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Banking Sector Swallows 90% of ISX Trading Volume in July Week
ISX weekly turnover hit $13.2 million, with banking stocks accounting for 90.4% of volume. Al-Qurtas Islamic Bank led activity at $5.9 million. Gulf Insurance topped gainers with a 20.8% jump.
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Trading on the Iraq Stock Exchange (ISX) hit $13.2 million in the week through July 30, with 69 companies changing hands, according to Rabee Securities' weekly report. Banking stocks accounted for 90.4% of the turnover, or $11.95 million, a concentration that underscores the limited depth of non-bank sectors in Iraq's frontier market.
Al-Qurtas Islamic Bank (BQUR) was the most heavily traded name, generating $5.9 million in volume – 44.7% of the entire week's total. Iraq Noor Islamic Bank (BINI) followed at $2.9 million, and Al-Mansour Bank (BMNS) added $1.9 million. The banking sector logged 3,318 individual trades, or 55% of all trades, meaning the average trade size in banking was far larger than in other sectors. Telecom, by contrast, saw 609 trades and just $412,000 in volume.
On the price side, Gulf Insurance & Reinsurance (NGIR) led the gainers with a 20.8% weekly jump, closing at 0.640 IQD. Nationality H. Furniture (IHFI) rose 14.1%, and Dar Al-Salam for Insurance (NDSA) added 11.1%. The biggest loser was United Bank (BUND), which fell 16.7% to 0.050 IQD. Iraqi Agricultural Prod. Marketing Meat (AIPM) dropped 14.9%, and Iraqi for General Transport (SIGT) lost 14.3%. The moves were concentrated in small-cap names, with the insurance and industrial sectors seeing the widest swings.