike 24% to JD1.23.

Meanwhile, Arab East Real Estate (REAL) slid 9% to JD3.61, while National Securities Portfolio (NPSC) retracted 7% to end the week at JD2.78.

On the other hand, Middle East Complex (MECE) recorded a 69% increase in its bottom line, which reached JD2.1 million, while sales grew by 37% in the first six months of 2004. The stock climbed all the way up to JD1.77 before settling at JD1.72. Dar Al Dawa Dev. & Inv. (DADI) saw its mid-2004 net income climb by 16% to JD4 million. The stock closed at JD5.70, unchanged from last week's position.