Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st August 2019).

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

The RSISX index ended the week at IQD629 (-3.1%) / $676 (-3.1%) (weekly change) (-4.6% and -4.7% YTD change, respectively). The number of week traded shares was 8.4 bn and the weekly trading volume was IQD8.4 bn ($7.0 mn).

ISX Company Announcements

  • Zain announced 6M19 financial results in its website. According to Zain, Zain Iraq’s number of subscribers increased 4% y/y to 15.3 mn. In 1H19, revenues decreased 6% y/y to $522 mn mainly due to the intense competition affecting the top-line. EBITDA increased 13% y/y to $220 mn in 1H19 largely due to the positive contribution from IFRS 16 adoption and strong focus on cost optimization. Net profit increased by 39% y/y to $25 mn in 1H19.  (Zain)
  • Asiacell (TASC) has increased its customer base by 6% y/y to 13.9 mn as end of 1H19, according to its parent, the Qatari company Ooredoo. In its results for 1H19, the company said: “Despite intensifying price competition, Asiacell maintained stable revenues of QAR 2.2 bn during the first half of 2019 as compared with the same period last year. “EBITDA declined 9% to QAR 970 mn as a result of increased sales and marketing activities to expand customer base and data/fiber network cost. (Ooredoo)
  • Gulf Commercial Bank (BGUC) will resume trading on Aug. 4, 2019 after discussing and approving 2018 annual financial results.
  • Al-Khazer for Construction Materials (IKHC) will hold an AGM on Aug. 3, 2019 to discuss and approve 2018 annual financial results. The company has been suspended since Jul. 8, 2019 by an ISC decision for not disclosing financial results.
  • Bank of Baghdad (BBOB) resumed trading on Jul. 29, 2019 after discussing and approving 2018 annual financial results.
  • National Company for Tourism Investment (HNTI) resumed trading on Jul. 29, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 18% cash dividend (IQD0.18 cash dividend per share, 1.96% dividend yield).
  • Cross transactions: 4.6 bn shares of Al Taif Islamic Bank for Investment & Finance (BTIB) on Jul. 30, 2019, which represents 4.6% of BTIB’s capital. 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Jul. 29, 2019, which represents 0.1% of BCIH’s capital.
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