Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd October 2022).
The RSISX index ended the week at IQD901 (-2.1%) / $795 (-2.1%) (weekly change) (-1.9% and -1.2% YTD change, respectively). The weekly trading volume was IQD6.8 bn ($4.6 mn).
ISX Company Announcements
- ISX was elected to be a member of the Board of Directors of the Federation of Arab Securities Markets (AFCM) for the first time, after getting 14 out of 24 votes.
- This week there was only one cross transaction on 1.99 bn shares of Gulf Insurance and Reinsurance (NGIR) on Nov. 1, valued at IQD815.9 mn, and corresponding to 28.4% of NGIR's capital.
- According to Asiacell's (TASC) parent company, Ooredoo, Asiacell generated QAR 967.1 mn (around $262 mn) revenue in 3Q22, decreased by 8% y/y due to the ongoing intense competition in Iraq. EBITDA decreased 15% y/y to QAR 428.2 mn (around $116 mn) in 3Q22, while EBITDA margin contracted from 47.8% in 3Q21 to 44.3% in 3Q22 driven by lower revenue and higher energy costs. TASC's customer base increased 13% y/y to 17.1 mn as end of 3Q22. During the quarter, Asiacell launched its new E-Shop "Asiamall", as well as its "YallaShoot" campaign. (Ooredoo, Iraq Business News))
- The National Bank of Iraq (BNOI), a member of the Capital Bank Group, the Abu Dhabi Exports Office (ADEX), and the Abu Dhabi Fund for Development's (ADFD) export-financing division, have agreed to a $10 mn line of credit. By increasing economic collaboration between Iraq and the United Arab Emirates, the pact hopes to improve bilateral ties. (Iraqi News)
- ISX congratulated International Development Bank (BIDB) on opening a new branch in Dubai, United Arab Emirates starting Nov. 9.
- The AGM of Kharkh Tour Amuzement City (SKTA) has been postponed to Nov. 5 due to a lack of quorum.
Stocks that resumed / will resume trading:
- Iraqi Islamic Bank (BIIB) resumed trading on Nov.3 after holding its AGM (Oct. 29) in which they discussed and approved 2021 annual financial statements and decided to distribute IQD0.029 cash dividend per share, corresponding to a 5.8% dividend yield.
- Iraq Baghdad for General Transport (SBPT) resumed trading on Nov. 3 after holding its AGM (Oct. 30) in which they discussed and approved 2021 annual financial statements and decided to distribute IQD1.0 cash dividend per share, corresponding to a 2.2% dividend yield and increasing the capital to IQD1.3 bn through 30% bonus issue.
- Sumer Commercial Bank (BSUC) resumed trading on Nov. 3 after holding its AGM (Oct. 27) in which they discussed and approved 2021 annual financial statements.
Stocks that were suspended / will be suspended from trading:
- ISX suspended trading of North Bank (BNOR) starting Oct. 31 as the bank has been put under CBI custody according to a CBI decision and appointed Mr. Mohammed Ali Hussein as custodian of the bank.