AMMAN — The Amman Stock Exchange (ASE) said it is witnessing its most robust bull run in over a decade, with double-digit gains across all indices and trading volumes reaching levels not seen since before the 2008 global financial crisis.

 

Data released on Saturday by the Jordan Securities Commission (JSC) show that the ASE’s total market capitalisation surged by 26.3 per cent in the first seven months of 2025, reaching JD22.3 billion, up from JD17.65 billion at the end of 2024, “the highest valuation since 2010.”

 

Average daily turnover jumped by 83.2 per cent year-on-year to JD7.58 million, reflecting a “significant uptick in investor appetite and a notable improvement in market liquidity,” according to JSC.

 

The industrial sector led the rally, with its market value rising by 42 per cent to JD9.19 billion, buoyed by strong earnings from extractive industries, particularly phosphate and potash producers. Financial stocks grew by 21 per cent to JD10.45 billion, driven by heightened activity in banking and investment firms. Meanwhile, the services sector recorded a modest gain of 4.2 per cent, reaching JD2.64 billion.

 

Trading activity was particularly vigorous in industrial shares, where turnover more than doubled (+130 per cent). Financial stocks followed with a 76 per cent increase, while services climbed by 66 per cent. The spike in transactions has bolstered brokerage revenues and deepened the secondary market, further strengthening institutional investor confidence.

 

At the index level, the ASE General Index (ASEGI) closed July at 2,914.79 points, up 92 per cent from its pandemic-era low of 1,551.37 in late 2020 – the highest reading since 2009. The industrial index remained the main growth driver, while financials continued their steady upward trajectory and services consolidated previous gains.

 

JSC has attributed the market rally to a combination of structural reforms and strong fundamentals. “Under the government’s Economic Modernisation Vision, regulatory enhancements have been introduced, including updated licensing and solvency standards for financial institutions, stricter disclosure requirements, and fintech initiatives such as the national e-wallet system.”

 

The commission said such policy shifts, besides improved corporate earnings, have increased regional demand for Jordanian exports and have thus drawn fresh capital inflows into the market.

 

The JSC signalled further upside potential, citing continued macroeconomic stability, upcoming infrastructure upgrades, and the planned introduction of new financial instruments.

 

“The capital market will remain a key funding channel for corporates, a magnet for foreign and institutional investors, and a catalyst for economic growth and job creation,” the commission said.