A Fourth Jordanian Company, Jordan Phosphate Mines, Enters the Morgan Stanley Frontier Market Index
Morgan Stanley International company announced the entry of new companies, including the Jordan Phosphate Mines Company, to its Morgan Stanley Frontier Markets Index 100 MSCI FM100, which includes more than one hundred companies listed on a number of stock exchanges, including Amman Stock Exchange.
The CEO of Amman Stock Exchange (ASE), Mazen Al-Wathaifi, said that within the quarterly periodic review that took place during August 2021, which was implemented by Morgan Stanley for the constituents of this index, a new Jordanian company was added to the companies in the index, which is the Jordan Phosphate Mines Company, and thus the number of Jordanian companies represented in this index will be four companies; the Arab Bank, the Jordan Islamic Bank, the Jordan Petroleum Refinery Company and the Jordan Phosphate Mines Company, as of today, Wednesday, 01/09/2021.
Mr. Wathaifi added that the addition of new companies in this index requires them to fulfill a set of basic requirements for this index, which are related to liquidity, market capitalization and tradability.
He added that the presence of a number of Jordanian companies represented in this index and other international indices is a positive sign and an opportunity to drive more liquidity into the local market; which enhances the position of ASE locally and regionally and will be reflected on its performance and helps in enhancing investor’s confidence in the local market.
It is worth mentioning that ASE joined the Refinitiv Index for low carbon companies in the Middle East and North Africa region (Refinitiv AFE Low Carbon Select) in October 2020, which is an innovative index for measuring corporate governance and sustainability practices that are related to the environmental and social contributions for listed companies, which provides the necessary information for investors and investment funds who intend to allocate capital and invest in companies that are concerned with governance applications and environmental preservation issues in managing their businesses, and that is in light of escalating interest in such information at the global level.