"It's not easy to change ... the mentality," al-Rubaye said of Iraq's decision-makers. "There are delays. They are not in a hurry. But I believe it's also time because the relationship between Iraqis and the world is growing up."
Padraig O'Hannelly, editor of Iraq Business News, an online newsletter, said Iraq offers significant opportunities outside the oil sector.
"Concerns about security, bureaucracy and corruption have clearly deterred many potential foreign investors, while others with a long-term view have chosen to engage with Iraq and work through the difficulties," he said.
During Sunday's trading session in Baghdad, several dozen Iraqis, many of retirement age, followed developments on large screens in the stock market.
First-time investor Adnan Jassim, 63, a retired government employee, said he bought 10,000 shares of Asiacell and would have bought even more if he could have afforded them. "It's a well-known company," he said, explaining his decision to enter the stock market.
Asiacell, which has nearly 10 million subscribers, competes against Zain Iraq, part of Kuwait's Zain, and Korek, an affiliate of France Telecom. The Gulf state of Qatar's government-backed Qatar Telecom had a majority stake in Asiacell before Sunday's sale.
All three Iraqi mobile phone companies had been required to list shares on the stock exchange as a condition of their 15-year operating licenses. All three missed a deadline in August 2011 to offer shares to the public.
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