Baghdad stock exchange to reopen

The Baghdad stock exchange is set to open later this month.

  • E-Mail
By  Shilpa Mathai Published  January 26, 2004

According to agency reports, the exchange will open at the end of this month in a Baghdad hotel after being shut down nearly a year ago and its listings frozen. Analysts expect around 100 companies to be listed by the end of 2004. The exchange first opened in 1992 and quickly became renowned for financial speculation. Its last official trading day was March 19, 2003, the day before hostilities broke out in the country. “We’re on track to get it done by the end of the month,” said Michael Pierson, a spokesman for the Coalition Provisional Authority that is overseeing the exchange’s relaunch. Financial and technical advisors of the civilian authority in Iraq have been working for a while now to get things in shape. They had several technical delays and problems with the location of the bourse. Trading will be done manually and settlement handled by an international authority initially. Bankers say the plan is to re-list 10 to 15 stocks a month; companies will be quoted once their accounts and major shareholders have been verified by reputed auditors. Up to 114 companies can be relisted on the Baghdad stock exchange (BSE). The biggest stock before the war was Baghdad Carbonated Beverages with a market capitalisation of around 47 billion Iraqi dinars (US$ 150 billion as per the then official exchange rate). Stocks were classified under four sectors namely agriculture, services, banking and industry of which banking and industrial sectors were more dominant.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code