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Iraqi Stocks Bounce Back

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1Iraqi Stocks Bounce Back Empty Iraqi Stocks Bounce Back Thu Jun 26, 2014 8:10 am

ymoilman2



Iraqi Stocks Bounce Back
Posted on 20 June 2014. Tags: Insurgency, ISX, Samarra
http://www.iraq-businessnews.com/2014/06/20/iraqi-stocks-bounce-back/

By Mark DeWeaver.
This week saw a dramatic turnaround in Iraqi stocks. Last Thursday’s selloff (see this post) accelerated into a mad dash for the exits on Sunday, with the RSISX losing 4.3% on virtually no advancing volume and 60% of the trading in limit-down stocks. On Monday the index fell another 3% to bottom at 1603, just north of long-term support at 1600, a level that hasn’t been tested since January, 2013.
Stocks moved up sharply for the rest of the week, particularly on Wednesday, when not a single stock declined and heavyweights BBOB, BNOR, and BUND closed limit up after closing limit down only three days before. By the Thursday close, the market had recovered about half of the previous two weeks’ losses. (See chart.)
This week’s action mirrored the situation on the battlefield quite closely, with the 1600 support level serving as a market analogue for the army’s line of defense at Samarra. Indeed Iraqi stocks now seem to have become almost entirely a play on the progress of the security forces.
Given that the insurgents are unlikely to push farther south, this suggests that the market is unlikely to see further steep losses. But for the RSISX to bounce all the way back, the front may have to start moving north.
Related posts:
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By Mark DeWeaver. This hasn’t been a particularly good year for Iraqi stocks. So far the Rabee Securities...
2. The Wrong Time to Panic
By Mark DeWeaver. Iraqi stocks held up surprisingly well for most of this week despite the dramatic loss...
3. Another Look at Corporate Actions
By Mark DeWeaver. In this old post from 2010, I considered the possibility that ISX share prices might...
4. Iran, Iraq Enhance Defense Cooperation
By John Lee. Iran’s PressTV reports that Iran and Iraq have signed a memorandum of understanding to boost...
5. Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th July 2013). Note: The Iraqi.

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