Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th December 2014).
Note: ISX will be closed during December 30, 2014 – January 6, 2015 due to the end-of-year closing operations. The next session will be held on Wednesday, January 7, 2015.
The RSISX index ended the week at ID1,390 (+1.5%)/ $1,479 (-0.3%) (weekly change) (-25.5% and -25.5% YTD change, respectively). The number of week traded shares was 23.4bn and the weekly trading volume was IQD22.7bn ($18.6mn).
ISX Company Announcements
- The Iraqi Securities Commission (ISC) had approved the Iraq Stock Exchange (ISX) board of governors’ decision to list nine money exchange companies on the ISX. The list of these companies are as the following which will be able to trade upon the completion of the procedures: 1) Al-Noor Company For Money Exchange, 2) Al-Nibal Al-Arabiya Company For Money Exchange, 3) Al-Nubala’ Company For Money Exchange, 4) Al-Rabita Al-Malia Company For Money Exchange, 5) Al-Lu’Lu’a Company For Money Exchange, 6) Al-Manafee Company For Money Exchange, 7) Al-Nahir Al-Khalid Company For Money Exchange, 8) Al-Mu’tamin Company For Money Exchange, 9) Al-Wa’il Company For Money Exchange.
- New shares of Mamoura Real Estate (SMRI) from the capital increase to IQD16.511bn through 10% rights issue resumed trading on Dec. 25, 2014
- Iraqi Islamic Bank (BIIB) announced that one of its shareholders, Aljawad For Transportation Company had bought 7.0bn shares on December 22, 2014 and reached 19bn shares, representing 7.6% of BIIB’s capital. Note that the seller was Ahmed Saad Ghanem Al Sarraf and his share in the bank decreased to 0.02% (0.059bn shares).
- Iraqi Islamic Bank (BIIB) announced that one of its shareholders, Hussain Ghanem Al Sarraf, had sold 13bn shares and his share in the bank decreased from 9.4% (23.4bn shares) to 4.2% (10.4bn shares).
- According to the letter (No: 30689, Date: Dec. 17, 2014) issued by the Registrar of Companies and published by ISX on Dec. 24, 2014, investment shares of United Bank (BUND) were unblocked (which had been blocked since Nov. 23), except its investments in BMFI (4,552,699,611 shares) and BBAY (1,134,221,349 shares) due to their $2.21mn debt to the Ministry of Oil.
- Two cross transactions occurred on IQD20.0bn Iraqi Islamic Bank (BIIB) shares on Dec. 22 and Dec. 23, 2014. These represent 8.0% of BIIB capital.
- Ali Mohsin Ismail, Governor of the Central Bank of Iraq (CBI) held a meeting on Dec. 18, with the banks’ and Money Exchange companies’ administrations to discuss the works requirements in the next stage for the cooperation to raise the role of banking and financial sector to support the Government in the current stage. The Governor confirmed that CBI continues with covering all of the transferring requirements for the purposes of import and various legitimate transactions. He pointed putting new facilities for the foreign transfers as well as currency sales.
- CBI approved the participation of Elaf Islamic Bank (BELF) in daily auctions for buying and selling foreign currency since BELF completed the procedures to increase its capital to IQD200bn, unless this bank is prohibited from buying and selling foreign currency for other reasons. BELF should increase its capital to IQD250bn by June 30, 2015 and deposit the increasing amount in CBI according to Companies Act No. 21 of 1997; otherwise CBI will deprive the bank from buying and selling foreign currency.
- Iraq Registrar of Companies approved the AGM* decisions of Middle East for Prod. Fish (AMEF) which was held on Nov. 2, 2014, including the approval of 2013 annual financial results and distributing 20% cash dividend (IQD0.20 per share).