I also believe the ISX opening will be delayed. If a large Re-val is to occur, it has to be before the ISX opens. Or if Slow Grow continues you'd think they'd have to be nearer the penny levels before ISX opens as well. While the ISX is not as significant a player in the Iraqi economy as most Stock Markets are in developed Nations, it does represent some of the biggest companies and banks in Iraq. It is critical to the future survival of Iraq. I'd be shocked if it opens
8/2/07 without some fairly significant increase of IQD value. The stock values would be too far out of sync with neighboring Middle East countries and would be at a severe disadvantage. Thus we'll either see a significant "Bold Adjustment" (ie the so called huge overnight Re-val) by
8/2/07 or at least a 6 month delay in ISX opening. My bet is the delay, but if Re-val occurs I certainly won't cry about it.
(BTW, just to note per the official ISX website
سوق العراق للأوراق المالية the following still is posted:
The Iraqi Securities Commission (ISC) has approved and sends to the isx the rule and regulations stated below:
1. Rules for Regional Offices and depositories.
2. Rules for Electronic Trading and Automated Depository.
3. The scheduled date for the beginning of foreign investment (Non-Iraqi Trading) next august 2nd 2007.
*Once all the regulations are complete and translated to English, we will be
posting them on our website .
*Three session a week trading will begin on Sunday July 1, 2007. The trading
sessions will be held on Sundays, Tuesdays and Thursdays from that point on.