September 29 2022 8:23 AM E-paper Subscribe Sign in My Account Sign out

Banks lead ASE as mining stocks drop

مستثمرون يراقبون أسعار الأسهم في بورصة عمان - (أرشيفية)
(Photo: JNews)
AMMAN — The shares of mining companies on Monday led the Amman Stock Exchange index to drop by 0.39 percent, down to 1786.84 points at the end of the day’s session. اضافة اعلان

The decline came after the Jordan Phosphate Mines Company’s (JPMC)  share dropped by 3.19 percent, down to JD8.5 per share, while the price of the Arab Potash Company’s (APC) deterioration was stopped by the mandatory lower limit, closing at JD21.85 per share.

The sharp decrease in the price of the APC’s shares followed an ordinary general assembly meeting, held via video conference and chaired by the firm’s chairperson, Shehada Abu Hudeib. The assembly endorsed a board decision to distribute JD83.3 million in cash dividends to stakeholders. The sum represents 100 percent of the company’s capital. The shareholders also approved the board’s annual report and APC’s financial statement for 2020, along with its future plans.

It was agreed that the mining firm’s strategic plan and measures taken to counter risks have proved “unparalleled feasibility”. The company’s production volume hit a 2.62-million ton record. The volume of fertilizer sales was also the highest in the company’s history, amounting to 2.55 million tons. The achievements reflected on 2020 net profits, which stood at JD127 million, thanks to the realization of plans to lower costs and increase production applied throughout the said year.

At the sectoral level, the industrial sector index fell by 2.18 percent and the financial sector index by 0.17 percent, while the services sector index rose by 0.11 percent.

The total volume of Monday’s trading equalled about JD8.2 million, traded through 6.8 million shares.

Comparing the closing prices of the 85 companies traded with their previous closings, the share price of 22 companies rose and 28 dropped.

According to the latest ASE data, the value of non-Jordanian investors’ stakes in the companies listed on the bourse was about 50.6 percent of the total market value at the end of March 2021, with the value of stocks owned by Arab investors accounting for 31.6 percent, and the non-Arab investors 19 percent. At the sectoral level, non-Jordanians owned 52.3 percent of the financial sector shares, 19.4 percent of the service sector, and 62.3 percent of the industrial sector.