Iraq Stock Exchange is preparing to launch investment funds and expert prepared "solu
Iraq Stock Exchange is preparing to launch investment funds and expert prepared "solution" to the problems of funding and unemployment
Views 20 Date 08/08/2016 - 20:12
BAGHDAD / Economy News ...
Iraq Stock Exchange confirmed, his quest to put the instructions to attract national and foreign savings towards investment and add new financial instruments for trading in collaboration with the Central Bank, as called for an expert to give the fund a priority in economic development, they returned they are a "viable solution" to the problems of funding suffered by Iraq and provide more of jobs.
Said Executive Director of the Iraqi market for securities, Taha Ahmed Abdul Salam, said that the Central Bank of Iraq face of market Preparedness to launch investment funds, "noting that" the committee set up by the market to prepare a draft investment funds licensed instructions held its first meeting in the (17 July 2016), and it is continuing its work. "
He said Abdul Salam, that "the Commission, which includes representatives from the Iraqi Central Bank and the Securities Commission and the Iraqi market for securities and the Department of Registration of companies, based on its work to the Arab financial markets experiences in organizing such instructions to attract national and foreign savings into investment in securities, and add tools new financial trading. "
And the number of sessions and numbers of shares traded during the month of July, assured the Executive Director of the market, "The Iraq Stock Exchange systems in the month of July 14 trading session, and did not organize six sessions in the same month due to the Eid al-Fitr holiday and official holidays."
Abdul Salam said that "the number of traded shares in the market companies amounted to (58) joint-stock company, while the number of shares traded (131.927) billion shares, thus achieving an increase of 33% compared to the month of June," noting that "the value traded (39.562) billion dinars, thus achieving an increase of 23% compared with June. "
He continued that "the market index closed at the end of the month of July 2016 on the (568.770) points, up by 5% compared to close the month of June of $ (539.47) points," noting that "the market has the highest altitude record during the month in the session 28.07.2016 when it closed at (568.77) points, and the lowest low when it closed at (538.210 points) at the 07/12/2016 meeting. "
Abdul Salam pointed out that "the market value of shares listed on the market rose by 2% compared with June."
And the director of the market, that "the number of shares bought for non-Iraqi was (22.041) billion shares were traded through (647) buyout worth $ (9.556) billion dinars from trading shares of 24 listed company, but sold shares of non-Iraqis have reached (789.967) million shares were traded through 325 transactions sale, amounting to (731.497) million of shares (7) listed shareholding.
The Iraq Stock Exchange revealed, in the July 5, 2016, for A decrease in the value and number of shares for the month of June compared with last May.
For his part, teaching, said at the College of Management and Economics University of Baghdad Salah Habib, said that there was a "trend is serious for the establishment of investment fund which represents the several views of the public and private sectors and is managed by the Authority", they returned it "will contribute to the new market industry is reflected positively on the Iraqi economy and supports companies and investors Both".
He called an economist, to the need to "prioritize investment funds in the process of economic development, particularly in the industrial and agricultural production sectors, to include then the whole other sectors," pointing out that "investment funds represent a viable solution to the funding problems experienced by the national economy, as well as substantial role in the development of the productive sectors and operation of major strategic projects currently stalled and enable them to profit and to achieve the highest degree of viability of the local economy. "
The Habib, the "activation projects through investment funds also lead to the development of support such as transport sectors, as well as provide employment opportunities for a large segment of unemployed youth," stressing the importance of "privatization of public companies, especially industrial and converted into a joint stock after activating the productive role by adopting Funds sovereign investment, especially since much of the world has adopted it and achieved positive Tnagmt goals and ambition in achieving sustainable development. "
He said Habib, that "the sovereign funds operate in a manner finance a factory or a company and then sell shares in the financial market to encourage demand for them after you become a profitable company," but he also said, "But not all investors in this area have enough experience, so it helps to activate investment funds in the development work in the Iraq Stock Exchange after it is converted companies to the contribution of the shares offered on the stock market for investors, also it helps in raising foreign capital invested in the stock market, which in turn is a win-win situation for the local economy and bring considerable economic feasibility of the country. "
Iraq has suffered from oil exports based rentier economy to finance its expenditure by more than 96%, as well as the problems facing investment projects in various governorates of Iraq.