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Annual report: The stock market trades more than 689 billion shares
Economical 01/08/2024
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Baghdad: Hussein Thaghb
and Omar Abdul Latif
The Iraqi Stock Exchange witnessed a clear increase in stock trading during the past year 2023, by 22% over the year 2022, while the number of shares traded reached (689,622,894,451) shares with a value exceeding 680 billion dinars, according to the annual report for 2023, which Issued by the market.
The Executive Director of the Iraq Stock Exchange, expert Taha Ahmed Abdel Salam, said that the market organized 237 trading sessions on shares of listed joint-stock companies, which is 0.4% higher than the number of sessions organized in 2022.
He pointed out that the number of shares traded reached (689,622,894,451) shares, and compared to their number in 2022, the number of shares traded (trading volume) in 2023 achieved an increase of 22%, with a total value amounting to (671,809,958,315) dinars, an increase over the value of shares in 2022 by 28%.
Abdel Salam pointed out that the number of executed contracts reached (155,920) contracts, an increase of 15% over the year 2022, indicating that the ISX60 traded stock price index closed in the last session of 2023 at (893) points. Compared to the close of 2022, which reached (585) points, the index for 2023 increased by 52%.
Abdul Salam confirmed the launch of the ISX60 traded stock price index in 2015, starting from the 9/2/2015 session, which is the index of the X-Stream electronic trading system. The electronic system calculates the ISX60 market index in each session for a sample of (60) listed joint stock companies compared to their prices for the base session of 2014. Then, the prices of the current session begin to be compared compared to the previous session, and the index value is considered a standard value to indicate the directional movement of the market.
The Executive Director added that the year 2023 witnessed the Securities Authority amending Regulation No. 16 (insider trading), amending Regulation No. (23) of the non-disclosing companies platform, and amending the Brokerage Firms Licensing Regulations No. (20), and the Authority issued a new Regulation No. (21) for listing, depositing and trading. Shares of unlisted companies, in cooperation with the Central Bank of Iraq and the Companies Registration Department, in addition to the Iraq Stock Exchange, which requires technical procedures on the electronic systems in the market, allowed the addition of these new mechanisms.
He explained that the reasons for the increase in trading indicators for the year 2023 are the follow-up of the disclosure of joint-stock companies by the Securities Commission with the sectoral bodies, and the clear interest of shareholders, auditors, sectoral bodies and the Company Registration Department in auditing the results of the work and decisions of the annual joint-stock companies in the meetings of the general bodies, as well as the commitment of... The majority of joint-stock companies provide the annual disclosure within its legal timing, and a number of joint-stock companies distribute the annual dividends.
Abdel Salam continued that among the reasons for the rise in trading indicators are the implementation of large deals and changing the structure of the contributions of a number of banks, which generated interest from investment portfolios in addition to new natural investors in the stock sector, and not stopping the trading of joint-stock companies based on the degree of disclosure and adopting a mechanism to change the company’s standard and classification from A regular platform to a second to the least disclosed or undisclosed platform, and success in applying the regulatory regulations and anti-money laundering rules in accordance with the mechanisms of electronic systems in an efficient manner and holding violators accountable in accordance with these rules, which created a stable, disciplined market and transparent trading.
Abdul Salam stated that the electronic systems department in the market is working within a committee to negotiate between the Iraqi Stock Exchange and the Securities Commission to update the central deposit system with a new version, update the electronic trading system, and complete a new platform for trading shares of unlisted companies ISX-OTC for trading and transferring ownership of shares and financial and stock settlements. It is also preparing to implement the technical development of financial and stock settlement procedures and with the T+2 Clearing Bank once the regulatory regulations governing this subject are launched.
He stated that the Iraqi government’s agreement with the Egyptian government, signed on 6/30/2023 by the Iraqi Prime Minister and the Egyptian Prime Minister, authorized, in paragraph (4), the Egyptian Stock Exchange and the Iraqi Stock Exchange for joint cooperation in exchanging information and expertise for the purpose of developing the performance of financial institutions. Non-banking companies (brokerage companies) and increasing awareness in attracting investors towards establishing new companies, developing savings and directing them towards investing in securities, as well as supporting the transition to the digital economy in both countries, and developing work mechanisms through the exchange of information, applicable legislation and activities related to securities exchange. Disclosure is permitted by law in both countries.
Abdel Salam pointed out that several training activities will be organized during the year 2023, the most important of which is organizing an anti-money laundering program for reporting managers in brokerage companies in cooperation with the Anti-Money Laundering Office, organizing the training program “qualifying new electronic trading authorized persons,” and organizing a workshop on the electronic trading system for investors OMS & Back. Office Portfolio Management - 10/18/2023 with the Egyptian company EGID via an electronic circuit, in addition to organizing an electronic trading system workshop for investors on OMS & Back Office Portfolio Management - 10/24/2023 with the Arab company DirectFN via the Zoom application.
In turn, the head of the Securities Commission, Faisal Al-Haims, expected to “Al-Sabah” that “the companies listed on the market will witness an increase in the current year 2024, especially in the banking, industry, services and agricultural sectors, as expectations indicate the possibility that the market value of the entire market will exceed the twenty-two trillion barrier.” Dinar, and it is expected that new companies will be listed during the current year that could contribute to increasing the demand for shares and thus there will be an increase in the market value of the market.”
Al-Haims believes that “this clear improvement in marketing value reflects the remarkable success of the market management, which developed a systematic plan that contributed to providing an attractive environment for these sectors and created unprecedented investment opportunities. The efforts of that management were not limited to increasing the market value only, but also included strong incentives towards investment, which “It strengthened the market’s position as a leading center for business and investments.”
Within the framework of the annual performance analysis, Al-Haims reviewed the prominent differences in market value between the years two thousand and twenty-two and two thousand and twenty-three, where the banking sector, which represents fifty percent of the total market value of listed companies, leads by nineteen point four percent to reach nine trillion and twenty-three billion dinars. Iraqi after it was at the end of two thousand and twenty-two worth seven trillion seven hundred and thirty-four billion Iraqi dinars.
The telecommunications sector, which represents thirty-eight percent of the total market value of companies, witnessed an increase amounting to seven trillion and twenty-four billion dinars compared to the year two thousand and twenty-two, which recorded five trillion seven hundred and twenty-four billion dinars, an increase of approximately twenty-two point seven percent. The rise in the market value of Zain Iraq by twenty-five point eight percent and Asiacell by eighteen percent is clearly evident here.
In the industrial sector, which represents five point six percent of the total market value of listed companies, it rose by thirteen point eight percent, bringing the sector to the mark of one trillion Iraqi dinars for the first time, after it was at the end of two thousand and twenty-two around nine hundred and fifteen billion Iraqi dinars.
He pointed out that the hotel and tourism sector, which represents three point thirty-six percent of the total market value of listed companies, also witnessed an increase by eleven point six percent, bringing the market value of the sector’s companies to six hundred and twenty-seven billion dinars.
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