Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th February 2014).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at ID1,888 (-2.5%)/ $2,005 (-2.5%) (weekly change). The number of week traded shares was 11.2bn and the weekly trading volume was ID26.6bn ($21.8mn).

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Company Announcements

  • Kurdistan Bank (BKUI): B/S – FY13 (Assets: IQD1,077bn, -7% q/q (+4% y/y), Monetary Credit: IQD162bn, +35% q/q (+88% y/y), Deposits: IQD564bn, -16% q/q (-2% y/y), P&L (annual) – FY13 (Estimated NBI: IQD55.3bn, +7% y/y, Operating Profit: IQD41.3bn, +4% y/y, Profit Before Tax: IQD42.8bn, +7% y/y). P&L (Quarterly) – 4Q13 (Estimated NBI: IQD7.1bn, -74% q/q (+599% y/y), Operating Profit: IQD2.2bn, -91% q/q (vs IQD4.6bn Operating Loss in 4Q12), Profit Bef. Tax: IQD3.0bn, -88% q/q (vs. IQD5.2bn Loss Before Tax in 4Q12).
  • Elaf Islamic Bank (BEFI): B/S – FY13 (Assets: IQD268bn, +1% q/q (-30 y/y), Monetary Credit: IQD62.4bn, +82% q/q (+33% y/y), Deposits: IQD67.2bn, +12 q/q (-45% y/y), P&L (annual) – FY13 (Estimated NBI: IQD17.1bn, -8% y/y, Operating Profit: IQD11.1bn, -14% y/y, Profit Before Tax: IQD9.3bn, -26% y/y). P&L (Quarterly) – 4Q13 (Estimated NBI: IQD6.0bn, +96% q/q (+12% y/y), Op. Profit: IQD3.1bn, +66% q/q (-1% y/y), Profit Bef. Tax: IQD3.0bn, +71% q/q (-6% y/y).
  • According to the CBI letter published on Feb. 17, 2014, CBI will not ban any bank from FX auctions even if they didn’t reach IQD250bn paid-in capital, because all banks have showed a serious effort to increase their capital. This decision is excluding the banks that have been banned for other reasons. (Please note, CBI didn’t give a list of these banks in the letter. In addition, the target capital set by the CBI for private banks with a deadline of June-end 2013 was IQD250bn.)
  • Iraqi for Seed Production (AISP) will hold its AGM* on Mar. 16, 2014 to discuss 2013 annual financial results, electing new board members, increasing its capital through 15% bonus issue, distributing 50% cash dividend (IQD0.50 price per share) and allocating 15% of the profit to cover the last year’s deficit. ISX will suspend trading of AISP starting on Mar. 9, 2014.
  • Original shares of Babylon Bank (BBAY) will resume trading on Feb. 23, 2014 after the decision to increase its capital from IQD150bn to IQD250bn through 3.18% bonus and 63.48% rights issues. The opening price will be IQD0.77 per share with +/- 50% limit for the first session.
  • Original shares of Mosul Bank (BMFI) resumed trading on Feb. 20, 2014 after the decision to increase its capital from IQD202bn to IQD252.5bn through 25% bonus issue.
  • AL- Batek For Financial Investments (VBAT) will hold its AGM* on Feb. 27, 2014 to discuss 2012 annual financial results, distributing cash dividend and electing new board members. ISX suspended trading of VBAT starting on Feb. 20. Please note, VBAT is trading in non-regular market.
  • New shares of Credit Bank of Iraq (BROI) from the capital increase to IQD250bn through 13.3% bonus and 53.3% rights issues resumed trading on Feb. 19, 2014.
  • Al-Mansour Bank (BMNS) will hold its AGM* on Feb. 25, 2014 to discuss 2013 annual financial results and distributing cash dividend. ISX suspended trading of BMNS starting on Feb. 18, 2014.
  • Original shares of Economy Bank (BEFI) resumed trading on Feb. 18, 2013 after the decision to increase its capital from IQD150bn to IQD250bn through 53.3% rights and 13.3% bonus issues.
  • A cross transaction occurred on IQD4.7bn Kurdistan International Bank (BKUI) shares on Feb. 17, 2014. This represents 1.6% of BKUI capital.
  • Subscription on 100bn Iraqi Middle East Bank (BIME) shares started on Feb. 16, 2014 to increase the capital through rights issue.

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