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November Market Review: Tentative Recovery

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

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

The dog days of the summer extended from October into the first 10 days of November, as the 40 day Arba’een pilgrimage came to an end, with continued declines in turnover and prices.

This pattern was sharply reversed as buying interest drove prices and turnover significantly higher. The market, as measured by the RSISUSD Index, was up almost +10% by mid-month, with daily turnover almost doubling on the up days as the chart below shows, before settling in at +4.3% as the buying activity subsided.

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

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

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

Iraq Stock Market ends week 6.3% Up

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th Nov 2017).

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

The RSISX index ended the week at IQD815 (+6.3%) / $838 (+6.6%) (weekly change) (-15.1% and -11.6% YTD change, respectively). The number of week traded shares was 15.0bn and the weekly trading volume was IQD10.8bn ($8.5mn).

ISX Company Announcements

  • According to the letter published in The Central Bank of Iraq (CBI) website on Wednesday, a consultative meeting was held on Nov. 13, 2017 under the chairmanship of the Governor of the CBI and faculty of the CBI with heads of boards of directors and executive directors of Iraqi banks to discuss the letter of the CBI dated Nov. 7, 2017 related with the suspension of activities of branches of banks operating in the KRG. In the letter it was mentioned that The Iraq Private Banks League welcomes the directives of the CBI regarding the branches of banks in the region and appreciate what was presented at the meeting to ensure the stability of the banking sector and not subject to risk through the CBI’s guidance for upholding the needs and interests of the citizens in the region in all branches of activities in line with the decision of the Council of Representatives. On Tuesday, CBI sources told Reuters that the CBI has eased restrictions on private banks in its Kurdistan region. In addition, according to the observations of Rabee Securities, the Iraqi banks are continuing to operate in a normal way in Kurdistan region.  (CBI, Reuters, Gulf-Times)
  • The Central Bank of Iraq (CBI) decided on Thursday to increase the fines for counterfeit banknotes from 500% to 700% and fines for the shortage discovered in the banknotes from 100% to 250% with the compensation of the shortfall. (Alsumaria)
  • Cihan Bank for Islamic Investment & Finance (BCIH) will hold AGM* on Nov. 20, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BCIH starting Nov. 15, 2017.
  • New shares of Mamoura Realestate Investment (SMRI) from the capital increase to IQD22.78bn through 15% rights and 3.6% bonus issues resumed trading on Nov. 14, 2017.
  • Babylon Hotel (HBAY) will hold AGM* on Nov. 19, 2017 to discuss and approve 2016 annual financial results and distribution of 44.5% cash dividend (IQD0.445 dividend per share, 1.3% dividend yield). ISX suspended trading of HBAY on Nov. 14, 2017.
  • Cross Transactions: 7.6bn shares of Al-Harir for Money Transfer (MTAH) on Nov. 15, 2017, which represents 17.0% of MTAH capital. 313mn shares of Asiacell (TASC) on Nov. 12, 2017, which represents 0.1% of TASC capital.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 9th Nov 2017).

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

The RSISX index ended the week at IQD766 (+0.2%) / $786 (+0.4%) (weekly change) (-20.2% and -17.0% YTD change, respectively). The number of week traded shares was 24.1bn and the weekly trading volume was IQD13.9bn ($10.9mn).

ISX Company Announcements

  • Ready Made Clothes (IRMC) will hold AGM* on Nov. 26, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of IRMC starting Nov. 21, 2017.
  • Bain Alnahrain Investment (VMES) will hold AGM* on Nov. 22, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of VMES starting Nov. 19 2017.
  • Cihan Bank for Islamic Investment & Finance (BCIH) will hold AGM* on Nov. 20, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of BCIH starting Nov. 15, 2017.
  • Asiacell (TASC) will hold AGM* on Nov. 18, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of TASC on Nov. 14, 2017.
  • Karbala Hotels (HKAR) will hold AGM* on Nov. 14, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD50bn to IQD100bn through 100% rights issue to finance the remaining stages of the first phase of the project. ISX suspended trading of HKAR on Nov. 9, 2017.
  • Kurdistan International Bank (BKUI) resumed trading on Nov. 5, 2017 after discussing and approving 2016 annual financial results and adding “Islamic” to the bank name.
  • Cross Transactions: 4.7bn shares of Al-Qabedh Islamic Bank for Finance and Investment (BQAB) on Nov. 9, 2017, which represents 1.9% of BQAB capital. 354mn shares of Gulf Commercial Bank (BGUC) on Nov. 8, 2017, which represents 0.12% of BGUC capital. 960mn shares of Al-Mansour Bank (BMNS) on Nov. 6, 2017, which represents 1.4% of BMNS capital. 10.8bn shares of Elaf Islamic Bank (BELF) on Nov. 5, 2017, which represents 4.3% of BELF capital. 5.0bn shares of Trans Iraq Bank for Investment (BTRI) on Nov. 5, 2017, which represents 1.9% of BTRI capital.

October Market Review: Changed Oil Dynamics & Liquidity

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

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

October was mostly a replay of the dog days of the summer as far as the market was concerned.

However, two developments are worth noting:

  • the changed dynamics of oil prices with significant implications for local liquidity; and,
  • emerging details of the Saudi led refinancing of the reconstruction of liberated territories.

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

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

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

October Market Review: Changed Oil Dynamics & Liquidity

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

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

October was mostly a replay of the dog days of the summer as far as the market was concerned.

However, two developments are worth noting:

  • the changed dynamics of oil prices with significant implications for local liquidity; and,
  • emerging details of the Saudi led refinancing of the reconstruction of liberated territories.

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

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

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th Oct 2017).

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

The RSISX index ended the week at IQD756 (-2.5%) / $772 (-2.5%) (weekly change) (-21.2% and -18.5% YTD change, respectively). The number of week traded shares was 22.6bn and the weekly trading volume was IQD19.5bn ($15.4mn).

ISX Company Announcements

  • Elaf Islamic Bank (BELF) will hold AGM* on Nov. 22, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of BELF starting Nov. 19, 2017.
  • Babylon Hotel (HBAY) will hold AGM* on Nov. 19 to discuss and approve 2016 annual financials and distributing 44.493% cash dividend (IQD0.445 dividend per share). ISX will suspend trading of HBAY starting Nov. 14.
  • Gulf Commercial Bank (BGUC) resumed trading on Oct. 22, 2017 after discussing and approving 2016 annual financial results.
  • New shares of Al-Ameen Financial Investment (VAMF) from the capital increase to IQD1.5bn through 50% rights issue resumed trading on Oct. 23, 2017.
  • Region Trade Bank for Investment and Finance (BRTB) will resume trading on Oct. 29, 2017 after discussing and approving 2016 annual financial results.
  • Cross Transactions: 9.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 22 (3.0bn), Oct. 24 (3.0bn), Oct. 26, 2017 (3.0bn), which represent 3.4% of BTRI capital in total. 9.75bn shares of Al-Qabedh Islamic Bank for Finance & Investment (BQAB) on Oct. 24 (4.875bn), Oct. 26, 2017 (4.875bn), which represent 3.9% of BQAB capital in total. 1.13bn shares of AI-Nobles for Money Transfer (MTNO) on Oct. 23, 2017, which represents 2.5% of MTNO capital.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th Oct 2017).

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

The RSISX index ended the week at IQD756 (-2.5%) / $772 (-2.5%) (weekly change) (-21.2% and -18.5% YTD change, respectively). The number of week traded shares was 22.6bn and the weekly trading volume was IQD19.5bn ($15.4mn).

ISX Company Announcements

  • Elaf Islamic Bank (BELF) will hold AGM* on Nov. 22, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of BELF starting Nov. 19, 2017.
  • Babylon Hotel (HBAY) will hold AGM* on Nov. 19 to discuss and approve 2016 annual financials and distributing 44.493% cash dividend (IQD0.445 dividend per share). ISX will suspend trading of HBAY starting Nov. 14.
  • Gulf Commercial Bank (BGUC) resumed trading on Oct. 22, 2017 after discussing and approving 2016 annual financial results.
  • New shares of Al-Ameen Financial Investment (VAMF) from the capital increase to IQD1.5bn through 50% rights issue resumed trading on Oct. 23, 2017.
  • Region Trade Bank for Investment and Finance (BRTB) will resume trading on Oct. 29, 2017 after discussing and approving 2016 annual financial results.
  • Cross Transactions: 9.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 22 (3.0bn), Oct. 24 (3.0bn), Oct. 26, 2017 (3.0bn), which represent 3.4% of BTRI capital in total. 9.75bn shares of Al-Qabedh Islamic Bank for Finance & Investment (BQAB) on Oct. 24 (4.875bn), Oct. 26, 2017 (4.875bn), which represent 3.9% of BQAB capital in total. 1.13bn shares of AI-Nobles for Money Transfer (MTNO) on Oct. 23, 2017, which represents 2.5% of MTNO capital.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th Oct 2017).

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

The RSISX index ended the week at IQD775 (-0.3%) / $792 (-0.3%) (weekly change) (-19.2% and -16.3% YTD change, respectively). The number of week traded shares was 35.9bn and the weekly trading volume was IQD33.0bn ($25.9mn).

ISX Company Announcements

  • Gulf Commercial Bank (BGUC) will resume trading on Oct. 22, 2017 after discussing and approving 2016 annual financial results.
  • Middle East Producing & Marketing – Fish (AMEF) will hold AGM* on Nov. 15, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of AMEF starting Oct. 22, 2017.
  • International Islamic Bank (BINT) will hold AGM* on Nov. 13, 2017 to discuss and approve 2016 annual financial results.
  • New shares of Iraqi for Seed Production (AISP) from the capital increase to IQD10.5bn through 40% bonus issue resumed trading on Oct. 19, 2017.
  • Modern Chemical Industries (IMCI) held AGM* on Oct. 20, 2017 to discuss and approve 2016 annual financial results and distributing cash dividend. ISX suspended trading of IMCI starting Oct. 17, 2017.
  • The International Development Bank (BIDB) was awarded the Excellence Award for Wise Management at a ceremony held in Amman, Jordan, under the theme of Innovation and Excellence for Financial Institutions and Entrepreneurship, 2017, which was awarded by Princess Taghreed Foundation for Development and Training and sponsored by the Union of Arab Banks. (Economic Iraq)
  • Region Trade Bank for Investment and Finance (BRTB) will hold AGM* on Oct. 22, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BRTB starting on Oct. 16, 2017.
  • National Company for Tourism Investment (HNTI) resumed trading on Oct. 16, 2017 after fulfilling ISC disclosure requirements and publishing 2Q17 financial results.
  • Trans Iraq Bank for Investment (BTRI) disclosed on Oct. 15, 2017 that Wisam Adnan Muhammed Adnan Muhammed Al-Rabee have increased his ownership fom 18.08bn to 24.08bn shares of BTRI to reach a 9.12% ownership.
  • Kurdistan International Bank (BKUI) will hold its AGM* on Oct. 31, 2017 to discuss and approve 2016 annual financial results, discuss the dividends distribution, and amend the company name by adding “Islamic” to the name. ISX will suspend trading of BKUI starting on Oct. 26, 2017.
  • Karbala Hotels (HKAR) will hold its AGM* on Nov. 14, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD50bn to IQD100bn through 100% rights issue to finance the remaining stages of the first phase of the project. ISX will suspend trading of HKAR starting Nov. 9, 2017.
  • Cross Transactions: 7.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 18, 2017, which represents 2.65% of BTRI capital. 25.1bn shares of National Islamic Bank (BNAI) on Oct. 18, 2017, which represents 10% of BTRI capital. 2.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 17, 2017, which represents 0.76% of BTRI capital.

Iraq Stock Market Report

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

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

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

ISX Company Announcements

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

Iraq Stock Market Report

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

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

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

ISX Company Announcements

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