ASE market value up by JD3b since January 1

amman stock exchange
(Photo: Jordan News)
AMMAN — The Amman Stock Exchange (ASE) market value has increased by JD3 billion since the beginning of the year till Tuesday.

The total value of the shares listed on the stock exchange increased to JD15.9 billion, from JD12.9 billion in January, recording a growth of 23.5%. The rise in the bourse’s market value is attributed to optimistic expectations about the performance of companies during the current year, especially since the first quarter of this year saw share prices going up, so did cash dividends and return on deposits, at a time when the majority of the blue chips were being traded below their book value by large differences, a matter which encouraged investors to carry out selected purchases.اضافة اعلان

On Tuesday, the Arab Bank's share led a hike in the share prices after a period of profit-cashing. The market closed at 2040.31 points, or 0.94% increase.

The Arab Bank's share topped the trading, touching the mandatory cap and closing at JD4.79 per share.

The total trading volume amounted Tuesday to about JD8.2 million, while the number of traded shares was 5.0 million shares, executed through 3,748 contracts.

ASE's statistics show that the cumulative trading volume until Tuesday amounted to JD943.3 million, compared to JD342.4 million for the same period last year, an increase of 172.8 per cent.

The rising prices of commodities and materials on global markets reflected positively on the shares of the mining sector, with the share price of the Jordan Phosphate Company jumping to JD14.83, continuing a marathon rise in less than 6 months, having taken off from the level of JD3 per share, and boosted by the results the mining company achieved in the first quarter.

On the other hand, the Arab Potash Company’s (APC) share closed at JD25.29, as the company - the eighth largest producer of potash in the world - was ranked among the list of the 100 most powerful companies in the Middle East for the year 2021, compiled by Forbes Middle East magazine. The list included the largest and most profitable and valuable firms in the region.

This rank comes in light of the distinguished results achieved by APC at all levels. On the level of profitability, the company's net profit last year amounted to about JD127 million. The successes culminated in the distribution of dividends to shareholders with a value exceeding JD83 million, or 100% of the capital. APC funneled JD80m into the treasury, and contributed 11.6% of the value of national exports in 2020.

Comparing the closing prices of the 103 companies traded for today with their previous closings, 30 companies recorded an increase in their share prices, and 35 companies showed a drop.

At the sectoral level, the financial sector index increased Tuesday by 1.10%, and the services sector index by 0.85%, while the industrial sector index went down by 0.08%.

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