Baghdad, Iraq – The Rabee Securities Iraq Stock Exchange Index (RSISX Index) rose by 4.0% in August, contrasting with declines in several regional markets, including Abu Dhabi (-2.7%), Kuwait (-2.2%), Saudi Arabia (-2.0%), Dubai (-1.6%), and Bahrain (-1.4%). Key drivers of growth included National Bank of Iraq, Bank of Baghdad, Iraqi Islamic Bank, and Baghdad Soft Drinks.

Two non-RSISX Index companies distributed dividends during the month: Baghdad Hotel (4.2% yield) and National for Tourist Investments (1.8% yield).

Trading activity surged, with total Iraq Stock Exchange (ISX) volume more than tripling month-on-month to USD 77.6 million, mainly due to cross transactions in the banking sector. Excluding these, monthly trading volume still grew by 26% to USD 31.7 million. The banking sector accounted for 87.8% of total trading, followed by industry (6.2%), telecom (3.5%), agriculture (1.5%), services (0.6%), and hotels & tourism (0.3%). Meanwhile, OTC market trading fell 86% to USD 37.4K.

A total of 29 companies saw share price increases in August, with 18 rising by more than 5.0% and 11 gaining more than 10.0%. Al-Badia for General Transport led with a 52.2% increase, followed by Fallujah for Construction Materials at 50.0%.

Tugba Tan Karakaya, Equity Analyst at Rabee Securities, commented:

“August marked a strong rebound for the Iraqi market, with banking sector momentum driving both index performance and trading volumes. The market’s resilience stands out amid regional declines, while dividend payouts and Iraq’s broader economic reforms continue to reinforce long-term investor confidence.”

August also witnessed key national developments: Iraq unveiled its 2024–2028 economic development strategy, aiming to reduce unemployment from 13% to 10% and cut the oil sector’s share of GDP by up to 25%. Standard & Poor’s (S&P) affirmed Iraq’s credit rating at B-/B with a stable outlook, and the Association of Private Iraqi Banks announced the issuance of over 18 million electronic payment cards nationwide.