Iraq Stock Exchange Having a Banner Year
Posted on: Monday, 6 October 2008, 12:00 CDT
Iraq's small stock exchange is enjoying a prosperous year, even while markets founder in Australia, Europe, the United States and Asia.
Ninety-four companies are listed on the Iraq Stock Exchange, which has gained 25 percent this year, USA Today reported Monday.
The newspaper said trading volume is generally less than $1 million a day. The exchange still uses white boards to record transactions. But Iraqi investors are hoping increased security will begin to attract foreign dollars.
The market's bread and butter are wealthy Iraqis, many of whom live out of the country, the newspaper said. But, for some retired Iraqis the market has become a popular pastime.
"My wife asked me not to go anymore," Abdul Sattar Jubari, 61, a retired schoolteacher told USA Today. Nevertheless, he still goes. "It's become a habit, like smoking," he said.
Source: United Press International
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