Iraq Business News: Iraq Stock Market Report

Iraq Business News All the latest business news from Iraq

Iraq Stock Market Report Jan 29th 2012, 18:24 Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th January 2012). Please click here to download a table of listed companies and their associated ticker codes. ISX is pleased to announced that is has successfully connected Rabee Securities/Sulymania Office with ISX E-Trading System. Trading and execution are now available from Rabee Securities/Sulymania starting from January 26th, 2012. Rabee Securities have three trading branches, in Baghdad, Erbil Office and Sulymania Office.This success is one of ISX policy achievement to expand the investment base and enable the investors throughout Iraq to participate in the ISX. The RSISX index ended the week at ID1,326 / $1,455, -2.7% (weekly change). The number of weekly traded shares was 8.8 bn and the weekly trading volume was ID14.1bn ($11.9mn). ISX Company Announcements On Jan. 24, we received North Bank’s (BNOR) 2011 year-end (unaudited) financial statements. Brief financial results are as the following: B/S – FY11 (Assets: ID921bn, -15% q/q (+4% y/y), Investments: ID19bn, +0.3% q/q (+84% y/y), Loans: ID269bn, – 2% q/q (+20% y/y), Deposits: ID634bn, -23 q/q (-11% y/y), BV: ID225bn, +22% q/q (+48% y/y), P&L (quarterly) – 4Q11 (Estimated NBI: ID20.7bn, +61% q/q (+138% y/y), Operating Profit: ID18.0bn, +74% q/q (+218% y/y), Profit Before Tax: ID16.9bn, +68% q/q (+150% y/y)). P&L (annual) – FY11 (Estimated NBI: ID56.4bn, +46% y/y, Operating Profit: ID46.3bn, 52X% y/y, Profit Before Tax: ID44.7bn, +49% y/y). According to the memo (Ref. # 10/183) published by Iraqi Securities Commission (ISC) on Jan. 25, 2012, ISC suspended trading of the following companies due to their failure to submit 3Q2011 financial reports in the due time: Al-Qum’a for Financial Investment (VQUF), Kirkuk for Producing (IKFP) and Northern Soft Drinks & Mineral Water (INSD). In addition, it was mentioned that the following companies will continue to be suspended from trading: Electronic Industries (IELI), The Light Industries (ITLI), Palestine Hotel (HPAL) and Ishtar Hotels (HISH). ISC decided to delist AL-Therar for Agricultural Production (ATHP) during the first ISC Board Meeting in 2012. There were no details in ISC website about this decision (# 4/1/2012). ISC decided on Jan. 23 to (# 1/1/2012) to add the following paragraph to the regulations of the Iraq Stock Exchange Market. “In case there is a change in a share price, which is very close to the highest point in two sequenced sessions, the trading of the share will be suspended, and an inquiry letter will be prepared to the Board of Directors of the Company. The shares of the company will be resumed trading after receiving the answer of the Board of Directors.” A cross transaction occurred on 540.5mn North Bank (BNOR) shares on Jan. 25. A cross transaction occurred on 467.9mn Commercial Bank (BCOI) shares on Jan. 25. Al-Kindi of Vet. Vac. (IKLV) will hold AGM on Feb. 9, 2012 to elect new board members. A cross transaction occurred on 1bn North Bank (BNOR) shares on Jan. 23, 2012. For the full RS Weekly Bulletin in PDF go to:  www.rabeesecurities.com.

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