Slowdown

Investors rode the profit-taking wave to the fullest as prices at Amman Stock Exchange (ASE) continued to dwindle. Approximately 24 million shares, with a value of JD49.5 million, changed hands, as both the AMI and ASMI retracted by less than a percentage point.

In the banking sector, Arab Bank (ARBK) closed at JD149, down 1%, amongst thin trading. Conversely, Bank of Jordan (BOJX) advanced 1% to settle at JD4.78 with more than 0.490 million shares exchanged. BOJX announced that its operational revenues rose by 18% to JD24 million, while its net income did not differ from last year's level. Jordan National Bank (JONB) and Jordan Investment & Finance Bank (JIFB) declined by 12% and 9%, to end the week at JD1.71 and JD2.02, respectively.

Jordan Press Foundation (PRES) rose 1% to JD18.20 despite the launch of a fifth contender in the local Arabic daily journal market. Jordan Express Tourist Transport (JETT) advanced 3% to JD1.27, while its competitor Jordan Investment & Tourism Transport (ALFA) climbed 9% to JD0.73 with more than 0.231 million shares traded.

Arab Electrical Industries (AEIN), which achieved profits of JD0.084 million in the first half of the year 2004, compared with net losses of JD0.107 during the same period in 2003, ended the week at JD1.06. National Cable & Wire Manufacturing (WIRE) saw its mid-2004 net income more than triple to JD0.757 million. The stock ended the week at JD2.07 amid healthy trading.

Jordan Cement Factories (JOCM) saw its bottom line swell by 86% to reach JD80.4 million, while its sales grew by 32%. Nonetheless, JOCM barely budged and settled at JD9.21.

Woolen Industries (WOOL)'s shares witnessed a hike of 16%, as it climbed all the way up to JD1.54 before ending the week at JD1.43.