ASE rises on back of mining sector gains

Al-Hassa Mine
Al-Hassa Mine (Photo: Jordan Phosphates Mines Company)
AMMAN — Mining sector stocks led the Amman Stock Exchange (ASE) on Sunday with a 0.08 percent increase, to close at 2,078 points, amid a decline in the banking sector. اضافة اعلان

The mining stocks kept on rising yesterday when the Arab Potash Company’s stock closed at its highest limit possible JD28.1 per share. The same happened with the Jordan Phosphate Mines Company stocks, which topped out at a JD16.88 per share, in light of an increasing demand on commodity prices and global services.

There are signs that a wave of inflation might hit the Kingdom due to increases in imports’ prices, especially food which is valued at $4 billion annually.

The food sector constitutes 30 percent of the commerce sector, with more than 50 large and small establishments across the country, employing nearly 250,000 workers.

Prices in the United States are increasing; thus, inflation will be among the most highlighted aspects of a US Federal Reserve meeting on Tuesday and Wednesday since the prices of vehicles, houses, fuel, clothes, and other commodities has been rising in the US.

A report issued by the International Energy Agency predicts that demand for oil will exceed pre-COVID-19 rates. Traders on Wall Street are betting that the price of a barrel of oil will reach $100 by the end of the year.

The ASE board of directors declared in its latest meeting that it would reconsider pre-COVID-19 trading limits and times, starting from Tuesday, June 15.

The value of trades on Sunday reached JD15.1 million, traded through 11.2 million stocks.

Twenty-five companies showed an increase in the price of their stocks, while 42 companies’ stock prices fell.

At the sector level, the industry sector increased by 2.88 percent, the financial sector decreased by 0.67 percent, and the service sector decreased by 0.06 percent.

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