Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th Oct 2017).

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

The RSISX index ended the week at IQD778 (+2.5%) / $795 (+2.1%) (weekly change) (-19.0% and -16.1% YTD change, respectively). The number of week traded shares was 14.4bn and the weekly trading volume was IQD20.2bn ($15.9mn).

ISX Company Announcements

  • Al-Bilad Islamic Bank for Investment & Finance (BLAD) will resume trading on Oct. 15, 2017, because the company fulfilled ISX request to explain why the prices have touched the lower limit in the two sessions (Oct. 5-8, 2017). The company announced that the shares of Mr. Abdul-Jalal Said Btti were offered to be sold based on a decision of the Badaa’a Court.
  • Al-Ameen Financial Investment (VAMF) completed the capital increase procedures from IQD1.0bn to IQD1.5bn through 50% rights issue.
  • Iraqi Engineering Works (IIEW) will hold AGM* on Oct. 15, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of IIEW starting Oct. 10, 2017.
  • Ishtar Hotels (HISH) resumed trading on Oct. 9, 2017 after fulfilling ISC disclosure requirements and publishing 6M17 financial results.
  • Gulf Commercial Bank (BGUC) held AGM* on Oct. 12, 2017 to discuss and approve 2016 annual financial results and distributing 1.96% cash dividend (IQD0.0196 dividend per share, 5.8% dividend yield). ISX suspended trading of BGUC starting Oct. 9, 2017.
  • Modern Chemical Ind. (IMCI) will hold AGM* on Oct. 20, 2017 to discuss and approve 2016 annual financial results and distributing cash dividend. ISX will suspend trading of IMCI starting Oct. 17, 2017.
  • Economy Bank (BEFI) sent to the ISX the CBI letter of Oct. 2, 2017 confirming its letter of Feb. 2, 2017 that the CBI has lifted the custody of BEFI and requested all relevant parties to settle their commitments with the new management to obtain all their financial rights as well as lifting the block on fixed and current assets so that the bank can resume its activities and fulfill its obligations.
  • Mamoura Realestate Investment (SMRI) completed the capital increase procedures from IQD19.2bn to IQD 22.78bn through 15% rights and 3.6% bonus issues.
  • Iraq Baghdad for General Transport (SBPT) resumed trading on Oct. 11, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 130% cash dividends (IQD1.3 dividend per share, 9.3% dividend yield).
  • Cross Transactions: 5.0bn shares of Baghdad Soft Drinks (IBSD) on Oct. 9, 2017, which represents 2.8% of IBSD capital. 1.25bn shares of Trans Iraq Bank for Investment (BTRI) on Oct, 9, 2017, which represents 0.47% of BTRI capital. 2.0bn shares of Al-Harir Money T. (MTAH) on Oct. 10, which represent 4.4% of MTAH capital. 2.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 12, 2017, which represents 0.75% of BTRI capital. 0.5bn shares of Cihan Bank for Islamic & Finance (BCIH) on Oct. 12, 2017, which represents 0.2% of BCIH capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th Oct 2017).

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

The RSISX index ended the week at IQD759 (-1.4%) / $778 (-1.4%) (weekly change) (-21.0% and -17.8% YTD change, respectively). The number of week traded shares was 2.8bn and the weekly trading volume was IQD1.8bn ($1.4mn).

ISX Company Announcements

  • Metallic & Bicycles Industries (IMIB) will hold AGM* on Oct. 25, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of IMIB starting Oct. 22, 2017.
  • Al-Mansour Pharmaceuticals Industries (IMAP) will hold AGM* on Oct. 23, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of IMAP starting Oct. 18, 2017.
  • Region Trade Bank for Investment and Finance (BRTB) will hold AGM* on Oct. 22, 2017 to discuss and approve 2016 annual financial results. BRTB started trading on Oct. 5, 2017.
  • Iraqi Engineering Works (IIEW) will hold AGM* on Oct. 15, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of IIEW starting Oct. 10, 2017.
  • Iraqi Middle East Investment Bank (BIME) will resume trading on Oct. 8, 2017 after fulfilling ISC disclosure requirements and publishing 2016 annual financial results.
  • ISX suspended trading of the following companies starting Oct. 5, 2017 for not fulfilling ISC disclosure requirements and publishing 6M17 financial results: Dar Al-Salam for Insurance (NDSA), National Company for Tourism Investment (HNTI), Ishtar Hotels (HISH), International Islamic Bank (BINT), International Development Bank (BIDB) and Al-Khair Finacial Investment (VKHF).
  • The ISC reviewed the annual and quarterly results and auditor’s report of Economy Bank for Investment (BEFI) and stated that the bank’s documents did not comply with the requirements of the ISC and decided to keep the bank suspended from trading.
  • According to Al-Karada court decision, the selling period of Al-Bilad Islamic Bank (BLAD) shares owned by Abdul-Jalal Said Batti for the payment of debt to Al-Mansour Bank (BMNS) has been extended to Oct. 5, 2017. 5.0mn out of 2.7bn shares of BLAD owned by Abdul-Jalal Said Batti were sold on Oct. 2, 2017.
  • Al-Ameen Financial Investment (VAMF) said that the Companies’ Registrar did not provide the company the procedures for closing subscription. VAMF will provide the ISC, ISX and IDC a copy of the company’s subscription closure procedures when it is received from the Companies’ Registrar.
  • Baghdad Hotel (HBAG) announced that it started distributing 47% cash dividend (IQD0.47 dividend per share, 5.0% dividend yield) from 2016 profit starting on Oct. 5, 2017.

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund.

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

In spite of the intense international focus, the Kurdish referendum was almost a non-event for the market during the month. Thoughts on the referendum’s implications will follow after the market review.

The month was compressed to just over two weeks of trading due to the Eid and Islamic New Year holidays, while the last 10 days were marked by the start of the month of Muharram, one of the four sacred months of the year.

In Iraq, it has an oversized role as the 10th day of the month known as Ashura, occurring October 1st, marks the start of the 40-day annual Arba’een pilgrimage.

It is estimated that over 20 million Shia pilgrims will visit Karbala to commemorate the martyrdom of Iman Hussein, which was a bifurcation point in the Shia-Sunni divide.

The equity market, as measured by the RSISUSD index, ended the month down -1.9%, as the month was further compressed with average daily turnover down to 3 year lows. Most of the losses took place in the last 2-3 days of the month as buyers disappeared and prices were marked down.

Please click here to download Ahmed Tabaqchali’s full report.

Mr Tabaqchali is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets.

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.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 28th Sept 2017).

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

Note: ISX will be closed on Oct. 1, 2017 due to religious holiday, 10th Day of Muharram “Ashura”. The next trading session will be held on Monday (Oct. 2, 2017).

The RSISX index ended the week at IQD769 (-1.2%) / $789 (-1.2%) (weekly change) (-19.8% and -16.7% YTD change, respectively). The number of week traded shares was 13.1bn and the weekly trading volume was IQD12.2bn ($9.7mn).

ISX Company Announcements

  • National Chemical and Plastic Industries (INCP) will hold AGM* on Oct. 5, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of INCP starting Oct. 2, 2017.
  • Two cross transactions occurred on 9.0bn shares of Al-Noor for Money Transfer (MTNN) on Sep. 26 and Sept. 27, 2017, which represent 20.0% of MTNN capital.
  • A cross transaction occurred on 1.75bn shares of Trans Iraq Bank for Investment (BTRI) on Sept. 26, 2017, which represents 0.7% of BTRI capital.
  • Original shares of Dar Al-Salam for Insurance (NDSA) resumed trading on Sept. 27, 2017 after discussing and approving 2016 annual financial results and deciding to increase the capital from 3.5bn to IQD5.0bn through 42.4% rights issue.
  • Trust International Islamic Bank (BTRU) completed the capital increase procedures from IQD100bn to IQD 250bn through 150% rights issue.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st Sept 2017).

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

The RSISX index ended the week at IQD778 (-1.0%) / $798 (-1.0%) (weekly change) (-18.9% and -15.7% YTD change, respectively). The number of week traded shares was 9.5bn and the weekly trading volume was IQD6.3bn ($5.1mn).

ISX Company Announcements

  • Two cross transactions occurred on 3.0bn shares of Trans Iraq Bank for Investment (BTRI) on Sept. 18 and Sep. 20, 2017), which represent 1.14% of BTRI capital.
  • Gulf Commercial Bank (BGUC) will hold AGM* on Oct. 12, 2017 to discuss and approve 2016 annual financial results and decide to distribute 1.96% cash dividend (IQD0.0196 dividend per share). ISX will suspend trading of BGUC starting Oct. 9, 2017.
  • Iraq Baghdad for General Transport (SBPT) will hold AGM* on Oct. 9, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of SBPT starting Oct. 4, 2017.
  • National Chemical and Plastic Industries (INCP) will hold AGM* on Oct. 5, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of INCP starting Oct. 2, 2017.
  • International Islamic Bank (BINT) invited shareholders to participate in the capital increase from IQD100bn to IQD250bn through 150% rights issue starting Sept. 20, 2017.
  • ISX requested Region Trade Bank for Investment and Finance (BRTB) to disclose the names and titles of the individuals who have direct access to internal information for 2017, like BoD and their advisors, CEO, CFO, auditor and etc., in order to start trading.
  • Al-Hamraa for Insurance (NHAM) will hold AGM* on Oct. 24, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of NHAM starting Oct. 19, 2017.
  • Iraqi Agricultural Products Marketing Meat (AIPM) resumed trading on Sep. 19, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 5% cash dividend (IQD0.05 dividend per share, 1.7% dividend yield).

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th Sept 2017).

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

The RSISX index ended the week at IQD786 (+0.5%) / $807 (+0.4%) (weekly change) (-18.1% and -14.8% YTD change, respectively). The number of week traded shares was 43.7bn and the weekly trading volume was IQD 31.3bn ($24.8mn).

ISX Company Announcements

  • Two cross transactions occurred on 23.65bn shares of Al-Arabiya Islamic Bank (BAAI) on Sept. 12 and Sep. 13, 2017, which represent 9.4% of BAAI capital.
  • A cross transaction occurred on 15.99bn shares of Mosul Bank for Development and Investment (BMFI) on Sept. 12, 2017, which represent 6.3% of BMFI capital.
  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX suspended trading of NDSA starting Sep. 14, 2017.
  • Baghdad Hotel (HBAG) resumed trading on Sept. 14, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 47% cash dividend (IQD0.47 dividend per share, 5.0% dividend yield).
  • Al-Qabedh Islamic Bank for Finance and Investment (BQAB) having a capital of IQD250bn paid-in capital, has completed converting procedures from Al-Muhej for Money Transfer (MTAM) and started trading in non-regular market on Sept. 13, 2017. BQAB closed the day at IQD1.0.
  • Region Trade Bank for Investment and Finance (BRTB) started depositing its shares on Sept. 14, 2017. The bank will start trading after depositing and activating 5% of the shares or after 21 days, on Oct. 5, 2017.
  • Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of VZAF starting on Sept. 12, 2017.
  • Kurdistan International Bank (BKUI) disclosed that the ownership of Khan Adil Disko at BKUI reached 39.6bn shares on Sept. 11, 2017, which represents 9.9% of BKUI capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th Sept 2017).

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

The RSISX index ended the week at IQD783 (+0.3%) / $803 (-0.1%) (weekly change) (-18.6% and -15.1% YTD change, respectively). The number of week traded shares was 1.2bn and the weekly trading volume was IQD 0.9bn ($0.7mn).

ISX Company Announcements

  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX will suspend trading of NDSA starting Sep. 14, 2017.
  • Iraqi Agricultural Products Marketing Meat (AIPM) will hold AGM* on Sept. 12, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of AIPM starting on Sept. 7, 2017.
  • Mamoura Real estate Investment (SMRI) requested Middle East Bank for investment (BIME) and Bilad Islamic Bank (BLAD) on Sept. 7, 2017 to pay back the unused amount (remaining amount) of cash belong to the investors related with the rights issue of SMRI considering that 15 days passed the subscription closing date (Aug. 21, 2017).

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th Sept 2017).

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

The RSISX index ended the week at IQD783 (+0.3%) / $803 (-0.1%) (weekly change) (-18.6% and -15.1% YTD change, respectively). The number of week traded shares was 1.2bn and the weekly trading volume was IQD 0.9bn ($0.7mn).

ISX Company Announcements

  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX will suspend trading of NDSA starting Sep. 14, 2017.
  • Iraqi Agricultural Products Marketing Meat (AIPM) will hold AGM* on Sept. 12, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of AIPM starting on Sept. 7, 2017.
  • Mamoura Real estate Investment (SMRI) requested Middle East Bank for investment (BIME) and Bilad Islamic Bank (BLAD) on Sept. 7, 2017 to pay back the unused amount (remaining amount) of cash belong to the investors related with the rights issue of SMRI considering that 15 days passed the subscription closing date (Aug. 21, 2017).

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund.

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

The equity market was mostly subdued through the dog days of summer but the big development to note is the realignment of interests of regional players in a post-ISIS Iraq with major implications for the Iraq investment story.

The equity market, as measured by the RSISUSD index, ended the month up +0.2% after trading in a tight range following the July sentiment turnaround, in which extremely depressed bank valuations drove locals to step up and absorb foreign selling as highlighted in last month’s piece on Iraq Business News.

However, turnover continued to be low in-line with the last few months (see chart below) while foreign activity was mostly subdued with some re-emergence of selling in banks in the last few days but, at least for now, that has lost its ability to depress the overall market. The low turnover continues to emphasize the early phases of the liquidity recovery in the economy and the market.

However, the most significant development is the broadening of the realignment of interests of regional players in dealing with the root causes of the conflict, i.e. the deep economic and political disenfranchisement, that were such fertile grounds for the rise of extremism.

Following the military resolution to contain the common threat, these would be long-term solutions which will involve significant investments in infrastructure to bring much-needed developments and create prosperity.

Please click here to download Ahmed Tabaqchali’s full report.

Mr Tabaqchali is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets.

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.

Advertising Feature

Note: ISX will be closed starting from Sep. 1, 2017 to Sep. 5, 2017 due to the religious holiday of Eid Al-Adha. The next session will be held on Wednesday (Sep. 6, 2017).

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 31st Aug 2017).

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

The RSISX index ended the week at IQD781 (+1.4%) / $804 (+1.4%) (weekly change) (-18.6% and -15.1% YTD change, respectively). The number of week traded shares was 14.8bn and the weekly trading volume was IQD13.1bn ($10.4mn).

ISX Company Announcements

  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX will suspend trading of NDSA starting Sep. 14, 2017.
  • Baghdad Hotel (HBAG) will hold AGM* on Sept. 10, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of HBAG starting on Aug. 31, 2017.
  • A cross transaction occurred on 9.9bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 28, 2017, which represents 3.96% of BAAI capital.
  • National Islamic Bank (BNAI) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 8.5% cash dividend (IQD0.085 dividend per share, 8.1% dividend yield).
  • Al-Nobles for Money Transfer (MTNO) and Al-Noor for Money Transfer (MTNN) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results.
  • Ahliya for Insurance (NAHF) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results.
  • Kharkh Tour Amuzement City (SKTA) resumed trading on Aug. 30, 2017 after fulfilling ISC disclosure requirements and publishing 2016 annual financial results.
  • Iraqi Agricultural Products (AIRP) resumed trading on Aug. 27, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 10% cash dividend (IQD0.10 dividend per share, 1.4% dividend yield).