Amman Stock Exchange Daily Report - 16 March

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1. Amman Stock Exchange 16-Mar-17 Close AMMAN SE GENERAL INDEX 2 ,237.26 % Change Year-to-Date (YTD) 0.51% 3.09% Daily Volume (shares) 5,852,610 6 MONTHS INDEX PERFORMANCE 2,240 2,220 2,200 2,180 2,160 2,140 2,120 2,100 2,080 2,060 2,040 Best/Worst Performing Companies Best Performers ARAB POTASH/THE UNION TOBACCO & CIGARETTE JORDAN PHOSPHATE MINES JORDANIAN EXPATRIATES INV HL UNION LAND DEVELOPMENT CORP % Change 7.47 7.46 7.14 6.67 5.00 Top Traded Companies by Value AL EQBAL CO FOR INVESTMENT P ARAB BANK PLC SPECIALIZED INVESTMENT COMPO RUM TOURIST TRANSPORTATION C UNION LAND DEVELOPMENT CORP * Source: Bloomberg Worst Performers ARAB EAST FOR REAL ESTATE IN DEERA INVESTMENT & REAL ESTA AL SANABEL INTERNATIONAL CO ISRAA ISLAMIC FINANCIAL UNITED IRON & STEEL MANUFACT % Change (2.92) (3.23) (4.39) (4.44) (4.95) Top Traded Companies by Volume Value traded (JOD) 2,400,211.00 1,325,543.00 759,213.40 568,080.30 554,517.90 Volume traded (Shares) FUTURE ARAB INVESTMENT CO 791,176 SPECIALIZED INVESTMENT COMPO 663,227 RUM TOURIST TRANSPORTATION C 637,971 AL-TAJAMOUAT FOR CATERING HS 531,348 UNION LAND DEVELOPMENT CORP 225,547
2. Macroeconomic & Corporate News Interest rate hike triggers debate among economists The Central Bank of Jordan's (CBJ) recent decision to increase the interest rate once again in less than one month has triggered a debate over its impact, with economists split between its possible negative effect on investment flow and maintaining monetary stability. Starting Sunday, March 19, the main interest rate and the interest on finance policy tools will be raised by 25 basis points, following a decision by the CBJ's open market operations committee. The decision was taken in line with the regional and international monetary markets' interest rates changes, to preserve the financial and monetary stability of the Kingdom including the stability of prices, the bank stated. While officials have said that raising the interest rate is meant to increase the attractiveness of deposits in dinar, economists retorted that it would increase the prices of products and services and negatively affect investments. “The hike in interest prices affects the borrowing and lending activities, resulting in higher prices of goods and services because the interest rate is a main factor that influences the cost of money,” Ad-Dustour’s economist Khaled Zubaidi told The Jordan Times on Saturday. Jordan, Saudi Arabia to inaugurate business coordination council In coincidence with the upcoming visit of Saudi King Salman Bin Abdulaziz to the country, Jordan Chamber of Commerce will inaugurate a permanent office of the Saudi-Jordanian business coordination council at the chamber’s headquarters to further strengthen business relations between the two countries. In April 2016, in the Saudi capital city of Riyadh, His Majesty King Abdullah and the King of Saudi Arabia witnessed the signing of the minutes, stipulating the establishment of the council; a step deemed necessary to pave the way for further business cooperation. US’ OPIC invests further $600 million in Jordan, $1 billion in total The US Overseas Private Investment Corporation (OPIC) has allocated around $600 million to support development projects in Jordan, within the public-private partnership, the Ministry of Planning and International Cooperation said on Thursday. The funding was announced during a meeting between Planning Minister Imad Fakhoury and the US agency’s Managing Director Structured Finance Nancy Rivera to discuss projects funded by the agency in Jordan, which has invested around $1 billion in the Kingdom. During the meeting, Fakhoury showcased priority development projects, including the Red Sea-Dead Sea Water Conveyance Project (Red-Dead), the Amman civil airport rehabilitation project and several projects to process solid waste and generate energy, in addition to renewable energy, green economy, transportation and water projects, a statement from the ministry said. * Source: Bloomberg, Jordan Times, Zawya Disclaimer Awraq Investments and its affiliates obtain information from sources they believe to be reliable, but do not warrant its accuracy or fitness for a particular purpose, and disclaim for themselves and their information providers all liability arising from the use. The Information in this publication is provided in good faith for informational purposes only. The information provided is not offered as tax, legal, or investment advice, or an offer to buy or sell securities or otherwise. The information provided in this publication may be displayed and printed for your personal, non-commercial use only. You may not reproduce, re-transmit, distribute, disseminate, sell, publish, broadcast, or circulate the information in any form or media to anyone, without the expressed written consent of Awraq Investments. Awraq Investments is not liable for any loss resulting from any action taken or reliance made by any person on any information or material posted by it. You should make your own inquiries and seek independent advice from relevant industry professionals before acting or relying on any information or material made available to you in this publication. You rely on this information at your own risk. Awraq Investments, its subsidiaries, parent, and/or any connected parties, may act or trade and/or enter into any transaction that maybe inconsistent or disregard any information contained herein.