Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th February 2014).

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

The RSISX index ended the week at ID1,936 (-0.1%)/ $2,056 (-0.1%) (weekly change). The number of week traded shares was 13.8bn and the weekly trading volume was ID24.4bn ($20.0mn).

ISX Company Announcements

• Modern Paint Industries (IMPI) will hold its AGM* on Mar. 2, 2014 to discuss 2012 annual financial results. ISX will suspend trading of IMPI starting on Feb. 23, 2014.
• AL- Batek For Financial Investments (VBAT) will hold its AGM* on Feb. 27, 2014 to discuss 2012 annual financial results, distributing cash dividend and electing new board members. ISX will suspend trading of VBAT starting on Feb. 20, 2014.
• Shares of Iraqi Land Transport (SILT) will resume trading on Feb. 16, 2014 after they discussed and approved 2012 financial results and distributing 10% cash dividend (IQD0.10 price per share). The opening price will be IQD2.17 per share with +/- 50% limit for the first session. The recent closing price was IQD2.27.
• New shares of Sumer Commercial Bank (BSUC) from the capital increase to IQD250bn through 32.8% rights and 0.7% bonus issues will resume trading on Feb. 16, 2013.
• Palestine Hotel (HPAL) resumed trading on Feb. 12, 2014 after fulfilling ISC’s disclosure requirements.
• Mosul Bank (BMFI) held its AGM* on Feb. 11, 2014. They approved the decision of capital increase from IQD202bn to IQD252.5 through 25% bonus issue (IQD15bn from 2012 profits + IQD35.5bn from 2013 profit).
• According to the announcement of ISX on Tuesday, Mamoura Real Estate (SMRI) signed a Memorandum of Understanding (MOU) with ''Master Modular (investor)'' to invest to 54.3 donum land of Ghazalia. According to this memo, the land valued at $35mn (IQD 43bn). The investor will provide funding for the housing project of 1,500 units and the required infrastructural investments. 45% of project’s profit will be received by SMRI and the rest (55%) will be obtained by Master Modular.
• Al-Sadeer Hotel (HSAD) resumed trading on Feb. 11, 2014 after the company’s explanation for the price increase to upper limits in two consecutive trading sessions (Feb. 6 - Feb. 9). The company explained that they made a deal with a company for 35 years for the rehabilitation of the hotel and they expect the hotel to be a 5 stars hotel with the planned investments.
• Mansour Hotel (HMAN) invited its shareholders to visit the company's headquarters to receive cash dividends from the profits of the year 2005 and the following years.
• According to the CBI letter dates back to February 6, 2014 CBI lifted custody over Warka Bank which started in March 2012. Mr. Isam Al-Asadi, member of the board of directors of Warka Bank, welcomed the decision by the CBI describing it as "a fair decision because it will strengthen the role of the bank in the financial system". (Al-Mada Press)
• Babylon Bank (BBAY) will hold its AGM* on Feb. 15, 2014 to discuss 2012 annual financial results, increasing its capital from IQD150bn to IQD250bn through 3.18% bonus and 63.48% rights issues, distributing cash dividend and electing new board members. ISX suspended trading of BBAY starting on Feb. 9, 2014.