Iraq Stock Market Report

(MENAFN- Iraq Business News) Iraq Stock Exchange

On Monday, PM Al-Sudani sponsored the signing ceremony of a MoU between the Iraqi Securities Commission and the Abu Dhabi Market. The MoU includes aspects of cooperation in several areas, the most important of which is strengthening and developing oversight processes over daily trading in the market and over brokerage companies, cooperation in the field of conditions and mechanisms for dual listing, and developing and using technological applications and mechanisms for subscriptions and initial listings, as well as in the field of cases of stopping trading in stocks, the timing of resumption of trading, and the requirements for licensing REIT funds. (INA) Under the patronage of PM Mohammed S. Al-Sudani, the Iraqi Securities Commission (ISC) signed an MoU with the Egyptian Financial Supervision Authority, within the framework of enhancing joint cooperation between Iraq and Egypt in the field of regulation and supervision of financial markets. This memorandum aims to exchange experiences and information between the two sides, and to strengthen the regulatory frameworks for the financial markets in both countries, thus contributing to achieving the highest levels of transparency and efficiency in accordance with international best practices. The Washington DC-based Institute for Financial Integrity (IFI) has announced the launch of the Financial Integrity and Cross-Border Payments Training Program for the National Bank of Iraq (BNOI), developed in partnership with the Central Bank of Iraq (CBI) and K2 Integrity. According to a press release from IFI, this groundbreaking initiative aims to enhance the integrity of the Iraqi financial system by ensuring cross-border payments originating from Iraq adhere to legal requirements, regulatory expectations, and global standards. (Iraqi Business News) The AGM of AL- Kindi of Veterinary Vaccines (IKLV) has been postponed to Jan. 30 due to a lack of quorum.

Stocks that resumed / will resume trading:

Al-Khatem Telecoms (TZNI) resumed trading on Jan. 29 after holding its AGM on Jan. 20 in which they discussed and approved 2022 & 2023 annual financial statements, decided to distribute IQD0.1397 cash dividend per share, corresponding to a 5.7% dividend yield, and electing seven original and seven alternative board members. Al-Qabedh Islamic Bank (BQAB) resumed trading on Jan. 29 after holding its AGM on Jan. 22 in which they discussed and approved 2023 annual financial statements. New shares of Economy Bank (BEFI) from the capital increase to IQD260.9 bn through a 4.4% bonus issue resumed trading on Jan. 29.

Stocks that were suspended / will be suspended from trading:

ISX will suspend trading of Al- Batek Financial Investment (VBAT) starting Feb. 13 due to the AGM that will be held on Feb. 18 to discuss and approve 2014 until 2023 annual financial statements and electing five original and five alternative board members.

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