The Iraq stock market index has risen about 10 percent since the beginning of 2018, ahead of other similar markets, making it among the top 10 markets in the world, according to the Morgan Stanley Index.
According to the Wall Street Journal, Iraq’s financial market, in the upscale Mansour district of Baghdad, has defied the violent volatility that hit global markets this year.
Shares in listed companies are among the best performing companies in the world in the first quarter of this year, the paper said.
Investors are betting on the country’s economic recovery after defeating ISIS in a three-year war that destroyed large parts of the infrastructure, causing damage to those companies over the past period.
“Iraq is like other early markets, such as post-Soviet Russia and others, which have done well for investors,” said Grant Philgenhauer, director of the Furat Consulting Foundation, which runs the Iraq-Euphrates Fund.
“The fund has invested $ 130 million in the Iraqi securities market and has risen more than 31 percent in the first quarter of 2018,” he said.
The Iraqi stock market has a market value of about $ 10 billion, relatively small compared to other similar markets such as Argentina and Vietnam, and even regional markets in Saudi Arabia and Kuwait.