Latest news with #Asiacell
Khaleej Times
2 days ago
- Business
- Khaleej Times
Rabee Securities Iraq Stock Exchange Index posts 0.7% growth in May
The Rabee Securities Iraq Stock Exchange Index (RSISX Index) rose by 0.7 per cent in May, supported by gains in Asiacell, Baghdad Soft Drinks, National Bank of Iraq, and Al-Mansour Bank. Meanwhile, the RSISX Total Return Index (RSISXTR) outperformed, rising 6.4 per cent, driven by strong dividend activity. Key contributors included Bank of Baghdad (IQD0.65 per share, 14.5 per cent yield), Asiacell (IQD1.50 per share, 11.5 per cent yield), and Al-Mansour Hotel (IQD0.17 per share, 0.4 per cent yield). Tugba Tan Karakaya, Equity Analyst at Rabee Securities, commented: 'The market's performance this month reinforces investor confidence in core sectors like banking and telecom. Despite softer trading volumes, we are seeing healthy signals in dividend yields and price movements. As Iraq advances on reforms and financial inclusion, the medium-term fundamentals remain promising.' Total trading volume on the Iraq Stock Exchange (ISX) declined 21 per cent month-on-month to $21.8 million. Excluding cross-transactions, the volume stood at $18.2 million, a 24 per cent drop. The banking sector remained dominant, accounting for 60.1 per cent of trades, followed by telecom (19.8 per cent), industry (13.1 per cent), services (3.2 per cent), agriculture (2.1 per cent), and hotels & tourism (1.6 per cent). Trading activity in the OTC market also dipped 10 per cent to $88.5K. In May, 27 companies recorded share price increases. Of these, 13 rose more than 5 per cent, and 9 gained over 10 per cent. Al-Ahlyia for Agricultural Production led the market with a 67.4 per cent surge, followed by Al-Hilal Industries, up 42.5 per cent. On the macroeconomic front, Iraq welcomed several key developments during the month. The IMF, during its May 4–13 visit, called for urgent reforms including fiscal consolidation, restructuring of state-owned banks, and private sector expansion. The 34th Ordinary Arab League Summit was held in Baghdad on May 17, hosting delegations from 20 Arab countries. Meanwhile, the Central Bank of Iraq (CBI) launched its first National Financial Inclusion Strategy (2025–2029), aiming to expand secure access to financial services nationwide. Additionally, Iraq signed a strategic deal with a consortium led by China-based Geo-Jade Petroleum and Basra Crescent. The agreement targets a fivefold increase in output from the Tuba oil field rising from 20,000 to 100,000 barrels per day—and includes investment in downstream infrastructure totaling $848 million.
Zawya
3 days ago
- Business
- Zawya
Rabee Securities Iraq Stock Exchange Index posts 0.7% growth in May
Baghdad, Iraq: The Rabee Securities Iraq Stock Exchange Index (RSISX Index) rose by 0.7% in May, supported by gains in Asiacell, Baghdad Soft Drinks, National Bank of Iraq, and Al-Mansour Bank. Meanwhile, the RSISX Total Return Index (RSISXTR) outperformed, rising 6.4%, driven by strong dividend activity. Key contributors included Bank of Baghdad (IQD0.65 per share, 14.5% yield), Asiacell (IQD1.50 per share, 11.5% yield), and Al-Mansour Hotel (IQD0.17 per share, 0.4% yield). Tugba Tan Karakaya, Equity Analyst at Rabee Securities, commented: 'The market's performance this month reinforces investor confidence in core sectors like banking and telecom. Despite softer trading volumes, we are seeing healthy signals in dividend yields and price movements. As Iraq advances on reforms and financial inclusion, the medium-term fundamentals remain promising'. Total trading volume on the Iraq Stock Exchange (ISX) declined 21% month-on-month to USD 21.8 million. Excluding cross-transactions, the volume stood at USD 18.2 million, a 24% drop. The banking sector remained dominant, accounting for 60.1% of trades, followed by telecom (19.8%), industry (13.1%), services (3.2%), agriculture (2.1%), and hotels & tourism (1.6%). Trading activity in the OTC market also dipped 10% to USD 88.5K. In May, 27 companies recorded share price increases. Of these, 13 rose more than 5%, and 9 gained over 10%. Al-Ahlyia for Agricultural Production led the market with a 67.4% surge, followed by Al-Hilal Industries, up 42.5%. On the macroeconomic front, Iraq welcomed several key developments during the month. The IMF, during its May 4–13 visit, called for urgent reforms including fiscal consolidation, restructuring of state-owned banks, and private sector expansion. The 34th Ordinary Arab League Summit was held in Baghdad on May 17, hosting delegations from 20 Arab countries. Meanwhile, the Central Bank of Iraq (CBI) launched its first National Financial Inclusion Strategy (2025–2029), aiming to expand secure access to financial services nationwide. Additionally, Iraq signed a strategic deal with a consortium led by China-based Geo-Jade Petroleum and Basra Crescent. The agreement targets a fivefold increase in output from the Tuba oil field rising from 20,000 to 100,000 barrels per day and includes investment in downstream infrastructure totaling $848 million.
