Rabee Securities Iraq Stock Exchange (ISX) market report:
The RSISX index ended last week at IQD811 (+0.2%) / $836 (+0.2%) (weekly change) (-15.5% and -11.8% YTD change, respectively). The number of week traded shares was 17.0bn and the weekly trading volume was IQD11.9bn ($9.4mn).
ISX Company Announcements
- Iraq Stock Exchange (ISX) announced the conclusion of 2017 trading sessions with its last trading session on Monday (Dec. 25, 2017). 239 trading sessions were held in 2017 (five sessions per week). The total number of traded shares realized at 1.215trln, up by 17% y/y and the total trading volume realized at IQD900bn, up by 74% y/y. There are 101 listed companies. 2017 annual report will be published during January of 2018.
- Iraqi Depository Center (IDC) sent a letter to brokerage firms (dated on Dec. 24, 2017) related with depositing the first issued national bonds. IDC mentioned that the required procedures to begin depositing the first issued national bonds in the IDC were completed and the bond holders can deposit their bonds in the IDC starting Jan. 2, 2018. ISX sent a letter to brokerage firms (dated on Dec. 25, 2017) related with the ISX tickers of first issued national bonds for trading. In the ISX letter, it was mentioned that considering the ISC approval of the board of governors’ decision to list, deposit and trade the first issued national bonds, to organize the listed bonds file on the Back Office system in the brokerage firms, the following information was provided for each category: “Category: IQD100K (volume of issue: IQD176.7bn, ISX ticker: CBI100), Category: IQD250K (vol. of issue: IQD147.1bn, ISX ticker: CBI250), Category: IQD500K (vol. of issue: IQD148.2bn, ISX ticker: CBI500), Category: IQD1.0mn (vol. of issue: IQD90.4bn, ISX ticker: CBI1000) and Category: IQD5.0mn (vol. of issue: IQD166.8bn, ISX ticker: CBI5000). ISX stated that the bonds will start trading according to the government bonds trading instructions starting January of 2018. Depositing will start on Jan. 2, 2018 in the IDC.
- The Central Bank of Iraq (CBI) issued a resolution on Dec. 19, 2017 about establishing committee to study the cases of all money transfer companies which applied to reform to banks and those two companies which not applied yet. Suspended the establishment procedures for the 21 banks that are still undergoing establishment procedures and not receive the final approval yet, and authorizing them to merge every seven banks in one regular bank, or cancel their application. The committee will review the applications for the Islamic Banks which fulfill the requirements and got the initial approval. The CBI will not consider requests for the establishment of new Islamic banks according to the resolution. (Alsumaria)
- Asiacell (TASC) will hold a GA on Jan. 13, 2018 to elect new BoD composed of 9 members and their alternatives. ISX will suspend trading of TASC starting Jan. 8, 2018. The company will resume trading on Jan. 14, 2018.
- Iraqi Middle East Investment Bank (BIME) will hold AGM* on Jan. 9, 2018 to discuss and approve 2016 annual financial results. ISX will suspend trading of BIME starting Jan. 4, 2018.
- Al-Mosul for Funfair (SMOF) will resume trading on Jan. 3, 2018 because of fulfilling ISC request to disclose major events during the period of ISIS occupation. The company provided necessary details to ISC and declared that it has resumed its normal operations as it was before ISIS occupation starting Aug. 20, 2017.
- Iraq Noor Islamic Bank for Investment (BINI) will resume trading on Jan. 2, 2018 after discussing and approving 2016 annual financial results.
- ISX and ISC requested Al-Mansour Pharmaceuticals Industries (IMAP) to explain why the Companies’ Registrar did not approve the decisions taken in the AGM that was held on Oct. 30, 2017.
- Kharkh Tour Amusement City (SKTA) will resume trading on Jan. 2, after discussing and approving 2016 annual financial results.
- Bain Alnahrain Investment (VMES) held AGM* on Dec. 28, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of VMES starting Dec. 25, 2017.
- According to the letter sent by the General Commission for Taxes of the Ministry of Finance (MoF) to a group of banks it was requested from these banks to freeze the current assets of Economy Bank (BEFI) and Warka Bank because of not paying the following amounts to the commission (excluding interest); BEFI didn’t pay IQD1,921,138,972 and Warka Bank didn’t pay IQD6,786,150,000.
- Cross Transactions: 10.7bn shares of International Development Bank (BIDB) on Dec. 25, 2017, which represents 4.3% of BIDB capital.