Iraq Stock Exchange Index (USD) increased by 97.2 per cent in 2023

Top Stories

Shwan Ibrahim Taha
Shwan Ibrahim Taha

Published: Fri 12 Jan 2024, 4:02 PM

Last updated: Fri 12 Jan 2024, 4:07 PM

In 2023, the RSISX USD Index almost doubled, exhibiting a significant 97.2 per cent 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.

By Mohammed Barazenjey

  • Follow us on
  • google-news
  • whatsapp
  • telegram

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 five per cent 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 per cent increase compared to 2022," Taha added.

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

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

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

The views expressed are his own and do not reflect the newspaper's policy.


More news from KT Network