The latest ISX Iraq Stock Exchange news including Banks, Capital, ISX Investment and more.
By Mark DeWeaver. In this old post from 2010, I considered the possibility that ISX share prices might fail to adjust completely for corporate actions. There didn’t seem to be much evidence for this but it was a bit hard to be sure. In those days, stocks would generally be suspended for a number of […]
By Mark DeWeaver. ISX observers sometimes blame share price declines on people selling their recently listed bonus or rights issue shares. Such behavior would be interesting to document because it seems to imply a departure from perfect rationality. From the point of view of conventional finance theory, there just isn’t any reason to differentiate between […]
By Mark DeWeaver. 2013 was another strong year for deposit growth at the ISX-listed banks. Deposits at the 19 names that have so far reported year-end financials were up 17% year-on-year as of December 31. (Only BDFD and BELF, which together accounted for 8% of 2012 listed-bank deposits, have yet to report.) While their deposit […]
By Mark DeWeaver. So far this has been a bad year for shareholders of Dar Es Salaam Bank (BDSI). Adjusting for July’s 23.2% rights and 18.5% bonus issues, the shares are down 36% year-to-date (as of September 10). This compares to a ytd return of -5% for the ISX index and +6% for Rabee Securities […]
The NASDAQ OMX Group has entered an agreement with the Iraq Stock Exchange (ISX) to upgrade its current trading platform. Under the terms of the agreement, ISX will replace its existing NASDAQ OMX platform (Horizon) with one powered by the renowned X-stream technology. The upgrade is expected to be rolled out by mid-year 2014. "We […]
By Mark DeWeaver. A year ago I wrote a post called “Will the Banks Get More Time,” in which I argued that most of the ISX-listed banks weren’t going to make the central bank’s deadline of June 30, 2012 to reach IQD 150 bn in paid-up capital. I posted pretty much the same thing back […]
By Mark DeWeaver. I thought Sansar Capital’s recent report on the Iraqi banks was excellent. But I was surprised by its somewhat negative take on North Bank (BNOR). In particular, I found myself not entirely convinced by the following three points, which form the basis for their bearish case: Insufficient collateral for overdraft lending is […]
The security situation in Iraq hasn’t looked this bad in quite a while. Following the killing of at least 36 Sunni protestors in Hawijah on April 23, people are now even talking about a possible partition of the country. “It is wrong to say we are getting close to a civil war,” one Iraqi politician […]
By Mark DeWeaver. On March 3, the ISX posted the following notification on its website: “No institution or competent body has requested a license to act as custodian pursuant to Decree No. 17 of 2012. “Therefore, the Depository Centre remains the sole body conducting the transfer of securities from the account of the investor [registered] […]
By Mark DeWeaver. In a move that is likely to mark the start of a new era for the Iraq Stock Exchange (ISX), National Bank of Kuwait (NBK) has begun offering custody support services for ISX-listed shares through its 80%-held subsidiary Credit Bank of Iraq. This is arguably the most important step forward for the […]
John Lee. Zain Iraq's Chief Financial Officer, Wael Ghanayem (pictured), has told Bloomberg that the company plans to list 25 percent of its shares on the Iraq Stock Exchange (ISX) by the end of June. But Geoffrey Batt, managing director of the $44 million Euphrates Iraq Fund, told the news agency: “A more realistic estimate is […]
By Mark DeWeaver. I've often thought there should be a Nobel prize for corporate finance. It would go to the broker or investment bank that managed to place the largest IPO under the most unpromising circumstances. If there were such an award, I think Rabee Securities and its affiliate Melak Iraq would easily win this […]
