The Rabee Securities Iraq Stock Exchange Index (RSISX Index) demonstrated remarkable stability in July, with a modest growth of 0.1%. Despite fluctuations in share prices, the overall index remained steady. The rise in share prices for Baghdad Soft Drinks, Iraqi for Seed Production, Al-Mansour Bank, and Asiacell nearly offset declines in shares of the Bank of Baghdad, National Bank of Iraq, and Al-Mansour Hotel. Notably, 7 out of the 10 companies within the RSISX Index saw an increase in their share prices during the month.
In a move benefiting investors, three companies announced dividend distributions in July. Iraqi for Tufted Carpets offered a dividend yield of 5.3%, National Chemical & Plastic Industries provided a yield of 0.4%, and Babil Animal & Vegetable Production also participated in the dividend distribution.
July also saw a significant surge in trading activity on the Iraq Stock Exchange (ISX). The total trading volume soared by 76% from June, reaching USD 45.6 million. Excluding cross transactions, monthly trading volume still increased by 8% compared to the previous month, totaling USD 14.2 million. The banking sector led with the highest share of trading volume at 44.7%, followed by the hotels & tourism sector at 41.9%, agriculture at 5.5%, industry at 4.7%, telecom at 2.0%, and services at 1.0%.
Among notable movements, 26 companies saw their share prices rise in July, with 16 of these experiencing increases of 5.0% or more, and 8 achieving gains exceeding 10.0%. Kurdistan International Islamic Bank saw the largest increase at 25.0%, followed closely by Al Taif Islamic Bank with a 23.2% rise.
In other significant news, Iraq’s National Development Plan for 2024-2028 was recently launched by the United Nations Development Programme (UNDP) and the United States Agency for International Development (USAID). This ambitious plan aims to stimulate economic growth, enhance infrastructure, improve social services, and promote environmental conservation and sustainable resource management.
