Rabee Securities Iraq Stock Exchange Index Rises 4% In August

(MENAFN- Khaleej Times)

The Rabee Securities Iraq Stock Exchange Index (RSISX Index) rose by 4.0 per cent in August, contrasting with declines in several regional markets, including Abu Dhabi (-2.7 per cent), Kuwait (-2.2 per cent), Saudi Arabia (-2.0 per cent), Dubai (-1.6 per cent), and Bahrain (-1.4 per cent). Key drivers of growth included National Bank of Iraq, Bank of Baghdad, Iraqi Islamic Bank, and Baghdad Soft Drinks.

Two non-RSISX Index companies distributed dividends during the month: Baghdad Hotel (4.2 per cent yield) and National for Tourist Investments (1.8 per cent yield).

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Trading activity surged, with total Iraq Stock Exchange (ISX) volume more than tripling month-on-month to $77.6 million, mainly due to cross transactions in the banking sector. Excluding these, monthly trading volume still grew by 26 per cent to $31.7 million. The banking sector accounted for 87.8 per cent of total trading, followed by industry (6.2 per cent), telecom (3.5 per cent), agriculture (1.5 per cent), services (0.6 per cent), and hotels & tourism (0.3 per cent). Meanwhile, OTC market trading fell 86 per cent to $37.4K.

A total of 29 companies saw share price increases in August, with 18 rising by more than 5.0 per cent and 11 gaining more than 10.0 per cent. Al-Badia for General Transport led with a 52.2 per cent increase, followed by Fallujah for Construction Materials at 50.0 per cent.

Tugba Tan Karakaya, Equity Analyst at Rabee Securities, commented:“August marked a strong rebound for the Iraqi market, with banking sector momentum driving both index performance and trading volumes. The market's resilience stands out amid regional declines, while dividend payouts and Iraq's broader economic reforms continue to reinforce long-term investor confidence.”

August also witnessed key national developments: Iraq unveiled its 2024–2028 economic development strategy, aiming to reduce unemployment from 13 per cent to 10 per cent and cut the oil sector's share of GDP by up to 25 per cent. Standard & Poor's (S&P) affirmed Iraq's credit rating at B-/B with a stable outlook, and the Association of Private Iraqi Banks announced the issuance of over 18 million electronic payment cards nationwide.

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