Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 30th January 2020).

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

The RSISX index ended the week at IQD556 / $577 (+0.7% weekly change) (-15.6% YTD and -17.6% YTD change, respectively). The number of weekly traded shares was 2.4 bn and the weekly trading volume was IQD2.8 bn ($2.2 mn).

Note: ISX will be closed starting from May 22, 2020 due to the religious holiday of Eid Al-Fitr. The next trading session will be held on May 31, 2020. ISX will resume trading five days a week starting May 31, 2020 (Sunday). The lower daily price change limit will be maintained at 5% and the upper daily price change limit will be maintained at 10%.

 

ISX Company Announcements

  • Zain Al-Iraq Islamic Bank for Investment (BZII) will resume trading on May 31, 2020 after postponing its GA to elect 7 original and 7 alternative board members due to lack of quorum. The new GA date is to be announced later.
  • Ameen Al-Iraq Islamic Bank for Islamic Investment & Finance (BAME) with a capital of IQD100 bn opened for trading on May 17, 2020 in the non-regular market.
  • Cross transaction: 150 mn shares of Iraqi Agricultural Products and Marketing Meat (AIPM) on May 17, 2020, which represents 3% of AIPM’s capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th May 2020).

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

The RSISX index ended the week at IQD552 (+0.7%) / $573 (+0.7%) (weekly change) (-16.2% and -18.2% YTD change, respectively). The number of week traded shares was 2.1 bn and the weekly trading volume was IQD2.2 bn ($1.8 mn).

Note: ISX will be closed starting from May 22, 2020 due to the religious holiday of Eid Al-Fitr. The next trading session will be held on May 31, 2020. ISX will resume trading five days a week starting May 31, 2020 (Sunday). The lower daily price change limit will be maintained at 5% and the upper daily price change limit will be maintained at 10%.

ISX Company Announcements

  • Ameen Al-Iraq Islamic Bank for Islamic Investment & Finance (BAME) with a capital of IQD100 bn will start trading on May 17, 2020 in the non-regular market. The opening price will be free for the first three sessions, and then will have +/-20% price change limit.
  • Rajih Islamic Bank for Investment & Finance (BRAJ) with a capital of IQD250 bn will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares.
  • ISX suspended trading of Zain Al-Iraq Islamic Bank for Investment (BZII) starting on May. 12 due to the GA that will be held on May. 17 to elect 7 original and 7 alternative board members.
  • Al-Sadeer Hotel (HSAD) resumed trading on May. 12 after disclosing its financial statements and deciding to increase the company’s capital to IQD1.36 bn through 10% rights issue.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th May 2020).

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

The RSISX index ended the week at IQD548 (+9.0%) / $569 (-+9.0%) (weekly change) (-16.8% and -18.8% YTD change, respectively). The number of week traded shares was 4.0 bn and the weekly trading volume was IQD2.1 bn ($1.7 mn).

Note: As we are receiving multiple requests about investing in Iraq because the market is at a very low level, we are bringing the minimum investment down to $20 K for international retail investors.

ISX Company Announcements

  • ISX will suspend trading of Zain Al-Iraq Islamic Bank for Investment (BZII) starting May. 12, 2020 due to the GA that will be held on May. 17, 2020 to elect 7 original and 7 alternative board members.
  • Al-Sadeer Hotel (HSAD) will resume trading on May. 12, 2020 after disclosing its financial statements and deciding to increase the company’s capital from IQD1.23 bn to IQD1.36 bn through 10% rights issue.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 30th January 2020).

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

The RSISX index ended the week at IQD503 (-12.6%) / $522 (-12.6%) (weekly change) (-23.7% and -25.5% YTD change, respectively). The number of week traded shares was 2.3 bn and the weekly trading volume was IQD1.5 bn ($1.2 mn).

Note: ISX will be open three days a week (Sundays, Tuesdays, and Thursdays) next week, like this week. During that period, the lower daily price change limit will be 5% and the upper daily price change limit will be maintained at 10%.

ISX Company Announcements

  • Asiacell (TASC) increased its customer base by 5% y/y to 14.8 mn as end of 1Q20 due to the good growth in data users, according to its parent, the Qatari company Ooredoo. The company said “Revenue is higher than last year driven by growth in DATA and VAS revenues; impacted by COVID-19 in March 2020.” TASC increased revenues 1% y/y to QAR1,085 mn ($296 mn) in 1Q20. EBITDA increased 0.4% y/y to QAR473 mn ($129 mn) in 1Q20, and EBITDA margin stayed at 44%.  (Ooredoo)
  • The ISX will hold its AGM on Jun. 26, 2020 to discuss and approve 2019 annual financial statements, the board of governors’ 2019 report on the ISX’s activity, and to discuss ISX program for the year 2020.
  • Al Taif Islamic Bank for Investment & Finance (BTIB) sent a letter to the CBI on Apr. 28, 2020 stating that due to the unexpected situations in the country and with imposing full curfew, the bank couldn’t extend the subscription for additional 60 days to complete the subscription for full shares offered that started on Jan. 19, 2019 to increase their capital from IQD100 bn to IQD150 bn. BTIB will notify when the capital increase procedures are complete.
  • Al Nibal Al Arabya for Money Transfer (MTNI) decided to decrease its capital from IQD45 bn to IQD5 bn in its AGM held on Feb. 25, 2020.
  • Elaf Islamic Bank (BELF) resumed trading on Apr. 26, 2020 after discussing and approving 2018 annual financial statements in its AGM held on March 10, 2020.
  • Erbil Bank for Investment and Finance (BERI) resumed trading on Apr. 26, 2020 after electing 7 original and 7 alternative board members in its GA held on Feb. 22, 2020.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th March 2020).

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

The RSISX index ended the week at IQD612 (-5.7%) / $654 (-6.5%) (weekly change) (-12.7% and -12.7% YTD change, respectively). The number of week traded shares was 7.4 bn and the weekly trading volume was IQD5.4 bn ($4.4 mn).

ISX Company Announcements

  • Iraqi for Seed Production (AISP) will hold a GA on Apr. 5, 2020 to elect 4 original and 4 alternative board members. The company had been suspended from trading since Nov. 12, 2019 due to not disclosing its 2019 financial statements.
  • ISX will suspend trading of Karbala Hotels (HKAR) starting Apr. 12, 2020 due to the AGM that will be held on Apr. 15, 2020 to discuss and approve 2017 and 2018 annual financial results.
  • ISX requested Al Taif Islamic Bank for Investment & Finance (BTIB) on Mar. 11, 2020 to provide their public subscription result.
  • Gulf Insurance and Reinsurance (NGIR) resumed trading on Mar. 9, 2020 after discussing and approving 2018 annual financial statements.
  • Al-Ameen Financial Investment (VAMF) resumed trading on Mar. 9, 2020 after electing 5 new original and 5 alternative board members.
  • Cross transaction: 3.0 bn shares of Trans Iraq Bank for Investment (BTRI) on Mar. 10, 2020, which represents 1.1% of BTRI’s capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th March 2020).

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

The RSISX index ended the week at IQD610 (+1.7%) / $654 (+1.7%) (weekly change) (-7.4% and -6.7% YTD change, respectively). The number of week traded shares was 10.4 bn and the weekly trading volume was IQD31.3 bn ($25.8 mn).

ISX Company Announcements

  • The Center for Banking Studies at the Central Bank of Iraq organized a seminar titled Governance of Governmental Banks, presented by Dr. Khawla Talib Al-Asadi, former General Manager of the Rafidain Bank. The symposium included several axes on the importance of structuring and governing banks to manage their risks, the importance of automating operations, and developing internal control systems. (CBI)
  • ISX suspended trading of Elaf Islamic Bank (BELF) starting Mar. 5, 2020 due to the AGM that will be held on Mar. 10, 2020 to discuss and approve 2018 annual financial statements.
  • Al-Ameen Financial Investment (VAMF) held its GA on Mar. 5, 2020 to elect 5 new original and 5 alternative board members.
  • The legal procedures of adjusting article 1 of The Light Industries (ITLI) company contract has been completed and the company has changed its name from The Light Industries to Light and Mining Industries (ITLI).

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th February 2020).

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

The RSISX index ended the week at IQD600 (+0.5%) / $6439 (+0.1%) (weekly change) (9.0% and -8.2% YTD change, respectively). The number of week traded shares was 6.1 bn and the weekly trading volume was IQD5.8 bn ($4.8 mn).

ISX Company Announcements

  • ISX will suspend trading of Elaf Islamic Bank (BELF) starting Mar. 5, 2020 due to the AGM that will be held on Mar. 10, 2020 to discuss and approve 2018 annual financial statements.
  • Al-Qabedh Islamic Bank for Finance & Investment (BQAB) resumed trading on Feb. 27, 2020 after discussing and approving the financial statements belong to following periods Jan. 1, 2015 – Dec. 31, 2015, Jan. 1, 2016 – Oct. 17, 2016 (while it was a money transfer company), and the following periods Oct. 8, 2016 – Dec. 31, 2016, Jan. 1, 2017 – Dec. 31, 2017 belong to it after becoming an Islamic Bank.
  • Iraq Baghdad for General Transport (SBPT) invited its shareholders to receive their 2018 dividends. The company announced in December 2019 that it had decided in its AGM held on Dec. 15, 2019 to distribute 100% cash dividend (IQD1.00 dividend per share, 4.9% dividend yield).
  • ISX requested Erbil Bank for Investment and Finance (BERI) to provide its AGM minutes for the GA held on Feb. 22, 2020.
  • Mansour Hotel (HMAN) resumed trading on Feb. 25, 2020 after discussing and approving 2018 annual financial statements.
  • According to the ISC decision, Al Nibal Al Arabya for Money Transfer (MTNI) has been delisted from the ISX starting Feb. 24, 2020 due to the shift in the company’s activities from money transfer company into an (A) class exchange company and lower the company’s capital to suit its new activity.
  • ISX suspended trading of Al-Ameen Financial Investment (VAMF) starting Feb. 24, 2020 due to the GA that will be held on Feb. 27, 2020 to elect 5 new original and 5 alternative board members.
  • Cross transactions: 3.1 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 27, 2020, which represents 1.2% of BTRI’s capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th February 2020).

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

The RSISX index ended the week at IQD597 (+1.5%) / $637 (+1.9%) (weekly change) (-9.5% and -9.1% YTD change, respectively). The number of week traded shares was 6.0 bn and the weekly trading volume was IQD4.4 bn ($3.6 mn).

ISX Company Announcements

  • Asiacell (TASC) reported revenue growth of 3% to QAR 4.6 bn (around $1.3 bn) in 2019, despite a flat customer base of 14.2 mn customers. The company maintained a healthy EBITDA margin of 45% in 2019 while EBITDA declined slightly from QAR 2.1 bn (around $575 mn) in 2018 to QAR 2.0 bn (around $548 mn) in 2019. Asiacell upgraded its entire network to support 3G, achieving the widest 3G coverage in the country in 2019. According to Ooredoo, Asiacell restored service to liberated regions and further expanded to the south of the country. (Ooredoo, Iraq Business News)
  • Mobile telecommunications company Zain has reported that its Iraqi revenue was stable at $1.1 bn in 2019, despite a competitive landscape and economic and political issues in Zain stronghold regions. Announcing its results for 2019, the company said: “Zain Iraq’s (TZNI) EBITDA grew strongly by 10% y/y amounting to $465 mn (43% EBITDA margin) based on the operational transformation program. Accordingly, the operation reported a net profit of $63 mn for 2019, up 28% y/y. Zain Iraq’s focus on customer experience, services expansion across the country and cost transformation combined with growth of data and digital revenue were key drivers of its performance.” It was mentioned that retention and customer loyalty initiatives also resulted in the company serving 15.7 mn customers. (Zain, Iraq Business News)
  • ISX suspend trading of Gulf Insurance and Reinsurance (NGIR) starting Feb. 18, 2020 due to the AGM that will be held on Feb. 23, 2020 to discuss and approve 2018 annual financial statements.
  • The CBI has approved for Al-Manafaa for Money Transfer (MTMA) to turn from a money transfer company into an (A) class exchange company. The company suspended from trading starting Feb. 17, 2020.
  • Credit Bank of Iraq (BROI) resumed trading on Feb. 17, 2020 after electing 9 original and 9 alternative board members.
  • Karbala Hotels (HKAR) resumed trading on Feb. 16, 2020 since the AGM has not been approved. The company has been requested to set a new AGM date.
  • International Islamic Bank (BINT) resumed trading on Feb. 16, 2020 after its GA held on Feb. 2, 2020. The company will be monitored in regards to the merge and the capital increase procedures.
  • Cross transaction: 2.8 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 16, 2020, which represents 1.1% of BTRI’s capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th Febuary 2020).

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

The RSISX index ended the week at IQD588 (-4.0%) / $625 (-4.0%) (weekly change) (-10.8% and -10.8% YTD change, respectively). The number of week traded shares was 7.4 bn and the weekly trading volume was IQD6.1 bn ($13.2 mn).

ISX Company Announcements

  • Al Mustashar Islamic Bank for Investment & Finance (BMUI) with a capital of IQD150 bn, started trading on Feb. 12, 2020 in the non-regular market (NR). The opening price will be free for the first three sessions, and then will have +/-20% price change limit.
  • Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) with a capital of IQD3.0 bn started trading on Feb. 9, 2020.
  • ISX will suspend trading of Al-Ameen Financial Investment (VAMF) starting Feb. 24, 2020 due to the GA that will be held on Feb. 27, 2020 to elect 5 new original and 5 alternative board members.
  • ISX suspended trading of Mansour Hotel (HMAN) starting Feb. 12, 2020 due to the AGM that will be held on Feb. 17, 2020 to discuss and approve 2018 annual financial statements.
  • Iraqi Middle East Investment Bank (BIME) resumed trading on Feb. 9, 2020 after discussing and approving 2017 and 2018 annual financial statements.
  • ISX requested Credit Bank of Iraq (BROI) to disclose their AGM minutes for its meeting held on Feb. 6, 2020.
  • The Ministry of Trade requested Karbala Hotels (HKAR) to resend an AGM invitation to its clients due to an objection on the AGM minutes published by the company as it has not been approved.
  • Cross transactions: 2.1 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 12, 2020, which represents 0.8% of BTRI’s capital and 1.5 bn shares of Asiacell (TASC) on Feb. 10, 2020, which represents 0.5% of TASC’s capital.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 6th February 2020).

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

The RSISX index ended the week at IQD612 (-2.5%) / $652 (-2.5%) (weekly change) (-7.0% and -7.0% YTD change, respectively). The number of week traded shares was 4.0 bn and the weekly trading volume was IQD4.0 bn ($3.3 mn).

ISX Company Announcements

  • The Central Bank of Iraq (CBI) / Erbil branch organized a course (International Financial Reporting Standards relating to the banking sector) on Feb 2, 2020. Several private and government bank employees from Baghdad and Kurdistan Region participated in the course, within the series of courses organized by the Center for Banking Studies in the Central Bank of Iraq. (CBI)
  • Within the efforts of the CBI in maintaining the stability of the economic process, the Governor of the CBI Mr. Ali Mohsen Ismail initiated a meeting with the Chairman of the Securities Commission and the Executive Director of the Iraq Stock Exchange and the Executive Director of the Iraqi Private Banks League, to discuss the mechanism for increasing the return on bank shares and improving the circulation of those shares, as well as increased transparency of banks to disclose performance and other recommendations. (CBI)
  • Asiacell (TASC) has reportedly been ranked as the best telecom company in Iraq for 2019 at the International Finance Award ceremony in Dubai. According to a press release on PR Newswire, the award was made for the company’s network quality and the development of its infrastructure. (Iraq Business News)
  • Al Nibal Al Arabya for Money Transfer (MTNI) will hold an AGM on Feb. 25, 2020 to discuss and approve 2018 annual financial statements. The company has been suspended since Sep. 4, 2019 by an ISC decision.
  • AL-Badia for General Trans (SBAG) will hold an AGM on Feb. 19, 2020 to discuss and approve 2015 and 2016 annual financial statements. The company has been suspended from trading since Jul. 6, 2017 by an ISC decision.
  • ISX will suspend trading of Al-Qabedh Islamic Bank for Finance & Investment (BQAB) starting Feb. 13, 2020 due to the AGM that will be held on Feb. 18, 2020 to discuss and approve the financial statements.
  • Iraqi Middle East Investment Bank (BIME) will resume trading on Feb. 9, 2020 after discussing and approving 2017 and 2018 annual financial statements.
  • ISX suspended trading of Credit Bank of Iraq (BROI) starting Feb. 3, 2020 due to the GA that will be held on Feb. 6, 2020 to discuss electing 9 original and alternative board members.