The Iraqi market announces August statistics: 141 billion shares, worth 113 billion dinars

Executive Director of the Stock Exchange, Taha Ahmed Abdel Salam. "Economy News"
 
12/09/2021

Economy News - Baghdad

A report last August to the Iraq Stock Exchange revealed that more than 141 billion shares were traded, with a value of more than 113 billion dinars.

The Executive Director of the market, Taha Ahmed Abdel Salam, said, in a statement seen by "Al-Iqtisad News", "The number of executed deals reached 8767 deals, and the ISX60 market index for stock prices traded in the last session of August closed at 594 points, and closed in the last session of July 575 points, an increase of 3.2%.

He added that "the Iraq Stock Exchange organized 21 trading sessions in shares," noting that "the number of companies suspended from trading reached 21 joint-stock companies by a decision of the Securities Commission;

Abdul Salam pointed out that "the Iraqi Stock Exchange is characterized as a market for buying and selling between shareholders and investors, and it is a market for the transfer of ownership between banking and financial institutions, and on this basis, large deals, especially in the banking sector, require the prior approval of the Central Bank of Iraq, along with the instructions that Specified by the Securities and Exchange Commission in the instructions for trading shares.

money transfer

Regarding the trading mechanisms, Abdel Salam said, “The sessions are organized daily from Sunday to Thursday from 9:30 in the morning until 2:30 in the afternoon, and trading takes place between the market and brokerage companies according to electronic systems Online - remote trading, and financial settlements are transmitted Funds from the buyer to the seller and stock settlements The transfer of shares from the seller to the buyer takes place in the same trading session T+0; therefore, the Iraqi Stock Exchange is one of the distinct markets in clearing and settlement.

Final Accounts

He pointed out that "64 joint-stock companies listed on the market until August submitted the financial statements and final accounts as on December 31, 2020, in compliance with the Companies Law, the Financial Markets Law and the disclosure instructions issued by the Securities Commission, and they were published on the market's website." 

And he indicated that "the technical departments in the market are currently conducting the required technical tests and holding meetings with NASDAQ through the ZOOM application for the purpose of experimenting with launching sectoral records during the current year."

The Iraq Stock Exchange is a regular economic market that operates under Law No. 74 of 2004 and achieves the objectives contained therein. One of the most important objectives of the market is to organize securities trading sessions and monitor dealing and trading in accordance with the instructions and rules.

In order to achieve these goals, the market uses an electronic system consisting of an electronic trading system and a central depository system from NASDAQ Technology, similar to the Arab financial markets and some European markets.

The system of joint stock companies in the depository center and the system of brokerage companies are also used by brokerage companies, instructions and rules.

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