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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th January 2019).

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

The RSISX index ended the week at IQD639 (+0.1%) / $689 (+0.1%) (weekly change) (-3.0% and -3.0% YTD change, respectively). The number of week traded shares was 2.7 bn and the weekly trading volume was IQD2.2 bn ($1.8mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,345,205 on Sunday (Feb. 10, 2019). [Table: 2.3]
  • Zain Al-Iraq Islamic Bank for Investment (BZII) resumed trading on Feb. 7, 2019 after electing 7 members of board of directors in its GA that was held on Feb. 4, 2019.
  • Iraqi Engineering Works (IIEW) resumed trading on Feb. 7, 2019 after discussing and approving 2017 annual financial results.
  • Gulf Commercial Bank (BGUC) announced on Feb. 4, 2019 that it will start distributing 3% cash dividend (IQD0.03 dividend per share) starting Feb. 6, 2019.
  • According to ISC decision, Al-Mosul for Funfairs (SMOF) was transferred from the non-regular market to the regular market starting Feb. 3, 2019 due to providing all required conditions.
  • Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa, Eastern Europe, and Turkey, has signed a hotel management agreement with Al-Ibaa Company (the investor company of Babylon Hotel) to operate Babylon Hotel (HBAY) in Baghdad, a five-star hotel, starting February 1, 2019. Rotana will operate the city’s Babylon Hotel (HBAY) under its new brand name Babylon Rotana Baghdad. (Zawya)
  • Cross Transactions: 1.05 bn shares of International Islamic Bank (BINT) on Feb. 5, 2019.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th January 2019).

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

The RSISX index ended the week at IQD639 (+0.1%) / $689 (+0.1%) (weekly change) (-3.0% and -3.0% YTD change, respectively). The number of week traded shares was 2.7 bn and the weekly trading volume was IQD2.2 bn ($1.8mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,345,205 on Sunday (Feb. 10, 2019). [Table: 2.3]
  • Zain Al-Iraq Islamic Bank for Investment (BZII) resumed trading on Feb. 7, 2019 after electing 7 members of board of directors in its GA that was held on Feb. 4, 2019.
  • Iraqi Engineering Works (IIEW) resumed trading on Feb. 7, 2019 after discussing and approving 2017 annual financial results.
  • Gulf Commercial Bank (BGUC) announced on Feb. 4, 2019 that it will start distributing 3% cash dividend (IQD0.03 dividend per share) starting Feb. 6, 2019.
  • According to ISC decision, Al-Mosul for Funfairs (SMOF) was transferred from the non-regular market to the regular market starting Feb. 3, 2019 due to providing all required conditions.
  • Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa, Eastern Europe, and Turkey, has signed a hotel management agreement with Al-Ibaa Company (the investor company of Babylon Hotel) to operate Babylon Hotel (HBAY) in Baghdad, a five-star hotel, starting February 1, 2019. Rotana will operate the city’s Babylon Hotel (HBAY) under its new brand name Babylon Rotana Baghdad. (Zawya)
  • Cross Transactions: 1.05 bn shares of International Islamic Bank (BINT) on Feb. 5, 2019.

By Ahmed Tabaqchali, 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 Iraq Stock Exchange (ISX), as measured by the Rabee Securities RSISUSD Index, started the year not with a bang but with a whimper, as befits the ending of the Chinese year of the Dog, by going mostly sideways on a continuation of the low turnover of the last few months. However, the emergence of a moderate foreign seller took the index down to about -5% for the month before buyers emerged to absorb some the selling, taking the market to a decline of -3.1% for the month.

The real economy on the other hand is showing increasing signs that liquidity is returning as the healing effects of higher oil revenues over the last two years are having a positive effect. As reported last month, this was seen in the recent recovery in broad money, or M2 which acts as a proxy for economic activity. Driving the recovery in M2 has been the growth in the monetary base M0-defined as “the sum of currency in circulation and reserve balances in Iraqi Dinars (IQD) held by banks and financial institutions with the Central Bank of Iraq (CBI)”.

The clearest evidence of this nascent recovery is seen in the IQD Current Account (C/A) component of banks’ reserves with the CBI, which has been behind the recovery in M0 as seen in the chart below.

(Source: Central Bank of Iraq, Asia Frontier Capital)

(Note: M0 as of Nov, IQD C/A component of bank’s reserves as of Dec)

The IQD C/A component of banks’ reserves with the CBI, reversed its multi-year decline in late 2017 and began a recovery that picked-up momentum in May 2018, with the latest data as the end of December 2018 showing a continuation of this trend. This in turn is driven by the level of customer deposits (consumers, businesses and government) held with the banks. The early evidence of increased private sector deposits was discussed a few months ago in “Of Banks and Budget Surpluses”, however the granular data for private sector deposits is only available for end of 2017. The rise in deposits for 2018 is likely to have been driven by government deposits, which should lead to a rise in private sector (consumers and businesses) deposits as the government begins its spending programme as discussed later in this report.

The current trends indicate a continuation of this recovery, and as such to a continued recovery in M2. The latest M2 figures from the CBI for October and estimates for Novemebr (based on MO figures for November and recent M2/M0 multiplier figures) support this as can be seen from the chart below.

(Source: Central Bank of Iraq, Iraq’s Ministry of Oil, Asia Frontier Capital)

(Note: M2 as of Oct with AFC est.’s for Nov; Oil revenues as of Dec with AFC est.’s for Jan)

The prospects of increased economic activity got a boost with the end of the government’s spending paralysis, as parliament finally approved the 2019 budget in mid-January. The budget, however, is heavily skewed towards current spending, as opposed to investment spending, as both of parliament and government are under pressure to appease the population with some immediate rewards from the end of conflict and the recovery of oil prices. (for a review of the budget see the appendix in this report).

The government’s financial firepower is considerable, as the latest Ministry of Finance (MoF) budget report of October 2018 shows a surplus of USD 21.5bn for the first 10 months of 2018. As such, in addition to the surplus of USD 1.5bn for 2017, this means that the government could easily achieve the estimates made here over the last few months—a two-year surplus of USD 24.5bn by end of 2018.

The immediate consequence of government spending would be improvements in consumer and business sentiment leading to a pick-up in consumer and business spending, and subsequently an economic recovery as the multiplier effect works through the economy. The long term sustainably of the upcoming economic recovery would be driven by the implementation of the government’s non-oil investment programme for 2019 of about USD 12.5bn, which would be equivalent to about a 7.5% stimulus to the estimated non-oil GDP for 2019.

The recovery in M0 that is leading to a gradual recovery in M2 seems to be happening in a mirror image of Ernest Hemingway’s phrase on going broke, i.e. “Gradually and then suddenly” (attributed in error here in the last few months to Mark Twain), and so the next few months should see this translate into actual economic recovery.

If we are to go on similar experiences in other frontier markets (of declining markets while fundamentals show gradual recovery following a long basing period) then the market’s declining trend of the last few months should be followed by a sharp reversal and the beginning of a new trend.

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

Mr Tabaqchali (@AMTabaqchali) 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. He is a non-resident Fellow at the Institute of Regional and International Studies (IRIS) at the American University of Iraq-Sulaimani (AUIS), and an Adjunct Assistant Professor at AUIS. He is a board member of the Credit Bank of Iraq.

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.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 31st January 2019).

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

The RSISX index ended the week at IQD639 (-0.6%) / $688 (-0.6%) (weekly change) (-3.1% and -3.1% YTD change, respectively). The number of week traded shares was 29.9 bn and the weekly trading volume was IQD13.9bn ($11.0mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,337,534 on Sunday (Feb. 3, 2019). [Table: 2.3]
  • According to ISC decision, Al-Mosul for Funfairs (SMOF) will be transferred from the non-regular market to the regular market starting Feb. 3, 2019 due to providing all required conditions.
  • Tourist Village of Mosul dam (HTVM) will resume trading on Feb. 3, 2019 due to disclosing 2017 annual, and 6M18 and 9M18 financial results.
  • Babylon Hotel (HBAY) will resume trading on Feb. 3, due to disclosing its 2017 annual financial results.
  • ISX suspended trading of Iraqi Engineering Works (IIEW) starting Jan. 29, 2019 due to the AGM* that will be held on Feb. 3, 2019 to discuss and approve 2017 annual financial results.
  • ISX suspended trading of Al-Harir for Money Transfer (MTAH) starting Jan. 30, 2019 related with merging processes with Al-Ameen Al-Arabiya for Money Transfer.
  • ISX announced that Al-Qurtas Islamic Bank for Investment and Finance (BQUR) having a capital of IQD250bn paid-in capital, will start trading in the secondary market after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 24th January 2019).

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

The RSISX index ended the week at IQD643 (+0.1%) / $692 (+0.3%) (weekly change) (-2.5% and -2.5% YTD change, respectively). The number of week traded shares was 4.3 bn and the weekly trading volume was IQD3.1 bn ($2.6 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,329,863 on Sunday (Jan. 27, 2019). [Table: 2.3]
  • ISX will suspend trading of Iraqi Engineering Works (IIEW) starting Jan. 29, 2019 due to the AGM* that will be held on Feb. 3, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of Ahliya for Insurance (NAHF), Al-Ameen Insurance (NAME) and Gulf Insurance and Reinsurance (NGIR) starting Jan. 27, 2019 due to the decision issued by the Board of Insurance regarding the suspension of their licenses.
  • Al-Noor for Money Transfer Co. (MTNN) held its AGM* on Jan. 2, 2019 without informing the ISX, which caused the company to be transferred to the disciplinary committee. During the AGM, the company decided to merge with Al-Harth Al-Arabiya Company for money transfer (unlisted on the ISX) and change the companies’ activity to an Islamic bank and increase the capital from IQD90 bn to IQD100 bn. Therefore, ISX decided to suspend trading of Al-Noor for Money Transfer Co. (MTNN) starting today (Jan. 24, 2019) until the company completes the merging procedures.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th January 2019).

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

The RSISX index ended the week at IQD642 (-4.4%) / $691 (-4.4%) (weekly change) (-2.5% and -2.7% YTD change, respectively). The number of week traded shares was 28.1 bn and the weekly trading volume was IQD10.2 bn ($8.4 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,322,192 on Sunday (Jan. 20, 2019). [Table: 2.3]
  • As part of the contribution to support the Iraqi economy, the Central Bank of Iraq (CBI) announced that through its IQD1.0 trln initiative given as a maximum amount for SME projects, it gave more than IQD33 bn during 2018. Since the start of the project in May 2015 until the end of 2018, IQD73 bn were given to projects, where the trade sector got 59%, services 25%, industrial 12% and agricultural sector 4%. The initiative includes 34 banks, 33 private banks and one state bank, while the loans for these projects ranged from IQD5 mn to IQD50 mn, it could reach IQD100 mn if it is approved by the Central Bank. (CBI)
  • Commercial Bank of Iraq (BCOI) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 3.5% cash dividend (7.3% dividend yield).
  • Ashur International Bank for Investment (BASH) resumed trading on Jan. 17, 2019 due to disclosing its 9M18 financials.
  • Bain Al-Nahrain Investment (VMES) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results.
  • New shares of Al-Hamraa for Insurance (NHAM) from the capital increase from IQD5 bn to IQD7 bn through 40% bonus issue resumed trading on Jan. 16, 2019.
  • ISX requested Al Taif Islamic Bank to submit the required documents in order to start trading on the ISX as an Islamic bank.
  • Modern Animal & Agricultural Production (AMAP) was not suspended from trading on Jan. 14, 2019 because the company fulfilled ISX request to explain why the prices touched the higher limits on Jan. 8, Jan. 9, Jan. 10 and Jan. 13, 2019. The company disclosed that they started the legal procedures to own Soft Dairy Factory (Alban Al-Rfq) and the company also added that it started maintenance and adding new equipments in Halal Dairy Factory (Al-Halal) which will lead to increase production and quality of production.
  • Cross Transactions: 24.7 bn shares of Trust International Islamic Bank (BTRU) on Jan. 14, 2019, which represents 9.9% of BTRU capital.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th January 2019).

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

The RSISX index ended the week at IQD672 (+2.2%) / $723 (+2.0%) (weekly change) (+2.0% and +1.8% YTD change, respectively). The number of week traded shares was 3.5 bn and the weekly trading volume was IQD1.3 bn ($1.1 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,314,321 on Sunday (Jan. 13, 2019). [Table: 1.9]
  • ISX will suspend trading of Ahliya for Insurance (NAHF) starting Jan. 16, 2019 due to the AGM* that will be held on Jan. 21, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of Bain Al-Nahrain Investment (VMES) starting Jan. 13, 2019 due to the AGM* that will be held on Jan. 16, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of the following companies on Jan. 13, 2019 due to not disclosing their 3M18 financial results: BASH, HISH, SKTA, HASH, IICM, ITLI, IELI, IMPI, IHFI, IMCM, IFCM, IKHC, SBAG, SIGT and VKHF.
  • Babylon Hotel (HBAY) invited its shareholders on Jan. 9, 2019 to receive their 2016 cash dividend. The company decided in its AGM on Nov. 19, 2017 to distribute 20% cash dividend (IQD0.20 dividend per share).
  • ISX suspended trading of Commercial Bank of Iraq (BCOI) starting Jan. 8, 2019 due to the AGM* that will be held on Jan. 13, 2019 to discuss and approve 2017 annual financial results.
  • Iraqi Agricultural Products and Marketing Meat (AIPM) resumed trading on Jan. 7, 2019 after discussing and approving 2017 annual financial results.
  • Dar Al-Salam for Insurance (NDSA) invited its shareholders to subscribe to 40% rights issue to reach IQD7 bn paid-in capital.

By Ahmed Tabaqchali, 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.

December 2018 was probably the worst month in a decade for global equities, however the month’s sharp declines are eerily similar to those that drove the markets lower in December 2015 with the similarity extending to almost a replay of the start of 2019 to that of 2016.

The reasons, now and then, are fears of a slowing world economy with the world’s engine, China, showing signs of a meaningful slowdown. But the drivers of the slowdown this time are increasing evidence of the damage from the US-China trade war, echoing the Iraqi saying that “while reasons are many, death is the same”. However, now and then, the slowdowns were months in the making, but the markets ignored them until late in 2018.

The Iraq Stock Exchange (ISX), as measured by the Rabee Securities RSISUSD Index, on the other had quietly eked out a modest gain throughout the month to end up +1.9%. A gain which came despite sharp declines in the price of oil for the month that took Brent crude prices down about –40% from the October multi-year peak.

The ISX’s negative –15.0% return for 2018 marked the fifth year-over-year decline, on the back of declines of –11.8% in 2017, –17.3% in 2016, –22.7% in 2015, and –25.4% in 2014. The ISX further spent most of the last two years trying to break out; only to revisit the major May 2016 lows as each year came a close. This contrasts sharply with most global equities as the December sharp sell-offs took them down to about –20% off recent multi-year highs. This makes the risk-reward profile more attractive for the ISX vs. these markets as portfolio allocations are rebalanced in the light of the changed global environment.

Supporting the risk-reward profile for the ISX is the prospect of a recovery in corporate earnings. Iraqi equities should emerge from a multi-year severe economic contraction with the Telecoms being the first to emerge. Two of the major mobile operators out of three national operators reported Q3/2018 earnings that displayed the markers of recovery in earnings, margins and profits. Of the two, AsiaCell (TASC), listed since 2013, has a reported earnings span of 2012-2018 reflecting the operating environment before, during and after the ISIS conflict.

For TASC, the recovery started in late 2017 with the liberation of Mosul and the gradual return of customers lost since the 2014 ISIS invasion of a third of the country. As reported last month, TASC signalled its confidence in its future outlook with a distribution of a 12% dividend on the back of last year’s dividend yield of 14% –which in absolute terms is about a third higher than last year’s dividend. (See “Telecoms dial up Recovery” for further details on TASC).

The recovery for TASC extended to its stock price, which ended 2018 up +47%, following declines of –17% and –11% for the prior two years. TASC was joined by Baghdad Soft Drinks (IBSD), which was up +34% in 2018 on the back of 2017’s increase of +7%. IBSD is unique among the ISX’s listed companies as it continued to churn out healthy earnings growth through the downturn. Earnings for IBSD grew +13% in the first nine months of 2018, on the back of growth of +11% in 2017, +25% in 2016 and +37% in 2015 (pre-tax earnings).

TASC and IBSD’s performances stand in stark contrast to those of the banks which, as a group, had a dismal performance with the leading bank, the Bank of Baghdad (BBOB) down –52% in 2018 on the back of declines of –33% and –22% for the last two years. Other banks fared just as poorly with declines for a selected group ranging from –63% to –4% for the year. These negative returns don’t include income from dividends –which were quite high for some banks such as Mansour Bank (BMNS) or Commercial Bank Of Iraq (BCOI) that ended the year with dividend yields of 8% and 10% respectively. (See “Of Banks and Budget Surpluses” for more details on the banks).

Looking to 2019, the recovery of the banking sector would hinge on an economic recovery and a return of liquidity to economic activity, which for most of 2018 were held back by political uncertainties surrounding the May parliamentary elections.

Political uncertainty before the May 2018 elections was followed by indecisive election results, which in turn resulted in further uncertainties as the different political parties entered lengthy negotiations for the formation of a coalition government. Adding to these uncertainties was the eruption of massive demonstrations in the south demanding reform and investment into basic services. Things became clearer in early October with the promising appointments of a president and a prime minister in a fashion that broke the failed mould of the past. These were followed with the formation of a working government, which while still incomplete, can begin to act on the needed spending for a post-conflict recovery.

Paradoxically, while the political uncertainties paralyzed the government process, the government’s revenues soared with the recovery in oil prices, which has put the government on course for a two-year accumulated surplus of up to USD 24.5bn by the end of 2018. The oil markets decline from the un-sustainably high levels of the summer however are an un-welcome development but should not alter the country’s improving financial position as long as the government continues with the fiscal discipline brought on by the IMF’s 2016 Stand-By Arrangement (SBA). Moreover, Brent crude prices in a range of USD 50-60/bbl, would ensure that the government maintains this fiscal discipline and focus on reinvestments, a focus and discipline that are normally forgotten during periods of high oil revenues.

The healing effects of higher oil revenues over the last two years should begin the filter down into the broader economy over the next few months. The first evidence of this comes with the recent recovery in broad money, or M2 which acts as a proxy for economic activity, as can be seen in the chart below: –

(Source: Central Bank of Iraq, Iraq’s Ministry of Oil, Asia Frontier Capital)

(Note: M2 as of Sep. with AFC est.’s for Oct., Oil revenues as of Dec.)

While the October M2 figure is an estimate, it is based on actual M0 figures for the month and the recent M2/M0 multiplier figures. As can be seen M2 was moving sideways since oil revenues recovered in January 2016, but it began to accelerate in June 2018-Septemebr 2018 –and estimates for October suggest a continuation of this trend.

As such, this could mean that liquidity has finally begun to filter down into the economy – which should accelerate as the new government begins to act on its investment programme. Ultimately, this should filter down into the stock market, which should bring to an end the market’s divergence from its past close relationship with oil revenues – which currently is at the widest it has been for the last few years (see chart below).

(Source: Iraq’s Ministry of Oil, Rabee Securities, Asia Frontier Capital)

(Note: Oil revenues as of Dec.)

Recovery, in frontier markets, is a mirror image of Mark’s Twain’s phrase on going broke, in that recovery happens gradually and then suddenly. If similar experiences in other frontier markets (declining markets while fundamentals show gradual recovery following a long basing period) then the trend of the last few months could be followed by a sharp reversal.

However, for Iraq significant challenges remain with the huge demands for reconstruction, winning the peace, defeating a likely emerging ISIS insurgency, and controlling violence. In particular, the fragmented politics of the new parliament will continue to be a marker of risk for the government’s future stability, which would in turn pose a risk to economic recovery.

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

Mr Tabaqchali (@AMTabaqchali) 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. He is a non-resident Fellow at the Institute of Regional and International Studies (IRIS) at the American University of Iraq-Sulaimani (AUIS), and an Adjunct Assistant Professor at AUIS. He is a board member of the Credit Bank of Iraq.

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.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd January 2019).

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

Note: ISX will be closed on Sunday (Jan. 6, 2019) due to the official holiday of Iraqi Army Day. The next trading session will be held on Monday (Jan. 7, 2019).

The RSISX index ended the week at IQD658 (-0.2%) / $709 (-0.2%) (weekly change) (-0.2% and -0.2% YTD change, respectively). The number of week traded shares was 1.4 bn and the weekly trading volume was IQD0.8 bn ($0.7 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) was IQD5,303,562 on Jan. 3, 2019. [Table: 2.3]
  • ISX will suspend trading of Bain Al-Nahrain Investment (VMES) starting Jan. 13, 2019 due to the AGM* that will be held on Jan. 16, 2019 to discuss and approve 2017 annual financial results.
  • Al -Hilal Industries (IHLI) will hold a GA on Jan. 9, 2019 to elect 5 board members and other 5 alternative members. The company has been suspended since Jul. 4, 2018 by an ISC decision for not disclosing 2017 annual financial results and 3M18 and 6M18 financial results.
  • Iraqi Agricultural Products and Marketing Meat (AIPM) will resume trading on Jan. 7, 2019 after discussing and approving 2017 annual financial results.
  • ISX will suspend trading of Ready-Made Clothes (IRMC) on Jan. 7, 2019 if the company fails to explain why the prices touched the lower limits on Jan. 2, 2019 and Jan. 3, 2019.
  • Iraqi Agricultural Products (AIRP) resumed trading on Jan. 3, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 40% cash dividend (IQD0.40 dividend per share, 4.5% dividend yield).
  • National Chemical & Plastic Industries (INCP) resumed trading on Jan. 2, 2019 after discussing and approving 2017 annual financial results.
  • Al-Hamraa for Insurance (NHAM) completed its capital increase procedures from IQD5.0 bn to IQD7.0 bn through 40% bonus issue.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th December 2018).

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

Note: ISX will be closed during December 25, 2018 – January 1, 2019 due to the end-of-year closing operations. The next session will be held on Jan. 2, 2019.

The RSISX index ended the week at IQD659 (-1.5%) / $710 (-1.5%) (weekly change) (-18.7% and -15.0% YTD change, respectively). The number of week traded shares was 1.5 bn and the weekly trading volume was IQD0.9 bn ($0.7 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,293,699 on Wednesday (Jan. 2, 2019). [Table: 2.3]
  • Erbil Bank for Investment and Finance (BERI) will resume trading on Jan. 2, 2019 due to disclosing 6M18 financial results.
  • AL- Kindi of Veterinary Vaccines Drugs (IKLV) resumed trading on Dec. 23, 2018 after discussing and approving 2017 annual financial results and deciding to distribute 4% cash dividend (IQD0.04 dividend per share, 3.1% dividend yield).
  • ISX suspended trading of Iraqi Agricultural Products (AIRP) starting Dec. 23, 2018 due to the AGM* that will be held on Dec. 27, 2018 to discuss and approve 2017 annual financial results.