Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st November 2013).

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

The RSISX index ended the week at ID1,751 (-0.7%)/ $1,866 (-0.9%) (weekly change). The number of week traded shares was 4.8bn and the weekly trading volume was ID9.8bn ($7.4mn).

ISX Company Announcements

• Central Bank of Iraq (CBI) published a letter on its website on the weekend (dated November 1, 2013) directed to the Iraqi Islamic Bank (BIIB) stating that CBI has decided to give Iraqi Islamic Bank a new deadline to reach the IQD250bn paid-in capital, which is the target capital set by the CBI for all private banks with a deadline of June-end, 2013. The new deadline has been set on January 31, 2014 for BIIB. As of today, just five out of 21 listed banks (Kurdistan Bank, United Bank, North Bank, Gulf Commercial Bank and Mansour Bank) have completed increasing capital to IQD250bn or more, so, based on CBI’s decision for BIIB, we believe that CBI may extend the deadline for all private banks that haven’t reached the target capital yet. Please note, on Oct 23rd, 2013, CBI announced that CBI’s Board decided in its meeting, held on Oct 5th, 2013, to prohibit all private banks, which have not reached the IQD250bn paid-in capital, from entering the Dollar Auctions (includes selling cash, opening LCs, and Money Transfer), however, one day after that announcement, on Oct. 24th, CBI cancelled its decision to prohibit private banks from the Dollar Auctions for an unspecified period of time.
• CBI has published a letter, dated on Nov 17, 2013, directed to Commercial Bank of Iraq (BCOI) and Iraqi Middle East Inv. Bank (BIME) noting that these banks have been banned from CBI’s dollar auction due to failure in taking serious steps to increase their capital.
• Central Bank has announced the following new dollar prices effective from Dec 1, 2013: LCs: IQD1172 for every $1, Selling in cash: IQD1177 for every $1, Selling for money wiring purposes: IQD1179 for every $1.
• AL- Kindi of Veterinary Vac. (IKLV) will hold its AGM* on Dec. 10, 2013 to discuss 2012 financial annual report and increase its capital from IQD4.5bn to IQD5.4bn through bonus and rights issues.
• Mansour Hotel (HMAN) will hold its AGM* on Dec. 7, 2013 to discuss 2012 financial annual report.
• Iraqi Engineering Works (IIEW) will hold its AGM* on Dec. 1, 2013 to discuss 2012 annual financial results. ISX will suspend trading of IIEW starting on Nov. 24, 2013.
• A cross transaction occurred on IQD32mn Babylon Hotel (HBAY) shares on Nov. 18, 2013. This represents 2.4% of HBAY capital.
• National Bank of Iraq (BNOI) will hold its AGM* on Nov. 23, 2013 to discuss increasing its capital from IQD152bn to IQD250bn through 64.5% rights issue. ISX suspended trading of BNOI starting on Nov. 17, 2013.
• Iraqi Date Processing&Mark. (IIDP) will hold its AGM* on Nov. 24, to discuss year end (Aug 31, 2012) results and cash dividend. ISX suspended trading of IIDP starting on Nov. 17.