Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th May 2017).
The RSISX index ended the week at IQD852 (-4.4%) / $877 (-4.4%) (weekly change) (-11.2% and -7.4% YTD change, respectively). The number of week traded shares was 5.2bn and the weekly trading volume was IQD4.1bn ($3.3mn).
ISX Company Announcements
- Iraq Stock Exchange held a forum on investment prospects and trading technology in Beirut on 8-9 May, 2017. The forum’s aims were to highlight and develop the financial and capital markets in Iraq. Key topics including financial trading, securitisation and technological developments were all discussed with the goal of facilitating dialogue with potential global investors. Iraq Stock Exchange Forum is being held with the support of the Central Bank of Iraq and a number of official organisations, strengthening future investment and development in Iraq. Rabee Securities was one of the strategic sponsor of the forum.
- A cross transaction occurred on 15.377bn shares of Iraqi Middle East Bank (BIME) on May 7, 2017, which represents 6.1% of BIME capital. The seller was Qasim Abdul-Rahman Ghulam and the buyer was Meyar Company for public trading (CEO, Ali Muhammed Ghulam).
- Original shares of International Islamic Bank (BINT) will resume trading on May 14, 2017 after approving to increase the capital from IQD100bn to IQD250bn through 150% rights issue. The opening price will be IQD1.0 with +/-50% change for the first session.
- Original shares of Mamoura Real-estate Investment (SMRI) resumed trading on May 10, 2017 after discussing and approving 2016 annual financial results, increasing the capital from IQD19.2bn to IQD22.78bn through 15.0% rights and 3.6% bonus issue.
- Trans Iraq Bank for Investment (BTRI) will hold AGM* on May 25, 2017 to discuss and approve 2016 annual financial results and writing off the IQD492mn of the doubtful loans from the doubtful loans provisions for not being able to obtain it. ISX will suspend trading of BTRI starting on May 22, 2017.
- Al-Rabita Al-Maliya Company (MTRA) will hold a GA meeting on May 14, 2017 to elect a BoD and amend article 5 of the company’s establishment contract. ISX suspended trading of MTRA starting on May 9, 2017. MTRA will resume trading on May 15, 2017.
- Al-Harir for Money Transfer (MTAH) will hold AGM* on May 13, 2017 to discuss and approve 2016 annual financial results, converting the company from money transfer to an Islamic bank and increasing the capital from IQD45bn to IQD100bn through 122.2% rights issue. ISX suspended trading of MTAH starting on May 9, 2017.
- The ISC reviewed the annual and quarterly results and auditor’s report of Economy Bank for Investment (BEFI) and noticed a number of unresolved detrainments. So, it decided to keep the bank suspended from trading until it completes the capital increase procedures, submits 2016 annual financial results with clarifications on all the observations of the auditor, completes disclosure of the debts and blocked amounts by the government and shows its ability to claim these amounts from the guaranteeing parties, and disclose 3M17 financials.