Reflections of 3rd Quarter results

Investors were impressed with the third quarter results that started to flow out this week, whilst giving more of their attention to small caps. All in all, 32.5 million shares, worth JD94.8 million, were traded as both the AMI and ASMI rose by 1.52% and 1.29% closing at 255.97 and 404.65, respectively. Note that the trading hours during the Holy month of Ramadan, which is expected to start on 15 October 2004, will not change, while the country will turn back the clocks by one hour starting tonight.

The banking sector witnessed healthy activity headed by Jordan National Bank, which rose by 8% to JD3.14, while Jordan Investment & Finance Bank (JIFB) climbed 4% to grasp the JD3.09 mark. In addition, Bank of Jordan (BOJX) landed at JD4.91, up 5%. Union Bank for Savings & Investment (UBSI)'s new shares were listed today at the ASE after its capital had been raised by JD5 million to reach JD25 million. The stock closed at JD5.69, down 8%.

Both, Real Estate Development (REDV) & Al-Belad Medical Services (ABMS) saw their new shares listed at the ASE during the week after they had fulfilled the capitalization procedures intended to raise their capital through private placements. REDV's new paid up capital reached JD7 million, while ABMS's capital amounted to JD11,784,086. The stocks ended the week at JD1.24 and JD3.13, respectively. Jordan Investment Trust (JOIT), on the other hand, disclosed that it intends to invest in Imcan Financial Services, a brokerage house, by a maximum of 25%, in order for it to support JOIT's activities. The stock closed at JD1.84, up 8%. United Arab Investors (UAIC) rose 6% to settle at JD4.84 with more than 2.5 million shares traded. The company was able to post JD12 million net profits for the first 9 months of 2004 compared to JD2.6 million for the same period last year.

Jordan Worsted Mills (JOWM) was among the list of biggest movers advancing 12% before it closed at JD9.14, despite thin volumes. National Cables & Wire Manufacturing (WIRE) climbed all the way to JD2.93 before it recoiled to JD2.79 with more than 1.2 million shares traded, while its competitor Jordan New Cable (JNCC) saw its bottom line increase by 282% to reach JD2.6 million, however, the stock remained unchanged at JD5.25. Jordan Steel (JOST)'s unaudited results showed that its earnings before tax reached JD5.1 million for the third quarter of the year. JOST closed at JD4.71, up 3%.