Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 8th Oct 2020).

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

The RSISX index ended the week at IQD666 (+0.6%) / $694 (+0.2%) (weekly change) (-1.1% and -1.0% YTD change, respectively). The number of week traded shares was 3.6 bn and the weekly trading volume was IQD4.1 bn ($3.3 mn).

ISX Company Announcements

  • The CBI began on Monday implementing its first reform step for the banking sector. It finished classifying private commercial and Islamic banks operating in Iraq according to International Standards and several standards approved by the CBI. This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public and improving competitiveness in the Iraqi banking sector. The CBI confirms that it has previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues, and therefore this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the rights of depositors and shareholders. Finally, the CBI announced that the next stage will include the process of reforming government banks as well. The reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued according to them. (CBI)
  • ISX will suspend trading of International Islamic Bank (BINT) starting Oct. 27, 2020 due to the AGM that will be held on Oct. 30, 2020 to discuss and approve 2019 annual financial statements and electing seven original and seven alternative board members.
  • ISX will suspend trading of Bain Alnahrain Investment (VMES) starting Oct. 22, 2020 due to the AGM that will be held on Oct. 27, 2020 to discuss and approve 2019 annual financial statements.
  • ISX will suspend trading of Cihan Bank for Islamic & Finance (BCIH) starting Oct. 20, 2020 due to the AGM that will be held on Oct. 24, 2020 to discuss and approve 2019 annual financial statements.
  • ISX will suspend trading of Mosul Bank for Development& Investment (BMFI) starting Oct. 13, 2020 due to the AGM that will be held on Oct. 16, 2020 to discuss and approve 2019 annual financial statements.
  • Original shares of Al Taif Islamic Bank (BTIB) resumed trading on Oct. 7, 2020 after being suspended for its AGM in which they discussed and approved 2019 annual financial statements and decided to increase the capital from IQD100.207 bn to IQD153.0 bn through 52.7% rights issue.
  • Original shares of Al-Mosul for Funfairs (SMOF) resumed trading on Oct. 7, 2020 after being suspended for its AGM in which they discussed and approved 2019 annual financial statements and decided to increase the company's capital from IQD800 mn to IQD1.0 bn through 25% bonus issue.
  • Original shares of Modern Sewing (IMOS) resumed trading on Oct. 6, 2020 after being suspended for its AGM in which they discussed and approved 2019 annual financial statements, decided to increase the company's capital from IQD1.0 bn to IQD2.0 bn through 80% rights and 20% bonus issues, distribute 10% cash dividend (IQD0.10 dividend per share, 0.98% dividend yield) and elect seven original and seven alternative board members.
  • Cross transactions: 2.0 bn shares of Ameen Al-Iraq Islamic Bank for Islamic Investment & Finance (BAME) on Oct. 6 and 7, 2020, which represent 2.0 % of BAME's capital. 500 mn shares of Cihan Bank for Islamic & Finance (BCIH) on Oct. 5, 2020, which represents 0.2% of BCIH's capital.
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