Fuelled by expectations of the imminent opening of the hitherto closed doors of the ISX to non Iraqi investors, the market continued its upward surge for the eleventh trade session this month

ISX, Market slows in Fasting Month, September 16 2007

Trade volume receded and prices plummeted on the second trade session in the ISX in the Muslim fasting month of Ramadan. The total number of shares traded was down by 43% down to 385 million only. There are 813,717 million shares in the exchange issued by the 94 listed companies. Moreover, one contract alone accounted for more then a quarter of today’s trade. No doubt agreed upon in an out of the trade hall deal, 100 million shares of the North Bank exchanged hands at ID4 in a special order worth ID 400 million. This bank has an outstanding number of shares equal to 25 billion.

Reflecting greatly diminished activity only the stocks of 25 listed companies out of a total of 94 were traded. The total number of contracts was down to 142 which is about a third of what it should be in normal times. The total value of trade was down $0.65 million well below the modest average of one million dollars. This figure is down from previous session by 17%. Valued at closing prices, total market capitalization slipped by another 1% to ID 1980 million or $1.58 billion.

	current session	previous session	%change
Market Volume Traded (shares million)	357.81	626.13	-42.85
Market Value Traded (ID m)	814.77	981.58	-16.99
Market Capitalization (ID billon)	1980.66	1998.73	-0.90
Number of Transaction	142	153	-7.9

Market Value Traded ($m)	0.651	0.785	-16.99
Market Capitalization ($billon)	1.585	1.60	-0.90

Eight of the ten banking stocks traded today plummeted by around 5%. None went up and only two remained steady. The banks witnessed 1.27% of their value wiped out. Today all banks are worth about $1.165 million down by good 20% since late July.

There was no trade in either insurance or investment shares. Trade in services and, agriculture and hotels was all but insignificant by any measure.

Only eight manufacturing companies were traded out of a total of 30 listed ones. Trade was dismal amounting in value to no more then ID 35 million or a mere $24,000. Five of the traded stocks went down and only one company went up in little trade. Total market value of what used to be the cream of Iraqi manufacturing is no more then $201 million. The real estate value of these companies alone is a multiple of this figure.

Ironically the ISX Price Index went up by 1.5% according to the official web site of the exchange. An explanation is of course is due by the statistical department of the ISX.

Market Breadth
Advancers	5
Decliners	13
Unchanged	7
Total Traded	25
Total not Traded	64
Total	69

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.