A report released by the Jordanian Economic Forum revealed that the Jordanian capital market is undergoing a qualitative transformation driven by improvements in key indicators, rising market capitalization, increased liquidity, and heightened trading activity. This has pushed the Amman Stock Exchange (ASE) back to levels unseen in nearly two decades, boosting confidence in the Jordanian financial market.
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The report, titled "Amman Stock Exchange: Market Transformations, Growth Drivers, and Sustainability," explained that these developments extend beyond price increases. They reflect an improvement in investment activity and the market's capacity to attract capital at a time when financial markets are increasingly vital as primary drivers of economic activity, supporters of productive project financing, and tools for efficient resource allocation and funding diversification—aligning with the Economic Modernization Vision to develop the financial services sector and deepen Jordan's financial markets.
The report pointed out that the market capitalization of listed companies on the ASE rose to approximately 30.5 billion dinars by the end of May 2026, compared to 19.5 billion dinars during the same period in 2025, recording a growth of over 56%. This marks the first time in the market's history that capitalization has surpassed the 30-billion-dinar threshold, after nearing it in 2007 when it reached about 29.2 billion dinars, reflecting a return to historic levels after years of relative decline.
Conversely, the number of listed companies fell to 155 compared to 162 in the previous year, indicating that the improvement resulted from higher corporate valuations and increased activity and liquidity, rather than new listings.
The report noted that this growth raised the market capitalization-to-GDP ratio to approximately 69.7% in May 2026, compared to 51.5% in the same period last year, reflecting the expanding size of the financial market relative to the national economy.
It also observed a shift in the market capitalization structure, with the industrial sector's contribution rising significantly, driven by basic materials and mining companies. The data showed that Jordan Phosphate Mines Company and Arab Potash Company together account for about 42.5% of the total market capitalization of the exchange, indicating a clear concentration of market value in a limited number of leading companies, amid global shifts in commodity and energy markets since the Ukraine crisis.
Regarding ownership structure, the report stated that Jordanian investors held 53.7% of the total market capitalization of listed companies by the end of May 2026, compared to 29.6% for Arab investors and 16.7% for foreign investors. This reflects the continued connection of the Jordanian market to regional and international investments and its relative attractiveness to non-Jordanian investors, particularly in sectors with stable returns.
Market liquidity saw a remarkable improvement, as the value of traded shares during the first five months of 2026 reached about 1.279 billion dinars, compared to 687.5 million dinars during the same period in 2025. The number of traded shares rose to approximately 445.6 million shares compared to 359.5 million shares.
The average value of traded shares also rose to 2.9 dinars compared to 1.9 dinars in the same period of the previous year, showing a shift of portion of liquidity toward higher-value stocks and improved price levels for several leading shares.
The daily average trading volume rose to about 12.9 million dinars, compared to 8.8 million dinars during 2025 and 4.9 million dinars in 2024, signaling that the market is regaining momentum after years of declining activity.
The report explained that the financial sector secured the largest share of trading volume during the first five months of this year at 38%, followed by the industrial sector at 32%, and the services sector at 30%. Market turnover data indicated that the improvement in trading activity was accompanied by faster growth in market capitalization, suggesting that a significant portion of the improvement was tied to rising valuations of listed companies alongside liquidity growth.
In international comparisons, the report confirmed that the Amman Stock Exchange achieved the best performance among several Arab and international exchanges during 2025, after its free-float market capitalization-weighted index (ASEGI) rose by 45.1%, outperforming growth rates in many regional and global markets. This reflects bolstered investment confidence and improved performance of leading shares, particularly in the financial and industrial sectors.
On sustainability, the report noted that the ASE continues to develop its Environmental, Social, and Governance (ESG) framework by requiring ASE20 index companies to issue sustainability reports according to GRI standards. It also launched a climate change disclosure framework in cooperation with the International Finance Corporation (IFC) and prepared a manual based on ISSB standards, with voluntary implementation starting in 2026 and mandatory compliance in 2027 to enhance transparency and attract long-term institutional investments.
The report also highlighted the Stock Exchange Robustness and Momentum Index (SEMI), described as the first index of its kind in Jordan, which measures the financial and institutional robustness of listed companies alongside market momentum by tracking leading companies with the greatest impact on the market.
The index showed a clear acceleration in performance since mid-2024, reflecting the improved market value of major companies, rising investment confidence, and improved future market outlooks.
The Jordan Economic Forum concluded with several recommendations, most notably continuing to develop the regulatory and procedural environment, encouraging the listing of major family-owned businesses, supporting national projects through public shareholding companies, developing the bond and sukuk market, promoting financial literacy, completing digital transformation, activating liquidity-boosting tools, increasing the number of listed leading companies, diversifying financial products, and continuing to develop governance, disclosure, and transparency standards to enhance the competitiveness of the Jordanian capital market and the sustainability of its growth in the coming period.
