They say the only two things anyone ever really knows about a stock are the price and the ticker symbol. In Iraq, this is true to such an extent that it’s difficult even to adjust old record high prices for corporate actions like rights and bonus share issues. A stock could be making new highs and you might not even know it.
In the absence of coverage by data providers like Bloomberg, the ISX website is the only online source of historical price data. But while most of the old (unadjusted) highs seem to have been hit in 2004 -2005 (before the sectarian civil war), for many companies the ISX only has prices going back to 2009. And as the site does not provide capital histories, these have to come from other sources.
One place to look for them is in Rabee Securities’ company reports (available at http://www.rabeesecurities.com/research_reports), which this year began to give details of cash dividends and rights and bonus share issues going back to 2005. Of the companies for which they have included this information so far, I found eleven for which the ISX also has 2004-2005 data—a small sample but better than nothing. (See chart. Prices are current though November 1.)
So how much upside is there to the adjusted old highs? If the pre-insurgency peaks are revisited, you would make 7.7 to 12.5 times your money in the industrials (INCP, IBSD, and IMPI) 1.3 to 5.3 times your money in the banks (BDSI, BWAI, BMFI, BIME, BBOB, BGUC, and BCOI), and a 37% loss in the single insurance company in the sample (NDSA), which has been in record territory since October 14.