Jordan Times
Sunday, March 7, 2004
Blue chips come under heavy demand
AMMAN — Blue chips were in high demand last week as investors turned their attentions towards the Amman Stock Exchange's (ASE) large caps. Consequently, 18 million shares were traded for a total value of JD63.7 million, driving the AMI up two per cent to 218.25. However, the ASMI slipped almost three per cent to 285.14.The Arab Bank climbed all the way up to JD374 before it settled at JD355.5, a rise of seven per cent for the week. The 2003 results of Arab Bank showed that the bank's bottom line retracted by seven per cent while its total assets increased by five per cent.
Export and Finance Bank posted JD8 million in profits, almost double the previous year's figure. Nonetheless, the stock barely budged as it closed at JD4.08 with more than 0.3 million shares traded.
Jordan Islamic Bank for Finance and Investment saw 0.2 million of its shares exchanged in a bloc deal. The stock could not withstand the pressure though, as it shed 12 per cent to JD1.69.
El Zay Ready Wear Manufacturing Co. recorded a loss during its fiscal year ended June 30, 2003 despite a 24 per cent increase in sales. El Zay plans to raise capital to JD10 million.
Jordan Worsted Mills remained close to its JD7.8 level as the company announced its results for the year. Net income had remained flat at JD2.2 million in spite of a slight dip in revenues to JD12.3 million.
General Investment saw its bottom line grow by 35 per cent in 2003. Profits totalled approximately JD1.6 million compared to JD1.2 million in 2002. The stock did not see any activity this week.