ISX trades +$5 million worth of shares in weekly trading
The ISX60 index closed at 1,014.70 points in the first trading session of the week and ended the week at 992.43 points, marking a decline of 2.24% from its opening session close.
Meanwhile, the ISX15 index opened the week at 1,105.28 points and closed at 1,092.39 points, recording a 1.18% decrease from its first session close.
A total of 3,473 buy and sell contracts were executed on shares of listed companies during the week.
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Shafaq News
2 hours ago
- Shafaq News
Erbil-Baghdad disputes: A cycle of missed opportunities and deep-seated divides
Shafaq News For two decades, promising opportunities for cooperation between the Iraqi Government and the Kurdistan Regional Government (KRG) in Erbil have consistently been lost. A lack of unified vision and an accumulation of political crises have undermined efforts to build a stable and prosperous Iraq. This persistent deadlock has stifled national progress and deepened economic instability and political uncertainty for the Iraqi people. The Unfulfilled Promise of the Constitution The 2005 federal constitution, which recognized the Kurdistan Region as a federal entity, was seen as a landmark opportunity to shape a democratic, multi-ethnic Iraq. Yet Baghdad's centralizing approach and intra-Kurdish party rivalries hindered its full implementation. Rather than uniting the country, the constitution became a source of dispute and political leverage. The 2017 Kurdish independence referendum, though a bold assertion of regional will, highlighted the limits of Iraq's federal system. While the vote did not alter Iraq's territorial integrity, it demonstrated to the KRG the importance of adhering to the constitution to preserve its existing gains, despite Baghdad's uneven commitment to its terms. Post-ISIS Hopes and Economic Friction Iraq's victory over ISIS offered another chance to promote national unity through shared sacrifice. However, lingering political and financial disagreements again took precedence, preventing the KRG from capitalizing on its role in the fight. The Kurdistan Region's diplomatic reach and economic potential—especially in tourism—positioned it as a possible success model within Iraq. But recurring tensions with Baghdad, compounded by fragmentation within Kurdish leadership, limited this potential. One key flashpoint remains the obstruction of oil exports from the Kurdistan Region. Rather than fostering economic cooperation, it became a recurring source of tension, dragging both governments into repeated crises. The inability to jointly manage Iraq's most vital resource reflects a deeper institutional dysfunction. Similarly, the Region's agricultural capacity—strong enough to position it as Iraq's breadbasket—has been undercut by federal policies, adding to the frustration in Erbil. Legal Paralysis and Exploited Divides Political analyst Khaled Waleed links these persistent disputes to political opportunism, legal ambiguity, and a lack of commitment to shared national goals. 'The relationship is part of the broader state of political, economic, and social instability that Iraq has been suffering from for more than two decades,' he told Shafaq News. He warns that numerous problems afflicting the relationship are being exploited by political actors for narrow interests, ultimately harming citizens. A key example is Article 140 of the constitution, whichlays down a clear road map to define the final boundaries of the territory to be administered by the KRG. Its neglect has instead intensified divisions. Member of Parliament Aref Al-Hamami, from the Legal Committee, holds both Baghdad and Erbil accountable for failing to implement Article 140. He notes that other critical laws remain unfulfilled as well, including the budget law, its recent amendments, and legislation related to the transfer of non-oil revenues. The Blame Game Responsibility for the impasse remains hotly debated. Al-Hamami, a member of the State of Law Coalition led by Nouri al-Maliki, claims that 'the Kurdistan Region maneuvers and negotiates but does not implement. Therefore, the failure to hand over oil revenues is entirely the KRG's responsibility.' He adds that all agreements are essentially stalling tactics. Others, however, point fingers at Baghdad. Kurdish political analyst Mohammed Zangana argues that the federal government is deliberately delaying progress by creating new obstacles concerning the Region's budget and employee salaries. 'While salaries for May were disbursed, those for June and July remain suspended pending decisions by a committee formed to resolve disputes, including on deductions and retiree rights.' A Path Forward? Without durable solutions rooted in enforceable legislation, the cycle of conflict is likely to continue. Waleed stresses that as Iraqis grow more politically aware, the ongoing stalemate benefits only those who profit from the power-sharing system—leaders who are increasingly facing public discontent in both Baghdad and Erbil. He adds that meaningful solutions require a commitment to the national interest, one that reflects and benefits all segments of society and embraces an inclusive Iraqi identity. Zangana concludes, 'The ball is now in the court of the federal government, which is delaying the resolution of these problems,' despite pressure and the Kurdistan Democratic Party's threats to withdraw from the political process.
Shafaq News
4 hours ago
- Shafaq News
Iraqi Dinar strengthens despite unclear economic drivers
Shafaq News – Baghdad The Iraqi dinar has steadily strengthened against the US dollar, nearing the official rate set by the Central Bank of Iraq, a financial expert noted on Monday. Speaking to Shafaq News, Mahmoud Dagher attributed the dollar's decline to 'a state of uncertainty in the Iraqi economy,' highlighting an imbalance between a shrinking supply of dinars and a high volume of dollars being converted as another contributing factor. While no clear economic catalyst or direct government intervention appears to be driving this trend, Dagher pointed to lower government spending as a significant reason behind reduced demand and easing pressure on the currency. Despite the dinar's gains, a gap of roughly 8,000 dinars per $100 note—equivalent to about 6.11 US dollars—remains between market rates and the official Central Bank rate, with speculative activity continuing to influence currency movements.
Shafaq News
4 hours ago
- Shafaq News
Kuwait targets Hezbollah finances with sanctions
Shafaq News – Kuwait On Monday, Kuwait's Foreign Ministry added Lebanon's Hezbollah group, its affiliated charity Al-Qard Al-Hassan Association, and three individuals to its sanctions and asset-freeze list. The listing includes Lebanese national A.M.M. (born May 18, 1966), Tunisian national A.F.M.Q. (born October 5, 1991), and Somali national A.M., born between 1950 and 1953. Kuwait's sanctions committee instructed all financial institutions and companies to enforce the designation, citing Articles 21, 22, and 23 of the executive regulations implementing United Nations Security Council resolutions under Chapter VII of the UN Charter. Although Al-Qard Al-Hassan presents itself as a social and financial support organization, it is widely considered one of Hezbollah's most significant financial arms. Operating outside Lebanon's formal monetary and credit oversight framework, it has drawn ongoing scrutiny from international sanctions bodies. The sanctions follow reports stating that Lebanese authorities were preparing to shut down all branches of Al-Qard Al-Hassan as part of a broader effort to close currency exchange offices and financial entities allegedly linked to Hezbollah. Lebanese officials later downplayed those reports, denying any closures.
