Iraqi News Highlights and Points to Ponder Friday Afternoon 1-5-24


Iraqi News Highlights and Points to Ponder Friday Afternoon 1-5-24

New Amendments Await The Tripartite Budget Law, And The Region Is Taking Its Articles Into Account

Special Sumerian 01-04-2024 Source:  Sumerian  126 views   After several bumps in the way, the tripartite budget returns to the forefront of amendments again, even though its articles are constitutional, according to representatives.

Budget materials, especially those related to the region’s entitlements from a legal point of view, are in the above report.  LINK

Iraqi Companies Record An Increase In Market Value During 2023 And Expectations Of The Entry Of “Foreign Portfolios”

2024-01-05 Shafaq News/ The Future Iraq Foundation for Economic Studies and Consultations monitored an increase in the market value of companies listed on the Iraqi Stock Exchange by 20% during the past year to reach 18.66 trillion Iraqi dinars, higher than what it recorded at the end of 2022, which amounted to 15.56 trillion Iraqi dinars.

According to the institution’s statistics, the banking sector, which represents 50% of the total market value of listed companies, rose by 19.4% to reach 9.23 trillion dinars after it was at the end of 2022 with a value of 7,734, and this increase came as a result of the rise in the market value of the banks of Baghdad, the Iraqi National Bank, Al-Mansour Bank, and the Credit Bank. Its market value increased by more than 100% during this year.

At the level of the telecommunications sector, which represents 38% of the total market value of companies, it increased by 22.7% as a result of the increase in the market value of “Zain Iraq” by 25.8% and “Asiacell” by 18%.

In the industrial sector, which represents 5.6% of the total market value of listed companies, it rose by 13.8%, making the sector exceed the trillion dinars barrier for the first time, after it was at the end of 2022 around 915 billion dinars. This increase came as a result of the rise in “Pepsi Baghdad” company, which represents 76% of The total market value of industrial sector companies increased by 17.6%, but the market value of many industrial companies decreased, such as “Fallujah” for construction materials, and the Modern Construction Materials Company, whose value decreased by 41%, which affected the total market value of the sector.

While the hotels and tourism sector, which represents 3.36% of the total market value of listed companies, recorded an increase of 11.6%, bringing the market value of the sector’s companies to 627 billion dinars, after it was at the end of 2022 at a value of 562 billion dinars. This increase came as a result of a rise in the shares of Babel Hotels. Which represents 32% of the total companies in the sector, and whose market value increased by 7.5%, in addition to the increase in the market value of the “Palestine” Hotel, which represents 14% of the total market value of companies in the sector, which increased by 37.5%.

It is expected that companies listed on the market will witness an increase in 2024, especially the banking, industry, services and agriculture sectors. It is possible that the market value of the entire market in 2024 will exceed the 22 trillion dinars barrier, especially with the percentages of profits achieved by companies listed on the market, specifically in the banking sector, which is expected to increase. It will dominate the market more over the next year through the merger of a group of banks and also the demand to buy bank shares, most of which are below the fair value of the share.

It is expected that new companies will be listed that could contribute to increasing the demand for shares and thus increasing the market value of the market, as it provides an attractive investment environment that derives its strength from the strength of corporate profits, the high share price, weak competition in the market, in addition to the entry of new foreign portfolios into the market that contribute to increasing the market value of companies. included.  LINK

Iran And The Rise Of The Dollar.. Fingers Point To “Beneficiaries” Of The Kerman Bombing

Posted On01-05-2024 By Sotaliraq  01-04-2024  An Iranian report said on Thursday that the occurrence of a large number of casualties in the terrorist incident in the city of Kerman prompted “profiteers” to use the media to harness the incident as a “ladder” to raise the price of foreign currency and defraud people.

The Iranian Fars Agency noted in a report, “The killing of 95 people and the injury of 284 citizens in the terrorist attack that occurred yesterday in Kerman renewed the pain of the entire Iranian people.”

The report added that, amidst the grief of citizens, there were some businessmen and speculators who created a ladder from the blood of the victims of yesterday’s terrorist incident to protect currency fluctuations and speculation. Pointing out that “just minutes after the news of the terrorist attack on the people of Kerman was published, some websites and channels were raising the exchange rate with specific economic ideas under the pretext of the Kerman bombing and the fall of a group of citizens as victims.”

He noted that “the brokers, who were unable to play with people’s lives in the past few months, saw in the terrorist attack and the shedding of the blood of the country’s people a good opportunity to make a profit, despite the trend being towards a decline in exchange rates and gold, so they raised the exchange rate to 500 tomans higher.” From yesterday afternoon prices.”

Do not buy in the market

The report explained, “All these pressures to raise the price of the currency occurred while these traders faced the problem of lack of demand and the inability to carry out transactions at the new prices,” pointing out that activists in the foreign exchange market are aware that brokers are trying to fish out of murky waters through the media available to them.

For this reason, the currency and coin market was almost empty of customers yesterday afternoon, and only some channels were raising the exchange rate, according to the report.

Before the terrorist attack, the exchange rate was 50,100 tomans, but after news of the incident, the exchange rate rose to 50,600 tomans, and the price of the dollar was raised to 50,950 tomans.[

According to the report, the story becomes more interesting when everyone knows that during yesterday and today the global prices of gold and other metals decreased in global markets, and only the prices in the gold, currency and dollar market in Iran rose due to the presence of intermediaries and their media.

Market volatility

The report quoted Iranian economic expert Muhammad Bayat, saying, “Financial markets react to increasing political and social risks. After the terrorist incident that occurred yesterday, financial markets seemed to react, but the sudden increase and growth in prices at a time when there is no demand in the market, this indicates… However, some people try to raise prices under any pretext.”

Bayat stressed that the prices of currencies and coins are declining mainly due to the decrease in the price of gold, and this decrease in prices has led to market depression for some.

The economist concluded that the growth of prices in the currency and coin market comes without economic justification, and once inflation calms down, prices will return again to the levels targeted by the market maker, and people must be careful not to fall into the game of volatility. LINK

A Financial Expert Identifies The Danger Of The “Deep State” In The Dollar Market And Talks About 3 Pressing Factors

Economy |Baghdad today – Baghdad  Today, Thursday (January 4, 2024), financial expert Saleh Al-Bankari identified the danger of the deep state in the parallel market for the dollar, while pointing to 3 “pressuring” factors on price fluctuations.

The banker told “Baghdad Today”, “The fluctuation of the dollar exchange rates in the parallel market recently is due to three direct pressing factors, and is centered on the Central Bank’s measures to limit smuggling and launch its electronic platform, in addition to the US Federal Reserve sanctions file and its handling of economic conditions.”

He added, “The third factor lies in the government’s dealings through adopting the electronic payment file,” pointing out that “the dollar has not witnessed any real pressure in recent months in terms of demand, especially with the Sudanese government’s decision to stop the budget with the approaching elections of December 18 to prevent its investment in… The promotional dimension by the candidates.

The banker pointed out that “the political scene, in its internal and external aspects, and the events surrounding the region constitute the most dangerous factors for the parallel market in the country, noting that there is no complete control over the border crossings with all their addresses to limit smuggling.”

Regarding the dollar in the parallel market, the expert said, “The parallel market is subject, in one way or another, to the control of the deep state, referring to very influential parties who are behind the series of speculations that took place in the past months in order to reap more profits.”

He continued, “Restoring confidence in banks and the general economic situation is a step in the right direction,” pointing out that “modernizing the banking sector and adopting modern frameworks will help stabilize the currency market and give strength to the dinar, especially since electronic payment is very important in multiple directions.”

Yesterday, Wednesday, the Parliamentary Economics Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the “dollar traps” are nearing their end.

Committee member Representative Yasser Al-Husseini told “Baghdad Today” that “we are closely following the issue of fluctuations in the parallel market in Iraq, especially after the move to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling, but on the other hand, there are those whose reconciliation with any organization was attacked because He loses his ability to smuggle and manipulate, which prompts him to try to disrupt the markets by various means.”

He added, “Despite the fluctuation in prices, the coming days will bring greater reassurance for merchants and all dealers in the financial market in terms of the stability of the exchange rate at good levels, especially with the central bank’s oversight procedures, which we hope will increase in their aspects.”

Al-Husseini pointed out that what he called dollar traps – in reference to the attempt of some to manipulate exchange rates in the parallel market – are almost over, pointing out that “there are corrupt people who live off market chaos in addition to the trade in contraband, including drugs, which also constitutes a competitor in the parallel market.” Stressing that “the Central Bank’s measures will combat the most important threads of liquidity among these people.”

He continued, “The stability of the dollar exchange rate will lead to a decrease in prices in the markets, and this needs some time, indicating that the government’s entry into the file of securing materials in the markets will lead to a greater wave of decline in the coming period.”

Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points, which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as…

The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.  LINK

 Provoking Points To Ponder on Adversity:

 I am escaped by the skin of my teeth.- Bible

Prosperity tries the fortunate; adversity the great.- Pliny the Younger

Be willing to have it so; acceptance of what has happened is the first step to overcoming the consequences of any misfortune.- William James

If all our misfortunes were laid in one common heap, whence every one must take an equal portion, most people would be content to take their own and depart.- Solon

I never knew any man in my life who could not bear another’s misfortunes perfectly like a Christian.- Alexander Pope

When the world has once begun to use us ill, it afterwards continues the same treatment with less scruple or ceremony, as men do to a whore.- Jonathan Swift

Is there no balm in Gilead? Is there no physician there?- Bible

Every difficulty slurred over will be a ghost to disturb your repose later on.- Fridiric Chopin

 Famous Quotes and Authors, Famous Quotations for all Occasions