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The head of the Investors Association in the Iraq Stock Exchange said that the Baghdad Stock Exchange has begun using the “Nasdaq” electronic system in stock trading, and he spoke about new controls that require companies and banks to list their shares on this platform, which has also increased the number of foreign shareholders.
Iraq is waiting for a “quantitative leap” if foreigners are granted shares above 49%.. Securities Commission
Dr. Alaa Al-Moussawi, in an interview with the journalist Imad Al-Assad, followed by the NEWS:
The Iraq Stock Exchange (Stock Exchange in Baghdad) is managed by the Board of Governors, which consists of 9 people elected from the General Assembly. It consists of 103 listed companies, in addition to “brokerage companies,” which handle 38 stock trading Banks, according to the directives of the Central Bank, must be listed on the Iraqi Stock Exchange, and we currently have 42 banks listed on the market.
The market is responsible for the process of selling and trading stocks, and today it uses a modern electronic trading system, “Nasdaq,” which is the same one used in Arab and international countries, and it also uses the central depository.
In the year 2023, the number of shares traded in the market is 689 billion shares, and this is an improvement over the previous year, when it was 585 billion shares, and the increase is 22%. The value of shares traded in 2023 was 671 billion dinars, which is 28% more than in 2022. We have an index that determines the functioning of any market in the world, and the index closed at 893 points in the year 2023, while in the previous year it closed at 585 points, meaning it increased from the previous year by ""52%"". (A point means an increase, 1%, and it is a mathematical operation related to the volume and quantity of trading).
There were many initiatives and achievements during the year 2023, such as the issue of the guarantor bank, as 4 Iraqi banks were contracted (Elaf, Iraqi Islamic, Development, and Iraqi Al-Ahli) to be the guarantor of trading operations in the market. We encourage local and foreign investments to contribute to the market, and in 2023 we had more foreign investments than the previous year, the majority of which are focused on the banking sector.
The market opened a new platform in 2024 for trading companies not listed on it, as the Companies Registrar Department in the Ministry of Commerce obliged companies to include their shareholder register in the deposit center in the Iraq Stock Exchange, meaning that these companies will no longer be able to sell their shares without... the platform and in the market in order to protect shareholders' rights. The share price is denominated in Iraqi dinars, so the market is affected by changes in the exchange rate. We also have foreign investors.
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This is a very good sign that Iraq is opening to the world. The banking sector sounds like it has already started to ge a lot of attention. Rightfully so. The amount of people that are going to use banking services going forwards will be massive in impact. A very good thing for investors from the sounds of it.
Take notice of what they say about what currency the shares will be denominated in.. The Iraqi dinar. Take even more notice that they are telling the world that the shares will be affected by the exchange rate. With the expectation of a rate change to be stronger than the dollar one could imagine the impact that is already having and how much more growth there will be. This is a very good sign of things to come. I am so ready.. I am sure I am not alone, imo.. lol ~ MM
There will be far more to this story within Militia Man & Crew in the Patreon Forum and their DISCORD Chat room. Far more to the story, do not miss out:boom: .. ~ MM |
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