ASE up 0.61% following stimulus announcement

AMMAN — Following Prime Minister Bisher Al-Khasawneh’s announcement of stimulus procedures and programs aimed at curbing the impacts of the COVID-19 pandemic, the Amman Stock Exchange (ASE) index rose by 0.61 percent to 1,772.26 points.

The positive news was released after Khasawneh on Wednesday announced that the Council of Ministers would embark on a set of stimulus measures and programs valued at JD448 million, in a bid to alleviate the repercussions of the pandemic.

The premier, during a press conference following Wednesday’s Cabinet session, said that the number is large and less than what the government can bear, stressing that these procedures will not contribute to increasing the general budget deficit.

The ASE’s administration is planning to conduct the periodic quarterly review for companies listed on the market to choose a random sample for the ASE index.

This step aims to guarantee that the index reflects the performance and activities of the market in an accurate way. Under this review, companies’ activities are assessed for their last quarter.

ASE total trading volume on Wednesday stood at JD11.8 million with 9.1 million shares traded through 3,836 contracts.

At the sector level, the index for the industrial sector rose by 2.09 percent, the financial sector witnessed an increase of 0.38 percent, and the service sector’s index rose by 0.37 percent.

The bourse also commended banks’ announcement of the JD275 million Jordan Capital and Investment Fund. The fund is the largest investment fund in the history of the Kingdom, and is scheduled to embark on actual investments in promising companies within two months, after completing administrative and technical preparations.

Specialized committees and teams will be formed to choose and assess targeted companies and other administrative issues.

Meanwhile, the Department of Statistics announced the preliminary results of quarterly GDP estimations for the fourth quarter of 2020.

The report showed a drop of 1.6 percent during the fourth quarter of 2020 compared to the same period of 2019, where the rate stood at 2.1 percent.

The decline in GDP in the market fixed price stood at -1.6 percent in 2020, compared with 2 percent in 2019.

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