Baghdad, Iraq, 15th March 2023, ZEXPRWIRE, USD-Rabee Securities Iraq Stock Exchange Index (USD RSISX Index) increased significantly by 25.0% during February due to the appreciation of Iraqi Dinar against US dollar as a result of the decisions taken by the Central Bank of Iraq (CBI).
While IQD-RSISX Index decreased by 2.1% mainly due to the decrease in share prices of Baghdad Soft Drinks -4.2% (the largest weight in the index), National Bank of Iraq -3.8% and Al-Mansour Hotel -8.1%
In February, only the share price of Bank of Baghdad showed an increase +2.1% and limited the decline in Iraqi Dinar basis.
The total trading volume of the ISX increased significantly by 212% in February compared to the previous month (January 2023) to USD121.3 million as a result of the increase in cross transactions in the banking sector mainly related to the share transfers occurred for Bank of Baghdad from Burgan Bank to Jordan Kuwait Bank.
Iraq Stock Exchange (ISX) announced in mid-February the approval of the sale of Burgan Bank’s 51.79% stake in Bank of Baghdad to the Jordan Kuwait Bank.
The banking sector had the highest share in trading volume with 93.3% with the effect of cross transactions, followed by the industry sector (4.1% share), and the telecom sector (1.1% share).
Two companies decided to distribute dividends during February; Ashur Bank (dividend yield: 11.9%) and National for Tourist Investment (dividend yield: 2.7%).
Sixteen companies’ share prices went up in February, of which 8 increased by more than 5%, while 6 increased by more than 10%. Modern Animal & Agricultural Production increased the most going up +61.0% during the month.
Disclaimer: Rabee Securities is the source of this content. This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Economics journalist was involved in the writing and production of this article.