Rabee Securities Iraq Stock Exchange Index rises 1.0% in September

The Rabee Securities Iraq Stock Exchange Index (RSISX Index) increased by 1.0% in September, outperforming several regional markets. Key contributors to the index’s growth included National Bank of Iraq, Al-Mansour Pharmaceuticals Industries, and Baghdad Soft Drinks.

Two non-RSISX Index companies distributed dividends during the month: Iraqi for Tufted Carpets (4.5% yield) and Al-Khatem Telecoms (3.0% yield).

Total Iraq Stock Exchange (ISX) trading volume fell by 72% month-on-month to $21.5 million. Excluding cross-transactions, volumes declined 53% to $15.0 million, reflecting the impact of parliamentary election uncertainty and regional tensions. The banking sector maintained the largest share of activity at 70.2%, followed by industry (15.2%), telecom (8.5%), services (3.3%), hotels & tourism (1.5%), and agriculture (1.0%). Meanwhile, OTC market trading surged by 709% to $209.4K.

A total of 34 companies saw share price increases in September, with 23 rising more than 5.0% and 12 gaining over 10.0%. Al Taif Islamic Bank led with a 37.9% increase, followed by Palestine Hotel at 37.1%.

Tugba Tan Karakaya, Equity Analyst at Rabee Securities

Tugba Tan Karakaya, equity analyst at Rabee Securities, commented: “September showcased the Iraqi market’s resilience despite regional volatility and election-driven uncertainty. Gains in key sectors and selective dividend payouts highlight underlying investor confidence. As reforms progress and corporate activity accelerates, we expect the ISX to remain a compelling market for long-term investors.”

September also witnessed significant national developments. Iraq and the Kurdistan Regional Government (KRG) agreed to resume crude oil exports via the Kirkuk–Ceyhan pipeline after a more than 2.5-year halt, marking a key diplomatic and economic milestone. In addition, Iraq’s Oil Ministry signed a joint operation agreement with TotalEnergies, QatarEnergy LNG, and the Iraqi Basra Oil Company under the Gas Growth Integrated Project to reduce gas flaring and enhance power supply. Meanwhile, Gini, Qi Card of Iraq, and Global X of the UAE announced a strategic partnership to launch the region’s first fully integrated cross-border B2B digital trade platform, modernising UAE–Iraq trade flows.