Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th April 2021).
According to ISX's official letter, during the month Ramadan, official working hours will be from 8:00 am till 2:00 pm. Trading sessions will be as follows for the five days of the week: 9:30 - 10:00 pre-opening, 10:00 - 12:00 trading hours, 12:00 - 12:30 cross transactions. Working hours will resume to normal timing after Eid break.
The RSISX index ended the week at IQD938 (-3.2%) / $817 (-4.5%) (weekly change) (+29.3% and +23.2% YTD change, respectively). The number of week traded shares was 6.6 bn and the weekly trading volume was IQD5.7 bn ($3.9 mn).
ISX Company Announcements
- On Wednesday, CBI decided to increase the amount of cash sales in foreign currency. According to a document issued by the bank and directed to banks, exchange companies and brokerage companies, for the purposes of meeting demands for foreign currency and for the purpose of achieving monetary policy objectives and ensuring the stability of the exchange rate, the CBI decided to increase the amount of cash sales from foreign currency, to the above entities and fully meet them as shown follows: banks' share is $200,000 per week, share of a Class A exchange company is $1,500,000 per week, share of the Class B exchange company is $500,000 per week and the share of the Class C exchange company is $50,000 per week. (Alsumaria)
- According to the announcement by the CBI, the CBI was keen to take into account the current exceptional circumstances related to the financial and economic aspect and the repercussions of the Corona pandemic, so it has been decided to "reduce all the interests imposed on loans granted within CBI's IQD1.0 trln initiative as follows: 1) Reducing the interest paid to CBI for large projects from 2% to 1%, 2) Reducing the interest paid to banks on housing loans from 4% to 2% , 3) Amending the CBI's commission for housing loans from 0.7% to 0.5%, and 4) All interests for banks and guarantor companies are to be "decreased."
- Baghdad Soft Drinks (IBSD) disclosed on Apr. 14, that the ownership percentage of Al Bawadi Al Khadraa Company, owner of Al-Zaki Group, has changed in IBSD from 2.48% (4,394,464,573 shares) to 15.37% (31,396,464,573 shares).
- Al-Taif Islamic Bank (BTIB) invited its shareholders for the public subscription on 50 bn shares starting Apr. 13, 2021 to increase its capital from IQD153 bn to IQD203 bn through 32.7% rights issue. The subscription will be at least for 30 days and not exceed 60 days, while the first 15 days will be for shareholders.
- New shares of Al Mustashar Islamic Bank for Investment & Finance (BMUI) from the capital increase from IQD150 bn to IQD200 bn through 33.3% rights issue resumed trading on Apr. 12, 2021.