The latest ISX Iraq Stock Exchange news including Banks, Capital, ISX Investment and more.
On October 6, the Central Bank of Iraq (CBI) announced new deadlines for the private sector banks to reach the capital targets it set for them last March. According to the CBI’s original timetable, the banks had until the end of this year to bring their capital up to ID 100 bn (US$ 85 mn), […]
This hasn’t been a great year for Iraqi stocks by any stretch of the imagination. As measured by Rabee Securities’ dollar-based index, as of October 7 the market is down 10% year-to-date. And with index constituent stocks with a total weighting of something like 40% currently suspended from trading and Warka Bank (BWAI) no longer […]
An unusual feature of many of the listed Iraqi banks is that investments account for a greater share of their deposits than loans. This is true, for example, of Mansour Bank (BMNS), National Bank of Iraq (BNOI), Commercial Bank of Iraq (BCOI), Gulf Commercial Bank (BGUC), Bank of Baghdad (BBOB), and Middle East Investment Bank […]
The Iraqi Stock Exchange (ISX) will be closed from September 9-13 due to the Muslim holiday of Eid ul-Fitr. Trading will resume on September 14. Border crossings and airports in Kurdistan will remain open.
Last month, Central Bank of Iraq governor Al-Shibibi told AFP he was hoping foreign banks would play a bigger role in developing Iraq’s financial system. From the banks’ point of view, he said, “the prospects are good, except for security.” But the foreign institutions that have already entered the Iraqi market through investments in local […]
On August 8, the Iraq Securities Commission (ISC) announced that a total of 18 companies would be suspended for failing to submit their 2009 financials. Of these, 6 had already been suspended for never having submitted 2008 financials. (See the table for a complete list of the companies.) As of August 25, only four of […]
By Ahmad Saleh, IraqiXchange. Kindi Veterinary Vaccines (ISX: IKLV) surprises investors and announces after tax net profit of 378 mil IQD for 2009, up tenfold from the previous year. On August 18th it published its annual results and returned to trading after being suspended from the Iraq Stock Exchange earlier this month for not disclosing […]
On August 11, the Iraqi paper Addustour (Constitution) reported that the government would be providing six hotels with a total of US$ 300 milion to upgrade their facilities in preparation for the Arab League summit, which is scheduled to be held in Baghdad next March. The six—the ISX-listed Palestine (HPAL), Babylon (HBAY), Baghdad (HBAG), Mansour […]
At the end of June, Al Ahli United Bank (AUB) announced that it was seeking to raise its stake in Commercial Bank of Iraq (BCOI) from 49% to 60% by purchasing 6.6 billion BCOI shares in the Iraq Stock Exchange (ISX). The purchases are to take place over a two-month period starting July 4, with […]
So far two subscription periods for Warka Bank’s ID 150 bn rights issue have come and gone without any official announcement of the results. The last date for existing shareholders to subscribe was May 16. As most of them did not take up their rights, there was a subsequent public offering open to everyone except […]
It’s always been a bit of a mystery why anyone should care about bonus share issues. Since a company’s retained earnings are already owned by the shareholders, you would think that converting these earnings into shares shouldn’t have any effect on an investor’s returns. Following a bonus, the share price should logically fall by an […]
Over the last three months, stocks accounting for over half the turnover on the Iraq Stock Exchange (ISX) in the first quarter of this year have been suspended from trading. (See chart. Trading values for the quarter were computed from statistics available in the Rabee Securities Weekly Bulletin, online at http://rabeesecurities.com) Of the first quarter’s […]
