Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th November 2014).
The RSISX index ended the week at ID1,382 (-0.1%)/ $1,493 (-0.1%) (weekly change) (-25.9% and -24.8% YTD change, respectively). The number of week traded shares was 9.1bn and the weekly trading volume was IQD9.6bn ($8.0mn).
ISX Company Announcements
- The Iraqi Securities Commission (ISC) had approved the Iraq Stock Exchange (ISX) board of governors’ decision to list two banks and eight money exchange companies on the ISX. The list of these banks/companies are as the following which will be able to trade upon the completion of the procedures: 1) The National Islamic Bank, 2) The Trans Iraq Bank For Investment, 3) Al-Taif Company For Money Exchange, 4) Mo’tta Company For Money Exchange, 5) Sama Baghdad Company For Money Exchange, 6) Al- Arabiya Company For Money Exchange, 7) Al-Iraqia Company For Money Exchange, 8) Al-Harir Company For Money Exchange, 9) Atta’ Al-Ghari Company For Money Exchange, 10) Al-Muhij Company For Money Exchange.
- According to CBI announcement published on Nov. 18, 2014, CBI approved the proposal of the custody of Economy Bank (BEFI), by referring to the letter of BEFI, no: 44/w dated on Jun. 23, 2014, for the release of IQD6bn from the subscription amount to refund the depositors. However, CBI mentioned that BEFI should update the CBI about those depositors who were receiving their deposit amounts periodically. Please note, BEFI has completed the capital increase procedures to reach IQD250bn through 53.3% rights and 13.3% bonus issues in June this year. However, new shares haven’t started to trade yet due to the suspension of BEFI from trading by ISX starting June 4, 2014. On May 29, 2014, CBI decided to take BEFI under custody starting June 1, 2014 due to its inability to fulfill its financial obligations. In addition, BEFI hasn’t published its 2013 annual report and 6M14 financial results yet, which are other reasons for the suspension of BEFI.
- According to CBI announcement published on Nov. 17, 2014, CBI Board of Directors decided in its session held on Oct. 30, 2014 to reduce the commissions of selling dollars for the letters of credits from IQD18 to IQD16 for the purpose of encouraging merchants to open letters of credits. As a result, the sale of one dollar for letters of credits has been based on IQD1182 instead of IQD1184 starting from Nov. 16, 2014.
- Al-Ameen Estate Inv. (SAEI) will hold its AGM* on Dec. 1, 2014 to discuss and approve 2013 annual financial results, financial issues, accumulated loss and making the optimum utilization of the capital. ISX will suspend trading of SAEI starting on Nov. 23, 2014.
- Shares of Credit Bank of Iraq (BROI) will resume trading on Nov. 23, 2014, after they approved 2013 annual financial results.
- Iraq Registrar of Companies approved the decision of Mamoura Real Estate (SMRI) to increase its capital from IQD15.010bn to IQD16.511bn through 10% rights issue.
- A cross transaction occurred on IQD6.4bn Union Bank (BUOI) shares on Nov. 17, 2014. This represents 2.5% of BUOI capital.
- Baghdad Passengers Transport (SBPT) will hold its AGM* on Nov. 24, 2014 to discuss and approve 2013 annual financial results, increasing its capital through bonus issue and electing new board members. ISX suspended trading of SBPT starting on Nov. 16, 2014.