Stockbrokers in Iraq’s new stock exchange are reporting double digit returns in less than one month of trading.
Record trading volumes are pushing stock prices drastically upwards for the 27 firms listed, with over 2 billion shares changing hands in only 6 trading sessions.
One trader reported selling shares for 5 million Dinars experiencing a profit of over 66%.
The trading is “historic” says Taha Ahmed Abdulsalam, the exchange’s chief executive.
Trading is currently being done manually while the exchange waits for electronic trading with a completely automated trading floor.
The stock exchange was developed by several brokerage firms and banks. Additionally, 100 companies are scheduled to be trading publicly in the next six weeks.