The Rabee Securities Iraq Stock Exchange Index (RSISX Index) experienced a 2.9 percent rise in November 2024, reflecting ongoing positive trends in Iraq’s financial markets. The surge was largely fueled by the performance of key players such as the National Bank of Iraq, Asiacell, and Al-Mansour Bank. Among the ten companies listed in the RSISX Index, five saw significant share price increases, reinforcing the market’s steady rebound. Furthermore, dividend announcements from Baghdad Hotel (4.0 percent yield) and Ready-Made Clothes (1.1 percent yield) bolstered investor confidence.

Despite the index’s growth, trading volume on the Iraq Stock Exchange (ISX) fell by 17 percent to $52.0 million compared to October. Excluding cross transactions, the volume dropped by 31 percent to $28.4 million. The banking sector remained dominant, accounting for 80.5 percent of trading, followed by telecom (7.9 percent), industry (6.6 percent), agriculture (3.2 percent), hotels and tourism (1.2 percent), and services (0.6 percent). The over-the-counter (OTC) market saw a substantial 61 percent decline, totaling $437.0K.

Investor interest remained high, with share prices of 31 companies rising. Notably, 21 companies saw gains exceeding 5.0 percent, and 19 recorded increases of over 10.0 percent. Babil Animal & Vegetable Production led with a 164.7 percent surge, followed by Rehab Karbala Company’s 138.3 percent increase.

November also brought significant economic developments. Fitch Ratings maintained Iraq’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-’ with a stable outlook, reflecting financial stability progress. Vodafone received approval to operate the national telecom network and implement a 5G project, advancing Iraq’s telecom infrastructure. The country conducted its first national census in nearly four decades, revealing a population exceeding 45 million. The Ministry of Finance reported a 11 percent year-on-year increase in the public budget surplus to IQD 19.5 trillion ($14.9 billion), highlighting improved fiscal management.

The RSISX Index’s November performance, alongside these key advancements, highlights the evolving financial landscape in Iraq. “These developments present robust opportunities for both local and international investors, paving the way for sustained growth in the coming months,” a statement noted.

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