Jerry
10-19-2004, 01:11 PM
Volume sinks as violence surge, October 17
Business went as usual as brokers and businessmen flocked into the trade hall of the ISX in the morning hours of Sunday October 17 to trade in the shares of 67 Iraqi listed companies. The ISX is housed in a converted restaurant in the gardens of the Melia Hotel situated in the center of Baghdad opposite the bomb shattered old buildings of Iraqi state television. The adjacent car park near the hotel and ISX headquarters was the scene of a terrorist bomb attack only one day earlier.
The courage of the women and men assembled at the ISX in spite of the obvious security hazard was not reflected however on market sentiment. The market was shaken. Trade was minimal as is reflected in all time low volume since the market re-opened for trade last June. Volume was down to ID 621 m or slightly over $ 420,000. This represents only 30% of normal average trade seen in the last few months fluctuating around $1.5 to $2 million.
The banking sector was a prime causality. Volume and prices fell markedly and all time low prices were registered. The Middle East Bank lost 6.7 % down to ID 5.6 from ID 6. Al-Ahli Bank, a partner of a Jordanian bank, suffered a 13% loss falling to ID 18 down from ID20. Only few sessions back the share was at an all time high of ID24. The United bank fell to ID 5.85 down from ID6.4. Not long ago it was boasting ID 12. The erosion of fortunes in existing banking shares of some 17 private banks is partly explained by the expectation of new IPOs for seven new banks just licensed by the Central Bank of Iraq each with 50 billion shares each at par value of ID1.
Not all was gloomy in the manufacturing stock. Two million shares of the New Paints stock were traded and actually the stock was up by 10% to ID 14.75 from ID 13.4. The New Paints Company recently gave shareholders a split of 250% and cash dividends of ID 0.5 per share. Before the split its stock fetched ID50. The current price is equivalent to ID52 when the split is factored in.
Another gainer was the Light Industries whose share climbed back to ID 21 from all time low of ID19 registering 13% increase. The company is expected to invite shareholders for a general meeting soon where a split to bolster working capital of the company will be discussed.
The Hilal Company, assembler of electrical cooling consumer goods, lost 3.3% with shares down to ID 29 from a previous close of ID30.
Most of the other manufacturing stock lost grounds. The Easter Beer for example lost 4.8% down to ID 5.95 from ID 6.25. Likewise the Electronics Industries, assembler of TV sets, lost 2.5% down to ID 10 from ID 10.25.
Stock of the real estate company Mamoura was up by 6% up to ID 4.5 from ID 4.25. Some 10 million shares were traded.
No significant trade was registered in the hotel and agricultural sectors
http://www.isx-aman.com/
Just imagine when it hits the world market with the currency hitting the world market... These are LESS than penny stcoks people... completely unrealistic for any country. This thing is going to rock!!! Think how 50% GDP is going to affect the ISX.... this is one wave you dont want to miss.
Jer
Business went as usual as brokers and businessmen flocked into the trade hall of the ISX in the morning hours of Sunday October 17 to trade in the shares of 67 Iraqi listed companies. The ISX is housed in a converted restaurant in the gardens of the Melia Hotel situated in the center of Baghdad opposite the bomb shattered old buildings of Iraqi state television. The adjacent car park near the hotel and ISX headquarters was the scene of a terrorist bomb attack only one day earlier.
The courage of the women and men assembled at the ISX in spite of the obvious security hazard was not reflected however on market sentiment. The market was shaken. Trade was minimal as is reflected in all time low volume since the market re-opened for trade last June. Volume was down to ID 621 m or slightly over $ 420,000. This represents only 30% of normal average trade seen in the last few months fluctuating around $1.5 to $2 million.
The banking sector was a prime causality. Volume and prices fell markedly and all time low prices were registered. The Middle East Bank lost 6.7 % down to ID 5.6 from ID 6. Al-Ahli Bank, a partner of a Jordanian bank, suffered a 13% loss falling to ID 18 down from ID20. Only few sessions back the share was at an all time high of ID24. The United bank fell to ID 5.85 down from ID6.4. Not long ago it was boasting ID 12. The erosion of fortunes in existing banking shares of some 17 private banks is partly explained by the expectation of new IPOs for seven new banks just licensed by the Central Bank of Iraq each with 50 billion shares each at par value of ID1.
Not all was gloomy in the manufacturing stock. Two million shares of the New Paints stock were traded and actually the stock was up by 10% to ID 14.75 from ID 13.4. The New Paints Company recently gave shareholders a split of 250% and cash dividends of ID 0.5 per share. Before the split its stock fetched ID50. The current price is equivalent to ID52 when the split is factored in.
Another gainer was the Light Industries whose share climbed back to ID 21 from all time low of ID19 registering 13% increase. The company is expected to invite shareholders for a general meeting soon where a split to bolster working capital of the company will be discussed.
The Hilal Company, assembler of electrical cooling consumer goods, lost 3.3% with shares down to ID 29 from a previous close of ID30.
Most of the other manufacturing stock lost grounds. The Easter Beer for example lost 4.8% down to ID 5.95 from ID 6.25. Likewise the Electronics Industries, assembler of TV sets, lost 2.5% down to ID 10 from ID 10.25.
Stock of the real estate company Mamoura was up by 6% up to ID 4.5 from ID 4.25. Some 10 million shares were traded.
No significant trade was registered in the hotel and agricultural sectors
http://www.isx-aman.com/
Just imagine when it hits the world market with the currency hitting the world market... These are LESS than penny stcoks people... completely unrealistic for any country. This thing is going to rock!!! Think how 50% GDP is going to affect the ISX.... this is one wave you dont want to miss.
Jer