Banks lead ASE to another rise

AMMAN — The Amman Stock Exchange (ASE) index rose again on Wednesday by 0.15 percent, closing at 1797.3 points, driven by an improvement in the performance of some bank shares. اضافة اعلان

The rise came against a drop in the value of mining companies stocks, such as the Jordan Phosphate Mining Company, whose share hit the mandatory lower limit after a series of sales, closing at JD9.24 per share. The decline came after a rise that started at the end of last year when the market value stood at JD3 per share. This increase was behind the wave of sales as traders sought to cash capital profits. The upward trend of the phosphate company was driven by an increasing demand on fertilizers in international markets. The same applies to the Arab Potash Company’s stocks. 

On the other hand, banks’ shares maintained a rising curve, including those of Arab Bank, Ahli Bank, Cairo Amman Bank, and Capital Bank of Jordan, which was traded at JD1.47 per share after disclosing positive developments, the foremost of which is the distribution of cash dividends worth 12 percent for the year 2020.

The other substantial update was Capital Bank’s acquisition of Audi Bank’s branches in Jordan, while the National Bank of Iraq, a subsidiary of Capital Bank group, acquired Audi Bank’s branches in Iraq, including all their assets.

Commenting on the acquisition deal, Chairman of the Capital Bank Group Basem Khalil Al-Salem has previously said: “This agreement comes as part of Capital Bank’s plans to enhance its competitiveness and expansion plans regionally and locally. The step is the first acquisition deal in the Iraqi banking sector and it supports the operations of the National Bank of Iraq, along with the durability of the Capital Bank’s financial indicators.”

The total volume of trading on Wednesday stood at about JD6.3 million, and the number of shares traded was 6.7 million, executed through 2,798 contracts.

At the sectoral level, the industrial sector index dropped by 1.97 percent, the financial sector’s index rose by 0.87 percent, and the services sector index went down by 0.42 percent.