Baghdad, Iraq: Political events in Iraq with the faltering formation of the government four months following the parliamentary elections contributed to a challenge for the stock market in the Iraqi financial market, as trading volumes decreased by 67% for the month of July.
According to Tugba Tan Karakaya, an analyst in the research department at Rabie Securities: “With the Eid al-Adha holiday and the current political crisis, and the protests in Iraq, it is no wonder that we are witnessing a weakness in trading volumes, as investors wait to see what these accumulations will lead to and the solution in the end. Ultimately, it may take a few weeks to see where Iraq is headed. Despite this bleak picture, we saw an increase in foreign exchange of 16.6% in July compared to the previous month.”
The figures indicate that 35.5% of the trading volume was related to the banking sector, followed by the telecommunications sector with 18.7%, and then the industry sector with 17.0% of the total trading.
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