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ISX is preparing to launch mutual funds and prepared expert "solution" to the problems of financing and unemployment

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2016/08/08 (00:01 pm) - hits: 73 - number (3709)


Iraq stock exchange is preparing to launch mutual funds and prepared expert "solution" to the problems of financing and unemployment

 Baghdad/Acer Jabbar

Assures Iraq market for securities, on Sunday, seeking to develop instructions for attracting national and foreign savings towards investment and add new financial instruments for trading in cooperation with the Central Bank, called an expert to give priority to economic development investment funds, returned a "viable solution" for the funding problems experienced by Iraq and providing more jobs.

Executive Director of the Iraq market for securities, Taha Ahmed Abdul Salam, told the (long press), "the Central Bank in the market to prepare for the launch of mutual funds", noting that

"the Committee formed by the market to prepare draft instructions permit mutual fund held its first meeting in (July 17, 2016), and continues with her work.

Abdel Salam, said that "the Commission, which includes representatives from the Iraqi Central Bank and securities and Iraq market for securities companies registration service, based on its experience in organizing those Arabic financial market regulations to attract foreign and national savings towards investment in stock list, add new financial instruments in circulation."

And the number of meetings and numbers of shares traded during the month of July, the market's Executive Director, said that "Iraq market for securities in July 14 trading session, six meetings not organized in the same month due to Eid holidays and public holidays.

Abdel Salam added that "the number of companies traded for shares in the market (58), while the number of shares traded (131.927) billion shares, with rises 33% compared to the month of June", stating that "value traded (39.562) billion dinars with a rise of 23% compared to June."

The market index was closed at the end of July 2016 (568.770) high point (5%) Relative to close the month of June (539.47) point ", stating that" the market during the month, high log in session 28/7/2016 when locked (568.77) low point when locked (538.210) point in a session 12/7/2016".

Abdul Salam was drawn to "the market value of listed shares in the market have increased by 2% compared to June."

And the market manager, said the number of shares purchased for non-Iraqis (22.041) billion shares carried through (647) purchase deal worth (9.556) billion dinars from trading in shares (24) Corporation listed, either shares sold amounted to non-Iraqis (789.967) million shares executed through (325) sale, worth (731.497) million of shares (7) companies listed.

And Iraq stock exchange market was revealed in July 5, 2016, the anhavad value and the number of shares for the month of June compared with last May.

Teaching said in the College of business and Economics University of Baghdad Salah Habib told the (range), there is "a serious trend to create investment fund that represents several actors from the public and private sectors and managed by the Commission," returned he "will contribute to new market industry reflected positively on the Iraqi economy and supports companies and investors alike."

Economist, called the need to "grant funds a priority in economic development, especially in industrial and agricultural production sectors, to include other sectors after that whole", pointing out that "mutual funds represent a viable solution to the financing problems affecting the national economy, as well as a substantial role in the development of productive sectors and competitive strategy currently stalled projects big and enable them to profit and achieve the highest point of the local economy.

Habeb, to activate projects through investment funds also leads to the development of sectors such as transportation assistance, besides providing employment opportunities to a large segment of unemployed youth, stressing the importance of the "privatization of public companies, especially industrial and turn it into a contribution after activating the productive role through a sovereign investment funds, especially if much of the world adopted and achieved a positive tone and ambitious goals in achieving sustainable development".

Habib said, that "the sovereign funds operating mode of financing of the factory or company and then go in the financial market to encourage uptake after becoming profitable," but by saying, "but not all investors in this area they have sufficient experience, it helps activate the investment funds in development work in Iraq market for securities after it is transforming companies to input and display stock shares to investors, as it helps in raising foreign capital invested in the stock market which in turn is a win-win situation for the economy Local, bring large economic feasibility.

Iraq suffers from rentier economy based on oil exports to finance its expenses by over 96%, as well as the problems facing investment projects in different provinces of Iraq.

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