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Iraq Stock Market Continues to Grow in Q1

Iraq Stock Exchange (ISX) continued to grow in the first quarter of 2022 by reaching $11.3 billion Mcap, up 8 per cent as compared to end of 2021. The banking sector is 45.9 per cent of total map with 43 listed banks, followed by 41.5 per cent for the telecom sector with two mobile operators, industry sector at 7.3 per cent share with 20 companies, and various sectors taking up the remainder of the share.

Ayşegül Özge Özgür, SVP, head of research, said: “Banking sector played a major role again in trading in the first quarter of 2022 and constituted 70 per cent share in total trading by doubling to $78.7 mn. We expect to see increase in demand on the ISX as the price of oil remains high, the real GDP of Iraq will grow the 6th highest in the world in 2022 according to IMF and the long-awaited government formation will be completed.

Rabee Securities ISX Index, RSISX Index, which is accepted as a benchmark index in the market, increased by 15.5 per cent in 1Q22, while USD RSISX Index went up by 16.2 per cent. The trading volume of the ISX increased 95 per cent year on year to $112.9 million in 1Q22. ISX has five sessions per week from 10:00 AM to 1:00 PM (pre-session: 09:30 – 10:00 AM, trading hours: 10:00 – 01:00 PM, cross orders time: 01:00 to 01:30 PM).

In 2021, 15 ISX-listed companies decided to distribute dividend with yields between 0.01 per cent and 12.5 per cent and with an average yield of 4.2 per cent, while in 1Q22 three companies announced dividend distribution decision with yields between 2.9 per cent and 5.2 per cent. We expect to have dividend distribution decisions from other companies in the following months.

https://www.khaleejtimes.com/kt-network/iraq-stock-market-continues-to-grow-in-q1