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Disclosure and transparency in Iraqi banks behind the dominance of the banking sector on the volume of trading stock

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Disclosure and transparency in Iraqi banks behind the dominance of the banking sector on the volume of trading stock

27/01/2012 16:15

Baghdad, January 27 (AKnews) - the whole number of analysts on the bourse that the degree of disclosure and transparency enjoyed by the banks of Iraq and behind the dominance of the banking sector on the daily trading of the shares in the Iraqi market for securities, stressing at the same time that the market is young compared to the stock exchanges the other world, especially the regional neighboring countries.

He said economic analyst concerned the affairs of stock Mohammed Saleh Chandler (Rn) that disclosure of the Iraqi banks were behind the progress of the banking sector in the trading market, Iraq Stock Exchange, "noting that" trading on any exchange in the world depends on the (information ), which encourages the public to trade and help investors to make investment decisions Bmujbhowleys on according to information emergency Kalaalanat and rumors and leaks. "

He said Chandler, "The banking sector in Iraq and a decade ago, published its financial statements on a quarterly basis and periodically continues." The flow of information is the need for crisis the success of share trading in the securities markets. He said Chandler, "The increase of capital in the banks ongoing and are reflected positively on the strength and durability of joint stock companies in trading the stock market, and enhance the confidence of traders in stocks." It is said that the Iraqi Central Bank issued a decision within its amendments ongoing its rules of regulatory raise banks' capital of 50 billion dinars to 250 billion Danarkhalal three years.

He Chandler to the deterioration of the performance of agricultural companies and other industrial create a big difference between them and trading stocks in the stock market for the banks, which usually scored, annual profits are reflected directly on the stock prices. He Chandler The performance of the Iraqi market for securities is weak compared to the money markets in neighboring countries, regional and other countries.

For his part, chairman of the Securities Abdul Razzaq al-Saadi (Rn): the cause of issue of the banking sector to other sectors in the trading market, Iraq Stock Exchange is due to need for the investor of permanent financial return, as he wanted to find in the banks that provide financial returns that will sustain the momentum of investment. and Saadi said, "Although AD issued bank's permanent trading in the stock market, however, some sectors are other have developed, but at rates limited, especially in hotel industry, transport, some industrial companies. to that attributed to banking expert high-Khalidi made ​​the banking sector and other sectors in trading on the Stock Exchange to the extent of disclosure and transparency, which is characterized by the Iraqi banks.

Said Khalidi (Rn) that "banks dominate the gain of 70 to 80% of the trading market, Iraq Stock Exchange, because of the factor disclosure that indicates a commitment to Iraqi banks to the principles of corporate governance and dissemination of data in a transparent and clear, which led to the public's demand, shareholders and traders to buy and sell stocks within the market. " said Khalidi, "The annual profit earned by banks reflected a positive over the trading and profit shareholders, which marks the priority work of banks in relation to companies other in the stock market. " said Khalidi that "cite Iraq Stock Exchange is young compared to the money markets in the countries of the world because of lack of linking to other world markets," noting that "the linking process creates the possibility of exchange and trading of shares outside of Iraq. "

He Khalidi that "stock prices in the stock market is still low and below the level of ambition." turn attributed the banking expert ruled Zarzis dominance of the banking sector on trading in the stock market to the large number of shareholders in the banks, which represent the occupants of the largest number in shares Aalborsh. between Zarzis "The bank stocks are guaranteed more than others because it's safe effective on the market as well as the ability to achieve Atrabah annual distribution to shareholders. and set up the exchange in Iraq in 1992 under the name of (Baghdad Stock Exchange), and a trading halt in 2003 , and was again after the issuance of the law of the former civilian governor of Iraq (Paul Bremer), with a number 74 of 2004, and temporarily for a period of one year under the name of (the Iraqi market for securities. and prepared the Securities Commission (the government agency oversight on the work of the Iraqi market for securities) A draft law New to the Cabinet two years ago, but did not recognize until now. The market is currently held five sessions weekly, and entered the electronic trading in 2010 with the participation of a number of foreign investors.

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