May 29, 2010 - 09:26:07
BAGHDAD / Aswat Al-Iraq: The Director of the Iraqi Stock Exchande (ISX), Taha Ahmed Abdulsalam, said on Saturday that the ISX will launch a new general indicator after the increase of the appointed companies, and also start a new system for the shareholders by next June.
“The ISX will start a new indicator for the electronic trading after the increase in the number of the appointed companies by the beginning of next June,” Abdulsalam told Aswat al-Iraq news agency.
“Electronic trading had been applied by 5 companies by April 9, 2009. This number eventually rose to 30, out of which only 19 had been accounted as the best in performance according to the electronic trade,” he added.
“The Iraqi Stock registered 84 companies in the electronic trading, and it has become a necessity to increase the size of samples in accordance with the increase of the capital of the companies,” Abdulsalam said, pointing out that “the Board of Governors have decided to increase the number of companies within the index in order for the indicator to give the true value of the exchanged shares in the electronic trading for both general and sectoral forms.”
“The ISX has launched a consolidated equity for the companies to contribute by the beginning of next June,” he noted. “Before the electronic trading began an examination had been conducted of all the systems of the joint sharing companies, which discovered that they had been using six types of systems to register their data.”
“The examination of the trial version and the updating of the data of the shareholders are both necessary for the registered shareholders in order to contribute in electronic trading. It is also important in conducting a capital increase subscription, as well as to supply the company with all the documents and reports required in the classification of investors to be used in the meetings and for the purpose of disclosure according to Law 74 of 2004,” he concluded.
The Iraqi Stock Market hold five sessions weekly from Sunday to Thursday. 91 joint stock holders ar registered, out of which 84 only are registered in the electronic trading.