Mixed sentiments

The Amman Stock Exchange (ASE)'s Index hit the three thousand point mark this week supported by healthy volumes. Nevertheless, a wave of profit taking ensued driving down the prices of 46 companies. All in all, 39.7 million shares, worth JD87.3 million, changed hands as the AMI and ASMI rose by 1.84% and 0.85% to end the week at 241.33 and 389.15, respectively.

In the banking sector, Jordan National Bank (JONB) was among the most active stocks, gaining 7% to end the week at JD2.40. Jordan Investment & Finance Bank (JIFB) followed suit as it climbed 8% to JD2.64 with more than 1.7 million shares exchanged, while Bank of Jordan (BOJX) slid 1% to JD4.62.

Jordan Telecom (JTEL) witnessed some active trading as it soared 8% to close at JD2.75 after it had reached JD2.94. Jordanian Expatriates Investment Holding (JEIH) was the biggest advancer of the week hiking 17% to position itself at JD1.48. Conversely, Arab Real Estate Development (ARED) was the biggest decliner retracting 11% to JD0.80 amongst thin volumes.

Jordan Petroleum Refinery (JOPT) revealed its mid year results for the fiscal year 2004. JOPT was able to achieve JD2.940 million in net profits in first half of 2004, a figure close to the bottom line of the same period in 2003. The stock moved up 1% to end the day at JD3.50. In addition the company adopted some procedures to confront the probable increase in demand on fuel products, particularly gas and diesel, for the coming winter. Arab Electrical Industries (AEIN) won investors' attention advancing 11% to JD1.36. On the other hand, Ad-Dulayl Industrial Park (IDMC) signed an agreement with a Turkish company to establish a JD6 million ready wear clothing plant. The stock closed at JD1.26.

Meanwhile, both Jordan New Cable (JNCC) and National Cable & Wire Manufacturing (WIRE) rose by 7% and 6% to settle at JD5.30 and JD2.38, respectively.