Iraq: In April, the Rabee Securities Iraq Stock Exchange Index (RSISX) increased by 17.8%, while 8 out of the 10 RSISX Index companies recorded an increase in their share price.

Mrs. Tugba Tan Karakaya, an Equity Analyst at the Research Department of Rabee Securities, explained, “The outstanding performance of the index in April mainly stemmed from the surge in share prices of Bank of Baghdad, National Bank of Iraq, and Baghdad Soft Drinks. These stocks recorded an upward trend in April with the announcement of their first-quarter financial results for 2024.”

Bank of Baghdad, with its highest share in the index, recorded a 37.7% increase in share price during April which was positively affected by a $58.1 mn net profit announcement for the first quarter of 2024 (+218% y/y).

National Bank of Iraq, the bank that has the second-highest share in the index, recorded a 13.8% increase in share price in April by benefiting from the $52.8 mn net profit (+307% y/y) announcement for 1Q24. IBSD share price rose by 10% while the company posted a slight growth in its 1Q24 net profit by reaching $20.6 mn (+6% y/y).”

As of May 6, 2024, 15 ISX-listed banks announced their 1Q24 financial results, while 7 of them increased their 1Q24 net profit by more than 100% compared to 1Q23.

RSISX Total Return (RSISXTR) Index showed an 18.9% increase in April with the contribution of the National Bank of Iraq’s IQD0.20 cash dividend per share; corresponding to an 8.7% dividend yield. In total, five ISX-listed companies decided to distribute dividends during April. The remaining companies were Baghdad Passengers Transport (dividend yield: 2.3%), National for Tourist Investment (dividend yield: 2.1%), Ready Made Clothes (dividend yield: 0.8%), and Mamoura Real-estate (dividend yield: 0.3%).

The total trading volume of the ISX increased 25% in April compared to March, amounting to USD47.3 million. Excluding the cross transactions, the monthly trading volume doubled compared to the previous month, reaching USD40.4 million in April.

The banking sector obtained the highest share in trading volume at 63.9%, followed by the industry sector (24.8% share), telecom sector (3.9% share), hotels & tourism sector (3.7% share), services sector (1.7% share), and agriculture sector (1.6% share).

26 companies’ share prices grew in April, 18 of which increased by more than 5.0%, while 11 increased by 10.0% and more. Iraqi Islamic Bank increased the most going up by 39.3% during April, followed by the Bank of Baghdad with a 37.7% increase.

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