Arab Today, arab today baghdad bourse chief looks abroad
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Baghdad bourse chief looks abroad

Arab Today, arab today

Arab Today, arab today Baghdad bourse chief looks abroad

Baghdad - Arabstoday

The chief executive of the Iraq Stock Exchange (ISX) believes secondary listings for local companies on bourses in London and New York would eventually attract extra liquidity and boost trade.\"That is the long-term strategy,\" said Taha Abdulsalam, the chief of the bourse in Baghdad. \"It\'s not going to happen overnight, but the plan is to aim to develop the same standard of bourses and companies outside.\" Mr Abdulsalam said that Iraqi companies needed to improve their disclosures, and the timing of them, along with the level of corporate governance. They must also ensure controls are implemented for insiders. Companies have already adopted the International Financial Reporting Standards system, he added. Listings and prices have grown dramatically on Iraq\'s stock market since the United States invaded the country in 2003 and the previously state-dominated economy opened up to private investments. Until last October, the ISX had benefited from seven years of consistent gains as foreign investors and hedge funds bought up shares with the expectation that the oil-producing state would enjoy an economic boom. But the index has shed 21 per cent of its gains since then amid political volatility after the withdrawal of US troops in December, with daily traded value at US$2 million (Dh7.3m). Mr Abdulsalam said the market had the potential to grow once Iraq eased its reliance on the oil sector for growth. \"Iraq\'s stock market has the potential to grow to the size of Saudi Arabia, it has the oil, a huge population and very diversified sectors,\" said Anastasios Dalgiannakis, the head of institutional trading at Mubasher Financial Services in Dubai, which last year signed an agreement to offer live prices for the exchange. \"But many investors are waiting for a foreign custodian to operate in Iraq,\" Mr Dalgiannakis said. \"Investors are willing to take the risk and invest in Iraq, but not take additional counter-party risk.\" In March, the ISX mandated that any bank, foreign or local, could apply to a custodian of investor assets. The exchange is in talks with two international investment banks, and expects a resolution in the next four months, Mr Abdulsalam said. He declined to name the banks. If the main telecommunications companies listed on the exchange, he said, the market\'s capitalisation would double overnight from its current level of $4 billion. Three mobile companies now operate in Iraq: AsiaCell, in which Qatar Telecommunications has a 30 per cent stake; Korek, in which France Telecom and the Kuwaiti logistics group Agility have a 44 per cent stake; and the Kuwaiti telecoms group Zain. Mobile operators in Iraq have been under pressure from the government to list their shares under the terms of the licence bought in 2007. \"Until now, they have not given any request to list on the stock exchange,\" Mr Abdulsalam said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today baghdad bourse chief looks abroad Arab Today, arab today baghdad bourse chief looks abroad

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today baghdad bourse chief looks abroad Arab Today, arab today baghdad bourse chief looks abroad

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday