ISX needs restructure and amend its law in accordance with the policy of the economy

Posted by on Oct 26, 2013 | Leave a Comment

Date: Thursday, 27/12/2012 12:05 am

The foreign companies that participate in the Iraqi market for securities not exceeding (2000) while local companies (80) thousand companies with a capital of two billion dollars, and this is a small number compared to the evolving global bourses.

He explained: that the Securities Commission proposed reducing the excise tax on corporations for the purpose of encouraging them to enter into the market, but some lawmakers refused to do so and put proposals to develop state-owned enterprises through privatization or work in partnership with the private sector to become companies with sector mixed to enter strongly into the market.

He added: that the Iraqi market for securities needs to be restructured again and organize its work by amending the Securities Commission Act format consistent with the orientations of the country’s economic policy, which aims toward a free market economy.

He pointed out, that the reasons attributable market index during the current period due to several reasons including the downturn happening in the global economy, particularly in Greece and Spain and lower index bourses where, in addition to that these days is the end of the year many of the owners of the money are preparing their accounts closing and putting new accounts, and this is what get them to stop their sale and purchase of shares.

The index of the Iraqi market for securities witnessing a continuous decline consecutive days during the current period.

It was established the Iraqi market for securities in June (2004) in Baghdad, and works under the supervision of Iraqi Securities Commission, an independent body established body style U.S. Securities and Exchange Commission.

A year ago (2003) has been called on the current market as “Baghdad Stock Exchange” and run by the Iraqi Ministry of Finance, but now it is the self-regulating, and include companies listed in the market sectors of banking, insurance and investment services and industrial companies, agricultural and even tourism companies.

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