Market Closed Date 26/09/2018
2018

August

Starting Adopting Ringing the Bell Tradition in the ASE

The Amman Stock Exchange (ASE) started from Sunday, Aug, 5, 2018 to adopt the tradition of ringing the bell to announce the start of the daily trading session in the ASE, this tradition came in order to increase attention to the stock market and to honor the distinguished guests, companies and people that have contributed in the development of the Jordanian Capital Market and in the development of the Stock Exchange particularly. It worth mentioning that this tradition was followed in a number of global stock markets, such as New York, NASDAQ and London Stock Exchanges that attracted and covered by different media.

The ASE in the first ringing the bell ceremony hosted, Dr. Abdul Rahman Tuqan as the ASE's first Chairman of the Board of Directors to start the daily trading session in the presence of the ASE Chairman of the Board, H.E. Dr. Jawad Anani and the Chief Executive Officer (CEO) of the ASE, Mr. Nader Asar and the Executive Management.

In a comment on hosting Dr. Tuqan, he said " I am delighted to participate in the first ceremony to ring the bell of starting the daily trading session in the stock market, he added that it is a great honor for me to be the first Chairman of the Amman Stock Exchange's Board of Directors of where I filled this position since the establishment of the ASE in 1999 until October 2002."

Mr. Nader Azar, added "the ASE will be organizing this celebration periodically where stock has been adopted a number of criteria inviting: people and bodies that contributed in the development of the Jordanian Capital Market, the companies that have been listed in the ASE for the first time, the companies that have achieved the highest profits during the year, the most traded brokerage firm, in addition to the ASE's seniors and visitors.

At the end of the celebration, the ASE gave a memorial shield to Dr. Tuqan for his distinguished efforts throughout his tenure; in turn, he thanked the ASE on this initiative and wished them further progress and prosperity.

Profits of the Companies listed at the Amman Stock Exchange for the first half of 2018 increased by 23.5%

The profits after taxes for the listed Companies at the ASE that provided their financial statements to the ASE increased to JD 462 million, compared with JD 374 million for the first half of 2018, which represents an increment by 23.5%.

The total number of companies that provided the ASE with their financial statements is 182 out of 195 listed companies. It is worth mentioning that there are 10 Banks did not provide their Semi-annual financial statements on the basis of a decision from Jordan Securities Commission (JSC) to extend the deadline until the end of August for this year instead of the end July, defined by the Directives for listing securities at the ASE. That decision has been taken to give the Banks the opportunity to provide their financial statements within the instructions for implementing the International Financial Reporting Standard (IFRS-9) that issued by the Central Bank of Jordan last month.

In respect to sectors, Industrial was in the first rank in terms of the increase of profits that reached 122.2%, followed by the Services by 25.5%, and finally, the Financial by 14.9%. On the other hand, it is expected that there will be a change in the financial sector profits after providing all banks with their Semi-Annual financial statements.

As for the performance of companies, these data showed that there were 110 listed companies that have made profits in the first half of 2018, including 46 companies improved their performance compared with the same period of 2017, while 72 companies made losses, of which 48 companies had been able to reduce their losses compared with the same period of 2017.

Inclusion of Bonds for Bindar Trading and Investment Company

The Amman Stock Exchange (ASE) hosted Bindar Trading and Investment Company in the periodic celebration of ringing the bell to start the trading session, in the aim of announcing the inclusion of the third issue of the corporate bonds of (50) as a whole, with a total value of JD (5) million and fixed interest rate of (7.25%).

Where, Bindar's General Manager Mr. Raad Abu Rassa, has rang the bell of the trading session with the presence of the Chairman of the Board H.E. Dr. Jawad Anani, the CEO Mr. Nader Azar of the ASE, Bindar's Chairman of the Board Mr. Omar Abu Weshah and other representatives from Tamkeen Leasing Company and the Invest Bank as well as the Executive Management of the ASE.

The ASE issued Guidance on Sustainability Reporting

In the aim of raising the awareness among listed companies at the Amman Stock Exchange (ASE) about the importance of sustainability and its benefits that will refer to all the relevant parties, and guiding the listed companies on the steps that follow the disclosure of sustainability reporting  for the performance as well as encouraging the listed companies to issue a sustainability report periodically, the ASE issued a guidance on sustainability reporting in both languages Arabic and English, which includes guiding steps for the listed public shareholding companies on sustainability reporting and the information to be included in the guidance, in addition to the importance of sustainability and how the listed companies disclose their sustainability performance and reports besides the most important measures of sustainability with the international standards in this domain.

It is worth mentioning that the interested people can access to the "Guidance on Sustainability Reporting" from the ASE website www.exchange.jo within the Library and Publications window, or you can obtain a hard copy from Awareness and Public Relations Department at the ASE.

 

July

Financial Statements of the Second Quarter 2018 for Companies Listed at the Amman Stock Exchange (ASE)

(182) companies or (99%) of the companies are bounded by providing the ASE with their Quarter Reports until the end 31/7/2018 have provided the ASE with their reviewed reports for the ended period 30/6/2018 during the specified period in the Directives for Listing Securities, 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 in general.

In addition that all the listed companies at the ASE should submit the ASE with their interim reports reviewed by their auditors within one month after the end of the said period, according to the Directives for Listing Securities at the Amman Stock Exchange for the year 2018.

The ASE circulates these reports to the brokerage firms, and provide them on the ASE website (www.exchange.jo) in circulars and disclosures/ semi-annual reports.

Only two companies namely; MEDITERRANEAN & GULF INSURANCE COMPANY-JORDAN (MDGF) and ALISRAA FOR ISLAMIC FINANCE AND INVESTMENT (ISRA) did not provide the ASE with their reviewed interim financial statements for the ended period on 30/6/2018 within the specified period. Accordingly, the ASE suspended (MDGF) from trading as of Wednesday 1/8/2018, As well, the ASE  still suspending the shares of (ISRA) which is already suspended by the decision of Jordan Securities Commission. The (MDGF) company will remain suspended until providing the ASE with the required financial statements. 

Amman Stock Exchange (ASE) issued new instructions to resolve disputes.

In the light of changing the legal nature of the ASE into a public shareholding company wholly owned by the Government, and due to its belief in the important role that the alternative ways play in resolving disputes generally and in arbitration particularly to ease the procedures for resolving disputes that caused by trading securities, the ASE issued  resolving disputes' regulations through arbitration in Amman Stock Exchange of 2018 to replace the related regulations of 2004, hence it is shall be applicable from  14/05/2018.

It worth mentioning that these instructions came to organize the arbitration procedures according to the international practices as well as facing the arbitrations difficulties concerned in the abovementioned procedures that emerged from the real implementation for the canceled procedures, where the aforementioned procedures have indicated the following highlighted axes:

1. The applied application shall be submitted by one of the lawyers besides modifying the articles those governing arbitrators' appointments, where ASE will not accept the Arbitration Application or responding to it if the application is not including the impression of the sponsor from the arbitrator's number and designate an arbitrator.

2. Modifying the durations given to the parties to respond on the applications, claims and related arbitration documents as well as modifying the durations given to the ASE to inform the parties with the needed documents.  

3. Certain conditions shall be provided to the concerned arbitrators to consider the disputes.

4. Modifying the duration given to the arbitral tribunal to issue the arbitration award, as well as giving them the approval to extend the duration.

5. Getting the allowances provided in the revenue law for submitting the Arbitration Application or the counter-allegation from the effective date of the revenue law in the ASE.

6. According to these regulations, they shall be applied to all the approved arbitration conditions that have been agreed on before being applicable, where the dispute was referred for settlement in accordance with the instructions of resolving disputes in the ASE for the year 2004. Also they shall be applied to all existing arbitration at the time of its effectiveness or started after, even if the dispute was based on the arbitration agreement prior to its effective date, where the instructions shall be the same in accordance that the provisions of the Instructions for resolving disputes in the ASE for the year 2004 are correct.


June

The ASE index Quarterly review

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 criteria applied by many leading international index providers.

 As a result of this review, (8) companies have been excluded from the index sample and other (8) companies have been added. The companies that have been excluded from the index sample were:  Jordan French Insurance, Ittihad Schools, Petra Educations Company, Shira Real Estate Development & Investments, Alisraa for Islamic Finance and Investment, Rumm Financial Brokerage, United Cable Industries, and Arabian Aviation Investment Company.

The companies that have been added to the index sample were: Northern Cement Company, Alia - The Royal Jordanian Airlines, Arab Phoenix Holdings, and International for Medical Investment, National Chlorine Industries, Jordan Vegetable Oil Industries, The Jordanian Pharmaceutical Manufacturing, and Arab Jordanian Insurance Group.

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 (100) 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 (93.3%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes represents (95.4%) 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 July 2018. Interested parties can access to the constituents of the index with the new weights through the following link:

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

 

April

Financial Statements of the First Quarter 2018 for Companies Listed at the ASE

 (99%) of 194 listed companies, have provided the ASE with their quarterly reports for the period ended 31/3/2018 during the specified period in the Directives for Listing Securities, 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.

All companies listed at the ASE should submit the ASE with their interim reports reviewed by their auditors within one month after the end of the said period, according to the Directives for Listing Securities at the Amman Stock Exchange for the year 2016.

The ASE has also circulated all the reports to the brokerage firms, and posts them on the ASE website www.exchange.jo in circulars and disclosures/ quarterly reports window.

Only two companies namely; JORDAN PRESS FOUNDATION/AL-RA'I (PRES) and JORDAN PROJECTS FOR TOURISM DEVELOPMENT Company (JPTD) did not provide the ASE with their reviewed interim financial statements for the period ended on 31/3/2018 during the specified period. Accordingly, the ASE suspended (PRES) of trading as of Wednesday 2/5/2018, As well; the ASE continued suspending the shares of (JPTD) which is already suspended for not providing the ASE with its audited annual financial statements of 2017. The companies will remain suspended until providing the ASE with the required financial statements.

Student Delegations Visit ASE

The Amman Stock Exchange (ASE) received students' delegation from : Amman Arab University/ Faculty of Law، Private Law Department, The Hashemite University/ Faculty of Economics And Admiration, and the University of Jordan/   Faculty of Sharia ,Islamic Finance and Banking Department, Awareness and Public Relations Department,  presented a 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. Also Operations and Dissemination of Information Division at Listing and Operations Department presented a live trading session and an explanation on the main features of the applied electronic trading system at the ASE.

 

March

Financial Statements of the Annual 2017 for Companies Listed at the ASE

(98.9%) of 194 listed companies، have provided the ASE with their annual reports for the period ended 31/12/2017 during the specified period in the Directives for Listing Securities، 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.

All companies listed at the ASE should submit the ASE with their annual reports audited by their auditors within three months after the end of the said period، according to the Directives for Listing Securities at the Amman Stock Exchange for the year 2016.

The ASE circulates these reports to the brokerage firms، and post them on the ASE website www.exchange.jo in circulars and disclosures/ annual reports window.

In addition to only two companies namely; PHILADELPHIA INSURANCE COMPANY (PHIN) and JORDAN PROJECTS FOR TOURISM DEVELOPMENT Company (JPTD) did not provide the ASE with their audited annual financial statements for the period ended on 31/12/2017 during the specified period. Knowing that the (PHIN) company has provided the ASE with it's unaudited financial statements  during  the specified period Accordingly، the ASE suspended (JPTD) and (PHIN)  of trading as of Sunday 1/4/2018. The companies will remain suspended until providing the ASE with the required financial statements. 

Ringing Bell for Gender Equality Stock Exchange Conference

The Amman Stock Exchange(ASE)، hosted the fourth Annual Celebration of the Gender Equality Initiative in Jordan "2018 Ringing Bell for Gender Equality 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 H.E. Dr. Jawad Al-Anani ASE chairman of the board، the CEO of the ASE Mr. Nader Azar،  Ms. Dalia Wahba، IFC Country Manager - World Bank Group، Mr. Ziad Sheikh، UN Women Representative to Jordan 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.

Dr. Al- Anani in his opening remark declared that more than 58 stock exchanges rang the bell this year hosting on the occasion of International Women's Day، 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.

"Gender equality is clearly important at the social level، helping to address poverty and human rights for all. And Companies cannot continue to ignore the talents of half of the population if they want to achieve growth and prosperity" said Ms. Dalia Wehba، IFC country manager for Lebanon، Jordan، Syria and Iraq

"Study after study shows the positive impact women have on workplaces - they give companies a larger talent pool to recruit from، this diversity brings creativity، creativity brings clients، clients bring profits، and profits bring prosperity." Mr. Ziad Sheikh، UN Women Jordan Representative.

On the sidelines of the celebration، two discussion sessions were held on the role of women in supporting the economy and the determinants of women's participation and the importance of enabling them to participate actively in economic activities.

The first session entitled "What Does Gender Inequality Cost Us Economically?" was attended by H.E H.E. Mrs. Suhair Al- Ali، Executive Chairman of Social Security Investment Fund، H.E. Mrs. Nadia Al Saeed، General Manager and CEO، Bank al EtihadH.E. Mrs. Taghreed Hikmat، Jordanian Senatorm H.E. Mrs. Haifa Alnajjar، Jordanian Senator and Dr. Thogan Obadiah and the session was moderated by Dr. Jawad Al Anani، Chairman of the ASE.

The second panel discussion was about "The Impact Of Sustainability Diversity On Companies Performance" was attended by Mr. Yahya Al Husseini، Corporate Governance Officer IFC Member of the World Bank Group and Dr. Samer Al-Mifleh، Director of Strategic Planning and Institutional Performance Development at the General Organization for Social Security، Mr. Tareq Al Haj Hassan، Senior Vice President - Program Manager، Arab Bank، and Expert Farat Jabr from Sustenblity Excellence. The second session was moderated by Mr. Nader Azar، CEO of the ASE.

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، Women in ETFs، and it is launch in various countries around the world to celebrate International Women's Day.

The ASE Index Quarterly Review

the 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 criteria applied by many leading international index providers.

as a result of this review، (10) companies have been excluded from the index sample and other (10) companies have been added. The companies that have been excluded from the index sample were: Middle East Insurance، Jordan Decapolis Properties، Al- Sharq Investments Projects (Holding)، United Financial Investments، Alia- The Royal Jordanian Airlines Plc، Arab Phoenix Holdings، Sura Development & Investment Plc، National Cable & Wire Manufacturing، National Chlorine Industries، and The Jordanian Pharmaceutical Manufacturing.

The companies that have been added to the index sample were: Jordan Insurance، Al-Bilad Medical Services، Jordan Trade Fac، Arab Financial Investment، Ittihad Schools، Petra Education Company، Methaq Real Estate Investment، Afaq Holding For Investment & Real Estate Development Co. P.L.C، Shira Real Estate Development & Investments، Ibn Alhaytham Hospital Company.

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 (100) 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 (92.6%) of the total market capitalization of the companies listed at the ASE. The free float market capitalization of the index constitutes represents (95.3%) 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 April 2018. Interested parties can access to the constituents of the index with the new weights through the following link:

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

Student Delegations Visit ASE

The Amman Stock Exchange (ASE) received students' delegation from University of Jordan and AL ITTIHAD  School، Awareness and Public Relations Department، presented a 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. Also Operations and Dissemination of Information Division at Listing and Operations Department presented a live trading session and an explanation on the main features of the applied electronic trading system at the ASE.

 

February

Issuance of the brochure "The Electronic Disclosure System using XBRL"

In light of  Jordan Capital Market Institutions keenness to apply the latest international practices in the financial markets. In this regard, the ASE started in cooperation with Jordan Securities Commission (JSC) in 2016 applying the Electronic Disclosure System project using XBRL language in Jordan Capital Market.

the project of "Electronic Disclosure System" in Jordan capital market is a vital and important project and serves all related parties, where this project will make a paradigm shift in the disclosure of financial and nonfinancial data of the companies and it will develop the process of accessing all disclosures, and thus will improve the disclosure and transparency level in the market and increase the speed of access to the required information. The system also provides information in both Arabic and English, note that this project is expected to be applied by the end of the year.

In addition  to, in order to increase the awareness of the listed companies and all other related parties of the ''Electronic Disclosure System'' and its importance, the ASE has issued - in cooperation with Jordan Securities Commission (JSC) - a brochure on ''Electronic Disclosure Using XBRL Language '', where this brochure contains the most important information related to the electronic disclosure such as: the importance of the electronic disclosure system, the benefits of XBRL language like reliability, flexibility and efficiency ... etc. Furthermore; the brochure displays the most important data which will be disclosed through XBRL, and the mechanism of operation of the system.

It's worth mentioning that those who are interested in "The Electronic Disclosure System using XBRL" can view/find it on the ASE website within the library and publications section. 

 

January

H.E Dr. Anani Meets Representatives of Brokerage Firms

The Chairman of the Board of Directors H.E Dr. Jawad Al Anani، in the presence of the Executive Management of the ASE met representatives of brokerage firms to discuss issues related to securities sector and the ways to activate the market.

At the beginning of the meeting،  Dr .Anani welcomed and thanked them for attending the meeting. He also explained that this meeting is part of a series of meetings held by ASE. Where the ASE started its meeting with the Jordan Strategies Forum to discuss the recommendations of the study ( ASE:  The way forward)  followed by a meeting in TAG group and a meeting in the Association of Banks to encourage banks to increase their investments in ASE and to be the market leadership،  as well as individual meetings with a number of institutional investors.

Dr. Anani stressed on the collaboration of all parties to activate the market add to that the brokerage firms responsibility in attracting local and global investors and invest to the stock market alongside with the Capital Market Institutions and other related parties through promoting  the profession of brokerage firms  and research and studies on listed companies to facilitate investors in making their investment decisions.

As the attendees agreed on the need of increasing the available tools and investment alternatives to investors such as mutual funds، Islamic Sukuks and ETFs

The attendees also asked for amending the tax law by introducing broad amendments in order give investors incentives for dealing with and attracting foreign investments on the other hand، and to reduce or eliminate taxes on capital gains by treating investment companies the same treats of individuals in capital gains.

 

ASE participates in the Disclosure، Transparency ،Environmental، Social and Governance (ESG) Integration in Emerging Markets Initiatives.

Amman Stock Exchange represented by the CEO، Mr. Nader Azar participated in the roundtable discussion on Disclosure and Transparency and the Environmental، Social and Governance (ESG) Integration in Emerging Markets which was organized in collaboration with the UN Sustainable Stock Exchanges Initiative and hosted by the London Stock Exchange Group on January 24، 2018.

Important issues were discussed during the meeting related to enhancing sustainability in the financial sector and the development of the strategies to identify the importance of implementation the best practices of sustainability، as well as involving all actors such as institutional investors، individuals، financial services companies and financial market regulators to urge listed companies in sustainability principles.

Mr. Azar presented the positive results of adopting the principles of sustainability in the financial markets، also discussed the pioneering steps of the ASE in this field، such as the issuing  of two publications on sustainability and organizing the third year in row the annual celebration of the Jordan's Gender Equality Initiative in collaboration with the International Finance Corporation (IFC)، following with  signing  an agreement with a leading company to enhance the commitment to sustainability in listed companies، in addition to the ASE  intent to prepare a guide for sustainability in the coming period، up to the ASE first issuance of sustainability report in 2020.

It is worth mentioning that this event has witnessed more than (60) attendees representing a number of decision makers in the government، and CEOs of many leading financial institutions capital markets. ASE has joined this important initiative launched by the Secretary-General of the United Nations in March 2016. Constituting of 68 members worldwide to increase the transparency and commitment of listed companies to Social and environmental responsibility and corporate governance issues.

 

.Signing an agreement with Vardot Company to Develop the ASE Website

Amman Stock Exchange (ASE) and Vardot company for Digital Business Solutions have signed an agreement to redesign and update the ASE website both in Arabic and English. On behalf of the ASE،the agreement was signed by Mr. Nader Azar the CEO of the ASE، and on behalf of Vardot،Mr. Mohammed Razem the CEO of Vardot

 Mr. Azar said that the new design and update for the ASE website comes in line with the ASE strategic plan for the years 2018-2020، to develop the technical environment،enhance the investment environment by making the ASE website more attractive user friendly for investors and researchers

Mr. Al-Razzim expressed his gratitude for the selection of Vardot to update and design the new website، and ASE belief in Vardot capabilities to promote a long-term partnership between the two companies. Where Vardot proved its global capacity as one of the top 10 companies in the world in providing portal solutions، websites، content management systems and digital interaction using the Open Source Drupal platform