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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.

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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).

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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.

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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.

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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.

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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.

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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 IQD628 (+0.5%) / $668 (+0.8%) (weekly change) (-4.7% and -4.7% YTD change, respectively). The number of week traded shares was 5.8 bn and the weekly trading volume was IQD4.8 bn ($3.9 mn).

ISX Company Announcements

  • The Central Bank of Iraq (CBI) has approved the sale of Burgan Bank’s 51.8% stake in Bank of Baghdad to United Gulf Holding Company (UGH) (a commercial bank located in Bahrain), a sister company of the Kuwait-based bank and another subsidiary of the Kuwait Projects Holding Company (KIPCO). Although the transaction is forecast to have a one-time negative effect by KWD9 mn (around $29.6 mn (IQD36.1 bn)) on Burgan Bank’s 2019 net income, part of this effect is likely to be offset by KWD4 mn (around $13.1 mn (IQD16.1 bn)) after the transaction is completed, according to a statement to Boursa Kuwait on Tuesday. The transaction will improve Burgan Bank’s quality of assets through reducing its bad debts by around KWD34 mn (around $111.7 mn (IQD136.5 bn)), representing 70 basis points (bps) on the group’s bad debts ratio. The transaction is expected to be “profit accretive going forward” for the company and will increase the size of its balance sheet by $1 bn (IQD1.2 trln), UGH said. In the medium term, however, the debt level of the company will rise by $55 mn (around IQD67.2 bn), which it has acquired to fund the deal. The transaction is expected to be completed by the end of March this year. (Zawya, The National)
  • ISX will suspend 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.
  • ISX suspended trading of International Islamic Bank (BINT) starting Jan. 28, 2020 due to the GA that will be held on Feb. 2, 2020 to discuss merging with Ur Islamic Bank. The bank will keep its name. BINT will also discuss to increase the capital from IQD100 bn to IQD250 bn through selling its shares to the Turkish Company “Bayt Al-Tamweel – House of Fund International Company” without having to put the shares for public subscription according to article 56/ forth.
  • ISX will suspend 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.
  • Modern Chemical Industries (IMCI) resumed trading on Jan. 28, 2020 due to fulfilling ISX request to provide quarterly financial statements.
  • Tourist Village of Mosul Dam (HTVM) resumed trading on Jan. 27, 2020 after electing 5 original and 5 alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 23rd January 2020).

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

The RSISX index ended the week at IQD625 (-4.4%) / $663 (-4.4%) (weekly change) (-5.2% and -5.4% YTD change, respectively). The number of week traded shares was 7.7 bn and the weekly trading volume was IQD30.2 bn ($24.7 mn).

ISX Company Announcements

  • ISX will suspend trading of United Bank (BUND) starting Sunday Jan. 26, 2020 if the company fails to explain why the prices touched the lower limit on Jan. 22, 2020 and Jan. 23, 2020.
  • Al-Mosul for Funfairs (SMOF) will hold a GA on Feb. 12, 2020 to discuss the utilization of the external expansion land with an area of 36 acres in a long-term rental method for a period of 22 years. The company will not be suspended from trading.
  • The depositing procedures of Al Mustashar Islamic Bank for Investment & Finance (BMUI) started on Jan. 22, 2020. The company will start trading on Feb. 12, 2020.
  • The depositing procedures of Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) started on Jan. 19, 2020. The company will start trading on Feb. 9, 2020.
  • ISX will suspend trading of International Islamic Bank (BINT) starting Jan. 28, 2020 due to the GA that will be held on Feb. 2, 2020 to discuss merging with Ur Islamic Bank. The bank will keep its name. BINT will also discuss to increase the capital from IQD100 bn to IQD250 bn through selling its shares to the Turkish Company “Bayt Al-Tamweel – House of Fund International Company” without having to put the shares for public subscription according to article 56/ forth.
  • Al Mustashar Islamic Bank for Investment & Finance (BMUI) completed the procedures of its capital increase from IQD100 bn to IQD150 bn, and 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 Iraqi Middle East Investment Bank (BIME) starting Jan. 21, 2020 due to the AGM that will be held on Jan. 25, 2020 to discuss and approve 2017 and 2018 annual financial statements.
  • Al-Ameen Estate Investment (SAEI) will hold a GA on Feb. 3, 2020 to discuss the process of selling the company’s properties located in Baghdad. The company will not be suspended from trading.
  • Region Trade Bank for Investment and Finance (BRTB) resumed trading on Jan. 19, 2020 due to fulfilling ISX request to provide its quarterly financial statements.
  • Al Taif Islamic Bank for Investment & Finance (BTIB) invited the community / people for the public subscription.
  • Cross transactions: 2.4 bn shares of Asiacell (TASC) on Jan. 21, 2020, which represents 0.8% of TASC’s capital.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th January 2020).

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

The RSISX index ended the week at IQD654 (-2.3%) / $694 (-0.9%) (weekly change) (-0.8% and -1.0% YTD change, respectively). The number of week traded shares was 5.5 bn and the weekly trading volume was IQD6.3 bn ($5.2 mn).

ISX Company Announcements

  • Al Mustashar Islamic Bank for Investment & Finance (BMUI) with a capital of IQD100 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares.
  • Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) with a capital of IQD3 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares.
  • Region Trade Bank for Investment and Finance (BRTB) will resume trading on Jan. 19, 2020 due to fulfilling ISX request to provide its quarterly financial statements.
  • ISX requested Tourist Village of Mosul dam (HTVM) to provide its AGM minutes for its meeting held on Jan. 12, 2020.
  • Middle East Producing & Marketing – Fish (AMEF) resumed trading on Jan. 16, 2020 due to fulfilling ISX request to provide its annual and quarterly financial statements.
  • New shares of Asia Al Iraq Islamic Bank for Investment (BAIB) from the capital increase to IQD150 bn through 50% rights issue started trading on Jan. 15, 2020.
  • Al-Ameen Estate Investment (SAEI) invited its shareholders to receive their 2018 cash dividend starting Jan. 19. The company will distribute 3% (IQD0.03 dividend per share, 4% dividend yield).
  • ISX suspended trading of the following companies starting Jan. 12, 2020 due to not disclosing their 3M19 financial statements: BDSI, BRTB, HASH, IELI, IICM, IMCI, IMCM, IMPI, ITLI, MTNI, SBAG and VKHF.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th December 2019).

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

Note: ISX will be closed during December 27, 2019 – January 1, 2020 due to the end-of-year closing operations. The next session will be held on Jan. 2, 2020.

The RSISX index ended the week at IQD659 (+0.6%) / $701 (+0.6%) (weekly change) (-0.1% and -1.3% YTD change, respectively). The number of week traded shares was 22.7 bn and the weekly trading volume was IQD10,9 bn ($8.9 mn).

ISX Company Announcements

  • Al-Sadeer Hotel (HSAD) will hold an AGM on Dec. 29, 2019 to discuss and approve 2017 annual financial statements. The company has been suspended from trading since Aug. 20, 2019 due to not disclosing its 2018 annual financial statements.
  • Investment Bank of Iraq (BIBI) resumed trading on Dec. 26, 2019 after discussing and approving 2018 annual financial statements.
  • Iraqi for Tufted Carpets (IITC) resumed trading on Dec. 23, 2019 after electing 5 original and 5 alternative board members.
  • ISX suspended trading of Babylon Hotel (HBAY) starting Dec. 24, 2019 due to the AGM that will be held on Jan. 5, 2020 to discuss and approve 2017 and 2018 annual financial statements.
  • ISX suspended trading of Region Trade Bank for Invest. (BRTB) starting Dec. 22, 2019 due to the AGM that will be held on Dec. 26, 2019 to discuss and approve 2018 annual financial statements
  • Cross Transactions: 16.7 bn shares of Credit Bank (BROI) on Dec. 24, 2019, which represents 6.7% of BUND’s capital.