Iraq Stock Exchange: description opening hours, schedule

The Iraq Stock Exchange (ISX) recorded a 15% year-to-date gain in its ISI60 index as of June 2023, driven by liquidity injections from reconstructed oil revenues and regulatory reforms. Focus on banking and telecommunications equities, which accounted for 67% of total trading volume last quarter, with the National Bank of Iraq (NIBI) and Asiacell Communications (TASC) delivering 22% and 18% annualized returns, respectively.

Foreign investors hold less than 5% of ISX market capitalization due to legacy settlement risks, but new bilateral clearance protocols with Jordan and Saudi Arabia reduce custodial exposure. Allocate capital through brokers licensed under Iraq’s Securities Commission (ISC) to mitigate operational friction–only 14 of 78 member firms currently meet international compliance benchmarks.

The ISC’s shift from T+3 to T+2 settlement cycles in Q1 2024 will align Iraq with GCC market standards, lowering counterparty risk. Monitor the pending legislation on foreign ownership limits: a proposed increase from 49% to 60% in strategic sectors could trigger rebalancing inflows exceeding $300 million.