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Khaleej Times

Rabee Securities Iraq Stock Exchange Index posts 1.3% growth in July

The Rabee Securities Iraq Stock Exchange Index (RSISX Index) rose by 1.3 per cent in July, outperforming regional peers including Saudi Arabia (-2.2 per cent), Bahrain (+0.6 per cent), and Kuwait (+1.2 per cent). Key drivers of growth included Al-Mansour Bank, National Bank of Iraq, Commercial Islamic Bank of Iraq, and Asiacell. The RSISX Total Return Index (RSISXTR) recorded a 2.4 per cent gain in July, supported by dividend activity led by Baghdad Soft Drinks (IQD 0.36 per share, 7.5 per cent yield). Other dividend contributors during the month included Dar Al-Salam for Insurance (7.7 per cent), Al Janoob Islamic Bank (3.1 per cent), and Mamoura Real Estate Investment (0.9 per cent). Tugba Tan Karakaya, Equity Analyst at Rabee Securities, commented: 'Market momentum remained resilient in July, driven by solid banking and telecom sector performance. Dividend yields continue to reflect healthy corporate fundamentals, while macroeconomic reforms and infrastructure commitments are enhancing long-term investor sentiment.' Trading volume on the Iraq Stock Exchange (ISX) surged 45 per cent month-on-month, reaching $25.3 million. The banking sector led activity with a 66.6 per cent share, followed by industry (14.9 per cent), telecom (11.1 per cent), agriculture (3.1 per cent), services (2.9 per cent), and hotels & tourism (1.3 per cent). Meanwhile, OTC market trading fell 86 per cent to $37.4K. A total of 27 companies recorded price increases in July, with 13 rising more than 5 per cent and 10 exceeding 10 per cent. Notable performers included Kurdistan International Islamic Bank (+52.2 per cent) and Al-Ataa Islamic Bank (+50.0 per cent). July also brought several key macroeconomic developments. The IMF completed its 2025 Article IV consultation, forecasting 3.1 per cent GDP growth and 2.9 per cent inflation, while urging fiscal reform and diversification. Iraq ranked third in the Arab world for bank card issuance, reflecting rapid digital payment growth. Additionally, the World Bank approved a $930 million rail modernisation project, and Iraq formally adopted the TIR transit system, positioning itself as a regional trade hub.