Iraq Stock Exchange Closes Q1 of the Year at $11.3 billion Mcap

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 6^th 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.