Amman, July 15 (Petra) – The capital market is experiencing a major
“qualitative” transformative phase, driving the Amman Stock Exchange
(ASE) to performance levels not seen in nearly two decades, the
Jordan Economic Forum (JEF) said in a report on Wednesday.

It showcased that surging market capitalization, increased liquidity,
and rising stock indices have boosted investor confidence, aligning
with Jordan’s Economic Modernization Vision (EMV) to deepen the
financial sector.

The market value of listed companies reached a historic high of
JD30.5 billion by the end of May 2026, representing a 56% surge,
compared to the JD19.5 billion recorded during the same period in
2025. This marks the first time the exchange has crossed the
JD30billion threshold, eclipsing its previous record of JD29.2
billion set in 2007, it said.

The expansion occurred even as the number of listed companies fell
from 162 to 155, according to the report, proving the market’s gains
stem from improved corporate valuations and deeper liquidity rather
than new listings. The surge pushed Jordan’s market-cap-to-GDP ratio
to 69.7%, up from 51.5% a year earlier, while the average value of
traded shares rose from JD1.9 to JD2.9, the figures showed.

Global commodity shifts pushed the industrial sector to the forefront
of the Kingdom’s market restructuring, leaving its phosphate and
potash giants in control of 42.5% of the exchange’s entire value.
This growth is anchored by stable local and regional capital, with
Jordanians owning 53.7% of the market, Arab regional investors
holding 29.6%, and international investors making up the remaining
16.7%, according to the report.

Trading value during the first five months of 2026 nearly doubled
year-over-year to JD1.279 billion, while daily average volume climbed
to JD12.9 million, up from JD8.8 million in 2025 and JD4.9 million in
2024. The financial sector drove 38% of this activity, with the
industrial and services sectors securing 32% and 30%, respectively,
it said.

Globally, the ASE’s free float market capitalization-weighted index
outperformed many regional and international peers with a 45.1% rise
in 2025, while the JEF’s momentum index has shown accelerated growth
since mid-2024.

To attract global institutional investors, the ASE is mandating
sustainability reports for flagship ASE20 firms and rolling out an
ISSB-aligned ESG disclosure framework, which becomes mandatory in
2027 after an optional run in 2026.

Sustaining this momentum, according to the JEF, will require listing
major state projects and large family-owned companies, developing
bond and Sukuk markets, and driving digital transformation alongside
retail financial education.

//Petra// HA