Market Closed Date 20/10/2017
2017

September

The ASE index Quarterly review

The Amman Stock Exchange (ASE) said that the ASE has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies using the full market capitalization of the companies and the number of trading days during last quarter. It is worth mentioning that the criteria adopted by the ASE are similar to the international practices applied in this field. These criteria are applied by many leading international index providers.

 

as a result of this review, six companies had been excluded from the index sample and other six companies had been added. The companies that had been excluded from the index sample were: Jordan French Insurance, AL Sharq Investments Projects (Holding), Afaq Holding for Investment and Real Estate Development, Arab East for Real Estate Investments, United Financial Investments,  and Al Faris National Company for Investment & Export.

The companies that had been added to the index sample were: Jordan Commercial Bank, Jordan Press Foundation (Al RA'I), Sabaek Invest Company, Jordan Loan Guarantee Corporation, The Consultant and Investment Group, and Middle East Insurance  .

As part of the process, the ASE calculated the free float for all listed companies at the ASE based on the data Received from the Securities Depository Center. This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.

the index sample includes one hundred companies which are the most active in the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents' represent (91.4%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (91.2%) of the total free float market capitalization of the listed companies at the ASE.

In light of the above, the index constituents will be modified on the 1st of October 2017. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents

 

August

HE Dr. Jawad Anani, Chairman of the Board of the ASE

The Amman Stock Exchange Board of Directors has elected on Wednesday, August 16th , 2017, HE Dr. Jawad Anani as Chairman of the board.

Dr. Anani was appointed as a representative of the Government in the ASE Board as of July 26th , 2017

Participation in the Credit Rating Study Tour

Amman Stock Exchange (ASE), represented by Mr. Moayyad Tahtamony, the Head of Listing & Operations Department has participated in the study tour which was organized by Japan International Cooperation Agency (JICA) concerning the establishment of credit rating agency in Jordan the study tour was held in Tokyo, Japan, in the period between August 6th-11th , 2017.

Noting that they have reviewed the Japanese experience with regard to the establishment of studying Rating Agencies in terms of its inception, legal regulatory, the technical aspects and returned benefits it.

 

July

The ASE has issued a brochure on sustainability

As part of the ASE's policy to continue its efforts to have a financial market in line with the best international practices; the ASE has issued a brochure on "Sustainability" (Arabic version). The issuance of this brochure comes as a first step to introduce the concept of Sustainable Development in the Jordan Capital Market, its objectives and benefits for all parties involved particularly companies and investors to encourage listed companies to embrace the concept of sustainable development into their operational strategies. This brochure contains important information relating to the concept of sustainable development, its history, and its benefits along with the objectives of the United Nations on sustainable development.  The ASE will take more subsequent steps such as issuing other publications and holding seminars and workshops in this concern.

The ASE will issue guidance on how listed companies can report on sustainability performance and prepare reports on sustainability. This guide will include the most important international standards in this field.

 

It's worth mentioning that the ASE has joined Sustainable Stock Exchange Initiative (SSE) in 2016 besides 62 stock exchanges participated in this initiative which aims to encourage stock exchanges and listed companies in cooperation with all parties, to concern about sustainable issues. The other participating members in this initiative are: the Egyptian Stock Exchange, the Casablanca Stock Exchange, the Qatar Exchange, the Tunis Stock Exchange, the Turkey Stock Exchange, the Indian Stock Exchange, Stock Exchange of Spain, the London Stock Exchange, Bursa Malaysia and others. To learn more about the sustainability brochure, you can visit the ASE website within the library and publications section.

June

The ASE Index Quarterly Review

Amman Stock Exchange (ASE) has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies using the full market capitalization of the companies and the number of trading days during last quarter. It is worth mentioning that the criteria adopted by the ASE are similar to the international practices applied in this field. These criteria are applied by many leading international index providers.

as a result of this review, ten companies had been excluded from the index sample and other ten companies had been added. The companies that had been excluded from the index sample were: Arab Financial Investment, Jordan Commercial Bank, Jordan Insurance, Middle East Insurance, Societe Generale De Banque - Jordanie, General Investment, Jordanian Co. for Developing & Financial Investment, Jordan International Investment Co, Jordan Press Foundation/Al-Ra'i, and Contempro for Housing Projects.

The companies that had been added to the index sample were: Specialized Investment Compounds, Sura Development & Investment, Alia- The Royal Jordanian Airlines, Arab Union International Insurance, Al-Faris National Company for Investment & Export, Al- Sharq Investments Projects (Holding), Jordan Decapolis Properties, Nutri Dar, Siniora Food Industries, and The Jordanian Pharmaceutical Manufacturing.

As part of the process, the ASE calculated the free float for all listed companies at the ASE based on the data available at the Securities Depository Center (SDC) website. This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.

Noting that the index sample includes one hundred companies which are the most active in the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents' represent (91.1%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (94.1%) of the total free float market capitalization of the listed companies at the ASE.

In light of the above, the index constituents will be modified on 2nd of July 2017. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents

 

 

May

ASE Received Student's Delegation from Ajloun National University

 The Amman Stock Exchange (ASE) has received a students' delegation from Ajloun National University / Faculty of Business Administration in the, The CEO of the ASE Mr. Nader Azar has  briefed the delegations on the latest legislative and technical developments of the Jordan capital market as well as its future projects during the coming years. They also watched a live trading session and an explanation on the main features of the applied electronic trading system at the ASE.

April

The Cancellation of the Third Market as of the 16th of April 2017

According to the provisions of Article (29) of the Listing Directives for the year 2016; The Third Market will be cancelled as of the 16th of April 2017, and the six companies that meet the conditions of listing in the second market will be transferred from the third market to the second market; namely are:

Arab Union International Insurance (AIUI), Specialized Investment Compound(SPIC),  Consulting and Investment Group (CIC0), Al-Faris National for Investment & Export (CHO),  Shira Real Estate Development and Investment (SHRA),  El- Lay Ready Wear Manufacturing (ELZA).

On the other hand, the  companies(29)  that did not meet the requirements of listing in the second market or did not submit the audited annual financial statements  for the year 2016 on time. Accordingly, they will be listed at the (OTC) Market as of 16/04/2017.  Noting that the shares of companies that will be transfered to the (OTC) market will be floated.

The companies listed in the Third market must accommodate their status

and fulfill the listing conditions in the Second market, before the cancellationdate of the Third market, based on the company's audited annual financial statements for the fiscal year of 2016, otherwise, the companies' shares will be delisted from the ASE and will be transferred to the OTC market.

 

The Middle East Investor Relations Association signs  MOU with the Amman Stock Exchange

The Middle East Investor Relations Association (MEIRA) signed a Memorandum of Understanding (MOU) with the Amman Stock Exchange on April, 26 during the Arab Federation of Exchange Conference, which took place in Beirut, Lebanon. Alex MacDonald-Vitale, MEIRA Chairman, and Nader Azar, Amman Stock Exchange CEO, signed the agreement to pave the way for future collaboration.

MEIRA is a non-profit organisation that aims to promote Investor Relations (IR) best practice throughout the Middle East. Through this agreement, both entities agreed to cooperate to promote IR best practice in Jordan, and to establish more effective communication between listed companies, the exchange, regulators, advisers and the buy and sell side communities.

Commenting on this initiative, Alex MacDonald-Vitale said: "We are delighted to embark on this strategic partnership with the Amman Stock Exchange at a time when high standards of best practice is of critical importance to the market's development. This Memorandum of Understanding supports collaboration between MEIRA and the Exchange, as well as provides further support for Investor Relations professionals in Jordan."

The agreement will provide new opportunities for both entities and will also pave the way for delivering more value to MEIRA members, including specialised seminars and workshops, joint publications, and the availability of the Certified Investor Relations Officer (CIRO) Programme in Jordan.

According to Nader Azar: "We are pleased to see that the Middle East Investor Relations Association is moving ahead with opening a MEIRA Chapter in Jordan. Investor Relations are necessary for Jordanian public shareholding companies to communicate their equity story to current and potential investors. It is a set of skills that will help further develop Jordan's capital market and attract more investments into the Amman Stock Exchange."

 

Financial Statements of the First Quarter 2017

The Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE) Mr. Nader Azar, said that 99% of the 194 listed companies, have provided the ASE with their quarterly reports during the specified period in the Directives for Listing Securities, excluding the two currently suspended companies; the percentage reaches 100%. This high percentage reflects the high compliance of the listed companies with the laws and regulations in force, and the high commitment of such companies to the principles of transparency and disclosure.

Azar added that all companies listed at the ASE should submit the ASE with their quarterly reports reviewed by their auditors within one month of the end of the said quarter, according to the Directives for Listing Securities at the Amman Stock Exchange for the year 2016.

Azar confirmed that the ASE circulates these reports to the brokerage firms, and post them on the ASE website www.exchange.jo in circulars and disclosures/quarterly reports window.

Taking into consideration, that only two companies namely; United Financial Investment Company (UCFI) and Jordan Projects for Tourism Development Company (JPTD) did not provide the ASE with their reviewed interim financial statements for the period ended on 31/3/2017; knowing that those companies are already suspended for not providing the ASE with their audited annual financial reports. Accordingly, the ASE continued suspending the shares of the mentioned companies from trading.

 

March

The Annual Financial Statements of Listed Companies at The ASE within the time limit

The Deputy CEO of the Amman Stock Exchange (ASE), Bassam Abu Abbas, said that according to the Directives for Listing Securities on the Amman Stock Exchange for the year 2016; all companies listed at the ASE should submit their annual reports audited by their auditors within three months after the end of their fiscal year.

 Abu Abbas added that the number of companies which submitted their audited annual reports within the time limit of submitting their annual reports, which ended in March 2017, reached (210) companies representing (94%) of the overall listed companies.  Excluding the suspended companies which amounted for (7) companies, the percentage raises up to (96.3%) of the overall listed and traded companies.

 Abu Abbas added that the ASE circulates these reports to the brokerage firms and posts them on the ASE website www.exchange.jo  in circulars and disclosures/ Annual reports window.

Regarding the breaching companies; Abu Abbas said that the eight listed and traded companies which did not provide the ASE with the required data within the deadline, were suspended from trading as of Sunday April, 2nd 2017   by virtue to the provisions of Article (13/b/11) of the Directives for Listing Securities on the Amman Stock Exchange, and they will remain suspended until they provide the ASE with the required data. 

Company's Information

Notes

No.

Company's Name

Market

1

UNITED FINANCIAL INVESTMENTS

First

Companies didn't provide the ASE with required financial statements.

2

JORDAN PROJECTS FOR TOURISM DEVELOPMENT

Second

3

WINTER VALLEY TOURISM INVESTMENT

Third

4

MODEL RESTAURANTS

Third

5

MIDDLE EAST SPECIALIZED CABLES COMPANY /MESC_JORDAN

Third

6

INTERNATIONAL SILICA INDUSTRIAL

Third

7

JORDAN CLOTHING COMPANY

Third

8

ARAB UNION INTERNATIONAL INSURANCE

Third

 Company provide the ASE with its unaudited annual financial statements Only

The ASE, as well, continued suspending the shares of the following companies for not providing the ASE with their audited annual financial statements for the period ended on 31/12/2016. The below mentioned companies shall continue trading in the Unlisted Securities Market (OTC) except AWTAD FOR DIVERSIFIED INVESTMENTS Company.

Company's Information

Notes

No.

Company's Name

Market

1

JORDAN PRESS & PUBLISHING/(AD-DUSTOUR)

Third

Companies didn't provide the ASE with its annual audited financial statements (Suspended companies)

2

AL AHLIA ENTERPRISES

Third

3

AMWAL INVEST

Third

4

AWTAD FOR DIVERSIFIED INVESTMENTS

Third

5

JORDAN PAPER & CARDBOARD FACTORIES

Third

 

Ringing Bell for Gender Equality Stock Exchange Conference

On the Ninth of March 2017 Amman Stock Exchange(ASE), hosted the Third Annual Celebration of the Gender Equality Initiative in Jordan "2017 Ringing Bell for Gender Equality Stock Exchange Initiative" which was organized by the ASE in cooperation with the International Finance Corporation (IFC), throughout ringing the bell for starting the trading session at the ASE coincide with the  celebration of Women's International Day in the presence of the CEO of the ASE Mr. Nader Azar,  Dr. Yahya al­Husseini ­ Corporate Governance Officer ­ International Finance Corporation in Jordan (IFC), Mr. Ziad Al- Shaikh Representative , UN women, and  and Ms. Oraib Qabbaj, Chief Operations Officer, Jordan Institute of Directors (JIOD), and a number of Business Women and the public figures interested in SSE Principles  and Gender equality , and representatives of  brokerage firms , Public Shareholding Companies and capital market institutions.

Mr. Azar declared that hosting this celebration comes in the belief of raising awareness in gender equality in sustainable development and economic activity. This Initiative also aims at raising awareness of the importance of promoting gender equality in the private sector as well as encouraging business leaders around the world to make serious steps to empower women in the work place and society.

Also stressed on the ASE interest in empowering women in carrying a leading duties in the Jordanian capital market, where the ASE believes of the important role of women in promoting economic activity and participation in labor market and in its ability to development and creativity. Accordingly, the percentage of women's contribution in the human force in the ASE has risen from 15% since establishing the ASE in 1999 reaching more than 48% recently.  Also, women occupied more than 28% of the leadership positions in the executive management of the ASE

During the ceremony, two important panels have been held regarding the importance of empowering women in participation in economic activities and obstacles facing them, in addition to a presentation prepared by the ASE entitled "Developments at the ASE - Opportunities and Challenges. Where they reviewed the legislative, quantities and the technical developments witnessed by the ASE in recent years and the challenges facing the securities industry and the role of capital market institutions to prepare an attractive environment for investment, especially in light of the national economy's openness to foreign investment

It is worth mentioning, that this initiative is an important international event adopted by a group of global parties in the field of financial markets, namely:

UN Global Compact, UN women, Sustainable Stock Exchanges Initiative, World Federation of Exchanges و Women in ETFs, and  it is launch in various countries around the world to celebrate International Women's Day.

 

 

A Workshop regarding DRs  Issuance

Al Mawared Brokerage firm in Collaboration with Amman Stock Exchange (ASE) , London  Stock Exchange, and Deutshe Bank has hold a workshop on Issuing Depository Receipts  (DRs) ; where  experts from the London Stock Exchange and Deutsche Bank  have reviewed the procedures for issuing these financial instruments and the  mechanism of  its registration and trading on the London Stock Exchange in addition to the legal point of view  and  the positive impact on the Jordanian companies.

 

The ASE started publishing it's circulars and resolutions in English version

The ASE started publishing it's circulars and resolutions in English version as well as Arabic as of March 23, 2017; The CEO of the ASE , Nader Azar stated that the main purpose is to enable the interested foreign investors to follow up the news and the corporate actions of the companies, as well as the need to provide all investors with all disclosures at the same time regardless of their nationality, in addition to promote and market issuers of securities In Jordan outside the Kingdom.

Azar has also stressed that providing information in English will enhance the competitiveness of the ASE, furthermore it is one of the most important requirements set by Morgan Stanley to raise the classification of the Jordanian capital market from "Frontier market" to "Emerging market".

The ASE circulates these reports to the brokerage firms, and posts them on the ASE website (Arabic version) www.exchange.jo in the Circulars and Disclosures window to be reachable for those interested in securities.

It's worth mentioning that the JSC has started in early February to obligate companies and all issuers to disclose their financial and non-financial statements both in Arabic and English. Noting that the non-Jordanian ownership of the listed companies at the end of February 2017 reached 47.7% of the total market value. Non-Arab investors constituted 11.6% of the total market capitalization of the ASE.

 

The ASE index Quarterly review for the Second Quarter 2017

The CEO of the Amman Stock Exchange (ASE), Mr. Nader Azar said that the ASE has conducted the periodic quarterly review of the ASE index constituents in purpose of ensuring that the ASE General Price Index reflects the market performance and the trading activity of the listed companies. By this rebalancing, the activity of listed companies in regard to trading during the last quarter has been reviewed. After that, the ASE has conducted its screening process for all listed companies using the full market capitalization of the companies and the number of trading days during last quarter. It is worth mentioning that the criteria adopted by the ASE are similar to the international practices applied in this field. These criteria are applied by many leading international index providers.

Mr. Azar added that as a result of this review, eight companies have been excluded from the index sample and other eight companies have been added. The companies that have been excluded from the index sample were: Al-Ekbal Printing and Packaging, Alia- The Royal Jordanian Airlines, Nutri Dar, The Jordanian Pharmaceutical Manufacturing, Jordan Investment Trust, Amoun International For Investment, Tuhama For Financial Investment, and Comprehensive Multiple Project Company. 

The companies that have been added to the index sample were: Jordanian CO. For Developing & Financial Investment, Transport & investment barter company, General investment, Methaq real estate investment, Philadelphia international education investment company, Jordan international investment, Future arab investment company and Societe general de banque - Jordan.

As part of the process, the ASE calculated the free float for all listed companies at the ASE based on the Received data from Securities Depository Center (SDC). This review also includes the reduction of the weights for some companies to maintain the 10% cap that applied to index constitutes.

Mr. Azar clarified that the index sample includes one hundred companies which are the most active in the ASE and the highest in terms of market capitalization. The full market capitalization of the index constituents' represent (91.4%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes' represents (94.8%) of the total free float market capitalization of the listed companies at the ASE.

In light of the above, the index constituents will be modified as of the 2nd of April 2017. Interested parties can access to the constituents of the index with the new weights through the following link:

http://www.exchange.jo/en/constituents

 

February

Registration of The Amman Stock Exchange Company

The Chief Executive Officer (CEO) of the Amman Stock Exchange (ASE), Mr. Nader Azar, said that On February 20th 2017, the ASE has been registered at the Companies Control Department as a public shareholding company completely owned by the government under the name "The Amman Stock Exchange Company (ASE Company), and with a paid-in capital of JD (4,774,552).

Mr. Azar added that the new company will be the legal and factual successor to the ASE, and will possess all its rights, assets, and obligations.

The new company's shares were also registered at the Jordan Securities Commission on the 6th of March 2017, and the ASE sustained its operations as a licensed financial market as of the date of its transformation into a public shareholding company.

It is worth mentioning that the council of ministers appointed a new seven-member board of directors for the ASE. The board elected His Excellency Dr. Yusuf Mansur as the chairman.

 

Launching the ASE Accounts on Social Media

On March5, 2017 the ASE has launched its accounts on social media "Facebook and Twitter" under the name "Amman Stock Exchange" or "ASE" .
This initiative stems from the fact that the Social media plays big and very important role in strengthening the communications channels with the investors, securities dealers and those interested in Jordan Capital Market. The Social Media platforms will enhance the accessibility of the information and increase the speed of access to the information to the public.
Mr. Azar the CEO of the ASE stressed on the importance to improve and develop the services provided to individuals and business sector, and all interested parties to provide the required Data with high accuracy and at the appropriate time where t the social media will be a tool to listen to the investors' views and thoughts which will improve the services provided by the ASE.

https://www.facebook.com/ASEofficialJo/

https://twitter.com/ASEofficialJo

 

Challenge Initiative for Research Universities in Jordan

Under the patronage of the Amman Stock Exchange (ASE), Chartered Financial Analysis Institute (CFA), and the CFA Jordan   launched the Challenge Initiative for Research Challenge in Jordan. Teams from Six local leading Jordanian universities competed with a chance to participate at the regional and global levels.

This challenge is an  original imitative devised   to teach university students in Jordan the best practices  in equity research, valuation, and ethics and as a means for  leading industry professionals to train students  in researching and reporting on public companies.  Jordan Dubai Islamic Bank was selected as the subject company for the challenge.

The Six participating universities are: the Alahliyya Amman University, the Applied Sciences University, The Hashemite University, the University of Petra, the Jordan University and   the Yarmouk University, , and the winner of Local Challenge is Alahliyya Amman University and it will participate in the Regional Challenge which will be in Prague, with a chance to compete at the Global level.