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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 11th July 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• In a significant move to bolster Iraq's entrepreneurial sector, the U.S. International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) have announced a $50 mn loan to the National Bank of Iraq (BNOI). This historic agreement, DFC's first loan to an Iraqi commercial bank, aims to expand financing opportunities for Iraqi entrepreneurs nationwide. (Bas News)
• Al-Mansour Bank (BMNS) invited its shareholders to subscribe to 15.0 bn shares starting Jul. 9 from the capital increase to IQD351.0 bn through a 5.0% rights and %12.0 bonus issue. The subscription period is no less than 30 days and no more than 60 days.
• Credit Bank of Iraq (BROI) invited its shareholders to subscribe to 57.0 bn shares starting Jul. 14 from the capital increase to IQD325.0 bn through a 22.8% rights issue and 7.2% bonus issue. The subscription period is no less than 30 days and no more than 60 days.
• ISX requested International Development Bank (BIDB), AHliya For Insurance (NAHF), and Ibdaa Al-Sharq Al-Awsat General Contract (SIBD) to provide their AGM minutes for the purpose of returning the companies to trading.

Stocks that resumed / will resume trading:

• Tourist Village of Mosul Dam (HTVM) resumed trading on Jul. 8 after holding its AGM on Jun. 28 in which they discussed and approved 2023 annual financial statements.
• Region Trade Bank (BRTB) resumed trading on Jul. 9 after holding its AGM on Jul. 4 in which they discussed and approved electing seven original and seven alternative board members.
• Gulf Insurance and Reinsurance (NGIR) resumed trading on Jul. 9 after holding its AGM on Jun. 30 in which they discussed and approved electing five original and five alternative board members.
• AL- Kindi of Veterinary Vaccines Drugs (IKLV) resumed trading on Jul. 11 after holding its AGM on Jul. 3 in which they discussed and approved electing five original and five alternative board members, and postponed the selling of the company's headquarters land and purchasing an alternative site.
• Original shares of AHliya For Insurance (NAHF) will resume trading on Jul. 14 after holding its AGM on Jul. 2 in which they discussed and approved 2022 annual financial statements, increasing the paid-in capital from IQD7.0 bn to IQD15.0 bn through 114.3% rights issue, and electing five original and five alternative board members. The opening price will be IQD0.680 per share with a +/-50% price change limit.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Iraqi for Tufted Carpets (IITC) starting Jul. 9 due to the AGM that will be held on Jul. 14 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of Al-Hamraa for Insurance (NHAM) starting Jul. 21 due to the AGM that will be held on Jul. 24 to discuss and approve 2022 annual financial statements and electing five original and five alternative board members.
• ISX will suspend trading of Trans Iraq Bank (BTRI) starting Jul. 24 due to the AGM that will be held on Jul. 29 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of AHliya For Insurance (NAHF) starting Aug. 26 due to the AGM that will be held on Aug. 29 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX suspended trading of the following companies in accordance with an ISC decision due to not disclosing their 3M24 financial statements: NGIR, AMAP, ABAP, BZII, and BAME. ISX sent a "warning" for the following companies to submit their 3M24 financial statements and state their position within a period of (5 working days): HISH, IMCM, ITLI, SILT, SBAG, SIGT, BNOR, VKHF, and VBAT.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 4th July 2024).

Note: ISX will be closed on July 7, 2024 (Sunday) due to the national holiday (First day of the Islamic New Year). The next trading session will be held on July 8, 2024 (Monday).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 234.4 mn shares of Babylon Hotel (HBAY) on Jul. 3, valued at IQD24.6 bn and corresponding to 11.7% of HBAY's capital.
• A cross transaction occurred on 10.0 bn shares of International Islamic Bank (BINT) on Jul. 4, valued at IQD3.3 bn and corresponding to 3.8% of BINT's capital.
• On Wednesday, the Iraqi Securities Commission (ISC) confirmed that the government had successfully completed the sale of financial bonds, noting that many foreign investors had purchased those bonds. (INA)
• Al-Mansour Bank (BMNS) invited its shareholders to subscribe to 15.0 bn shares starting Jul. 9 from the capital increase to IQD351.0 bn through a 5.0% rights and %12.0 bonus issue. The subscription period is no less than 30 days and no more than 60 days.
• The ISC has approved the request of AL-Wiaam for Financial Investment (VWIF) to have a four-month extension period to add the new shares from the capital increase through a 150% rights issue to IQD5.0 bn starting from Jun. 17.

Stocks that resumed / will resume trading:

• New shares of Bank of Baghdad (BBOB) from the capital increase through a 33.3% bonus issue to IQD400.0 bn resumed trading on Jul. 3.
• New shares of Region Trade Bank (BRTB) from the capital increase through a 16.7% bonus issue to IQD350.0 bn resumed trading on Jul. 4.
• Babil Animal & Vegetable Production (ABAP) resumed trading on Jul. 4 after holding its postponed AGM on May 19 in which they discussed and approved 2021 & 2022 annual financial statements and decided to distribute IQD1.0 cash dividend per share.
• Ashur International Bank (BASH) resumed trading on Jul. 1 after holding its AGM on May 29 in which they discussed and approved 2022 annual financial statements and electing 7 original and 7 alternative board members.
• Tourist Village of Mosul Dam (HTVM) will resume trading on Jul. 8 after holding its AGM on Jun. 28 in which they discussed and approved 2023 annual financial statements.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of AL- Kindi of Veterinary Vaccines Drugs (IKLV) starting Jun. 30 due to the AGM that will be held on Jul. 3 to discuss and approve electing five original and five alternative board members and selling the company's headquarters land and purchasing an alternative site.
• ISX suspended trading of Region Trade Bank (BRTB) starting Jul. 1 due to the AGM that will be held on Jul. 4 to discuss and approve electing seven original and seven alternative board members.
• ISX will suspend trading of Al Taif Islamic Bank (BTIB) starting Jul. 23 due to the AGM that will be held on Jul. 28 to discuss and approve 2023 annual financial statements and dividend distribution.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 27th June 2024).

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Iraq Stock Exchange

• The ISC approved the request of Asiacell (TASC) for an additional extension period of 60 days, from the end of the period specified in the law (5/31/2024), to submit its 2023 annual financial statements.
• ISX suspended the trading of the following bonds (Emaar Bond / 3rd issue / IQD0.5 mn (CB45); Emaar Bond / 3rd issue / IQD1.0 mn (CB50)), starting on Jun. 25, 2024, due to the maturity of their semi-annual interest.
• Subscription to 20% rights issue of Ameen Al-Iraq Islamic Bank (BAME) to reach IQD300.0 bn capital ended on Jun. 13.
• The ISC has approved the request of Al Masherq Al-Arabi Islamic Bank (BAMS) to have a four-month extension period to add the new shares from the capital increase through a 20% rights issue to IQD300.0 bn starting from Jun. 11, 2024.
• Cihan Bank for Islamic & Finance (BCIH) invited its shareholders to subscribe to 50.0 bn shares starting Jun. 27 from the capital increase to IQD355.0 bn through a 16.4% rights issue. The subscription period is no less than 30 days and no more than 60 days.
• National Household Furniture Industry (IHFI) has completed the legal procedures for the capital increase through a 100% rights issue to IQD3.32 bn.

Stocks that resumed / will resume trading:

• New shares of Al Janoob Islamic Bank (BJAB) from the capital increase through a 104% rights issue to IQD510.0 bn resumed trading on Jun. 23.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Gulf Insurance and Reinsurance (NGIR) starting Jun. 24 due to the AGM that will be held on Jun. 30 to discuss and approve electing five original and five alternative board members if the general assembly approves reducing the number of board members from seven to five.
• ISX suspended trading of Tourist Village of Mosul Dam (HTVM) starting Jun. 24 due to the AGM that will be held on Jun. 28 to discuss and approve 2023 annual financial statements.
• ISX suspended trading of AHliya For Insurance (NAHF) starting Jun. 27 due to the AGM that will be held on Jul. 2 to discuss and approve 2022 annual financial statements, increasing the paid-in capital from IQD7.0 bn to IQD15.0 bn through 114.3% rights issue, and electing five original and five alternative board members.
• ISX will suspend trading of Iraqi for Tufted Carpets (IITC) starting Jul. 9 due to the AGM that will be held on Jul. 14 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of National Chemical & Plastic Industries (INCP) starting Jul. 18 due to the AGM that will be held on Jul. 23 to discuss and approve 2022 annual financial statements.

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Note: ISX will be closed starting from Jun. 16, 2024 (Sunday) to Jun. 20, 2024 (Thursday) due to the religious holiday of Eid Al-Adha. The next trading session will be held on Jun. 23, 2024 (Sunday).

Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 13th June 2024).

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Weekly News from Iraq

• Three cross transactions occurred on 17.0 bn shares of Al Mustashar Islamic Bank (BMUI) on Jun. 11, Jun. 12, and Jun. 13, valued at IQD17.0 bn and corresponding to 6.8% of BMUI's capital.
• Bank of Baghdad (BBOB) has been chosen as the best private commercial bank in Iraq by International Finance for the year 2024.
• The International Development Bank (BIDB) signed a partnership contract with the Kurdistan Regional Government to implement the "My Account" project. (INA)
• The Iraqi Securities Commission (ISC), represented by the Chairman of the Commission, and the International Finance Corporation (IFC), represented by the Regional Director, signed, on Wednesday, a consultative cooperation agreement to implement the environmental and social governance project for joint-stock companies listed on the ISX in accordance with international standards.
• ISX suspended the trading of the following bonds (Binaa Bond / 2nd issue / IQD1.0 mn (CB20)) starting on Jun. 11, 2024, due to the maturity of their semi-annual interest.
• National Company for Tourism Investment (HNTI) invited its shareholders to receive their cash dividends for the fiscal year 2022 at its headquarters located in Baghdad. The company decided in its recent AGM (Apr. 21) to distribute IQD0.23 cash dividend per share, corresponding to a 2.1% dividend yield.
• AL-Wiaam for Financial Investment (VWIF) invited its shareholders to subscribe to 3.0 bn shares starting Jun. 11 from the capital increase to IQD5.0 bn through a 150% rights issue. The subscription period is no less than 30 days and no more than 60 days.
• According to the ISC decision on Jun. 3, the ISX transferred National Chemical & Plastic Industries (INCP) from the undisclosed capital market (UCM) to the regular market (RM) starting Jun. 9, 2024.
• Region Trade Bank (BRTB) has completed the legal procedures for the capital increase through a 16.7% bonus issue to IQD350.0 bn.

Stocks that resumed / will resume trading:

• Original shares of Cihan Bank for Islamic & Finance (BCIH) resumed trading on Jun. 12 after holding its AGM on Jun. 7 in which they discussed and approved increasing the paid-in capital from IQD305.0 bn to IQD355.0 bn through 16.4% rights issue.
• Original shares of National Islamic Bank (BNAI) resumed trading on Jun. 13 after holding its AGM on Jun. 8 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD301.0 bn to IQD351.0 bn through 11.63% rights issue and 4.98% bonus issue. The bank postponed the elections of new board members.
• Gulf Commercial Bank (BGUC) resumed trading on Jun. 13 after holding its AGM on Jun. 7 in which they discussed and approved 2023 annual financial statements.
• New shares of Al Janoob Islamic Bank (BJAB) from the capital increase through a 104% rights issue to IQD510.0 bn will resume trading on Jun. 23.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of AHliya For Insurance (NAHF) starting Jun. 27 due to the AGM that will be held on Jul. 2 to discuss and approve 2022 annual financial statements, increasing the paid-in capital from IQD7.0 bn to IQD15.0 bn through 114.3% rights issue, and electing five original and five alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 6th June 2024).

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Iraq Stock Exchange

• Asiacell (TASC) and Baghdad Soft Drinks (IBSD) announced on May 30 that there was a delay in announcing their 2023 audited financial results. The delay occurred because of new regulations issued by the Board of Monitoring and Auditing Profession. Both companies announced that they will not be able to submit 2023 audited financial results until they find an eligible auditor who meets the required qualifications.
• National Bank of Iraq (BNOI) confirmed on Thursday that it does not deal with companies that the CBI has stopped from entering the window for buying and selling foreign currency, pointing out that this comes in compliance with international standards to combat money laundering. (Shafaq News)
• According to the ISC decision on Jun. 3, the ISX will transfer National Chemical & Plastic Industries (INCP) from the undisclosed capital market (UCM) to the regular market (RM) starting Jun. 9, 2024.

Stocks that resumed / will resume trading:

• Al Janoob Islamic Bank (BJAB) resumed trading on Jun. 6 after holding its AGM on Jun. 1 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.061 cash dividend per share, corresponding to a 6.1% dividend yield.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of International Development Bank (BIDB) starting Jun. 4 due to the AGM that will be held on Jun. 4 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% rights issue.
• ISX suspended trading of Gulf Commercial Bank (BGUC) starting Jun. 4 due to the AGM that will be held on Jun. 7 to discuss and approve 2023 annual financial statements.
• ISX suspended trading of National Islamic Bank (BNAI) starting Jun. 4 due to the AGM that will be held on Jun. 8 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD301.0 bn to IQD351.0 bn through rights and bonus issue and electing new board members.
• ISX suspended trading of Cihan Bank for Islamic & Finance (BCIH) starting Jun. 4 due to the AGM that will be held on Jun. 7 to discuss and approve increasing the paid-in capital from IQD305.0 bn to IQD355.0 bn through 16.4% rights issue.
• ISX suspended trading of Ibdaa Al-Sharq Al-Awsat General Contract (SIBD) starting Jun. 6 due to the AGM that will be held on Jun. 11 to discuss and approve the resignation of the chartered accountant and appointing an auditor for the year 2023.
• ISX will suspend trading of Gulf Insurance and Reinsurance (NGIR) starting Jun. 24 due to the AGM that will be held on Jun. 30 to discuss and approve electing five original and five alternative board members if the general assembly approves reducing the number of board members from seven to five.
• ISX will suspend trading of Region Trade Bank (BRTB) starting Jul. 1 due to the AGM that will be held on Jul. 4 to discuss and approve electing seven original and seven alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 30th May 2024).

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*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

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Iraq Stock Exchange

• The Iraqi Securities Commission (ISC) participated in the Arab-Turkish Banking Summit organized by the Union of Arab Banks in Istanbul over two days. The summit discussed the vision of Arab-Turkish and international economic relations, by highlighting the areas of mutual investment and banking cooperation. (ISC)
• On Sunday, Chairman of the Securities Commission, Faisal Al- Haimus, announced joint cooperation with the Central Bank and the Ministry of Finance to list government bonds on the Iraq Stock Exchange. (INA)
• Iraqi Islamic Bank (BIIB) has completed the legal procedures for the capital increase through a 30.0% bonus issue to IQD325.0 bn.
• The Iraq Stock Exchange (ISX) will hold its AGM on Jun. 29 and will discuss and approve the following subjects: 1) The annual financial statements of the ISX for the ending year Dec. 31, 2023. 2) The report of the Board of Governors on the market's activities for the year 2023.  3) The ISX's program for the year 2024.
• ISX requested Gulf Commercial Bank (BGUC) to explain why the prices touched the higher limit on May 29 and May 30. ISX requested International Islamic Bank (BINT) to explain why the prices touched the higher limit on May 28 and May 30.

Stocks that resumed / will resume trading:

• Al-Ameen Financial Investment (VAMF) resumed trading on May 29 after holding its AGM on May 28 in which they discussed and approved 2023 annual financial statements.
• New shares of Iraqi Islamic Bank (BIIB) from the capital increase through a 30.0% bonus issue to IQD325.0 bn resumed trading on May 30.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Ashur International Bank (BASH) starting May 26 due to the AGM that will be held on May 29 to discuss and approve 2022 annual financial statements, dividend distribution, and electing seven original and seven alternative board members.
• ISX suspended trading of Al Janoob Islamic Bank (BJAB) starting May 28 due to the AGM that will be held on Jun. 1 to discuss and approve 2023 annual financial statements, and dividend distribution.
• ISX will suspend trading of Tourist Village of Mosul Dam (HTVM) starting Jun. 24 due to the AGM that will be held on Jun. 28 to discuss and approve 2023 annual financial statements.
• ISX will suspend trading of AL- Kindi of Veterinary Vaccines Drugs (IKLV) starting Jun. 30 due to the AGM that will be held on Jul. 3 to discuss and approve electing five original and five alternative board members, and selling the company's headquarters land and purchasing an alternative site.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 16th May 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 2.3 bn shares of Al-Mansour Bank (BMNS) on May 13, valued at IQD3.3 bn and corresponding to 0.8% of BMNS's capital.
• Chairman of the Iraqi Securities Commission (ISC), Faisal Al Haimus, confirmed on Wednesday that the authority is studying the possibility of licensing brokerage companies to trade shares on international stock exchanges. (INA)
• National Bank of Iraq (BNOI) has completed the legal procedures for the capital increase through a 33.3% bonus issue to IQD400.0 bn.
• The Trade Bank of Iraq (TBI) is joining My Account, the Kurdistan Region's "salary domiciliation program." (Iraq Business News)
• Fitch Ratings has affirmed Region Trade Bank for Investment and Finance Private Shareholding's (BRTB) Long-Term Issuer Default Rating (IDR) at 'CCC+' and Viability Rating (VR) at 'ccc+'. (FitchRatings)
• Fitch Ratings has affirmed the International Islamic Bank's (BINT) Long-Term Issuer Default Rating (IDRs) at 'CCC-', Short-Term IDR at 'C', and Viability Rating (VR) at 'ccc-' and removed them from Rating Watch Negative (RWN). (FitchRatings)
• Babil Animal & Vegetable Production (ABAP) will hold its postponed AGM on May 19 to discuss and approve 2021 & 2022 annual financial statements and dividend distribution. The company has been suspended from trading since Dec. 7, 2023, for not submitting the minutes of the previous AGM.
• Iraq Baghdad for General Transport (SBPT) invited its shareholders to receive their cash dividends for the fiscal year 2022 and previous years at its headquarters located in Baghdad Al-A'amiriya, starting May 19. The company decided in its recent AGM (Apr. 2) to distribute IQD1.0 cash dividend per share, corresponding to a 2.3% dividend yield.
• Mamoura Real-estate Investment (SMRI) invited its shareholders to receive their cash dividends for the fiscal year 2023 at its headquarters located in Arasat Al-Hindiya, starting May 21. The company decided in its recent AGM (Apr. 3) to distribute IQD0.02 cash dividend per share, corresponding to a 0.3% dividend yield.
• The International Development Bank (BIDB) announced the opening of a new branch in the Times Square Center in Basra Governorate, confirming its adoption of a new strategy to enhance banking services and stimulate investment in southern Iraq. (Shafaq News)

Stocks that resumed / will resume trading:

• Al Masherq Al-Arabi Islamic Bank (BAMS) resumed trading on May 12 after holding its AGM on May 5 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.056 cash dividend per share.
• New shares of Rehab Karbala (HKAR) from the capital increase through a 6% rights issue to IQD7.95 bn resumed trading on May 13.
• Original shares of Iraqi Islamic Bank (BIIB) resumed trading on May 16 after holding its AGM on May 11 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD250.0 bn to IQD325.0 bn through 30.0% bonus issue. The bank will also discuss further increasing its capital to IQD400 bn with the entry of Safwa Bank of Jordan, with IQD40 bn. The bank decided to establish a digital bank with an amount of up to 30% of its capital based on the instructions of the CBI.
• Original shares of Region Trade Bank (BRTB) resumed trading on May 16 after holding its AGM on May 8 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through 16.7% bonus issue.
• Iraqi Agricultural Products (AIRP) will resume trading on May 19 after holding its postponed AGM on May 13 in which they discussed and approved 2021 & 2022 annual financial statements and decided to distribute IQD0.10 cash dividend per share, corresponding to a 0.4% dividend yield. The opening price will be IQD23.150 per share.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Bank of Baghdad (BBOB) starting May 14 due to the AGM that will be held on May 18 to discuss and approve 2023 annual financial statements, dividend distribution, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% bonus issue, and an agreement with Jordan Kuwait Bank.
• ISX suspended trading of Al-Mansour Bank (BMNS) starting May 16 due to the AGM that will be held on May 21 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through rights and bonus issue.
• ISX will suspend trading of Ashur International Bank (BASH) starting May 26 due to the AGM that will be held on May 29 to discuss and approve 2022 annual financial statements, dividend distribution, and electing seven original and seven alternative board members.
• ISX will suspend trading of Ibdaa Al-Sharq Al-Awsat General Contract (SIBD) starting Jun. 6 due to the AGM that will be held on Jun. 11 to discuss and approve the resignation of the chartered accountant and appointing an auditor for the year 2023.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 9th May 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

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Iraq Stock Exchange

• Fitch Ratings has assigned Mansour Bank for Investment (BMNS) a Long-Term Issuer Default Rating (IDR) of 'B-' with a Stable Outlook and a Viability Rating of 'ccc+'. (FitchRatings)
• The National Bank of Iraq (BNOI), part of the Capital Bank Group and 'My Account' project, has adopted Temenos for its core banking and payments operations. (Bas News)
• Rehab Karbala (HKAR) has completed the legal procedures for the capital increase through a 6% rights issue to IQD7.95 bn.
• The AGM of Iraqi Agricultural Products (AIRP) has been postponed to May 13 due to a lack of quorum.

Stocks that resumed / will resume trading:

• Original shares of Credit Bank of Iraq (BROI) resumed trading on May 9 after holding its AGM on May 2 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD250.0 bn to IQD325.0 bn through a 22.8% rights issue and 7.2% bonus issue, and electing nine original and nine alternative board members.
• Al Masherq Al-Arabi Islamic Bank (BAMS) will resume trading on May 12 after holding its AGM on May 5 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.056 cash dividend per share. The opening price will be IQD0.940 per share.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Region Trade Bank (BRTB) starting May 5 due to the AGM that will be held on May 8 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through 16.7% bonus issue.
• ISX suspended trading of Iraqi Islamic Bank (BIIB) starting May 7 due to the AGM that will be held on May 11 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD250.0 bn to IQD325.0 bn through 30.0% bonus issue.
• ISX will suspend trading of Al-Ameen Financial Investment (VAMF) starting May 23 due to the AGM that will be held on May 28 to discuss and approve 2023 annual financial statements.

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By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Middle East Conflict Widens, Iraq's Equity Market Rallies

The equity market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), was up 17.8% for the month and up 16.6% for the year.

The much-feared widening of the current Middle East conflict became a reality at the start of the month with the alleged Israeli attack on the Iranian Embassy Complex in Syria on April 1^st. Iranian vows to retaliate sparked fears of a violent escalation of the tensions that were simmering over the last few months.

However, Iraq's stock market rallied on the event and continued to rally despite the realisations of these fears with Iran's attack on Israel on April 13^th and Israel's alleged attack on Iran on April 19^th - the RSISX USD Index's increase for the month peaked at 21.1% before profit taking pared these gains to an increase of 17.8% as the month came to an end. As discussed here recently in "Markets Continue to Look Through Tensions" and prior to that in "Assessing the Risks of a Wider Middle East Conflict", the Iraqi stock market is discounting the developments that were driving the transformation of the economy, and that were already in place prior to the onset of the conflict in early October, and that it has discounted, and continues to discount, a contained conflict.

These were discussed in the market outlook for 2024 in "What Next after a Gangbuster Year ???" with the strong net profit results for 2023 for the top-quality banks in the country reflecting these very same developments that would drive the transformation of the economy by accelerating the adoption of banking and bring about a transformation of the sector and its role in the economy.

Specifically, the markets' response to this widening of the Middle East conflict, were expressed by the Iraqi stock market, Iraq's currency market, and global oil prices. Firstly, the RSISX USD Index is up 27.2% from just before the start of the conflict to April 30^th April - in particular, it is up 2.6% since Israel's alleged attack on Iran and up 9.8% since the earlier Iranian attack on Israel (chart below).

Rabee Securities U.S. Dollar Equity Index

(Source: Iraq Stock Exchange, Rabee Securities, AFC Research, daily data as of April 30^th)

Secondly, the currency market, similarly to the stock market, was discounting the same dynamics that were driving the transformation of the economy, and that were already in place prior to the onset of the conflict in early October.

Specifically, for the currency market, these were initiated by the Central Bank of Iraq's (CBI) latest procedural requirements for its provisioning of U.S. dollars for cross-border transfers introduced in mid-November 2022, which led to a dollar supply-demand mismatch and consequently to the depreciation of the parallel market price of the Iraqi dinar versus the dollar (*). After bottoming in early November, the parallel market price of the Iraqi dinar versus the dollar appreciated by 12.4% by the end of April (chart below).

Dinar Parallel Market Exchange Rate versus the Dollar

(Source: Iraqi Central Statistical Organization, Iraqi Foreign Exchange Houses, Asia Frontier Capital Research,
data as of April 30^th)

Thirdly, current oil market expectations, as measured by Brent crude futures contracts as of April 30^th (yellow line-chart below), are near the top of a range bound on the upper end by expectations of supply fears following the invasion of Ukraine (red line-chart below), and on the lower end by those at the end of 2021 (grey line-chart below). Thus, while higher than what they were in the last few months, nevertheless are still discounting a contained conflict. Iraq's extreme leverage to oil prices would translate to more fuel for the government's expansionary budget should these expectations remain at these elevated levels.

Market Expectations for Future Oil Prices

As measured by Brent Futures Contacts (USD per barrel)

(Source: Wall Street Journal, US Energy Information Administration, AFC Research, data as of April 30^th)

Notes
(*) Background to the currency's upheaval: -

A complete background and detailed information on the CBI's provisioning of dollars for cross-border transfers, the relationship between the official exchange rate and the parallel market rate of the dinar versus the dollar is provided by the author's research piece for the LSE Middle East Centre "A Fistful of Dinars: demystifying Iraq's dollar auction".

The controversies & conspiracy theories surrounding it fail to take into account the economy's key structural imbalances: dependence on oil export revenues, while demand for goods & services is met through imports handled by a largely informal private sector. Which means that the government's oil revenues are the economy's major source of dollars, & the private sector depends on the auction as a significant source of dollars to pay for these imports. As such, it is the inherent imbalances in the economy's structure that led to contradictory & unsustainable compromises within the functioning of the auction, and not unsubstantiated conspiracies.

It concludes that the measures undertaken post-November 2022 helped resolve most of the compromises that bedevilled the auction in the past. However, lasting change requires addressing the economy's structural imbalances head-on. The piece comes with charts & tables to support its arguments; diagrams to simplify the main points it makes, & extensive footnotes that provide further explanations & technical information.

Please click here to download Ahmed Tabaqchali's full report in pdf format.

Mr Tabaqchali (@AMTabaqchali) is the Chief Strategist of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years' experience in US and MENA markets. He is a Visiting Fellow at the LSE Middle East Centre, Senior Fellow at the Institute of Regional and International Studies (IRIS), and a Senior Non-resident Fellow at the Atlantic Council. He is also a board member of Capital Investments, the investment banking arm of Capital Bank in Jordan.

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 3rd May 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• On Monday, the Iraq Stock Exchange (ISX) ranked first in average daily trading volume for the 2023 indices and won the Arab Financial Markets federation shield. (Shafaq News)
• On Sunday, the Iraq Stock Exchange (ISX) participated with the Arab financial markets in the meeting of the General Assembly for Arab Financial Markets. On Monday, ISX participated in the annual conference of the Arab Financial Markets Federation, sponsored by the Qatar Stock Exchange, which was hosted by the State of Qatar for its 2024 edition. Discussions took place on the financial markets with experts in financial technology and the future of trading in financial instruments; in addition, to discussions regarding the performance of Arab financial markets with members of the Arab Federation AFCM and joint cooperation plans.
• Cihan Bank for Islamic & Finance (BCIH) has completed the legal procedures for the capital increase through an 8.3% rights issue and an 11.3% bonus issue to reach IQD305.0 bn.
• Al-Hamraa for Insurance (NHAM) fulfilled ISX's request to explain why the prices touched the higher limit on Apr. 28 and Apr. 30. The company disclosed that there were no fundamental events or new matters that affected the price of the shares.

Stocks that resumed / will resume trading:

• New shares of Al-Mansour Bank (BMNS) from the capital increase through a 16% rights issue and a 4% bonus issue to IQD300.0 bn resumed trading on May 2.
• National Company for Tourism Investment (HNTI) resumed trading on Apr. 29 after holding its Annual General Meeting (AGM) on Apr. 21 in which they discussed and approved 2022 annual financial statements and decided to distribute IQD0.23 cash dividend per share, corresponding to a 2.1% dividend yield.
• New shares of Al-Mosul for Funfairs (SMOF) from the capital increase through a 10.0% bonus issue to IQD1.65 bn resumed trading on Apr. 30.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of Al-Mansour Bank (BMNS) starting May 16 due to the AGM that will be held on May 21 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through rights and bonus issue.
• ISX suspended trading of Credit Bank of Iraq (BROI) starting Apr. 28 due to the AGM that will be held on May 2 to discuss and approve 2023 annual financial statements, increasing the paid-in capital through rights and bonus issue, dividend distribution, and electing nine original and nine alternative board members.
• ISX suspended trading of Al Masherq Al-Arabi Islamic Bank (BAMS) starting Apr. 29 due to the AGM that will be held on May 5 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX suspended trading of Iraqi Agricultural Products (AIRP) starting Apr. 30 due to the AGM that will be held on May 6 to discuss and approve 2021 & 2022 annual financial statements and dividend distribution.

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