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Movement to develop the Iraq Stock Exchange

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Movement to develop the Iraq Stock Exchange Empty Movement to develop the Iraq Stock Exchange

Post by claud39 Tue Feb 09, 2021 5:54 pm

[size=36][rtl]Movement to develop the Iraq Stock Exchange[/rtl][/size]

Tuesday 09 February 2021

Movement to develop the Iraq Stock Exchange Alsabaah-66833

Baghdad: Hussein Thahab 

Empowering the Iraqi market for securities represents the goal of the next stage of the Securities Commission, as the volume of shares circulation is a mirror reflecting the economic activity in the country, and the Commission’s efforts are looking to reach a trading volume of 3 - 5 million dollars per day to be a semi-emerging trading market. 

The head of the Securities Commission, Faisal Al-Haimas, said to {Al-Sabah} «There is an active movement to develop the Iraqi market for securities in line with the economic potential of Iraq».


Poor circulation

He added, "The reality of stock trading in the market is below the level of ambition, which makes it imperative for us to work on studying the causes of poor trading and moving towards addressing them."

He pointed out that «Iraq has an economy not to be underestimated at the level of the region and the world and has the second oil reserves, and this large wealth in this sector, along with wealth in other sectors, could be more effective and this is positively reflected on the performance of the Iraqi stock market. 



He revealed that «the commission examined the causes of poor circulation and found that a number of companies were suspended due to their failure to make disclosure, and this prompted us to issue decisions based on the reality of the situation that Iraq and the world went through due to the Corona pandemic, which was considered a force majeure, and we were able to re-circulate a number of companies And work continues to look at the reasons for the suspension and address that and return a number of companies to circulation ».

He pointed out that «this measure helped to move inactive funds by re-trading the shares of the suspended companies after raising the reasons and this returned the movement to the reality of stocks».


Maximize circulation

Al-Haims also confirmed, "There are plans to maximize trading and its value, by introducing a daily trading volume of 3 to 5 million dollars, and from here we have a semi-emerging trading market that contributes to attracting foreign investments." Pointing out that «this trend represents one of the most important goals that the Commission is working to achieve during the coming period».

He cautioned that «raising the level of foreign investments in the Iraqi market for securities requires the presence of attracting elements that contribute to this and the most important element of achieving profits by joint-stock companies and taking advantage of price variables in daily trading». 

He explained that «the legal environment for the functioning of the market is appropriate and appropriate to work, especially since the market is not modern and has been operating for a long time, and the country has wealth that makes us have a large stock market».

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