Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 2nd Febuary 2012).

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

Note: There will be no trading session in the ISX on Sunday, February 5, 2012, due to the religious holiday in Iraq (Maulad al Nabawi/ Birth of Prophet). The next session will be held on Monday, February 6, 2012.

The RSISX index ended the week at ID1,371 / $1,504, +3.4% (weekly change). The number of weekly traded shares was 6.5 bn and the weekly trading volume was ID10.5bn ($8.9mn).

ISX Company Announcements

• Mosul Bank (BMFI) will hold AGM on February 19, 2012 to discuss 2011 annual financial reports, cash dividend ratio and capital increase to reach 100bn through rights and bonus issues.

For the full RS Weekly Bulletin in PDF go to:  www.rabeesecurities.com.

Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.

Click here to access the report.
 

Companies Mentioned:

ExxonMobil, Lukoil, Statoil, Total, Samsung

Action Calls:

• National Reconciliation Conference looks dead, Sadrists ask their price: Nothing likely to come of it, unless it is to be used to announce developments elsewhere.
• Exxon moving into KRG: Exxon has their contractual commitments, so expect this to continue.
• Total close to securing Kurdistan oil rights: Just as we predicted, another major moving towards Kurdistan.

Headlines:

• Increasing attacks along the trigger line: Triggered by increasing political uncertainty, something to watch.
• Samsung wins $1 billion WQ-2 contract: Shows that life goes on in southern Iraq.

Calendar:

• 31 Jan – Parliament to reconvene
• This week – Exxon reports, Basra single point mooring set enter service
• Next month – National Reconciliation Conference

Click here to access the report, or to add your email address to Dunia’s mailing list to receive the Iraq Market Tracker via email.

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th January 2012).

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

ISX is pleased to announced that is has successfully connected Rabee Securities/Sulymania Office with ISX E-Trading System. Trading and execution are now available from Rabee Securities/Sulymania starting from January 26th, 2012.

Rabee Securities have three trading branches, in Baghdad, Erbil Office and Sulymania Office.This success is one of ISX policy achievement to expand the investment base and enable the investors throughout Iraq to participate in the ISX.

The RSISX index ended the week at ID1,326 / $1,455, -2.7% (weekly change). The number of weekly traded shares was 8.8 bn and the weekly trading volume was ID14.1bn ($11.9mn).

ISX Company Announcements

• On Jan. 24, we received North Bank’s (BNOR) 2011 year-end (unaudited) financial statements. Brief financial results are as the following: B/S – FY11 (Assets: ID921bn, -15% q/q (+4% y/y), Investments: ID19bn, +0.3% q/q (+84% y/y), Loans: ID269bn, – 2% q/q (+20% y/y), Deposits: ID634bn, -23 q/q (-11% y/y), BV: ID225bn, +22% q/q (+48% y/y), P&L (quarterly) – 4Q11 (Estimated NBI: ID20.7bn, +61% q/q (+138% y/y), Operating Profit: ID18.0bn, +74% q/q (+218% y/y), Profit Before Tax: ID16.9bn, +68% q/q (+150% y/y)). P&L (annual) – FY11 (Estimated NBI: ID56.4bn, +46% y/y, Operating Profit: ID46.3bn, 52X% y/y, Profit Before Tax: ID44.7bn, +49% y/y).
• According to the memo (Ref. # 10/183) published by Iraqi Securities Commission (ISC) on Jan. 25, 2012, ISC suspended trading of the following companies due to their failure to submit 3Q2011 financial reports in the due time: Al-Qum’a for Financial Investment (VQUF), Kirkuk for Producing (IKFP) and Northern Soft Drinks & Mineral Water (INSD). In addition, it was mentioned that the following companies will continue to be suspended from trading: Electronic Industries (IELI), The Light Industries (ITLI), Palestine Hotel (HPAL) and Ishtar Hotels (HISH).
• ISC decided to delist AL-Therar for Agricultural Production (ATHP) during the first ISC Board Meeting in 2012. There were no details in ISC website about this decision (# 4/1/2012).
• ISC decided on Jan. 23 to (# 1/1/2012) to add the following paragraph to the regulations of the Iraq Stock Exchange Market. “In case there is a change in a share price, which is very close to the highest point in two sequenced sessions, the trading of the share will be suspended, and an inquiry letter will be prepared to the Board of Directors of the Company. The shares of the company will be resumed trading after receiving the answer of the Board of Directors.”
• A cross transaction occurred on 540.5mn North Bank (BNOR) shares on Jan. 25.
• A cross transaction occurred on 467.9mn Commercial Bank (BCOI) shares on Jan. 25.
• Al-Kindi of Vet. Vac. (IKLV) will hold AGM on Feb. 9, 2012 to elect new board members.
• A cross transaction occurred on 1bn North Bank (BNOR) shares on Jan. 23, 2012.

For the full RS Weekly Bulletin in PDF go to:  www.rabeesecurities.com.

Foreign net buying of ISX-listed shares has been waning since the middle of last year. After rising from about IQD 900 million for all of 2010, average weekly net buying by non-Iraqis rose to over IQD 4 billion in the first half of last year but then declined to about IQD 2.8 billion in the second half. As of January 20, the year-to-date average is negative IQD 111 million.

You might think that foreigners are being scared away by the political situation. The chart tells a different story, however. The current drama in Parliament only really started in December. That was almost six months after the foreign net buying peak in early June.

The foreign pullback actually corresponds more closely to the drop in world markets occasioned by the start of the European crisis last summer. It is also noteworthy that the record IQD 17.2 billion in net foreign selling during the week of October 21 occurred just two weeks after the S&P 500 hit its low for the year.

Perhaps all that really matters for foreign inflows is the likelihood of another global financial meltdown. Too bad that scenario is still not really “off the table.”

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th January 2012).

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

The RSISX index ended the week at ID1,363 / $1,495, -6.4% (weekly change). The number of weekly traded shares was 6.4 bn and the weekly trading volume was ID9.5bn ($8.0mn).

ISX Company Announcements

• Modern Paint Industries (IMPI) will hold AGM on January 26, 2012 to discuss 2011 financial reports and elect new board members. ISX suspended trading of IMPI starting on January 19, 2012.
• Gulf Commercial Bank (BGUC) resumed trading on January 18, 2012. BGUC increased its capital from ID56.99bn to ID103.950bn. Key financial results from 4Q11 unaudited financial statements are as the following: B/S – FY11 (Assets: ID355bn, +21% q/q, Investments: ID130bn, +41% q/q, Monetary Credit: ID88bn, + 11% q/q, Deposits: ID217bn, +7% q/q), BV: ID120bn, +66% q/q, P&L – 4Q11 (Estimated NBI: ID5.8bn, +11% q/q, Operating Profit: ID3.2bn, -6% q/q, Profit Before Tax: ID3.7bn, -10% q/q).
• Kurdistan International Bank (BKUI) resumed trading on Jan. 15, 2012. BKUI increased its capital from ID100bn to ID150bn through 50% rights issue.
• Iraqi Islamic Bank (BIIB) resumed trading on Jan. 15, 2012. BIIB increased its capital from ID51.19bn to ID102.38bn through 100% rights issue.
• Modern Constructions Materials Ind. (IMCM) resumed trading on Jan. 15, 2012. IMCM increased its capital from ID3.74bn to ID5.62bn through 50% rights issue.
• The Modern for Animal Agricultural Production (AMAP) resumed trading on Jan. 15, 2012. AMAP increased its capital from ID0.54bn to ID1.8bn through 200% rights issue and 11.11% bonus issue.

For the full RS Weekly Bulletin in PDF go to:  www.rabeesecurities.com.

Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.

Click here to access the report.
 

Companies Mentioned:

DNO, ExxonMobil, Genel, Gulf Keystone, Marathon, Oil Search, ShaMaran, WesternZagros

Action Calls:

• Allawi defiant, Kurdish silence is deafening: Allawi boycott helped scuttle parliamentary quorum, but again, Iraqiya is weak; watch the Kurds.
• Hayward, Vallares founders stand to pocket $247 million in Genel shares: Indicator of short-term and long-term plays on Kurdish oil shares.
• ShaMaran relinquishes Pulkhana, Arbat: ShaMaran focuses its exploration efforts, hopes to become acquisition target.

Headlines:

• IRGC statement angers Sadrists: Confirms that Iran will have influence in Iraq, but that Iraq’s Shiites are not puppets.
• Hashemi bodyguards tortured: Reminder of just how powerful Maliki’s intimidation campaign is.

Calendar:

• 28 Jan – Parliament to reconvene (second try)
• Next month – Reconciliation meeting

Click here to access the report, or to add your email address to Dunia’s mailing list to receive the Iraq Market Tracker via email.

Iraq’s National Investment Commission (NIC) has released a 3,100-donum (775 hectare) site for development.

The Al-Bathaa land starts north of the Euphrates river and ends south of the old Ur railway line; to the west the land is adjacent to the Bathaa district while close to the center of Thi Qar Province on the east.

The Nasiriyah – Bathaa electricity line and pure water line goes transversally through the land which is also divided by Baghdad – Basra high way.

To the east of the land there is a fuel station, rest house and a restaurant.

There is an irrigation pump of 145 horse-power capacity.

The southern side of the land is 8-10 Km from the Ziggurat of Ur (pictured).

Possible uses include:

• Tourism
• Housing
• Agricultural
• Industrial
• Services projects (Hospitals, Universities …. etc)

(Source: NIC)

Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.
 

Companies Mentioned:

DNO, Exxon, Genel Energy, Gulf Keystone, Longford, WesternZagros

Action Calls:

• As Maliki consolidates power, all eyes turn to Kurds: As we expected, Iraq’s future will be decided along Baghdad-Erbil axis.
• Gulf Keystone shares spike on PSC back-in rights: Not new news, unless someone actually knows specifics of a bid for GKP. But big win won’t occur until Erbil-Baghdad is resolved.
• Genel boosts stake to 80%, becomes operator of Chia Surkh PSC: Genel, in not unexpected move, continues as consolidator in Kurdistan.

Headlines:

• Source: Kurds moving towards state in March: Persistent rumors, but at this point file under “negotiations positioning.”
• Sonangol attacked in Ninewa: Most likely criminal attack, designed to extract money or concessions, not broader activity.

Calendar:

• 19 January – Parliament to reconvene, Iraqi budget on docket
• Next month – Reconciliation meeting

Please click here to access the report, or to add your email address to Dunia’s mailing list.