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, One percent wiped off the capital market, September 19 2007

In a two hour trade session on September 18 2007 some 1% of the total value of the market was lost. Out of a total of 30 companies whose shares were traded, 18 ended the session on the down side loosing between 1 and 10% on previous close. The number of contracts was high, 256 but mostly involving small amounts of shares adding up to 341 million which is down from previous session by 5%. The total value of all traded shares, ID 493 million or $394,000 was down from previous trade session by 39%. Total market capitalization using close prices was down by 1% from $1,580 million to $1,569 million. The persistent downswing in the exchange starting early August has already eroded 17% of market value then estimated to be equal to $1,900 million even after factoring in the gradual gains in the local currency against the dollar.

	current session	previous session	%change
Market Volume Traded (shares million)	341.80	357.81	-4.47
Market Value Traded (ID m)	493.55	814.77	-39.43
Market Capitalization (ID billon)	1961.82	1980.66	-0.95
Number of Transaction	256	142	80.28

Market Value Traded ($m)	0.3948	0.65182	-39.43
Market Capitalization ($billon)	1.569	1.58	-0.95

The banking sector accounted for 83% of total value of trade. There were 283 million shares that exchanged hands in 168 contracts. The total value of traded banking stock was ID 413 million or $330,000, down from previous session by 46%. Six of the traded banks lost grounds. The biggest loss hit the Mosul Bank ending the trade session down by 8% from ID1.25 to ID1.15. The bank has 25 billion shares outstanding. The drop in price was the result of 18 contracts in which 52 million shares were traded. In other trade each of the Basra Bank, Credit Bank and the Investment Bank of Iraq lost about 4% compared to the previous trade session. In all, the banking sector which is composed of 19 listed banks lost about 0.9% of its total capitalization value estimated to be equal to $1,550 million making up 74% of total market capitalization.

Market Breadth
Advancers	6
Decliners	18
Unchanged	6
Total Traded	30
Total not Traded	64
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.