Thread: Front Page of ISX Website - Rise in ISX 18%

Ibde electronic trading in the market, Iraq Stock Exchange

Held on Sunday 19/4/2009 the first meetings of the electronic trading market in the Iraq Stock Exchange. Systems as a grand ceremony attended by Mr. Ali Alaak the representative of the presence of Prime Minister and Chairman of the Securities, the Board of Governors in the Iraq Stock Exchange. Announced the start of the first meetings of electronic trading on the five companies, including three hotels and a bank.

Initiated the meeting at ten in the morning and ended at the second session and the afternoon half of the circulation of shares of three banks are Bank of Mansour Bank and Commercial Bank of Ashur, the number of shares traded (950000) worth of shares (1460000) through the implementation of JD 15 an electronic contract. It should be noted that the percentage rise in share prices Aalmtdaolp had reached 18% compared to the previous meeting prior to this Aacharkat stop and transfer to electronic trading.

The market will work on the transfer of all 91 companies of the company gradually over the next few months.

Electronic trading will be held every Sunday and the meetings of the hand circulation on Tuesday and Thursday of each week, while the inclusion of all companies in the near Aalmstqubl.

Director Commissioner

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Iraq's stock exchange goes electric

In Iraq, the stock exchange has switched to electronic trading. The Baghdad exchange began its work on Sunday morning by listing shares in five local companies. Many of the traders, who until now have worked with notes written on large white boards, were puzzled by the new system. However, the chaos this caused on the trading floor failed to prevent prices from climbing sharply. By the end of the morning's trading, they had risen 20 percent.

The Iraqi exchange recovered strongly last year, after coming to a virtual standstill in the wake of the US invasion in 2003. The resulting violence in the country then made it virtually impossible for the traders to conduct their business. The hottest stocks at the moment are banks and hotel chains.

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Iraq's Stock Exchange goes electronic

The Iraq Stock Exchange flipped the switch Sunday on electronic trading, raising hopes that a faster exchange will attract more local and foreign investment needed to boost Iraq's cash-strapped economy.

The stock exchange chief, Abdul-Razaq al-Saadi, said the switch from paper to electronic trading will speed up the process from nearly two weeks to only a few minutes.

"Electronic trading will expand the investment and trading base and also increase confidence and bring new investors," al-Saadi told reporters.
For now, only five companies -- three banks and two hotels -- have been listed to trade electronically, while others will be added in two to three months, al-Saadi said.

"We've been dreaming of electronic trading since the market was established," he said. "It is a historic and happy event that will help the Iraqi economy."

Promoted by U.S. authorities, the independent ISX opened in June 2004 to replace the defunct Saddam Hussein-era Baghdad Stock Exchange, which was established in 1993.

At first, it saw brisk trading -- $10 million changed hands daily -- but business tapered off as violence spiked and affluent Iraqis fled to neighboring countries.

Ninety-one companies are now trading on the ISX, led by banking and hotel sectors. Other companies on the exchange come from the investment, insurance, industry, tourism, agriculture and transportation sectors.

Last year's index rose to 58.36 points from 34.59 points the previous year with trading volume at about $270 million and a daily trading of about $1.95 million. Foreigners' share in 2008 trading was about $21.5 million.

Until now, brokers on the Iraqi exchange tracked trading activity with colored markers on white bulletin boards instead of computers. It took traders about two weeks to sell shares due to paperwork.

The first to start electronic trading Sunday was broker Waseem Youhana al-Jazrawi, who bought 200,000 shares of al-Mansour bank for a lump sum of $265 -- all from behind his computer screen on the trading floor.

Others were not as fast to pick up on the computerized system and preferred to wait.

"I've decided not to buy or sell anything today," said trader Mohammed Ibrahim, 75, standing in front of the 46-inch trading screen. He cautiously complained that the "letters are small and it's all in English" and suggested the Arabic alphabet also be used.

Iraq sits on the world's third-largest oil reserves. But decades of wars and sanctions have battered the country's oil industry, hindering its ability to quickly increase production.

Iraq has escaped much of the world's banking crisis because it has limited trading, but plunging oil prices have hurt its economy. Oil accounts for about 95 percent of Iraq's revenue and the figures for the first three months of the year show it plunged about 57.6 percent, compared with the same period in 2008.

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the circulation of the Stock Exchange Electronic

By yesterday, the Iraqi market for securities have been launched for the first time, circulation Alaketrni first phase, which involved the contribution of the five companies are Ashur International Bank and Commercial Bank and Bank Al-Mansour and the Ishtar Sheraton Hotel and Al-Mansour Melia hotel in this pilot will attempt to introduce the orders for the sale and purchase of shares traded on the TSE in accordance with mail, which represent a qualitative leap for the work of the stock market and the availability of an effort to smooth the movement of stock and deal brokers and traders on the Stock Exchange and Bergm the importance of this shift in the work of the market they seem shy and cautious and in the form below to announce the management of the grounds for the market to make the process of electronic trading in the form of these phases and how careful

Give us at the time of trading in the market indicators of significant progress in the number of shares and prices, as recorded during the sessions last week, the highest circulation of the roof by more than 33 billion shares worth over 84 billion dinars, as well as another indicator representing the sale of 31 billion shares worth 80 billion dinars due to the Bank United Gulf Bank in Baghdad to the Kuwaiti Burgan Bank and with the consent of the Central Bank of Iraq and development that occurs within the very stock market will undoubtedly active in the movement of economic opportunities and create a promising investment and attract Arab and foreign companies to enter the stock market and its contribution to the sale and purchase of shares in the market is active, this movement coincided with the entry deal to electronic trading, a feature necessary to attract companies to deal in the Iraqi market for securities because of the deal provided that conditions conducive to the high ceiling of shares traded and he can also work to increase the number of trading sessions during the week, and Mayaksh of positive returns on the work of both the banking sector public and private, one of the features necessary for the economy in the process of transformation and growth and strive for integration with the economies of the world and is certainly an active market and represents one of the most effective platform for the recovery of the economy and development is taking place between the patient and financial sectors, the productivity of the economy recovering Maalmna stock market recovery, which is the most important indicators of the economy balanced.

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During the opening electronic trading in the stock market .. Alaak: a package of laws for the Government to give effect to the investment law

A secretary-general of the Council of Ministers Dr. Ali Alaak on a set of laws and ratified by the Council of Ministers in order to activate investment law.

The Alaak of (term) while attending the opening ceremony of trading in the market Alaketrni Iraq Stock Exchange on Sunday: that Iraq was looking forward to the stage of the seriousness of the Iraqi economy to revive and make it overcome the imbalances, as well as orientation to the creation of economic institutions capable of carrying the burden of responsibility for the advancement of the Iraqi economy.

Alaak pointed to Iraq's participation in a high-level delegation of the investment conference to be held in London later this month, stressing the importance of promoting many of the projects and the need to enter the investment companies to invest in Iraq after the improvement of security conditions in most Mnazq Iraq.

It should be noted that the market for the Iraq Stock Exchange begins electronic trading for the first time in its history at the time of the move back of a qualitative change in the operation of the market to attract investments in Iraq.

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(15) held in the first Iraqi electronic trading in the stock market

Iraq has carried out a market for the Stock Exchange today (15) held in the first Iraqi electronic trading of shares in three of the five companies have been transferred to electronic trading.

A source in the economic market reporter that the company that carried out by the Bank contracts are Almansoor have been implemented (13) was held for the benefit of a commercial bank a decade has also implemented a decade for the company and the size of the UNESCO Tadawuly was (1.460 , 000) million dinars, or the total volume amounted to (100%).

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deliberate market securities (950,000) thousand shares electronically

Iraq has seen a market for the Stock Exchange trading day (950.000) shares a room with electronic trading.

An official source in the market for the reporter that the companies that have been traded Only have the right to engage in electronic trading, and has five of the companies (96) companies that were deposited with the contracts have been traded, a number of shares of the Bank amounted to Almansoor (500000) and by the Commercial Bank of Iraq (26.320) thousand shares Bank by the UNESCO (2000) a share, on a volume of financial support for these companies (100%).

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Iraq's stock exchange goes electronic

Iraq's stock exchange launched electronic trading on Sunday, listing shares in five local companies to start with but dreaming of bigger things to come.

Many brokers used to trading via whiteboards and pens were puzzled by the transformation, scratching their heads in confusion as once familiar company names were replaced by codes.

"I know it's essential to turn to technology, but it's difficult for us to catch on in just one day. They should teach us how to use these digital screens, otherwise we will lose our money," complained broker Akram Bahnam, 55.

The chaos did not prevent some investors from posting a tidy profit -- the shares in one of the first five companies listed electronically, Al-Mansour Bank, rose 20 percent in the first two hours of trade.

"It's a great feeling to see the Iraqi stock market enter the era of technology," said Taha Abdul-Salam, the head of the exchange. "It's a promising sign to see the price of the shares of one bank up 20 percent in the first electronic trading."

Abdul-Salam said a total of 91 companies were currently listed in Baghdad and all of them would be trading electronically within three months.

The Iraqi stock exchange enjoyed a bumper year in 2008, after almost fading into oblivion during the years of sectarian bloodshed that followed the 2003 US-led invasion.

Militia attacks and bombings made going to work too dangerous for brokers and investors. But the violence has begun to fade and trade on the bourse these days is brisk. Hotels and banks tend to be the hottest stocks.

Stock exchange official Abdul Razzaq al-Saadi said electronic trading would fuel the market and make it possible for foreign investors to place bets from afar.

"Electronic trading will boost confidence in the Iraqi economy. More foreign traders will enter the market in the near future," he said, adding foreign investment in the exchange reached 24 billion Iraqi dinars, or around $20 million, in 2008.

"As security improves and we switch to electronic trading, we expect many Gulf and foreign companies to make huge investments in this country," Saadi said. - Reuters

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