Finalizing Capitalization

Investors poured their exhilaration on certain stocks causing decliners and advancers to equate while 77 companies remained unchanged. Approximately 35.3 million shares, worth JD90.9 million, changed hands during the week causing the AMI and ASMI to advance by more than a percentage point, to close at 242.73 and 392.15, respectively.

Cairo Amman Bank (CABK) topped the list of biggest movers hiking 24% to reach JD9.32. The bank completed procedures to raise its capital by JD10 million, half of which will be distributed to the bank's shareholders as a stock dividend to be listed at the stock market on Sunday, 3 October 2004, while the remaining JD5 million will be covered through a private placement. Both, Bank of Jordan (BOJX) and Export & Finance Bank (EXFB) moved up 1% to close at JD4.68 and JD3.93, respectively. Conversely, Philadelphia Investment Bank (PHIB) retracted 8% to JD0.49.

As for the services sector, 3,300 of Petra Tourist Transport (PETT)'s shares drove the stock up 15% to settle at JD1.50, while Arab East Investment (AEIV) followed suit soaring 16% to stand at JD3.80. United Arab Investors (UAIC) saw 3.5 million shares traded at the ASE today after it fulfilled the procedure to raise its capital to JD20 million through a private placement. The stock rose 11% to close at JD4.10 amongst healthy trading and is expected to reach higher levels after the company declared recently that it signed an agreement with a Canadian firm to supervise the construction of the Al-Mashta Industrial Zone. In addition, Jordanian Electric Power (JOEP) will raise its capital by JD5 million through a stock dividend, which will have the new shares listed at the ASE on Sunday, 3 October 2004. The stock ended today's session up 2% at JD3.58 with more than 0.396 million shares traded.

National Cable & Wire Manufacturing (WIRE) climbed all the way to settle at JD2.79, up 17%, as market participants expect the company to post an increase in profits for this year. Investors also paid attention to Middle East Complex (MECE), which saw more than 2.2 million of its shares change hands as it advanced by only 1% to end the week at JD1.70.