Rabee’s Iraq Stock Exchange Index (USD) increased by 97.2% in 2023

Baghdad, Iraq, 15th January 2024, In 2023, the RSISX USD Index almost doubled, exhibiting a significant 97.2% growth due to the upward trend in the market benefiting from improving economic and security conditions. Iraq’s net foreign reserves reached around $111.3 billion by the end of the year, and the country also recorded a budget surplus of around $12.3 billion. Growth in profits of ISX-listed companies and high dividend yields increased interest in the market as well.

Shwan Ibrahim Taha, Founder and Chairman of  Rabee Securities, said: “Iraq’s economy continued to depend on oil revenues and is expected to do so for many years ahead. The good news is that oil exports reached 1.23 billion barrels in 2023, which is around 5% higher than last year and considered a record high. Despite revenue drops, the positive aspect of the story is Iraq’s ability to reach such levels and become a more influential player in the global oil market.”

“Seeing a better appreciation for trading company stocks in 2023 was a healthy sign that trust is building up in the market. The annual trading volume reached $500 million, marking a 42% increase compared to 2022” Mr. Taha added.

Among the companies that have significant weight in the RSISX index, National Bank of Iraq increased its profit before tax by 337% y/y in the first nine months of 2023, while Bank of Baghdad, Baghdad Soft Drinks, and Asiacell recorded 186%, 138%, and 50% profit before tax growth, respectively.

During the year, 21 out of 103 ISX-listed companies decided to distribute cash dividends with a 5.9% average dividend yield. Credit Bank of Iraq offered the largest dividend yield with 31.6%, followed by Asiacell with 12.3% and Ashur International Bank with 11.9%.

47 companies’ share prices recorded an increase in 2023, while 7 of them increased by more than 100.0%. Al-Ameen Estate Investment witnessed the largest increase in share prices by 525.0% during the year, followed by Credit Bank of Iraq with a 229.2% yearly increase.

The banking sector dominated the trading volume, acquiring the highest share at 76.3% followed by the industry sector with a 10.2% share, the telecom sector contributing 4.9%, the agriculture sector with a 4.0% share, the hotels & tourism sector at 2.1%, and the services sector at 1.9%.

Information contained on this page is provided by an independent third-party content provider. Binary News Network and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]

News

Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, will hold a workshop at Crypto Expo Europe

Bucharest, Romania, 3rd March 2023, ZEXPRWIRE, Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, will organize a workshop within Crypto Expo Europe, which...

GrowYourTraction might just be the missing piece to your Digital marketing puzzle!

Delhi, Delhi, India, 1st Apr 2023, King NewsWire – Leading businesses and brands in 2022 have been aggressively working on their digital marketing strategies...

Dawn LaCarte, a Clinical Behavioral Health Expert, completes Love First Clinical Intervention Certification Training with Debra and Jeff Jay, as seen on The Oprah...

Saratoga Springs, NY, 16th February 2023, ZEXPRWIRE, Dawn LaCarte, Founder of Dawn LaCarte Coaching and Consulting, recently completed the prestigious Love First Intervention Certification...

Religion Communicators Council Hosts Exclusive Webinar on Entering the Prestigious DeRose Hinkhouse Awards

Nashville, TN, 18th January 2024, ZEX PR WIRE, The Religion Communicators Council (RCC) is excited to announce a special webinar aimed at guiding communication...

New Zealand Visa For Canadian, Japanese, Mexico, Portuguese Citizens

NEW ZEALAND VISA FOR CANADIAN CITIZENS Chattogram, Bangladesh, 6th February 2024, Canadian visitors to New Zealand may need a visa, depending on the purpose of their...

Introducing Best SEO BD: Revolutionizing Digital Marketing for Unparalleled Online Success

– Best SEO BD, a groundbreaking digital marketing agency, is proud to announce its official launch of SEO Services, promising to transform the...

Integration: Permit2 from UniSwap

Greetings! Dubai, UAE, 15th November 2023, The Kineetx development team is thrilled to announce the second integration of Kinetex Network as it integrated Uniswap’s Permit2...

AI GameToEarn Announces Last Chance to Join Whitelist Application for $100,000 Reward

Zagreb, Croatia, 10th May 2023, ZEX PR WIRE, Time is running out to join AI GameToEarn’s whitelist application and get a chance to win a...