Rabee Securities Iraq Stock Exchange Index (RSISX Index) increased 2.3% in March mainly due to the increase in the share price of Bank of Baghdad (+20.4%) (the largest weight in the index) which was mainly partially offset by the decrease in the share price of Baghdad Soft Drinks (-6.1%). Increases in share prices of National Bank of Iraq (+1.6%) and Asiacell (+0.7%) slightly contributed to the increase in the index, as well.
The total trading volume of the Iraq Stock Exchange (ISX) decreased significantly by 93% in March compared to the previous month (February 2023) to USD8.6 million due to the lack of cross transactions in March while in February there were USD110.5 million cross transactions (USD106.8 mn related to the sale of Bank of Baghdad shares from Burgan Bank to Jordan Kuwait Bank).
Aysegul Ozge Ozgur, Head of Research at Rabee Securities, said: “Currently eight out of 103 ISX- listed companies announced the financial results for the first quarter of this year, and among them, Baghdad Soft Drinks showed an outstanding performance by increasing its profit before tax by 300% y/y to $17.9 mn.
The banking sector reported the highest share in trading volume at 35.5% in March, followed by the industry sector (33.0% share), telecom sector (9.4% share), services sector (9.4% share), and agriculture sector (8.9% share).
Eighteen companies’ share prices went up in March, of which 7 increased by more than 5%, while 4 increased by more than 10%. Union Bank increased the most going up +145.0% during the month, followed by Al-Khatem Telecoms with a 26.3% monthly increase.
Source: Sahara Communications