|10-08-2014, 01:58 PM||#1|
Amman Stock Exchange conducts review of listed companies
The Amman Stock Exchange (ASE) undertook a quarterly review of all traded companies on the benchmark to reshuffle the listed companies, said executive director Nader Azaar on Tuesday.
Under the review, the activity of companies in Jordan was monitored for the last quarter and companies were chosen through applying certain criteria endorsed by the ASE, namely the number of trading days and the company’s market value.
The restructure is aimed at ensuring the benchmark accurately reflects the market’s performance and activity.
According to Azaar, seven companies were removed from the review’s sample and seven others replaced them.
In September, the ASE exhibited no notable moves and declined 0.8%, highlighting the pressures that have been reflected on the ASE’s listed companies.
A notable issue was the ASE’s top company by market capitalization, the Arab bank, which took a heavy hit on September 22, after an American civil lawsuit declared the bank guilty for financial support of terrorism.
The 7% decline on the bank’s share price the day after the verdict hinted that a final judgment against Arab Bank could have troubling implications for Jordan’s banking industry.
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