Iraqi Stock Market up 12% in 2 Weeks

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th Jan 2017).

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

The RSISX index ended the week at IQ1072 (+7.1%) / $1062 (+7.1%) (weekly change) (+11.7% and +12.2% YTD change, respectively). The number of week traded shares was 21.5bn and the weekly trading volume was IQD13.1bn ($10.0mn).

ISX Company Announcements

  • According to the letter published by the CBI (dated back on Dec. 27, 2016), the electronic system for dollar distribution and the principles and standards for foreign currency purchase of the banks and money transfer companies were applied and used starting Jan. 2, 2017. The CBI’s aim is to ensure effective monitoring and commitment to money launder laws and monitor terrorism financing and requirements of auditing the purchase and sale of dollars. According to the letter sent by the CBI to Iraqi banks (dated back on Dec. 29, 2016), a study was made to evaluate banks based on the standards for the foreign currency purchases and give a rating to them based on seven criteria that have different weights and total 100 points. It was stated that banks that have less than 17% of the points set for the criteria have to fix the problems related with that criteria within three months or will be suspended from participating in the currency auctions.
  • Iraqi Land Transport (SILT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
  • International Islamic Bank (BINT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
  • Al-Ameen Financial Investment (VAMF) will hold AGM* on Jan. 17, 2017 to discuss and approve 2015 annual financial results and increasing its capital through 50% rights issue to IQD1.5bn. ISX suspended trading of VAMF starting on Jan. 12, 2017.
  • New shares of Zain Al-Iraq Islamic Bank for Investment (BZII) from the capital increase to IQD250bn through 150% rights issue resumed trading on Jan. 12, 2017.
  • Al-Arabiya Islamic Bank (BAAI) resumed trading on Jan. 12, 2017 after fulfilling ISC disclosure requirements. The company stated that it was converted into a bank from a money transfer company, so there was no activity in 3Q16.
  • A cross transaction occurred on 8.5bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 11, 2017, which represents 3.4% of BMFI capital.
  • Ready Made Clothes (IRMC) resumed trading on Jan. 10, 2017 after discussing and approving 2015 annual financial results and covering 50% of the deficit of 2015.
  • Asiacell (TASC) will hold AGM* on Jan. 19, 2017 to discuss and approve 2015 annual financial results. ISX suspended trading of TASC starting on Jan. 9, 2017.
  • The custodian committee assigned by the CBI over Dijlah & Furat Bank for Development (BDFD) replied ISX on Jan. 8, 2017 that the committee is currently managing the bank according to CBI instructions.
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