ISX opens week with slight 0.01% down

BAGHDAD / IraqiNews.com: The Iraqi Stock Exchange (ISX) index went down by 0.01% to close at 128.5 points in the beginning of the week Sunday as rates of shares of 13 out of a total 38 traded firms declined in a session that saw a volume of trading hitting 2.7 billion Iraqi dinars (roughly $2.7 million). “More than 1.955 billion shares worth 2.765 billion dinars exchanged hands through 401 deals,” according to an ISX news bulletin received by IraqiNews.com news agency. Rates of shares of 17 firms went into the green while eight retained their previous levels. Non-Iraqi investors obtained 129 purchase deals worth 4.631 billion dinars, mostly over the banking and industrial sectors, about 59% of the overall trading activities, and 14 sale deals worth 169 million dinars over the banking and service sectors. The banking sector took the lead with 71% of today’s trading through 160 deals worth 1.972 billion dinars over 12 firms, followed by the industrial sector with 16% through 112 deals worth 439 million dinars over 10 firms and the service sector with 11% through 100 deals worth 301 dinars over five firms. Trading was poor over the hotel, agricultural, insurance and investment sectors. The ISX was incorporated and began operations in June 2004. It operates under the oversight of the Iraq Securities Commission, an independent commission modeled after the U.S. Securities and Exchange Commission. Before the 2003 invasion of Iraq, it was called the Baghdad Stock Exchange and was operated by the Iraqi Ministry of Finance. Now it is a self-regulated organization similar to the New York Stock Exchange (NYSE), owned by the 50 or so member brokerages. As of 2005, the ISX was Iraq‘s only stock exchange. It opened in 2004 with 15 companies, and now lists more than 100 companies. Turnover of shares in 2005 was approximately $5 million per trading session. The ISX now holds five sessions from Sunday to Thursday. AmR (TS) 553