Enjoying the Silence

Prices continued to decline, as activity remained limited to profit taking transactions while some investors chose to stay at the sidelines waiting for new indicators. All in all, 20.1 million shares worth JD39.9 million were traded, as all major indices retracted by more than a percentage point, with the Amman Stock Exchange (ASE) Index closing at 2823.6 and the AMI ending the week at 220.48.

First National Vegetable Oil (FNVO), which was listed on Sunday, was under the spotlight for most of the week as it opened at JD1.53 and then gradually fell to JD1.29 with more than 1.4 million shares traded. International Tobacco & Cigarettes (ITCC) experienced notable volumes this week, which boosted the stock up 4% to close at JD4.05. Conversely, Jordan Cement Factories (JOCM) shed 3% to close at JD8.89 amongst thin trading. Universal Chemical Industries (UNIC) and Arab International Food Factories (AIFF) followed suit as both slid 5% to end the week at JD1.98 and JD1.85, respectively.

In the services sector, healthy activity helped Al-Belad Medical Services (ABMS) rise 6% to reach JD1.98. On the other hand, Jordan Trade Facilities (JOTF), which had raised its capital by JD1.85 million to JD5 million through a private placement, had its new shares listed on the ASE today. The stock closed at JD1.56.

Philadelphia Investment Bank (PHIB) had 2.19 million of its shares exchanged, which gave the stock a push allowing it to close at JD0.58, up 4%. Union Bank for Savings & Investment (UBSI) was the best performer amongst the banks. UBSI rose 8% to JD3.54. Moreover, a block deal involving 25,600 Arab Bank (ARBK) shares was executed at JD142.60. Despite that, the stock declined 2% to JD143.51.