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However, more important than the index's rise is that the current ascent appears more linked to improved profits, liquidity, and economic activity, rather than just short-term speculation.
Recent trading data shows a relative broadening of the upward base, with financial, industrial, and service sectors recording simultaneous gains, while trading volumes improved and liquidity in the market increased.
This gives a more positive indication than the price increase in a limited number of leading stocks, although the Amman Stock Exchange is still largely influenced by the movement of major companies.
The growth of profits of listed companies is one of the most prominent supporting factors, as the profits of companies returned to shareholders during the first half of the year increased by about 14.3% to reach about 1.2 billion dinars, with a noticeable growth in the services, industry, and financial sectors.
The value of trading and the average daily trading also increased compared to the same period last year, indicating a clear improvement in market activity.
It is noted that the pace of profit growth has become closer to the pace of the index's rise, after the gap between them was wide during 2025, when stock prices recorded much larger increases than profit growth, which means that part of the reevaluation witnessed by the market has begun to find greater support from the actual performance of companies.
Conversely, the picture is not without factors that deserve attention, as non-Jordanian investment recorded net selling over several consecutive months, despite the continued rise in the market, indicating that local liquidity played an important role in absorbing external flows.
Also, the recent increase in interest rates is a constraining factor, either through the higher cost of financing or the increased attractiveness of fixed-income instruments compared to stocks.
After the significant gains achieved over the past two years, the market seems to be entering a phase where the index's rise alone will not be sufficient to judge the attractiveness of investment, but the ability of companies to achieve real profit growth, and maintain stable dividends and strong cash flows, is the most important factor in determining the direction of stocks in the coming phase.
The Amman Stock Exchange has made significant progress in regaining momentum and confidence, while the most important indicators for judging the ability of the Amman Stock Exchange to continue its ascent are the results of companies for the first nine months, the direction of foreign investment, liquidity levels, and the course of interest rates, along with local and regional economic and political developments.
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