December 3 2022 10:12 PM E-paper Subscribe Sign in My Account Sign out

Refinery and phosphate shares dominate ASE trading

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Amman Stock Exchange
AMMAN — The general price index of shares listed at theAmman Stock Exchange dropped by 0.14 percent on Tuesday, with trading ending at 780.13 points.اضافة اعلان

Trading value for Tuesday stood at JD6.2 million, with 4.5 million shares traded through 2,654 transactions.

Most trading was focused on blue chip shares, including the Jordan Phosphate Mines Company stocks, of which trading value exceeded JD1 million, closing at JD8.95 per share, an increase of 0.45 percent. The company had declared profits amounting to JD45 million, reaching JD35 million after tax and appropriations, reflecting improved prices of phosphates and fertilizers globally, noting that the company has incurred losses estimated at JD11 million during the same period of last year.

Demand for the shares of the Jordan Petroleum Refinery Company also improved, with trading value for its stocks also exceeding JD1 million, closing on a rise of 1.42 percent at JD2.85 per share. The rise came after the company projected reaching financial closure for the fourth expansion project during 2022.

In a statement issued on Tuesday, the Jordan Petroleum Refinery Company noted that it plans that it will identify the contractor for the project by the first quarter of 2022 at the latest.

The company indicated that it has contracted a global legal consultant, as well as the company Technip, to manage the project, including preparing the qualifications terms for implementation contractors, evaluating their bids, and selecting the best bidder, in addition to supervising the project’s implementation.

The company also said that it has concluded the prequalification stages, and that the project construction tender’s documents have been sent out o contractors, expecting to receive their bids by mid-July.

Noteworthy is that the Spanish company Tecnicas Reunidas had completed the detailed engineering designs for the project FEED, while Standard Chartered had been selected as the project’s financial consultant, taking over financing requirements and negotiations with entities interested in funding the project. The company stressed that the project is garnering a lot of interest from several parties, who are interested in implementing and funding the project.

The shares of 82 companies were traded on Tuesday, with the shares prices of 21 companies rising, and those of 33 companies declining.

At the sector level, the financial index decreased by 0.37 percent, the services index increased by 0.29 percent, and the industrial index increased by 0.23 percent.

Read more Analysis.