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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th September 2019).

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

The RSISX index ended the week at IQD620 (-0.3%) / $667 (-0.3%) (weekly change) (-6.0% and -6.1% YTD change, respectively). The number of week traded shares was 1.2 bn and the weekly trading volume was IQD1.8 bn ($1.5 mn).

ISX Company Announcements

  • ISX suspended trading of Dar Al-Salam for Insurance (NDSA) starting Sep. 12, 2019 due to the AGM that will be held on Sep. 17, 2019 to discuss and approve 2018 annual financial statements.
  • ISC approved giving Iraqi for Seed Production (AISP) 60 days to complete its capital increase procedures (from IQD10.50 bn to IQD13.65 bn through 30% bonus issue).
  • ISX suspended trading of Metallic & Bicycles Industries (IMIB) on Sep. 12, 2019 because the company failed to explain why the prices touched the higher limit on Sep. 9, 2019 and Sep. 11, 2019.
  • National Chemical & Plastic Industries (INCP) resumed trading on Sep. 11, 2019 after discussing and approving 2018 annual financial statements.
  • International Islamic Bank (BINT) resumed trading on Sep. 11, 2019 after discussing and approving 2018 annual financial statements.
  • Original shares of Asia Al Iraq Islamic Bank for Investment (BAIB) resumed trading on Sep. 9, 2019 after discussing and approving 2018 annual financial results and increasing the capital from IQD100 bn to IQD150 bn through 50% rights issue.
  • Iraqi Islamic Bank (BIIB) resumed trading on Sep. 8, 2019 after discussing and approving 2018 annual financial statements.
  • Cross transaction: 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Sep. 8, 2019, which represents 0.1% of BCIH’s capital.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 29th August 2019).

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

The RSISX index ended the week at IQD628 (-1.0%) / $675 (-1.0%) (weekly change) (-4.8% and -4.9% YTD change, respectively). The number of week traded shares was 3.5 bn and the weekly trading volume was IQD3.3 bn ($2.7 mn).

ISX Company Announcements

  • Central Bank of Iraq (CBI) participated in the opening of the Al-Fayhaa Center for Strategic Studies, Information and Youth Employment in Basra. The move is an affirmation of the importance of Basra economically and urged the concerned authorities to contribute to the creation of job opportunities for the people of the province through the development of skills and training cadres working in the public and private sectors. (CBI)
  • ISX will suspend trading of Karbala Hotels (HKAR) starting Sep. 16, 2019 due to the AGM that will be held on Sep. 19, 2019 to discuss and approve 2017 and 2018 annual financial statements.
  • ISX will suspend trading of Asia Al Iraq Islamic Bank for Investment (BAIB) starting Sep. 1, 2019 due to the AGM that will be held on Sep. 4, 2019 to discuss and approve 2018 annual financial statements and increasing the capital from IQD100 bn to IQD150 bn through 50% rights issue.
  • New shares of National Household Furniture Industry (IHFI) from the capital increase to IQD1.66 bn through 31.7% rights issue will resume trading on Sunday (Sep. 1, 2019).
  • Adviser Islamic Bank (Al-Mustashar Islamic Bank) and Ebdaa Middle East General Contracting Company will be listed on non-regular market according to the ISC letter after fulfilling all required listing conditions.
  • Baghdad Hotel (HBAG) resumed trading on Aug. 29, after discussing and approving 2018 annual financial statements and deciding to distribute 50% cash dividend (IQD0.50 dividend per share, 5.7% dividend yield).
  • Trust International Islamic Bank (BTRU) resumed trading on Aug. 29, 2019 after electing 7 original and 7 alternative board members.
  • ISX suspended trading of Iraqi Islamic Bank (BIIB) starting Aug. 28, 2019 due to the AGM that will be held on Sep. 2, 2019 to discuss and approve 2018 annual financial statements.
  • Erbil Bank for Investment and Finance (BERI) resumed trading on Aug. 25, 2019 due to disclosing 3M19 financial statements.
  • Cross transaction: 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Aug. 25, 2019, which represents 0.1% of BCIH’s capital.

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Note: ISX will be closed starting from Aug. 11, 2019 to Aug. 15, 2019 due to the religious holiday of Eid Al-Adha. The next session will be held on Sunday (Aug. 18, 2019). 

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 8th August 2019).

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

The RSISX index ended the week at IQD628 (-0.2%) / $675 (-0.2%) (weekly change) (-4.8% and -4.9% YTD change, respectively). The number of week traded shares was 7.9 bn and the weekly trading volume was IQD8.5 bn ($7.0 mn).

ISX Company Announcements

  • The Central Bank of Iraq announced the increase of the assets of banks during 2018 by 11% compared to 2017 to exceed IQD120 trln ($100 bn), indicating the increased confidence of depositors in banks, which reflects positively on the development of the performance of banks and its contribution to the development of the Iraqi economy. The Bank has made accounting adjustments for the total assets of commercial banks in accordance with International Accounting Standards (IAS) as of January 2012. (CBI)
  • Al-Bilad Islamic Bank for Investment & Finance (Al-Ataa Islamic Bank) (BLAD) will hold an AGM on Aug. 29, 2019 to discuss and approve 2016 and 2017 annual financial results. The bank has been suspended since May. 17, 2018 due to not disclosing 2017 financial results.
  • ISX will suspend trading of Al-Ahlyia for Agricultural Production (AAHP) starting Aug. 27, 2019 due to the AGM that will be held on Sep. 1, 2019 to discuss and approve the ending year Mar. 31, 2019.
  • ISX will suspend trading of International Islamic Bank (BINT) starting Aug. 22, 2019 due to the AGM that will be held on Aug. 27, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Baghdad Hotel (HBAG) starting Aug. 21, 2019 due to the AGM that will be held on Aug. 26, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Tourist Village of Mosul dam (HTVM) starting Aug. 20, 2019 due to the AGM that will be held on Aug. 24, 2019 to discuss and approve 2015, 2016, 2017 and 2018 annual financial results.
  • Al-Mansour Bank (BMNS) will hold a GA on Aug. 19, 2019 to assign a new auditor to the bank. The bank will not be suspended from trading.
  • Cross transactions: 2.95 bn shares of Al Taif Islamic Bank for Investment & Finance (BTIB) on Aug. 4 and Aug. 6, 2019, which represent 2.95% of BTIB’s capital.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st August 2019).

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

The RSISX index ended the week at IQD629 (-3.1%) / $676 (-3.1%) (weekly change) (-4.6% and -4.7% YTD change, respectively). The number of week traded shares was 8.4 bn and the weekly trading volume was IQD8.4 bn ($7.0 mn).

ISX Company Announcements

  • Zain announced 6M19 financial results in its website. According to Zain, Zain Iraq’s number of subscribers increased 4% y/y to 15.3 mn. In 1H19, revenues decreased 6% y/y to $522 mn mainly due to the intense competition affecting the top-line. EBITDA increased 13% y/y to $220 mn in 1H19 largely due to the positive contribution from IFRS 16 adoption and strong focus on cost optimization. Net profit increased by 39% y/y to $25 mn in 1H19.  (Zain)
  • Asiacell (TASC) has increased its customer base by 6% y/y to 13.9 mn as end of 1H19, according to its parent, the Qatari company Ooredoo. In its results for 1H19, the company said: “Despite intensifying price competition, Asiacell maintained stable revenues of QAR 2.2 bn during the first half of 2019 as compared with the same period last year. “EBITDA declined 9% to QAR 970 mn as a result of increased sales and marketing activities to expand customer base and data/fiber network cost. (Ooredoo)
  • Gulf Commercial Bank (BGUC) will resume trading on Aug. 4, 2019 after discussing and approving 2018 annual financial results.
  • Al-Khazer for Construction Materials (IKHC) will hold an AGM on Aug. 3, 2019 to discuss and approve 2018 annual financial results. The company has been suspended since Jul. 8, 2019 by an ISC decision for not disclosing financial results.
  • Bank of Baghdad (BBOB) resumed trading on Jul. 29, 2019 after discussing and approving 2018 annual financial results.
  • National Company for Tourism Investment (HNTI) resumed trading on Jul. 29, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 18% cash dividend (IQD0.18 cash dividend per share, 1.96% dividend yield).
  • Cross transactions: 4.6 bn shares of Al Taif Islamic Bank for Investment & Finance (BTIB) on Jul. 30, 2019, which represents 4.6% of BTIB’s capital. 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Jul. 29, 2019, which represents 0.1% of BCIH’s capital.

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

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

The RSISX index ended the week at IQD649 (+0.4%) / $698 (+0.4%) (weekly change) (-1.6% and -1.7% YTD change, respectively). The number of week traded shares was 6.5 bn and the weekly trading volume was IQD8.0 bn ($6.6 mn).

ISX Company Announcements

  • Iraqi Company for Deposit Guarantee made an invitation with the offered shares for the public subscription. The Company’s capital is IQD100 bn. Shareholders contribute in the company’s capital by IQD55 bn, with IQD1.00 value per share. 25% of these shares are from governmental banks, while 30% of the capital is paid by commercial banks and foreign banks as well as National Pension Authority and National Insurance Company. As for the rest of the 45%, it will be available for the public with IQD1.00 per share. Place of subscription will be Al-Rasheed Bank, Industrial Bank of Iraq and Development Bank. Subscription period is no less than 30 days and no more than 60 days. Subscription period starts Jul. 21, 2019 and ends after 30 days. The minimum amount of subscription is IQD500 mn for the public and IQD750 mn for Islamic banks and financial investment companies as well as insurance companies. On the other hand, the maximum amount of subscription is IQD15 bn for the public and IQD10 bn for Islamic banks, financial investment companies and insurance companies. (ISX)
  • The Iraqi Stock Exchange (ISX) announced on Thursday (Jul. 18) the signing of a new agreement with the US stock exchange on the technology of trading and deposit securities. “Nasdaq and the ISX have signed a new agreement to expand their technology relationships for the next five years starting in October 2019,” Taha Ahmed Abdul Salam, chief executive of Nasdaq Stock Market said. “Nasdaq will continue License, support and maintain ISX systems and upgrade the technology of trading and securities deposit (CSD) for the next five years,” he added. (Alsumaria)
  • ISX will suspend trading of Tourist Village of Mosul dam (HTVM) starting Aug. 20, 2019 due to the AGM that will be held on Aug. 24, 2019 to discuss and approve 2015, 2016, 2017 and 2018 annual financial results.
  • Ishtar Hotel (HISH) will resume trading on Jul. 28, 2019 due to disclosing its 2017 annual financial results and 3M19 financial results.
  • Al-Mosul for Funfairs (SMOF) resumed trading on Jul. 24, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 100% cash dividend (IQD1.00 dividend per share, 7.5% dividend yield).
  • ISX suspended trading of Gulf Commercial Bank (BGUC) starting Jul. 23, 2019 due to the AGM that will be held on Jul. 27, 2019 to discuss and approve 2018 annual financial results.
  • ISX requested Bank of Baghdad (BBOB) on Jul, 23, 2019 to disclose its AGM minutes for the AGM that was held on Jul. 20, 2019.
  • Credit Bank of Iraq (BROI) resumed trading on Jul. 22, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 2% cash dividend (IQD0.02 dividend per share, 5.1% dividend yield).
  • Cross transactions: 4.5 bn shares of Al Taif Islamic Bank for Investment & Finance (BTIB) on Jul. 24, 2019, which represents 4.5% of BTIB’s capital. 250 mn shares of Cihan Bank for Islamic and Finance (BCIH) on Jul. 24, 2019, which represents 0.1% of BCIH’s capital.

Nasdaq Inc. (Nasdaq:NDAQ) and the Iraq Stock Exchange (ISX) have signed a new agreement to extend their market technology relationship.

As part of the agreement, Nasdaq will continue providing ISX with matching engine and central securities depository (CSD) technology. This new agreement marks the next chapter of a technology partnership between Nasdaq and ISX which originated in 2007.

Taha A. Abdulsalam, CEO, Iraq Stock Exchange, said:

We are pleased to build on our successful partnership with Nasdaq. Using Nasdaq’s market technology is a clear indication to investors, regulators and other exchanges that Iraq will bolster its efforts into becoming an important financial center for regional and global businesses.

Michèle Carlsson, Managing Director, Nasdaq in the Middle East and Africa, said:

By upgrading to the latest Nasdaq technology, ISX will be joining a community of exchanges deploying high-end, multi-asset trading technology that complies with international standards. We look forward to supporting ISX as they continue evolving and innovating their marketplace.

(Source: Nasdaq)

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th July 2019).

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

The RSISX index ended the week at IQD646 (-0.1%) / $695 (-0.1%) (weekly change) (-2.0% and -2.1% YTD change, respectively). The number of week traded shares was 2.2 bn and the weekly trading volume was IQD1.3 bn ($1.1 mn).

ISX Company Announcements

  • ISX will suspend trading of AL-Nukhba for General Construction (SNUC) starting Jul. 30, 2019 due to the AGM that will be held on Aug. 4, 2019 to discuss and approve 2018 annual financial results.
  • Original shares of Iraqi for Seed Production (AISP) resumed trading on Jul. 18, 2019 after discussing and approving 2018 annual financial results, increasing the capital from IQD10.50 bn to IQD13.65 bn through 30% bonus issue and deciding to distribute 20% cash dividend (IQD0.20 dividend per share, 3.1% dividend yield).
  • Mamoura Real-estate Investment (SMRI) resumed trading on Jul. 18, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 5% cash dividend (IQD0.05 dividend per share, 2.8% dividend yield).
  • International Development Bank for Investment (BIDB) resumed trading on Jul. 18, 2019 after discussing and approving 2018 annual financial results.
  • Original shares of Al-Ameen Insurance (NAME) resumed trading on Jul. 16, 2019 after discussing and approving 2018 annual financial results and increasing the capital from IQD3.8 bn to IQD5.0 bn through 30.9% rights issue. The company closed the day at IQD0.37 per share, down by 27.5%.
  • Palestine Hotel (HPAL) resumed trading on Jul. 17, 2019 after discussing and approving 2017 annual financial results.
  • ISX suspended trading Bank of Baghdad (BBOB) starting on Jul. 16, 2019 due to the AGM that will be held on Jul. 20, 2019 to discuss and approve 2018 annual financial results.
  • Gulf Insurance and Reinsurance (NGIR) resumed trading on Jul. 15, 2019 due to fulfilling ISC’s request to provide 3M19 financial results.
  • ISX suspended trading of Al-Mosul for Funfairs (SMOF) starting Jul. 15, 2019 due to the AGM that would be held on Jul. 18, 2019 to discuss and approve 2018 annual financial results.
  • Credit Bank of Iraq (BROI) decided to distribute 2% cash dividend (IQD0.02 cash dividend per share, 5.1% dividend yield) in its AGM that was held on Jul. 13, 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 market took a breather, after the blistering May rally, to end the month down -0.71% as measured by the Rabee Securities RSISX USD Index (RSISUSD), and up +0.44% for the year.

The market’s average daily turnover, excluding block transactions, followed through with the recovery of last month – a promising development especially as the Eid holidays, marking the end of Ramadan, and the beginning of summer holidays took place early in June. However, turnover is still low relative to that over the five years following the market’s peak in early 2014, with June’s average at about +21% above the average of the last year (chart below).

(Source: Iraq Stock Exchange (ISX), Rabee Securities, Asia Frontier Capital)

Trading activity, in the near term, will likely continue to be in-line with that of the last two months, as the holiday season gathers steam with a summer that promises to be hotter than average. June’s daily average temperatures of 48 degrees Celsius, versus prior averages of around 40 degrees Celsius, provided a taste of things to come for the year’s hottest months, i.e. July and August. The chart below of Baghdad’s June 2019 temperatures versus recent average temperatures illustrates the extent of the expected variance between this summer’s temperatures and recent averages.

Temperature Graph, Baghdad June 2019

(Source: Accuweather)

June’s searing heat, as well as profit taking, took the shine off the rejuvenated banking sector with the Bank of Baghdad (BBOB) down -12.8% after being up +62.5% in May, while Mansour Bank (BMNS) was -4.2% versus +20.0% in May, National Bank of Iraq (BNOI) flat versus +31.0% in May, and Commercial Bank of Iraq (BCOI) +4.5% versus +10.0% in May. Expectations for the resumption of dividends by the Bank of Baghdad (BBOB), the reasons behind the stock’s stunning May rally, will be put to the test in the next two weeks at the bank’s upcoming AGM later in July. However, as indicated last month, it’s still too early in the year to judge the likelihood of the bank distributing dividends, especially given the size of its non-performing loans (NPL’s) and the potential need for more provisions.  Such caution finds support in the decision by the National Bank of Iraq (BNOI), at its June AGM, not to distribute dividends for a challenging 2018. However, in a sign of the conditions in place for the sector’s recovery, BNOI indicated the possibility of resuming dividend payments for 2019 based on its strong results for the first half of the year as well its expectations for the second half.

Lending support to these expectations for the brighter outlook for the banking sector are figures from the Ministry of Finance (MoF) for the first four months of the year. The figures show that the budget surplus for 2019 continues to grow and is currently at about USD 2.8 bln by end of April, which, based on current spending patterns and reported oil revenues, could grow to about USD 4.2 bln by the end of June. Helped by the healing effects of increasing oil revenues, this surplus is on top of surpluses of USD 1.6 bln for 2017 and USD 21.6 bln for 2018 as the chart below shows.

(Sources: Ministry of Oil, Ministry of Finance, Central Bank of Iraq, AFC)

Current spending patterns, making up the bulk of the 2019 budget spending at about 75% of the total, are steady and consistent with an expansionary budget in which this spending is up +15% over 2018. Investment spending patterns, on the other hand, show a shift in gear as the government began to implement the 2019 budget, which came into law and thus into effect in late February. However, these are from a very low base and are in-line with expectations made here over the last few months that such spending would begin as a trickle but should grow as investment spending gets underway, adding fuel to a consumer led recovery, and ultimately leading to a sustained economic recovery. This potential economic fuel comes from the 2019 budget’s non-oil investment programme at about USD 12.5 bln, which is equivalent to about a 7.5% stimulus to the estimated non-oil GDP for 2019.

The persistent signs of economic recovery, continue to be mixed as they are in this early stage, nevertheless underscore the opportunity to acquire attractive assets that have yet to discount a sustainable economic recovery. The market’s pull-back in June, on the heels of a strong recovery in May on low turnover, suggests the beginning of a consolidation phase, which, would need a significant recovery in turnover before this recovery can become sustainable and for the market to claw back some of the -65.5% decline from the peak in early 2014 to June 2019 closing levels (as measured by the Rabee Securities RSISX USD Index).

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: 4th July 2019).

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

The RSISX index ended the week at IQD642 (-3.0%) / $690 (-3.0%) (weekly change) (-2.6% and -2.8% YTD change, respectively). The number of week traded shares was 51.8 bn and the weekly trading volume was IQD19.9 bn ($16.5 mn).

ISX Company Announcements

  • In accordance with the duties of the Central Bank of Iraq (CBI) provided for in its law and in order to ensure the stability of the banking sector and increase trust in it, the CBI announced the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Guarantee Company. The Iraqi Deposit Guarantee Company was established with the participation of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, the National Insurance Company and the State Pension Fund, with a capital of IQD100 bn. (CBI)
  • ISX will suspend trading of Gulf Commercial Bank (BGUC) starting Jul. 23, 2019 due to the AGM that will be held on Jul. 27, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of National Company for Tourism Investment (HNTI) starting Jul. 22, 2019 due to the AGM that will be held on Jul. 25, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Mamoura Realestate Investment (SMRI) starting Jul. 9, 2019 due to the AGM that will be held on Jul. 17, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Credit Bank of Iraq (BROI) starting Jul. 9, 2019 due to the AGM that will be held on Jul. 13, 2019 to discuss and approve 2018 annual financial results.
  • ISX suspended trading of Al-Ameen Insurance (NAME) on Jul. 4, 2019 due to the AGM that will be held on Jul. 9, 2019 to discuss and approve 2018 annual financial results.
  • The Light Industries (ITLI) held an AGM on Jul. 4, 2019 to discuss and approve 2014, 2015 and 2016 annual financial results. The company has been suspended since Jul. 13, 2016 for not disclosing financial results by an ISC decision.
  • National Bank of Iraq (BNOI) resumed trading on Jul. 2, 2019 after discussing and approving 2018 annual financial results.
  • Al Taif Islamic Bank for Investment & Finance (BTIB) started trading on non-regular market on Jul. 2, 2019. The opening price will be free for the first three sessions, and then will have +/-20% price change limit.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th June 2019).

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

The RSISX index ended the week at IQD662 (+0.04%) / $762 (+0.04%) (weekly change) (+0.4% and +0.2% YTD change, respectively). The number of week traded shares was 22.2 bn and the weekly trading volume was IQD35.9 bn ($29.7 mn).

ISX Company Announcements

  • The Central Bank of Iraq (CBI) announced the start of the establishment of the Takaful Insurance Company for Islamic banks in cooperation with the Board of Insurance with a capital of IQD15 bn with the participation of all Islamic banks. The Takaful Insurance Company represents the second strategic objective of the comprehensive strategic plan of the bank in the development of Islamic banking industry and transactions, (2016-2020). (CBI)
  • Asiacell (TASC) announced on Jun. 26, 2019 that the shares of Farouq Mustafa Rasool, chairman of the BoDs has increased to 24.3% of the company’s capital.
  • Al-Qabedh Islamic Bank for Finance & Investment (BQAB) resumed trading on Jun. 27, 2019 due to disclosing its 2017 annual financial results.
  • National Company for Tourism Investment (HNTI) invited its shareholders on Jun. 27, 2019 to visit the company’s headquarter to receive their 2017 cash dividends.
  • Al Taif Islamic Bank for Investment & Finance (BTIB) will start trading in the non-regular market on Jul. 2, 2019. The opening price will be free for the first three sessions, and then will have +/-20% price change limit.
  • ISX will suspend trading Bank of Baghdad (BBOB) starting Jul. 16, 2019 due to the AGM* that will be held on Jul. 20, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Al-Mosul for Funfairs (SMOF) starting Jul. 14, 2019 due to the AGM* that will be held on Jul. 18, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of Iraqi for Seed Production (AISP) starting Jul. 8, 2019 due to the AGM* that will be held on Jul. 11, 2019 to discuss and approve 2018 annual results and increasing its capital through 20% bonus issue.
  • ISX will suspend trading of Al-Ameen Insurance (NAME) starting Jul. 4, 2019 due to the AGM* that will be held on Jul. 9, 2019 to discuss and approve 2018 annual financial results.
  • ISX will suspend trading of International Development Bank for Investment (BIDB) starting Jul. 3, 2019 due to the AGM* that will be held on Jul. 8, 2019 to discuss and approve 2018 annual financial results.
  • Iraqi for Tufted Carpets (IITC) resumed trading on Jun. 24, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 60% cash dividend (IQD0.60 cash dividend per share, 7.4% dividend yield).
  • ISX suspended trading of Palestine Hotel (HPAL) starting Jun. 23, 2019 due to the AGM* that was held on Jun. 26, 2019 to discuss and approve 2017 annual financial results.
  • ISX requested National Bank of Iraq (BNOI) to provide its AGM* minutes which was held on Jun. 19.