Investors: the decisions of the securities caused a loss in domestic investment
22/10/2011 14:58

Baghdad, October 22 / October (Rn) - The number of investors, Iraqi economists, Saturday, the Securities Commission that the procedures caused a loss of local investors by taking decisions that affect the trading process.

The director of the company Pharaohs Contracting Baha Rweid told the Kurdish news agency (Rn) that "the Iraqi market for securities dealing selectively with investors and to make decisions detrimental to the investor community by making decisions to stop the trading of financial non-deployed financial disclosure to our companies for technical reasons," adding, "Despite the provision of more of 36 investors a formal letter to the Securities Commission demanding not to make decisions detrimental to the financial trading of the stock market. "

He continued that "the Securities Exchange banks prefer to market the rest of the market for reasons that are not clear and does not support the stock market in Iraq at the level that fits with the nature of the Iraqi economy and its openness to global markets."

In turn, invested in the stock market and the owner of the home textile industries Ibrahim Mikdadi (Rn) "The Securities Commission is working on the livelihood of local investment companies, which identify it with a few periods of time in the financial disclosure."

He added, "Investment in Iraq remains too late unless Ttaiwiraml market securities and makes it more flexible in dealing Mabinha between companies and local investment."

He added by saying, "We hope that the Iraqi government to follow-up work and performance of the Iraqi market for securities and its follow-up pages of Ptnsif especially with regard to stock markets and the implementation of the decisions of all investors."

For his part, chairman of the Securities Abdul Razzaq al-Saadi (Rn) that "to stop the work of some companies is the result of his violation of access controls to the Iraqi Stock Exchange and the lack of financial disclosure for Taammeltha."

He added that "the proceedings of the securities is not selective, but tend to achieve justice and full transparency in dealing in securities through the provision of financial data and enhance business dealings."

He continued that "the decision to stop work by trading companies did not disclose its financial transactions comes to investor protection and briefed on the work of Iraq's financial market."

And swallow the size of the Iraqi market for trading securities billion Iraqi dinars a day.

And announced that the Securities Commission, to finish the work pre-requisites for opening the Iraqi market for securities in the Kurdistan Region and the province of Basra.

The Securities Commission, said that Iraq provided the countries of the region the size of financial trading increased by 70%.

The Iraqi government recently agreed with the Bank (HHPT), which is spread throughout the countries of the world to develop the Iraqi market for financial Orac.

And started the Iraq Stock Exchange initial preparations for membership of the global market for securities, also announced the start of electronic filing companies, foreign and domestic investment, rather than filing paperwork.

The Iraq Stock Exchange has started its activity in 2004, and shifted from manual trading to the use of e-dealing screens in 2009 and open for trading two hours a day five days a week.

The banking sector is the largest in the exchange, which also includes the shares of industrial companies and insurance companies, hotels and agricultural companies.

The total value of shares listed on the Stock Exchange about three billion dollars.