Iraqi Stock Exchange is looking forward to new laws to operate locally and globally launched

02/27/2017 (0:01 pm) - The number of readings: 340 - Issue (3863)

Baghdad / Zahra al - Jassem

Digital Panel abuzz with various colors and accounts rapidly, has stuck to glance necks and eyes Mitrqubh in a medium-sized trading hall transparent barrier separates it from trading companies offices inside.

This concise picture of the Iraqi Stock Exchange (KSE), which is packed with elderly men and record attendance rarely women. This market traded started manually after the change in 2003, is limited to the participation of shares of only 15 companies, before he knew the electronic trading system for the first time in 2009, a jump of trading the indices by 50%, and is open to foreign investors, also in 2017.

Iraqi Stock Exchange, like every other bourse, digital world does not care about non-financial secrets though thrones crumbled, but not lulled to rest only when the curtain falls, announcing the end of the presentation.

Shareholders was still in this market, are skeptical about the possibility to compete with their counterparts in the countries of the region, especially the Gulf bourses, despite the achieved increase in the trading session in the year 2016 compared to previous years, but they are also aware of the great challenges they face in this market because of the difficult security and economic conditions experienced by the country, and we look forward to not to amend existing laws or the enactment of new laws to support the economy, according to experts see in the trading affairs.

Khalil Mozan, which is a shareholder in the Iraq Stock Exchange, confirms (range), that the Iraqi Stock Exchange even though it seeks to put the largest number of shares traded and access to advanced stages of the profits, but there are a lot of installations of mixed private and public sectors, not offer its shares in the Iraqi stock Exchange, due to lack of a culture of mistrust and dealing the stock market, which seems clearly, was skeptical at the possibility that the Iraqi stock Exchange compete Gulf bourses because of the situation that prevailed in the country and the region.

Attention Mozan, noted that with the imminent opening of Erbil Stock Exchange, "There should be exchange in the south .. to be in Basra, for example, being a big city economic size," he adds, "there must be a balance of the financial deal in the Iraqi stock exchange."

It seems that the situation is different Gamal Abdel Latif has, another shareholder in the stock market, as it believes that the fear among the shareholders of the Iraqi stock market is not great, as it exists in the global stock markets, following the saying, "We are monitoring the market on a daily basis and look forward to the rise and decline in the stock, we have no fear, as most of the companies in the open market dealings, in the sense that their work is known to us, so the ups and drop is not alarming. "

While watching Abdul Latif digital painting within the market confirms (range), said that the failure of Iraq to link global markets and is not affected by the Baghdad Stock Exchange directly what is going on in the world, makes the risks a bit, "but also the decline in any stock will create certainly a big concern when some shareholders ", and hits for example, by saying," when the Warka Bank went out of circulation because of the sudden imposition of trusteeship by the central bank, it may cause many of the shareholders a real disaster, and some even suffered a heart attack crippled the mattress. "

On the other hand, notes the executive director of the Market Iraqi securities, Taha Ahmed Abdul Salam, in an interview with the (range) to the market continues to trade strongly despite the security circumstances surrounding Iraq since 2003 to date, noting that there are 30 investment funds with foreigners at the moment while there is no Iraqi investment funds.

Says Abdul Salam, said the market index began to rise year-end 2016, in terms of trading volume reached trillion dinars, the largest over the past years, adding that trading indicators jumped to 50% after the use of the electronic system, however, the number of listed companies is not commensurate with the size of output national product, but trading through the electronic system will be streamlined, while emphasizing the importance of being the establishment of a new joint stock companies ,.

Market action, Abdul Salam notes, that is the biggest banking companies in the stock market, where the share of banks to 65% of the number of listed shares, which believes that banks need to expand in their work, especially after committing the central bank has introduced shares, noting, with six banks waiting for insertion in the market and other refrained from listing on the market for fear of disclosure.

Financial and competent expert on stock trading Sabah Abdul Haq, says in an interview (range), that there are many obstacles facing the Iraqi Stock Exchange offers, including slow economic growth in the country, as well as not to amend a number of laws that support the economy as a law of capital market and the law of the tariff, in addition to the absence of necessary economic legislation, as a law to protect the product and the law regulating the work of the companies, which are the laws of cause absence of significant migration of capital, became the economic environment in Iraq repellent for investment, which has embarrassed at certain times of the trading volume in the Iraqi stock Exchange, as says Abdul Haq.

Following the financial expert said, that the security and political crises faced by the country at the moment, is the other had a significant and obvious impact on the low level of trading in the Iraqi Stock Exchange, also it caused fear for some international companies to enter the Iraqi Stock Exchange.

The date of the work in the Iraq Stock Exchange, to the early nineties of the last century, where it was called the Baghdad Stock Exchange's name, and was run by the Iraqi Ministry of Finance at the time, and after 2003 the stock market was closed, but she returned and opened its doors again after the enactment of Law 74 of 2004, under the name "Iraq stock Exchange," which is run by the Securities Commission.

Organization Foundation market is self-regulated independent administratively and financially, not-for-profit and owned by members, and managed by a Board of Governors, and the right to own movable and immovable property, and including real estate, is also committed to the instructions of the Securities Commission in accordance with the law of the temporary securities.