Situational Alteration

The market took a turn during the middle of the week as investors decided to correct their positions thus driving down prices. Trading volume totalled 25 million shares, valued at JD59.9 million, as the AMI shed less than 1% to reach 236.96 while Amman Stock Exchange (ASE) Index rose 0.4% to 2980.2.

Union Bank for Savings & Investment (UBSI) recorded the best performance this week hiking 19% to close at JD5.37, while Cairo Amman Bank (CABK) remained flat at JD7.40. Jordan National Bank (JONB) witnessed healthy trading with the 1.6 million shares that changed hand lifting the stock 3% to JD2.24.

The insurance sector gained some investor attention. Arab Union International Insurance (AIUI) climbed 18% to JD1.85, despite only 0.082 million shares being exchanged. Arabian Seas Insurance (ARSI), on the other hand, contented with its 8% climb to JD1.05.

Both Petra Tourist Transport (PETT) and Zara Investment (ZARA) were among the list of biggest decliners, falling 9% and 4% to close at JD0.90 and JD0.95, respectively. Similarly, First national Vegetable Oil (FNVO) slid 5% before settling at JD1.76.

Meanwhile, Middle East Complex for Eng. Electronics & Heavy Ind. (MECE) disclosed that it would raise its capital by JD5 million through both a private placement and by capitalizing some of the company's debt. MECE will see its new shares listed at the ASE on 19 September 2004, while the stock ended today's session unchanged at JD1.71.

Jordan Steel (JOST) disclosed that the company achieved a 100% increase in export sales during the last two months and a half versus the first half of 2004. In addition, the company agreed to export its entire production quantity from now until the end of the year. JOST also declared that its new subsidiary began actual operation and has obtained export contracts for bulky construction projects. Despite that, the stock failed to move sufficiently as it closed at JD4.61, up only 1%.