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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 IRAQ STOCK EXCHANGE Taha Ahmed Abdul Salam CEO The important issue for the year 2006 was the signing of the agreement between ISX and OMX to provide the market with ELECTRONIC SYSTEMS (Equator & Horizon SYSTEMS). Iraq Stock Exchange (ISX) introduced a special index which was introduced in October 2004 and which closed in December 2004 at 64.996 points, January 2006 at 38.209 points, and December 2006 at 25.288 points. The ISX held approximately 92 sessions in 2006 compared with 94 sessions in 2005. The total trading volume for the year of 2006 reached US$ 101 million, a decrease of 59% when compared with the year 2005. The total traded shares in 2006 was 57,974 million shares, an increase of 4% when compared with the year 2005. The total numbers of transactions reached in 2006 was 38.6 thousand. In 2005, the number of the listed companies reached 85 companies compared with 80 companies in 2004. The number of listed companies in 2006 increased to reach 93. During first half of 2006, ISX has organized a number of training courses such as the training course of agent brokers and training courses for investors. These training courses include the teaching of Trading in ISX and Financial Statements. The ISX publishes a special newspaper called the Capital Market. Published in Arabic, the Capital Market covers all financial events which happen within the ISX and the listed companies. The ISX publishes its information in the website www.isx-iq.net. The ISX has successfully joined <strong>FEAS</strong>, which held its annual meeting in Shiraz on 21 September 2005. Also ISX has successfully joined the Union of Arab Stock Exchange in June 2006. The important issue for the year 2006 was the signing of the agreement between ISX and OMX to provide the market with ELECTRONIC SYSTEMS (Equator & Horizon SYSTEMS). And the first travel was realized by sending 7 employees from the IT department to Amman, Jordan for training with IBM. Our plan is to be live with the e-trading next April 2007. The ISX is still a small market but we are doing our best to transform it to meet or exceed the standards in the region. HISTORY AND DEVELOPMENT For the period of 1992-2003 the Baghdad Stock Exchange was operating and was well known. The previous Baghdad Stock Exchange was established by the law No. 24 in 1991. The market was related to the government and it was able to list (113) of different companies, some private and others from the mixed sector. During that period especially in 2003, the market had gained an annual trading volume exceeding, US$ 17.5 million. But this market was closed by a decision of its Governing Council on 19 March 2003. Establishment of Iraq Stock Exchange On 18 April 2004 the temporary law No. 74 was issued, it gave the authority to establish two important capital development bodies concerning financial sectors, they are: A. ISX B. Iraq Security Commission (ISC). Meaning of ISX The ISX is an entity capital market not related or powered by the government. It is directed by a Board of nine members representing different economical sectors of investments called the BOG. The market is the place where the investments, exchange stocks, purchasing and selling are done. It is considered one of the channels in which funds can flow between persons and commissions through different sectors that may help to mobilize and develop financing and financial channels in order to give readiness for different investments. Goals of the ISX a) to operate and regulate its members and to list companies in a manner that is consistent with the goal of protecting investors and promoting investor confidence in the market. b) to promote the interests of investors in efficient, reliable, competitive, transparent and honest markets. c) to organize and facilitate fair, efficient and orderly transactions in securities, including the clearance and settlement of such transactions. d) to regulate its members’ dealings in securities-related services and transactions and define the rights and obligations of parties concerned and the means to protect their legal interests. e) to assist in capital-raising for companies which either are listed, or which desire to list on the Exchange. f) to engage, as appropriate, in investor education programs to educate potential investors about opportunities for investments at the Exchange. g) to collect, analyze and publish statistics and information necessary to achieve the goals stipulated in this Law. h) to establish and support contacts with the stock exchanges of Arab and international markets that may be beneficial to the development of the Exchange. i) to undertake other services and activities necessary to support its objectives. FUTURE OUTLOOK The ISX’s continued plans for 2006 are to: • list more companies as they meet listing requirements, • participate in conferences and international symposiums, • initiate development and training programs in cooperation with other exchanges, especially in the Middle East, • install and begin operating the automated electronic trading system in May 2007 • assist in the eventual privatization of state owned enterprises, • issue a new Securities Law in cooperation with the Iraqi Securities Commission, • hold meetings and symposiums with financial investment companies and investors, • publish trading data and information about the ISX to encourage investment in Iraq, • open new branches (Trading halls) In Erbil and Basrah, that will be electronically linked to the ISX in Baghdad, • contract with a satellite channel to spread trading session information to all investors, and; • obtain permission from the Iraqi Securities Commission for foreign investment on the ISX. PAGE 74
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 IRAQ STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 4.48 0.50 4.48 0.50 Aug-06 0.20 0.02 0.20 0.02 Sep-06 5.62 0.70 5.62 0.70 Oct-06 4.52 0.65 4.52 0.65 Nov-06 9.19 1.15 9.19 1.15 Dec-06 2.41 0.48 2.41 0.48 TOTAL 26.41 0.58 26.41 0.58 Bonds Jul-06 n/a n/a n/a n/a Aug-06 n/a n/a n/a n/a Sep-06 n/a n/a n/a n/a Oct-06 n/a n/a n/a n/a Nov-06 n/a n/a n/a n/a Dec-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jul-06 n/a n/a n/a n/a Aug-06 n/a n/a n/a n/a Sep-06 n/a n/a n/a n/a Oct-06 n/a n/a n/a n/a Nov-06 n/a n/a n/a n/a Dec-06 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 142.38 25.42 Aug-06 1,350.00 26.00 Sep-06 1,260.91 26.92 Oct-06 1,309.52 27.11 Nov-06 1,231.39 25.95 Dec-06 1,306.80 25.29 CONTACT INFORMATION 10 9 8 7 6 5 4 3 2 1 0 30 1,400 25 1,200 20 1,000 800 15 600 10 400 5 200 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Mr. Jimmy Afham Toma E-mail jimmy-aham@yahoo.com Website www.isx-iq.net PAGE 75
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