Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 29th August 2022).

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

The RSISX index ended the week at IQD964 (+2.5%) / $845 (+2.9%) (weekly change) (+5.0% and +5.0% YTD change, respectively). The weekly trading volume was IQD5.0 bn ($3.4 mn).

ISX Company Announcements

  • Qatari mobile telecoms group Ooredoo is planning to sell its portfolio of transmission towers, which includes those owned by its Iraqi subsidiary Asiacell (TASC). Media sources suggest that this will be done on a sale-and-leaseback basis, and that the portfolio may be split by country. (Iraq Business News)
  • Moody's has assigned first time local currency long-term/short-term deposit ratings of B3/NP for National Bank of Iraq (BNOI), and foreign currency long-term/short-term deposit rating of Caa1/NP. All long-term deposit ratings carry a stable outlook. Deposit ratings takes into consideration the Moody's expectation of high level of support from the parent bank, Capital Bank of Jordan. BNOI's Caa1 foreign currency deposit rating is capped by the country's foreign currency ceiling. NBI's caa2 BCA reflects Moody's expectations that the bank will maintain its strong funding profile and liquid buffers, supported by relatively solid risk management and corporate policies in line with the parent's practices. These strengths are balanced by weak levels of capitalization pressured by rapid asset growth, volatile bottom-line profitability and high borrower and deposit concentrations which could increase the bank's vulnerability at times of stress, notably in a difficult operating environment. (Moody's)
  • Kuwait Finance House (KFH) has acquired 97.3% of Bahrain's Ahli United Bank (AUB) at a value of $10.9 bn (KWD 3.4 bn), according to a statement issued Sunday by SICO, an asset manager that acted as the cross-listing advisor on the deal. AUB is the major shareholder at Commercial Bank of Iraq (BCOI) with 80.3% share. (Forbes Middle East)
  • Subscription on the remaining shares of Ready-Made Clothes (IRMC) (by the public) from the capital increase to IQD3.2 bn through 100% rights issue started on Sep. 26.
  • Stocks that resumed / will resume trading:
    • Original shares of Modern Animal and Agricultural Production (AMAP) resumed trading on Sep. 25 after holding its AGM (Sep. 15) in which they discussed and approved 2021 annual financial statements and decided to increase the capital to IQD20.5 bn through 400% rights issue and approving amending the name of the company by adding an activity of "Trade and Industry of Foodstuffs".
    • Asia Al Iraq Islamic Bank for Investment (BAIB) resumed trading on Sep. 26 after being suspended from trading for its AGM (Sep. 20) in which they discussed and approved 2021 annual financial statements.
    • Gulf Insurance and Reinsurance (NGIR) resumed trading on Sep. 26 after holding its AGM (Sep. 18) in which they discussed and approved 2021 annual financial statements.
    • Baghdad for Packing Materials (IBPM) resumed trading on Sep. 28 after holding its AGM (Sep. 26) in which they discussed and approved 2021 annual financial statements.
  • Stocks that were suspended / will be suspended from trading:
    • ISX will suspend trading of Al-Ataa Islamic Bank for Investment & Finance (BLAD) starting Oct. 13 due to the AGM that will be held on Oct. 18 to discuss and approve 2021 annual financial statements.

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