ASE records highest levels in a year

Amman Stock Exchange
AMMAN — The price index of shares listed on the Amman Stock Exchange (ASE) recorded on Monday its highest levels in a year, closing at 1,836.09 points, a rise of 2.02 percent, prompted by a rise in blue-chip shares.اضافة اعلان

The ASE has suspended trading for eight companies for failing to provide their financial outcomes for the first quarter of 2021, while it upheld the suspension of trading for three others, who are yet to provide previous financial data.

Total trading for Monday amounted to JD8.1 million, with 7.8 million shares traded through 4,239 transactions.

The Jordan Phosphate Mines Company’s (JPMC) share price shot up to its highest permitted trading levels, closing at JD10.33 per share, following the company’s announcement that it had achieved Q1 profits JD47.5 million higher than those of the same period last year, recording a 407 percent increase from the first quarter of 2020, when the company saw a JD11.7 million loss.

According to JPMC’s financial data, the company’s sales rose by JD52.6 million in the first quarter of 2021 — an increase of 40 percent — compared to the first quarter of 2020.

The company’s cost to sales ratio dropped from 83 percent in the first quarter of last year to 61 percent this year.

JPMC’s data also indicated that the company produced 183,800 tons of DAP fertilizer in the first quarter, compared to 120,200 tons during the same period last year.

Companies that have provided the ASE with their financial data for the period ending on March 31, 2021, within the given timeframe, amounted to 93 percent of listed companies, totaling 174 companies.

Meanwhile, the companies that have failed to disclose their financial data auditing within the set timeframe included the Jordanian Electric Power Company, the International Brokerage & Financial Markets Co. IBFM, Alentkaeya For Investment & Real Estate Development Company PLC, The Arab Assurers Co., The Mediterranean & Gulf Insurance Co. – Jordan, and Union Investment Corporation.

Accordingly, the ASE has suspended trading of the aforementioned companies as of Sunday, May 2. The suspension will remain in effect until the companies provide the ASE with the required information, in line with Article (15/b/6) of the securities listing instructions in effect.

Meanwhile, the suspension of the Jordan Press Foundation Company/Al-Rai, Jordan Projects for Tourism Development, and Jordanian Co. For Developing & Financial Investment will remain in effect for failing to provide financial data for previous periods, in addition to those of the first quarter of 2021, noting that the trading of these companies’ shares are traded in the unlisted securities market.

Trading of Al-Eqbal Investment Company LTD, Philadelphia Insurance Co., and the International Card Company will also remain subject to the suspension.

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