Stock Index of Rabee Securities at Iraq Stock Exchange sees a surge of 4% in August
The Iraq Stock Exchange (ISX) saw a significant surge in trading activity last month, with a total volume of $77.6 million - more than a threefold increase compared to July. This growth was primarily driven by the banking sector, which accounted for 87.8% of all trading on the ISX.
The strong performance of the banking sector was highlighted by Tugba Tan Karakaya, Equity Analyst at Rabee Securities. She noted that the sector was the key driver of growth for the ISX in August, and praised its resilience amid regional declines.
Two non-RSISX Index companies, Baghdad Hotel and National for Tourist Investments, also contributed to the growth by distributing dividends during the month, with yields of 4.2% and 1.8% respectively.
Notable performers in the banking sector included Al-Badia for General Transport, which led with a 52.2% increase, and Fallujah for Construction Materials, which saw a 50.0% increase. Other key drivers of growth for the RSISX Index were National Bank of Iraq, Bank of Baghdad, Iraqi Islamic Bank, and Baghdad Soft Drinks.
Excluding cross transactions in the banking sector, the monthly trading volume still grew by 26% to $31.7 million. This growth was reflected in the RSISX Index, which increased by 4.0% in August.
In addition to the strong performance of the ISX, the Iraqi market's resilience stood out amid regional declines. This resilience was further underscored by Standard & Poor's (S&P) affirmation of Iraq's credit rating at B-/B with a stable outlook in August.
The Iraqi government also unveiled its 2024-2028 economic development strategy in August, aiming to reduce unemployment from 13% to 10%. As part of this strategy, the government aims to cut the oil sector's share of GDP by up to 25%.
Meanwhile, the Association of Private Iraqi Banks announced the issuance of over 18 million electronic payment cards nationwide in August. However, trading in the OTC market fell by 86% to $37.4K in August.
Tugba Tan Karakaya also commented on the strong rebound of the Iraqi market in August, praising its potential for further growth in the coming months. With the banking sector leading the way, investors may find attractive opportunities in the Iraqi stock market.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
- Abdominal Fat Accumulation: Causes and Strategies for Reduction
