Jordan Times
Sunday, January 4, 2004
High activity maintained at Amman Stock Exchange
AMMAN — Market participants at the Amman Stock Exchange (ASE) maintained high levels of activity last week as they finalised their position adjustments for the year 2003. Large caps, however, emerged a bit scathed as depicted by the AMI's minor decline to 202.59, while the ASMI, on the other hand, enjoyed a 1.2 per cent increase to 275.46.The banking sector remained at the forefront with much of its stocks showing on the most active list. Jordan Kuwait Bank gained some ground as it climbed seven per cent to JD8.55 whereas the Arab Bank climbed to JD310 before ending the week at JD305 with only 9,300 shares traded.
Housing Bank for Trade and Finance (HBTF) Chairman Zuhair Khouri, announced that he plans to resign in April 2004. Former finance minister, Michel Marto, assumed the position of HBTF consultant from the beginning of this year. HBTF share price declined one per cent to JD4.33.
Arabian Seas Insurance (ASI) won an insurance contract for one of the Iraq reconstruction tenders which will be carried out across the Jordanian-Iraqi border. The ASI stock advanced three per cent to JD0.95 as a result.
Jordan National Cable witnessed a bloc deal involving 0.4 million of its shares but the stock managed to end the week unchanged at JD3.02.
More than 0.5 million shares of Universal Modern Industries (UMI) and Jordan Industrial Resources (JIR) were traded. UMI remained at JD1.25 while JIR rose one per cent to JD1.36.
Stocks of Beit El Mal Savings and Investment for Housing and Jordanian Electric Power (JEP) were among the services sector's most active shares. Beit El Mal advanced three per cent to JD3.77 with approximately 0.19 million of its shares traded. JEP saw 0.27 million of its shares exchanged as it retracted by one per cent to JD3.08.