Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th March 2021).
The RSISX index ended the week at IQD952 (+7.8%) / $840 (+7.8%) (weekly change) (+31.2% and +26.7% YTD change, respectively). The number of week traded shares was 26.6 bn and the weekly trading volume was IQD13.9 bn ($9.5 mn).
ISX Company Announcements
- National Bank of Iraq (BNOI) held its AGM today (Mar. 18, 2021). In the meeting, the bank approved 2020 annual financial statements and decided to distribute 8% cash dividend (IQD0.08 dividend per share, 9.2% dividend yield). The bank presented to the AGM the details about acquiring banking operations of Bank Audi in Iraq which was completed on Mar. 11. It was stated that the deal value was $32.5 mn including the transfer of Bank Audi's five branches (Baghdad (Jadriya), Najaf, Basra, Erbil, Sulaymaniyah), 8,000 customers, 85-88 employees, IQD130 bn deposits, and IQD300 bn assets. BNOI's number of branches will increase from 13 to 18 after adding Bank Audi's branches. BNOI's paid-in capital will stay at IQD250 bn. Separately, BNOI stated that it received IQD44 bn from the CBI during 2020 regarding the CBI's initiative to give loans to SMEs and doubled the number of state employees from 15,000 to 30,000 in all ministries of the state.
- ISX will suspend trading of Baghdad Hotel (HBAG) starting Mar. 23, 2021 due to the GA that will be held on Mar. 29, 2021 to discuss the issue of exempting the investing company for the Baghdad Hotel (Jamal Al-Wedyan Tourism Investments Company) from the rental allowance for the period from Feb. 20, 2020 until Aug. 9, 2020 as a result of the outbreak due to Coronavirus.
- Al-Mosul for Funfairs (SMOF) resumed trading on Mar. 16, 2021 after being suspended for its AGM in which they elected four board members.
- Cross transactions: 11.75 bn shares of Commercial Bank of Iraq (BCOI) on Mar. 18, 2021 which represents 4.7% of BCOI's capital. 16.4 mn shares of Modern Chemical Industries (IMCI) on Mar. 17, 2021 which represents 9.1% of IMCI's capital.