Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th October 2014).
Note: ISX announced that they will suspend the trading sessions for one week to transfer the data and complete the preparations to switch from Horizon to X-Stream trading system. The last trading session using the Horizon system was on October 16, 2014 (Thursday). ISX will resume the trading session on October 26, 2014 (Sunday).
The RSISX index ended the week at ID1,487 (-1.5%)/ $1,600 (-1.5%) (weekly change) (-20.3% and -19.4% YTD change, respectively). The number of week traded shares was 41.6bn and the weekly trading volume was IQD36.3bn ($30.1mn).
ISX Company Announcements
- According to the ISC announcement, CBI decided to ban United Bank of Iraq (BUND) from publishing letters of guarantees until they pay the amounts that was mentioned in CBI announcement published on September 28, 2014 (Ref. # 9/2/14779) related with the requirements that BUND should do for its beneficiaries.
- Babylon Hotel (HBAY) made a 25 years deal with Al-Ibaa’ Co. for Tourism and Hospitality Services and with their partner Warwick International Hotels. (Please refer to our Daily published on Thursday (Oct.16) for the details of the deal). HBAY will hold its AGM* on Oct. 18, 2014 to discuss and approve 2013 annual financial results and to cover the accumulated deficit by increasing its capital through 170% rights issue. ISX suspended trading of HBAY starting on Oct. 12, 2014.
- Karbala Hotels (HKAR) will hold its AGM* on Oct. 27, 2014 to discuss and approve 2013 annual financial results, covering the accumulated deficit, increasing its capital through 100% rights issue and electing new board members.
- Middle East for Prod. Fish (AMEF) will hold its AGM* on Oct. 26, 2014 to discuss and approve 2013 annual financial results. ISX will suspend trading of AMEF starting on Oct. 19, 2014.
- Babylon Bank (BBAY) resumed trading on Oct. 16, 2014 after fulfilling ISC’s disclosure requirements.
- ISC has decided to suspend the trading of the following companies starting on Oct. 15, 2014 for their failure of disclosing 6M2014 financial results: Babylon Bank (BBAY), Commercial Bank of Iraq (BCOI), Economy Bank for Investment (BEFI), Electronic Industries (IELI), Iraqi for General Transp. (SIGT), Baghdad Motor Cars Servicing (SBMC), Baghdad Passengers Transport (SBPT) and Al-Khair for Financial Inv. (VKHF)
- Gulf Insurance & Reinsurance (NGIR) decided to postpone its AGM* for an unknown date due to coincide it with the national holiday of Eid Al- Adhha. ISX suspended trading of NGIR starting Oct. 12, 2014.
- National Chemical Industries (INCP) held its AGM* on Oct. 16, 2014 to discuss and approve 2013 annual financial results. ISX suspended trading of INCP starting on Oct. 12, 2014.