ISX trade shows mixed results,
August 28 2007
Trade in Iraqi stocks in the ISX today showed mixed
results. A plunge in prices was counterbalanced by a rise in trade volume and
most significant of all a surge in trade by foreigners. Foreigners who were
only sanctioned to buy and sell Iraqi listed shares in the ISX few weeks ago
formed today 8% of overall trade value. The ISX reports the number of foreigner
deals up to 26 contracts making up 9% of a total of 280. Value wise foreign
trade was also up to ID67 million which is also 8% of a total of ID832.
The good news regarding increased volume of trade by
non Iraqis failed however to stem a significant fall in prices. Thirteen listed
companies, out of 34, ended today’s trade session, August 28 2007, on the down
side. As a result the ISX official price index was down by nearly 2%. Total
market capitalization value calculated at closing prices was likewise down by
1.5% to $1,631 million.
On the positive side was the significant increase in
trade volume. Still below the average of ID1,000
million, trade volume improved on previous session by some 13% rising to ID831
million or $0.66 million. The low turnover may be partially explained by religious
festivities taking place this week.
|
|
|
|
|
current
session |
|
previous
session |
%change |
|
|
Market
Volume Traded (shares million) |
523.91 |
|
398.91 |
|
31.33 |
|||
|
Market Value
Traded (ID m) |
|
831.71 |
|
732.06 |
|
13.61 |
||
|
Market
Capitalization (ID billon) |
|
2055.10 |
|
2086.82 |
|
-1.52 |
||
|
Number of
Transaction |
|
280 |
|
150 |
|
86.67 |
||
|
|
|
|
|
|
|
|
|
|
|
Market
Value Traded ($m) |
|
0.6601 |
|
0.58100 |
|
13.61 |
||
|
Market
Capitalization ($billon) |
|
1.631 |
|
1.66 |
|
-1.52 |
||
Much of the fall was felt in the banking sector
composed of nineteen private banks listed in the exchange with a total number
of outstanding shares just over 600 billion shares each with a par value of
ID1. In all there was trade in 12 such stocks out of which seven were down, one
up and the rest static.
Almost half of the trade in banking stocks was in the
shares of Warkaa Bank. The bank which is controlled
by the veteran Buniya business family has 51 billion
shares outstanding. In recent years the bank has shown a serious of healthy
balance sheets from business in foreign trade and investments. However, in
today’s trade the bank share ended the day down by 6% closing ID 1.65. In all
there were 56 contracts dealt in the bank’s shares with a value of ID 266
million involving the exchange of some 161 million shares.
The Gulf Bank was the biggest loser among banking
stocks today losing as much as 11% of its value. The bank was established in
the late 1990s and is controlled by the multi-million dollar Bahrani business family whose wide ranging interests include
besides banking the manufacture of dairy products and also hotels. The Gulf
Bank is ranked among the smaller commercial banks in
Overall market capitalization of the banks listed in
the ISX calculated at today’s closing prices was $1,200 million making up 73%
of total market value. This figure is down from previous trade session by 1.7%.
Banking in
|
Market Breadth |
|
|
Advancers |
8 |
|
Decliners |
13 |
|
Unchanged |
13 |
|
Total
Traded |
34 |
|
Total
not Traded |
60 |
|
Total |
94 |
DISCLAIMER: This document has been compiled and
issued by Kubba Consultants, which has obtained the information from sources it
believes to be reliable, but Kubba Consultants makes no guarantee as to either
its accuracy or completeness and has not carried out an independent
verification. Kubba Consultants accepts no responsibility or liability for
losses or damages incurred as a result of opinions formed and decisions made
based on information presented in this report. This document is not an offer to
sell or solicitation to buy any securities. The opinions and estimates
expressed herein are those of the issuer.
© Kubba
Consultants 2007