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Pumping Liquidity

Jordan: Sunday, November 07 - 2004 @ 13:15

Energies were pent up as investors awaited the first trickle of third quarter results, which are expected to affect the market positively. Consequently, notable levels of liquidity were pumped into the market and directed particularly towards the banking sector, which was responsible for the high volumes of the week. All in all a total of 36 million shares, worth JD108 million, were exchanged, as major indices ended the session on Thursday in the black.

Both Union Bank for Savings & Investments (UBSI) and Jordan National Bank (JONB) were able to post 12% increases to settle at JD6.19 and JD2.90, respectively, while Arab Bank (ARBK) was the week’s market leader in terms of value traded, with more than 0.084 million shares, valued at JD13.7 million, changing hands. The stock closed at JD160.10, up 6%. Philadelphia Investment Bank (PHIB) shed 2% to settle at JD0.48 after a local daily mentioned that the investigation in the infamous fraud case revealed that 70 – 75% of the credit facilities that were lost in the case were given to the bank’s major clients without any guarantees.

National Portfolio Securities (NPSC) rose 7% to reach JD3.13, while United Arab Investors (UAIC) climbed 11% to JD4.56.
With approximately a quarter of a million shares traded, Jordan Cement Factories (JOCM) jumped 12% to JD10.90. On the other hand, National Cable & Wire Manufacturing (WIRE) witnessed the exchange of 2.3 million of its shares as it advanced by only 2% to position itself at JD2.85.

Middle East Complex (MECE) followed suit rising 2% to JD1.73, with more than 1.6 million shares traded. Conversely, Ready Mix Concrete & Construction Supplies (RMCC) fell 13% to JD3.05.

Middle East Pharmaceutical Industries (MPHA) climbed 9% to reach JD1.78, while Dar Al Dawa (DADI) slid 1% to JD5.64. In the meantime, shareholders of Arab Pharmaceutical Manufacturing (APHA) and Advanced Pharmaceutical Industries (ADPH) approved last Saturday the merger between the two companies and ratified the new financials, all while adopting the name of the largest shareholder (APHA) for the newly merged company.

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Sunday, November 7- 2004 @ 13:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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