Rabee's Iraq stock exchange index reports 3.0% growth in April

The Rabee Securities Iraq Stock Exchange Index (RSISX Index) recorded a 3.0% increase in April, distinguishing Iraq’s capital markets from declines seen across several regional economies. The positive trajectory was led by key contributors such as Al-Mansour Hotel, Al-Mansour Bank, Baghdad Soft Drinks, Asiacell, and Bank of Baghdad.

“The strength of Iraq’s financial markets this month reflects more than isolated stock movements—it signals growing investor trust in the country’s economic reforms and market structure,” said Tugba Tan Karakaya, Equity Analyst at Rabee Securities. “With regulatory momentum building and investor participation diversifying, the RSISX Index continues to position itself as a credible indicator of the country’s forward economic narrative.”

The RSISX Total Return Index (RSISXTR) posted a 4.2% rise in April, outpacing the RSISX Index itself. This gain was partially driven by the absence of the dividend impact from the National Bank of Iraq, which issued a dividend of IQD 0.20 per share, equivalent to a 5.6% yield.

Total trading volume on the Iraq Stock Exchange (ISX) dipped by 2% compared to March, reaching $27.7 million. Excluding cross transactions, volume declined 11% month-on-month to $24.1 million. The banking sector continued to dominate activity with a 71.1% share, followed by the industry (11.0%), telecom (6.2%), hotels and tourism (6.0%), agriculture (4.2%), and services (1.5%) sectors. Meanwhile, over-the-counter (OTC) market volume rose significantly, increasing 288% from the previous month to $98.5K.

Tugba Tan Karakaya, Equity Analyst at Rabee Securities

Investor sentiment remained optimistic, with 30 companies witnessing share price growth. Of these, 16 increased by more than 5.0%, and 8 surpassed the 10.0% mark. Kurdistan International Islamic Bank led with a 118.9% increase in share value, followed by Al-Mansour Hotel at 20.0%.

On a broader level, April featured several developments underscoring Iraq’s capital market maturity. A strategic cooperation agreement between the Iraqi and American Chambers of Commerce was signed on April 9 to strengthen SME participation and enhance bilateral trade, science, and technology collaboration. On April 15, the Iraqi Securities Commission launched its first Environmental, Social, and Governance (ESG) guide, establishing mandatory standards for ISX-listed companies. The month concluded with a landmark MoU between the Iraq Stock Exchange, the Iraqi Securities Commission, and the Abu Dhabi Securities Exchange to join the Tabadul digital trading platform, advancing regional integration and cross-border innovation.