Iraq Stock Exchange Closes Q1 of the Year at $11.3 billion Mcap
DUBAI, United Arab Emirates – Iraq Stock Exchange (ISX) continued to grow in the first quarter of 2022 by reaching $11.3 billion Mcap, up 8% compared to end of 2021. This inspite of the political instability and weak interest due to lack of information about the market. The banking sector is 45.9% of total Map with 43 listed banks, followed by 41.5% for the telecom sector with two mobile operators, the industry sector at 7.3% share with 20 companies, and various sectors taking up the remainder of the share.
Rabee Securities ISX Index, RSISX Index, which is accepted as a benchmark index in the market, increased by 15.5% in 1Q22, while USD RSISX Index went up by 16.2%. The trading volume of the ISX increased 95% 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).
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% 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.
In 2021, 15 ISX-listed companies decided to distribute dividend with yields between 0.01% and 12.5% and with an average yield of 4.2%, while in 1Q22 three companies announced dividend distribution decision with yields between 2.9% and 5.2%. We expect to have dividend distribution decisions from other companies in the following months.