Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2015).

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

The RSISX index ended the week at ID1,058 (+2.9%) / $1,110 (+2.9%) (weekly change) ) (-24.0% and -25.1% YTD change, respectively). The number of week traded shares was 19.6bn and the weekly trading volume was IQD15.4bn ($12.4mn).

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ISX Company Announcements

  • According to ISX letter no. 542 dated on Mar. 11, 2015 sent to Al- Mu’tamin Company For Money Exchange to complete the listing procedures, ISX asked the company to finish the listing and registering procedures which will be followed by the depositing procedures in order to start trading.  The requirements to start trading: 1) Paying the listing fee. 2) Paying of the annual allowance. 3) Signing an agreement of the register of shareholders’ book with Iraqi Depository Center and starting the depositing procedures.
  • According to ISX letter no. 543 dated on Mar. 11, 2015 sent to Ataa Al-Garri Co. For Money Transfer (MTAG) to complete the listing procedures, ISX asked the company to finish the listing and registering procedures which will be followed by the depositing procedures in order to start trading. The requirements to start trading: 1) Disclosing 2014Q1, 2014Q2 and 2014Q3 financial results. 2) Paying the listing fee. 3) Paying of the annual allowance. 4) Signing an agreement of the register of shareholders’ book with Iraqi Depository Center.
  • ISX Board of Governors decided to hold its Annual General Assembly Meeting on Apr. 4, 2015 to discuss and approve 2014 annual financial results, modifying ISX bylaw (nominate one of the board of governers members as Vice Chairman) and electing new board of governers members.
  • AL-Nukhba for Construction (SNUC) will hold its AGM* on Mar. 25, 2015 to discuss and approve 2013 annual financial results, increasing the capital through rights issue and distributing cash dividend. ISX will suspend trading of SNUC starting on Mar. 18, 2015.
  • Modern Paint Industries (IMPI) will hold its AGM* on Mar. 23, 2015 to discuss and approve 2013 annual financial results, reconsidering the investment file of the company which was discussed last year, closing the deficit from the available reserves and electing new board members. ISX will suspend trading of IMPI starting on Mar. 15, 2015.
  • Al-Mansour Bank (BMNS) will hold its AGM* on Mar. 22, 2015 to discuss and approve 2014 annual financial results, distributing cash dividend and electing new board members. ISX will suspend trading of BMNS starting on Mar. 15, 2015.
  • Babylon Bank (BBAY) will hold its AGM* on Mar. 21, 2015 to discuss and approve increasing the capital from IQD178.9bn to IQD250bn through rights and bonus issues.
  • Electronic Industries (IELI) will hold its AGM* on Mar. 19, 2015 to discuss and approve 2012 & 2013 annual financial results. ISX suspended trading of IELI starting on Mar. 12, 2015.
  • Iraqi Agricultural Prod. Marketing Meat (AIPM) will be suspended from trading starting Mar. 15, 2015 if the company fails to explain why the prices have touched the upper limit in the last two trading sessions (Mar. 11th – Mar. 12th).
  • Depositing procedures for the listing of Al- Muhej For Money Transfer (MTAM) started on Feb. 19, 2015. Shares of MTAM started trading on Mar. 12, 2015.
  • According to the letter from the General Company of Cement-South to Ministry of Mineral, the liquid and illiquid fixed assets of the Union Bank (BUOI) was blocked, corresponding to an amount of IQD1.2bn, against two performance bond issues by this bank which haven’t been paid yet.
  • Trans Iraq Bank for Investment (BTRI) sent a letter to ISX dated on Mar. 9, 2015 about the disclosures of the lawsuits: 1) Lawsuit filed by State Trading Company for Construction Materials (STCCM) against BTRI for an amount of IQD37bn is still continuing. 2) Three lawsuits filed by BTRI are valued at IQD559mn in total (BTRI won two of them corresponding to IQD484mn, while one of them is still continuing). ISC decided to postpone BTRI’s opening for trading until the bank provides the financial disclosures for the periods; 2014Q1, 2014Q2 and 2014Q3. BTRI was planned to open for trading on Mar. 8, 2015.
  • A cross transaction occurred on IQD13bn Gulf Commercial Bank (BGUC) shares Mar. 8, 2015. This represents 4.3% of BGUC capital. The seller was Mediator Company for Financial Investment and the buyer was Babel for Flight Services Company.

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