With its 5.6 million exchanged shares, Jordan National Bank (JONB) topped the list of most active stocks advancing 18% to end the week at JD3.69, while Cairo Amman Bank (CABK) soared 21% to grasp the JD7.66 level with only 50,062 shares traded. Jordan Commercial Bank (JOGB) followed suit hiking 26% to settle at JD2.39, while Jordan Investment & Finance Bank (JIFB) saw healthy volumes that reached 2.6 million shares, allowing the stock to skip 20% to settle at JD3.70. Both, Export & Finance Bank (EXFB) and Jordan Kuwait Bank (JOKB) published their results for the nine months of 2004. EXFB posted JD3.6 million in net profits, while JOKB saw its bottom line grow by 218% to reach JD17.3 million. Both stocks shed 1% and 2% to close at JD3.76 and JD10.80, respectively.
Jordan Telecom (JTEL)'s nine months results satisfied shareholders, as the company posted a 43% increase in net income against the same period of the last year, amounting JD37 million in total. In addition, according to a local daily the Minister of Information & Communication Technology announced that the government intends to sell its 41% stake in JTEL, possibly to a strategic investor. The stock obtained some of the investors' attention moving up 13% to JD3.22 with more than 2.3 million shares traded. United Arab Investors (UAIC) was among the list of week's dynamic companies, but that was not enough to give the stock a boost of more than 1% as it closed at JD4.88, while, Union Investment Corporation (UINV) retracted by 4% to JD3.91.
Both, El-Zay Ready Wear Manufacturing (ELZA) and Jordan Worsted Mills (JOWM) climbed by 10% and 12% to end the week at JD1.14 and JD10.68, respectively. In addition, Jordan Cement Factories (JOCM) rose by 7% to JD11.92 while Jordan Steel (JOST) pulled back to JD4.68.
After it fulfilled the merger requirements, Resources for Qualified Industrial Zones (JOMA)'s new name will be changed at the ASE starting next Sunday to become Resources Company for Development & Investment, while the ticker will remain the same.
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Sizzling Trading Volumes
- Jordan: Sunday, October 24 - 2004 at 12:02
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It was a warm week at the Amman Stock Exchange (ASE) as trading concentrated on a selection of large caps. All in all, approximately 33.7 million shares, worth JD102.9 million, changed hands as the AMI and ASE jumped by more than 5% to close at 269.02 and 3393.1, respectively.
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Maria-Gabriella S. Khoury, Head of Research DivisionSunday, October 24 - 2004 at 12:02 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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