June 20 (AKnews) – The Iraqi government backs a bid by the international bank – HHPT – to boost confidence in the Iraqi stock market and encourage investors abroad to put their money into the country’s businesses.Executive Director of the Iraqi securities commission Abdul Razzaq al-Saadi told AKnews today that HHPT has done the necessary groundwork and pledged to put up the capital needed, in coordination with the securities market, to develop the market and raise the foreign commercial shares.
Established in 2004, the Iraqi stock market has is a rare commodity in a country predominated by state-owned industries.
Having switched from a manual trading system to e-dealing screens in 2009, the market currently trades for two hours a day, five days a week.
The banking sector is the biggest on the stock market so far, but insurance firms, industrial groups and agricultural businesses are well represented.
The current value of shares listed on the exchange stands at around $3 billion.
