Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th July 2022).
The RSISX index ended the week at IQD948 (-2.1%) / $829 (-2.1%) (weekly change) (+3.3% and +2.9% YTD change, respectively). The number of week traded shares was 4.8 bn and the weekly trading volume was IQD4.3 bn ($2.9 mn).
ISX Company Announcements
- ISX decided to increase the price change limit in the regular market from 10% to 15% starting July 3 to activate trading.
- The following companies, which have been suspended from trading due to not disclosing their financial statements by ISC resumed trading on Jul. 3 in a separate market called "Undisclosed Companies Market" with the aim to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange (ISX), attract potential investors, and activate trading in securities: Modern Animal & Agr. Prod. (AMAP), Babylon Bank (BBAY), North Bank (BNOR), Electronic Industries (IELI), Modern Construction Mat. (IMCM), The Light and Mining Industries (ITLI), AL-Badia for General Trans (SBAG), Iraqi for General Transport (SIGT), Iraqi Land Transport (SILT), AL- Batek Investment (VBAT), and Al-Khair for Financial Investment (VKHF). Those companies had +/-50% price change limit for the first trading session and a +/-5% price change limit in the following sessions. (ISX)
- National Bank of Iraq (BNOI) will hold an AGM on Aug. 2 to discuss and approve increasing the bank's capital through 8% bonus issue to IQD270 bn and financing the opening of four new branches in Zayona, Yarmouk, Hilla and Anbar with IQD4.0 bn. Separately, National Bank of Iraq and the Arab Trade Finance Program recently signed an unfunded facility agreement as part of the bank's efforts to promote exports and imports of the industrial and service sectors in the Iraqi market. Under the agreement, the Arab Trade Finance Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals.
- National Islamic Bank (BNAI) resumed trading on Jul. 6 after being suspended from trading for its AGM which was held on Jun. 29 in which they discussed and approved 2021 annual financial statements.
- Fitch Ratings has assigned the Kurdistan International Islamic Bank (BKUI) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. The rating reflects the bank's "weak franchise, unstable business model and operations in the highly volatile operating environment of Iraq".
- Original shares of Al-Ameen Insurance (NAME) resumed trading on Jul. 3 after deciding in its AGM (Jun. 20) to increase the capital through 6.6% bonus issue from IQD4.69 bn to IQD5.0 bn.
- Ibdaa Al-Sharq Al-Awsat General Contract (SIBD) resumed trading on Jul. 5 after being suspended from trading for its AGM (Jun. 21) in which they discussed and approved 2021 annual financial statements and decided to merge with Etihad Al-Sharq Al-Awsat Company for Contracting, General Trade, and Real Estate Investments.
- Tourist Village of Mosul Dam (HTVM) resumed trading on Jul. 5 after being suspended from trading for its AGM (Jun. 28) in which they discussed and approved 2020 annual financial statements.
- ISX suspended trading of the following companies starting Jul. 5 due to failing to disclose 3M22 financial statements: AL - Rebas for Poultry & Feed (AREB), Ashur International Bank (BASH), Al-Ataa Islamic Bank (BLAD), Nationality H. Furniture (IHFI), Al-Hilal Industries (IHLI), Al -Khazer for Construction Materials (IKHC), and Gulf Insurance&Reinsurance (NGIR).