Tranquility

The Amman Stock Exchange (ASE) managed to regain its equilibrium as investors quieted down with approximately 28.8 million shares worth JD85.8 million exchanged. Consequently the AMI rose by only 0.69% while the ASMI retracted by 1.40% to 270.89 and 406.32, respectively.

Trading activity continued to center on Jordan National Bank (JONB) with a total of 3.17 million shares traded. High volumes, however, were not enough to give the stock a boost, as it shed 11% to close at JD3.29. Industrial Development Bank (INDV) ranked 2nd in terms of trading, while the stock rose by 2% to settle at JD2.03. Bank of Jordan (BOJX) saw its bottom line grow by 20% to reach JD11.5 million during the first nine months of 2004. The stock ended the week at JD4.82, down 2%.

Unified for Organizing Land Transport (UNIF)'s third quarter results were above expectations as UNIF posted a 176% increase in income before tax against the same period last year, totaling JD0.4 million in 2004. The stock slid 1% to JD1.99. On the other hand, Jordan Express Tourist Transport (JETT) was among the list of biggest advancers, moving up 8% to DJ1.28. Jordan Press & Publishing (JOPP) posted JD0.592 million in net profit for the first nine months of 2004. The stock advanced 1% to position it self at JD5.24. Al-Belad Medical Services (ABMS) completed the procedure to raise its capital by JD215,914 through a private placement. The new shares will be traded at the ASE next Sunday.

Arab Potash (APOT) attracted investors as the stock hiked 20% to grasp the JD5.68 level with more than 0.816 million shares traded. At the same time, Jordan Phosphate Mines (JOPH) managed to climb 3% to end today's session at JD2.39. On the other hand, National Cable & Wire Manufacturing (WIRE) was on the radar screens with almost 2.4 million shares exchanged. However, the stock rose 1% to JD2.90. Middle East Complex (MECE) witnessed similar interest as it settled at JD1.70 after it reached JD1.78 during the middle of the week.