Foreign investors to accept the Iraqi Stock Exchange and exp

[Stillw8n]

Foreign investors to accept the Iraqi Stock Exchange and expect prosperity after the inclusion of mobile phone companies
Iraqi stock market began to attract a growing source of foreign investors who see it as an attractive investment with the expectation of growing demand which is expected after insertion of the shares of three companies the main operator of mobile phone services in the country and improve regulation.

Chief Executive of the Iraqi Stock Exchange, Taha Abdul-Salam said in a statement to the media, said that “the values ​​of shares traded in the year to September 30 rose to $ 495 million compared with $ 337 million in 2010 as a whole.”

The Iraqi Stock Exchange, which began its work in 2004 and now has 86 listed companies a target for private investment outside the oil industry in a country still dominated by state companies.

He said Abdul-Salam said that “foreign investors bought shares worth 66 billion $ 110 million since the beginning of the year until the end of September and they have sold just seven billion shares worth $ 18 million in 2010.”

It was almost non-existent foreign trading a few years ago.

The company (55 North), based in Russia, a clear example of foreign demand on the Iraqi Stock Exchange.

The company’s managing director, Paul Collison, it “plans to create an investment fund worth $ 25 million, where This is the maximum you can invest now given the level of liquidity, low in the Iraqi Stock Exchange,” adding that “it is important to start early, it is a wonderful opportunity to create a small box” .

Pannu said Sokonan partner in the “Finish Levi Virtus Capital”, which began investing in the Iraqi Stock Exchange three years ago in a press statement, said that “Iraq is a great opportunity to invest where there is no strong competition remains low prices in the market.”

It is said that operators mobile services three Asiacell of the Qatar Telecom (Qtel), Cork Telecom, partly owned by France Telecom and Kuwait’s Agility Logistics, Zain Iraq of Kuwait’s Zain, is bound to include shares in the Iraqi Stock Exchange under the operating licenses, which cost $ 1.25 billion.

Abdel-Salam said last week that the capital value of the market, which currently amounts to four billion dollars could rise to double once the shares of mobile operators.

The executive director of sales and trading in shares of the Middle East and North Africa to the “Morgan Stanley” Oliver Emanuel, “The IPO of shares which will be played by mobile operators in Iraq will support the local market significantly,” he said, adding that “the offerings of initial public of shares of telecommunications companies will undoubtedly catalyst for the stock market by attracting more attention from regional and international investors and to help improve liquidity in the market. “

Investors said that the application of certain regulations, such as conservation banking services, trading and settlement of shares can be more open market to more foreign funds.

The application of the settlement of stock transactions that allow non-Iraqi investors for up to two days to arrange the payment after the transaction compared with the current system which forces them to make payment before treatment.

Sokonan said that “the availability of services, conservation banking can increase the price tag of at least ten fold in the next three years.”

As head of the Securities Commission of Iraq Abdul-Razzaq Saadi said that “the rules governing the custody services will be issued in November.”

The Iraqi stock market is still small compared with other stock exchanges in the region and international stock markets, but the drop in violence since the height of sectarian fighting in 2006-2007 and increase the possibility of the rapid growth of interest in them.

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