Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th Feb 2016).
The RSISX index ended the week at IQD934 (-2.7%) / $958 (-3.5%) (weekly change) (-14.4% and -16.4% YTD change, respectively). The number of week traded shares was 17.4bn and the weekly trading volume was IQD11.1bn ($8.8mn).
ISX Company Announcements
- According to the current ISC instruction #2 of 2015 (Item 1), the suspension date of publicly traded companies’ shares was changed. The current instruction stated that shares of companies are suspended from trading three sessions before the date of the AGM instead of a week.
- Al-Mansour Bank (BMNS) will hold its AGM* on Mar. 9, to discuss and approve 2015 annual financial results. ISX will suspend the trading of BMNS starting on Mar. 6, 2016.
- Iraqi Cartoon Manufactories (IICM) will hold its AGM* on Mar. 1, 2016 to discuss and approve 2013 and 2014 annual financial results and covering the war deficit of IQD5.0mn. ISX suspended the trading of IICM starting on Feb. 25, 2016.
- Mosul Bank for Development and Investment (BMFI) resumed trading on Feb. 25, 2016 after discussing and approving 2014 annual financial results.
- Two cross transactions occurred on 12.0bn shares of Elaf Islamic Bank (BELF) on Feb. 25 and Feb. 24, 2016. These transactions represent 4.8% of BELF capital.
- Sama Baghdad Finance Transfer (MTSB) is attempting to fulfill CBI instructions for the money transfer companies to increase their capital to minimum IQD100bn and reform them into a bank. With the registrar approval on Jan. 11, 2016 for the new capital of IQD100bn, the ISX board of governors decided the following steps: 1) ISX stopped trading on MTSB shares on Feb. 22, 2016. 2) IDC will withdraw the shares of MTSB. 3) A new ISIN code will be assigned for the new company. 4) The shares for the new bank will be relisted in the banking sector upon completing the procedures, according to the new listing procedures.