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November 27 2021 1:53 AM ˚
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Arab Bank share gains push up ASE to two-year high

Value-traded-by-sector
(Amman Stock Exchange)
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AMMAN — The Arab Bank share on Sunday recorded gains that leveraged the Amman Stock Exchange (ASE) index to its highest level in two years, with the rise in the value of the share hitting the upper limit allowed for the second day in a row. اضافة اعلان

The ASE index rose by 2.13 percent, to close at 1919.63 points after the Arab Bank’s share value went to close at JD4.47. The shares of other banks also moved upwards, including the Jordan Capital Bank’s share, which also closed at the upper limit allowed for trading at JD1.57 per share, as well as the shares of Bank of Jordan and others.

An air of optimism and certainty prevailed, reflecting in a rise in trading volumes and the price levels in most sectors.

The Arab Bank Group had previously announced that at the end of the first quarter of 2021, it had merged the consolidated financial statements of Oman Arab Bank after the latter had completed the acquisition of Alizz Bank, an Islamic bank in the sultanate, reinforcing its presence in the Sultanate of Oman. The deal came as part of the Arab Bank Group’s strategy to expand its business in the Gulf region.

The group’s assets increased as on March 31, 2021, to $62.5 billion, of which $8.1 billion belonged to Oman Arab Bank, compared with $50.7 billion for the same period of the previous year; an increase of 23 percent. Credit facilities increased to reach $33.5 billion as on March 31, 2021, of which $7.1 billion belonged to Oman Arab Bank, compared with $26.2 billion for the same period of the previous year, representing a growth of 28 percent. Customer deposits increased by 30 percent to reach $45.8 billion, of which $7.1 billion belonged to Oman Arab Bank, compared with $35.2 billion for the same period of the previous year.

According to ASE data, the financial sector led the market, rising 2.85 percent, while the industrial sector index rose by 1.49 percent, and the services sector index by 0.24 percent.

By the end of Sunday’s session, total trading volume reached about JD13.0 million, involving 8.9 million shares that were executed through 5,432 contracts.

Comparing the closing prices of the 99 companies traded on Sunday with their previous closings, 42 companies showed an increase in their share prices, while the share value of 33 others declined.

As the country marks Independence Day, the Amman Stock Exchange will officially suspend its work on Tuesday, May 25, and will resume operations the following day.


Read more Analysis.
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