ASE up by 0.24 percent, thanks to mining gains

AlHassa Mine
Al-Hassa Mine (Photo: Jordan Phosphates Mines Company)
AMMAN — The general price index of shares listed in the Amman Stock Exchange (ASE) increased by 0.24 percent on Sunday, to close at 2,042.97 points.
اضافة اعلان
The brunt of this rise was due to gains achieved by mining shares, as the share of the Jordan Phosphates Mines Company increased by 2.76 percent, closing at JD14.90 per share, while Arab Potash Company’s (APC) share increased by 2.34 percent, closing at JD25.84.

In light of rising demand for phosphate and potash products, it was announced that the Egyptian EverGrow Group will double its potash imports as of the beginning of next month, to amount to 300,000 tons in 2022, as well as the potential of expanding areas of cooperation and launching future projects in the field of fertilizers, that would enable the two companies to access new markets.

The expected rise I n demand for potash was the result of EverGreen securing a large bank loan, amounting to $400 million, enabling it to increase its potash imports to produce larger quantities of potash sulfate fertilizer, and complete the group’s third expansion project.

 APC is EverGrow’s sole potash supplier, which is the main component for the manufacturing of potash sulfate fertilizer. APC’s potash supply for EverGrowo, a company specialized in fertilizers, has grew from 5,000 tons annually in 2008 to 180,000 tons annually today, and to reach 300,000 tons in 2022.

Trading value for Sunday reached JD13.9 million, with 8.7 million shares traded through 4,440 transactions.

The shares of 97 companies were traded, of which the share prices of 29 companies rose, and the share prices of 40 declined.

At the sector level, the industrial index increased by 1.49 percent, the services index increased by 1.39 percent, and the financial index decreased by 0.58 percent.

Meanwhile, banking shares did not see any improvements as was the case recently, with the session coinciding with the Central Bank of Jordan’s data showing that the sum of its loans to local banks amounted to JD906 million during the first third of the year, which reflects on banks’ potential profits for the first half.

Total loans to banks by the end of April reached JD29.54 billion, compared to JD28.6 billion by the end of 2020, according to banks’ credit facilitations table.

Hence, the value of credit facilitations increased in the first third by 3.1 percent, compared to their value at the end of last year.

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