Mining shares push ASE slightly upwards

Amman Stock Exchange
AMMAN — mining shares led the Amman Stock Exchange (ASE) to slightly tick up on Sunday by 0.06 percent, with the general index closing at 1,773.4 points, following a drop in banking shares that occurred in the aftermath of banks holding their general assemblies and distributing cash dividends for 2020.اضافة اعلان

Banking shares dropped to their lowest levels following Capital Bank general assembly’s endorsement, based on the recommendation of the bank’s board of directors, of distributing dividends totaling 12 percent of capital, constituting JD24 million. The general assembly also endorsed the board’s report, the bank’s financial statement for 2020, and the bank’s future plans.

Capital Bank’s net profits increased in 2020 by 5 percent, to reach JD30.3 million after tax, compared to JD28.8 million in 2019. The rise was achieved despite the increase in the volume of appropriations set by the bank, in line with the prudential policy it adopts. The appropriations amounted to JD24.5 million in 2020, compared to JD7 million set in 2019.

The Bank of Jordan also announced their financial outcomes for 2020, which were endorsed by the Central Bank of Jordan earlier, recording JD35.8 million in net profit for shareholders in 2020, compared to JD40.2million in 2019, registering a 10.9-percent drop.

The Bank of Jordan’s board of directors recommended that the general assembly approves dividends amounting to 12 percent of capital, constituting JD24 million.

Trading value for Sunday reached JD6.4 million, with 6.2 million shares traded through 2,864 transactions.

Meanwhile, the Jordan Phosphate Mines Company bounced back to the highest levels permitted in a single trading session, following profit reaping in previous sessions, with the share price closing at JD7.99. 

The share of the Arab Potash Company also rose by 0.84 percent, to close at JD21.7 per share, while the share of the Jordan Petroleum Refinery Company increased by 1.41 percent, closing at a price of JD2.87 per share.

At the sector level, the industrial index increased by 1.35 percent, the services index increased by 0.47 percent, and the financial index decreased by 0.40 percent.

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