Stock market” calls for the sale of government shares the mixed sector companies and experts believe it lacks the institutions chock

Posted by on Feb 03, 2014 | Leave a Comment

Called the Iraq Stock Exchange, Friday, banks and mobile phone companies operating in the country to put its shares from him, and called on the government to sell its shares in the mixed sector companies, to encourage capital formation and economic development is stable, indicating that the market Arbil Securities, will be opened during the year Current 2014 which opens up new horizons for investors as they represent a separate market but Bnavztin trading companies themselves, while financial expert saw that the market is suffering from the absence of institutions chock to reduce the unit price fluctuations and reduce the risks and increase the speed of trading.
The head of the Iraqi market for securities, Taha Ahmed Salman, in an interview to the (long-Presse), “The trading current market divided into five sectors are banks, hotels and industrial companies, investment and service sector,” and expressed “hope that the fall in the market major companies operating in Iraq especially those concerned with the mobile phone to make a quantum leap in the stock market. ”
Salman said, that “most banks are contributing to the market, both from banks and Assyria Baghdad and the Union,” noting that “ACL, which recently joined the market, is the most prominent companies to contribute to it as well as other investment companies.”
The head of the Iraqi market for securities, that “the movement of the market is changing daily and there are there are banks or certain companies controlled by or subtracted shares more than the other,” pointing out that “The market is coordinated with the Department of Central Bank of Iraq to urge other banks to contribute to it to encourage the formation of capital money and achieve stable economic development. ”
He called Salman, on the government to “sell their shares in the mixed sector companies, as these companies’ shares are not traded in the market, causing paralysis and lack of moving the wheel of the market,” stressing that “the market took the initiative to approach the advisers in the Presidency of the Council of Ministers, on the IPO sector companies Mixed trading. ”
And on the market Arbil Securities, said the President of the Iraqi market for securities, that “the year 2014 will witness the opening of that market, which will open new horizons for investors, as well as the modernization programs of the Iraqi market for securities, the performance center of Iraq through new systems lead to a quicker turnaround”
He said Salman, that “the market Erbil will be independent, enabling investors in the Kurdistan region of buying stocks and selling them in their areas and thereby increase confidence in that market and the expansion of the investor base,” noting that there are “aspirations to revitalize the market Erbil to urge companies in the region to list its shares on the , as well as the Iraqi market for securities, they represent a separate market but Bnavztin trading companies themselves. ”
President promised the Iraqi market for securities, that “the inclusion of shares of the mobile phone companies operating in Iraq market, will increase the circulation, because they attract investors, thus contributing to an increase of the financial reserve.”
The number of companies listed in the regular market reached 73 joint-stock company, rose during the course of last week, the stock prices of 29 of the 54 companies traded, and still nine companies parked decisions of the Securities Commission, for failing to comply with instructions to say and submission of financial statements, as well as two parked for holding public bodies, has not been traded by investors on the shares of eight companies out of 73 joint stock company listed in the regular market.
It saw financial expert, Muhannad al-Bayati, said in an interview to the (long-Presse), “The market for securities Iraq suffers from a lack of institutions chock working to reduce the unit price fluctuations and reduce the risks and increase the speed of trading, as well as the lack of institutions, clearing and settlement and depository and conservation , “adding that” improve the performance of the market and enable them to mobilize domestic savings and attract foreign investment, requires the implementation of a package of proposals. ”
The al-Bayati, said that among the “proposals for the development of market performance, the need to address deficiencies in the area of the lack of information and the elements of transparency and financial disclosure, methods and financial management systems while continuing to develop and complete the organization of legal and institutional frameworks for the market and to create and support institutions and tools to deal modern”, pointing out that it is through “the issuance of laws and regulations that promote the supervisory role of the market and the separation device on sentencing and the rules governing the issuance and trading of securities on the device, which is managed by the market.”
He said financial expert, that “the market need to enhance transparency and disclosure in line with international standards by issuing bulletins daily, weekly, monthly and yearly containing general information about the market and the decisions of the Board of Directors and information on volumes and price signals,” and went on to “the market also need to be adjusted tax systems enter sweeping reforms to tax systems in place in order to create incentives for trading in securities. ”
He called al-Bayati, to “develop a media plan for the definition of investment opportunities Financial in Iraq and its advantages through the development of a Web site for the market to serve the process for the promotion of joint-stock companies and the dissemination of sufficient data and easy induction in several languages,” Mstrsla that there is a “need to provide periodic data on the activities of the companies, especially the annual budget and account gains and losses, dividends, reports boardrooms. ”
The proposed financial expert, that “staying the market seminars and meetings to introduce the importance of continuing investment shareholding companies through the stock market, and mutual funds, and to encourage the establishment of investment clubs that contribute to increasing awareness of investment and savings.”
He said al-Bayati, “The revitalization of the stock market is through the expansion of the issuance of common stock and excellent, and encouraging the establishment of investment funds that enable small savers to build an investment portfolio has all the requirements of diversity.”
It is noteworthy that of the leading indicators for the annual achieved in 2013 in the last of the Iraqi market for securities, the 231 session of trading, which put up 875 568 billion shares, while a volume of 2845 trillion dinars, equivalent to 2371 billion dollars.
The number of shares listed in the 4631 market shares, market value 11537 trillion dinars, and the number of listed companies 83 companies, and 79 companies traded, and the index closed at 113 150 points.
It is noteworthy that the Iraqi market for securities was established in June 2004, operates under the supervision of the Securities Commission of Iraq, an independent body was established along the lines of the American Association for the Securities and Exchange Commission and was before the April 2003

launch on the market the current name of the Baghdad Stock Exchange operated by the Iraqi Ministry of Finance, either now They are self-regulatory body such as the New York Stock Exchange, and as of 2005 has become a market for securities Iraq is the only exchange in Iraq. When opened in 2004, there were only 15 companies listed therein, and in 2005 was traded stock in a single session nearly five million dollars and include large stocks, Bank of Baghdad Baghdad Soft Drinks, Iraqi carpets and furnishings.
And market personal moral nonprofit independent administratively and financially managed by the Board of Governors has the right to own movable and immovable property, including the real estate.

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