Looking for Cues

Despite the hazy political situation in Iraq and the harsh conditions in the West Bank, investors were keen to build new long-term positions causing most stocks to grasp on to new levels. Consequently, 26.7 million shares, worth JD58.9 million, were exchanged at the Amman Stock Exchange (ASE) as the AMI and ASE Index inched up by more than 2% to 233.86 and 2933, respectively.

The banking sector continued to be the vanguard of trading for this week. Union Bank for Savings & Investment (UBSI) was the best performer hiking 18% to close at JD4.53 with more than 0.377 million shares changing hands. Cairo Amman Bank (CABK) followed suit as it rose 13% to position itself at JD7.50, while Philadelphia Investment Bank (PHIB) gained some ground after it announced that it recovered US$7.2 million of the embezzled funds it lost in a fraud case a couple of years back. The stock moved up 2% to JD0.56 amongst active trading. In addition, Housing Bank for Trade & Finance (THBK), climbed all the way to JD5.89 before it rebounded to settle at JD5.85, up 13%.

First National Vegetable Oil (FNVO) was one of the biggest advancers as it moved up 18% to close at JD1.65, while National Cable & Wire Manufacturing (WIRE) recorded high volumes which came up to JD2.5 million, giving the stock a boost to end today's session at JD2.27. Conversely, International for Optical & Hearing Aid Industries (INOH) and International Ceramic Industries (ICER) shed 12% and 6%, respectively, to end the week at JD0.65 and JD1.06.

Unified for Organizing Land Transport (UNIF) won the Ministry of Mineral Resources (MEMR)'s tender to transport 3.8 million tones of crude oil from the port of Aqaba to the petroleum refinery in Zarqa starting from the 1st of September 2004 until the 31st of July 2005 and for a fee of JD0.043 per ton. Consequently, the stock rose 5% to reach JD2.08. Al-Belad Medical Services (ABMS) secured its position as the biggest advancer of the week as it soared 23% before landing at JD2.34 with a little more than 0.518 million shares being exchanged.