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, Stable prices with large turnover, October 04 2007

The Iraq Stock Exchange, ISX, maintained its position on the trade day of October 2 2007, with prices holding up amid a surge in the level activity leading to an almost three fold increase in volume.

Breaking away from recent trends of suppressed trade volume, well below ID1 billion, trade skyrocketed to ID 1.78 billion or the equivalent of $1.42 million. The number of traded shares rose, 146%, from 460 million recorded in the previous session to 1,115 million.

Three shares, two banks and one of a manufacturing company were particularly active. Just over 175 million shares of the Middle East Investment Bank exchanged hands for a total value of ID409 million in 46 contracts. This is the second trade session for this stock since the bank shored up its paid up capital through a free 14.8 split raising the paid up capital of the bank to ID 31 billion. The close price of ID.35 of this stock was down by 4% from previous session.

In all, trade in the shares of private banks amounted to ID1,307 million, just over $1 million. This represents 74% of total trade volume. Total market value of all listed banks in the ISX using close prices of the session was equal to ID 1.409 billion or $1,127 representing 73% of total market value.

	current session	previous session	%change
Market Volume Traded (shares million)	1115.34	460.98	141.95
Market Value Traded (ID m)	1778.25	697.22	155.05
Market Capitalization (ID billon)	1929.04	1933.76	-0.24
Number of Transaction	313	256	22.27
Market Value Traded ($m)	1.4226	0.55778	155.05
Market Capitalization ($billon)	1.543	1.55	-0.24

For the third session in a row trade in the manufacturing sector was dominated by Northern Beverage Company commonly referred to as Pepsi North. Over 436 million shares of this soda bottler company with plants in the northern cities of Kirkuk and Mosul were traded in 42 contracts. The company had just recently issued new shares raising its paid up capital from ID 1075 million to ID 2500 million. The shares were sold to shareholders at ID1 per share. The stock closed the session at ID1. Trade in other manufacturing stock remained thin and insignificant.

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