Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th February 2015).
The RSISX index ended the week at ID1,292 (-0.1%) / $1,355 (-1.0%) (weekly change) ) (-7.2% and -8.6% YTD change, respectively). The number of week traded shares was 28.1bn and the weekly trading volume was IQD25.9bn ($20.9mn).
ISX Company Announcements
- The Central Bank of Iraq (CBI) announced that according to its tasks and responsibilities in supporting and developing the Iraqi economy, CBI made several decisions: 1) Approving appointment of a representative of the private banks in the Board of directors of the CBI. 2) Approving to cover the banks’ accounts abroad with the US dollar to meet clients’ imports and other necessities without the need to participate the currency auctions in the CBI. The CBI will control those operations through a simplified and transparent mechanism. The CBI will develop a plan to improve the capacities and capabilities to activate the letters of credit instead of the current method and coordination with banks. 3) Expediting the legislation of the Deposit Insurance Act. 4) Recommending the government and the state’s institutions to accept checks issued by private banks as well as the receipt of taxes and fees for the government. 5) Forming a committee to restructure the interest ratio to expand the provision of credit and liquidity.
- AL-Badia for General Transportation (SBAG) will hold its AGM* on Mar. 1, 2015 to discuss and approve 2013 annual financial results, closing the deficit from the available reserves and amending the first and third article of incorporation by changing the company name to “AL-Badia for Trading and General Transporation”. ISX will suspend trading of SBAG starting on Feb. 22.
- AL- Kindi of Veterinary Vaccine (IKLV) will hold its AGM* on Feb. 25, 2015 to discuss and approve 2013 annual financial results, increasing its capital from IQD5.40bn to IQD5.94bn through 10% bonus issue and electing new board members. ISX will suspend trading of IKLV starting on Feb. 18, 2015.
- National Islamic Bank (BNAI) had completed the listing and depositing procedures; therefore shares of National Islamic Bank (BNAI) will start trading on Feb. 19, 2015. The share price will be unrestricted for the first trading session. The share price will be determined after that session. The minimum and maximum share prices (high/low) during the sessions will be +/-10% of the average share price in the last session.
- Al-Ahlyia for Agricultural Production (AAHP) will hold its AGM* on Feb. 10, 2015. ISX will suspend trading of AAHP starting on Feb. 8, 2015.
- Shares of Sumer Commercial Bank (BSUC) resumed trading on Feb. 4, 2015 following the AGM* held on Jan. 28, 2015.
- A cross transaction occurred on IQD24.75bn National Bank of Iraq (BNOI) shares on Feb. 4, 2015, corresponding to 9.9% of BNOI capital. The seller was Capital Bank of Jordan and the buyer was Cairo Amman Bank. According to our calculations, the share of Capital Bank of Jordan in BNOI decreased from 61.9% to 52.0% after that cross transaction.
- CBI Board of Directors decided on its session no. (1518) dated on Jan. 12, 2015 to extend the time limit to two years (2015-2016) for the money transfer companies to reach IQD45bn capital. These companies will increase the capital to IQD30bn till June 30, 2015 and to IQD45bn till June 30, 2016.
- According to the letter (No: 2339, Date: Jan. 27, 2015) issued by the Registrar of Companies and published by ISX on Sunday, following investment shares of AL- Kindi of Veterinary Vac. (IKLV) were blocked: AMAP (89,800,000), AIPM (30,101,608), IHLI (131,984,391), SILT (1,562,239), INCP (347,668) and IBSD (8,843,446).