Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 8th Feb 2018).
The RSISX index ended the week at IQD926 (+5.7%) / $966 (+5.9%) (weekly change) (+14.2% and +15.5% YTD change, respectively). The number of week traded shares was 11.3bn and the weekly trading volume was IQD8.6bn ($6.9mn).
ISX Company Announcements
- According to the letter (dated Jan. 29, 2018) sent to Al-Rafidain Bank, Al-Rasheed Bank, and Trade Bank of Iraq (TBI) related with treasury bonds regulations and payments to contractors for 2018, Central Bank of Iraq (CBI) will pay the past due payments to contractors on behalf of the Ministry of Finance (MoF) after the completion of the auditing by the Federal Board of Supreme Audit. In the letter it was mentioned that the bond’s annual interest will be 5% with a maturity of three years. The Ministry of Planning will prepare the list of names and contractors and the amounts due to them and send it to the MoF. The role of the CBI is to deliver the bonds to the contractors according to the required payments. (CBI)
- The Anti-Money Laundering (AML / CFT) Council announces the preparation and issuance of the National Strategy for Combating Money Laundering and the Financing of Terrorism for the years 2017-2020 according to the international requirements, which is the first strategy in Iraq in this regard. (CBI)
- Regarding the request of ISC from Economy Bank for Investment (BEFI) on Dec. 14, 2017 to clarify unclear items in 2016 annual financial results since their earlier clarifications weren’t clear and financial statements do not represent the current financial position of the bank, ISC mentioned that the bank replied that these cases will be amended in 2017 annual financial results. ISC declared that the problems remain unsolved and the report is unclear and thus the BEFI will remain suspended from trading until these issues will be resolved.
- According to Bada’a Al-Karada court decision on Aug. 28, 2017, ISX will auction starting March 6, 2018 North Bank (BNOR) shares amounted 4.8 bn owned by Omer Mohammed Ahmed Al-Jaff for payment of IQD2.3 bn debt to Al-Mansour Bank (BMNS).
- Iraq Noor Islamic Bank for Investment (BINI) will hold a GA on Feb. 22, 2018 to elect a new BoD. ISX will suspend trading of BINI starting Feb. 19, 2018. BINI will resume trading on Feb.25, 2018.
- Metallic & Bicycles Industries (IMIB) disclosed signing investment contracts with the Chinese Company for Motorcycles Production and the British Himalaya Enterprise.